Compliance with the requirements covers Tulikivi’s Kaarna, Pyry and Usva electric sauna heaters as well as the WiFi control system.
Tulikivi Corporation’s new-generation electric sauna heater collection meets the ETL requirements for the US market. Compliance with the requirements covers Tulikivi’s Kaarna, Pyry and Usva electric sauna heaters as well as the WiFi control system.
The products have been tested in accordance with the new UL 60335-2-53:2025 safety standard for sauna heaters, published in summer 2025. Meeting the ETL requirements enables the commercial launch of the collection in the United States and supports Tulikivi’s growth targets for its international sauna business.
Tulikivi’s electric sauna heater collection combines Finnish sauna tradition, modern design and Tulikivi’s extensive experience in heat-retaining materials. Key features of the collection include safe surface temperatures, short safety distances and the opportunity to create an individual sauna experience. The collection uses soapstone, a material characteristic of Tulikivi, which enhances ease of use and supports a high-quality sauna experience.
“Meeting the ETL requirements and the requirements of the new UL standard for sauna heaters represents a significant milestone in the international growth of Tulikivi’s sauna business. It gives us access to the world’s largest sauna and wellness market and strengthens our opportunities to grow our business in North America,” says Heikki Vauhkonen, CEO of Tulikivi Corporation.
Tulikivi has begun marketing and distributing the collection in the United States in cooperation with local dealers and partners.
Contacts
Heikki Vauhkonen CEO Tulikivi Corporation Tel: +358 40 5245593
The Kainuu ELY Centre provided a reasoned conclusion on the Suomussalmi talc project.
Tulikivi Oyj’s subsidiary, Nordic Talc Oy, is investigating the commencement of talc production in the Kivikangas mining area within the Haaponen deposit, located in Suomussalmi. The project aims to transform the Suomussalmi soapstone quarry and factory into a modern, energy and material-efficient talc production facility.
The environmental impact assessment (EIA) procedure for the Suomussalmi talc resource utilization project concluded with a reasoned decision by the Kainuu ELY Centre, which acted as the contact authority, on 6.11.2024.
The ELY Centre considers the EIA report to be of sufficient quality and largely compliant with the content requirements set out in the EIA Act. The reasoned decision includes a description of the project and its environmental impacts, as well as additional study needs. The company will now carefully review the contents of the just-received reasoned decision and take it into account in the preparation of the project’s environmental permit application.
The ongoing planning of the talc production project is progressing as planned. Despite the good progress of the project, it is still too early to assess the final implementation or economic impact of the project.
The documentation of the EIA process can be found on the State Environmental Administration’s website at:
https://www.ymparisto.fi/nordictalcSuomussalmiYVA
TULIKIVI CORPORATION
For more information: Tulikivi Oyj, CEO Heikki Vauhkonen, tel. +358 40 524 5593 Nordic Talc Oy, CEO Erkki Kuronen, tel. +358 50 599 3539
Distribution: Key media www.tulikivi.com
TULIKIVI CORPORATION STOCK EXCHANGE RELEASE 19 APRIL 2024 AT 9:00
On 18 April 2024, Tulikivi Corporation received a flagging announcement pursuant to Chapter 9, section 5, of the Securities Markets Act from Mikko Laakkonen, according to which the holding of Mikko Laakkonen of shares conferred by Tulikivi Corporation shares has exceeded the threshold of 5 per cent.
As a result of transactions made on 17 April 2024, Mikko Laakkonen’s ownership increased to 4,485,171 shares, i.e. 7.49 per cent of Tulikivi Corporation shares and 3.468 per cent of Tulikivi Corporation voting rights.
Tulikivi Corporation
Managing Director Heikki Vauhkonen +358 (0)40 524 5593
Distribution: Nasdaq Helsinki Key media www.tulikivi.com
On 22 August 2023, Tulikivi Corporation received a flagging announcement pursuant to chapter 9, section 5, of the Securities Markets Act from the Elo Mutual Pension Insurance Company, according to which the holding of the Elo Mutual Pension Insurance Company of shares in Tulikivi Corporation has fallen below the threshold of 5 per cent.
As a result of transactions made on 22 August 2023, the holding of Elo Mutual Pension Insurance Company decreased to 2,990,000 shares, i.e. 4.99 per cent of the shares of Tulikivi Corporation and 2.32 per cent of the voting rights conferred by the shares of Tulikivi Corporation. According to the previous flagging announcement on 21 October 2013, the holding of Elo Mutual Pension Insurance Company was 4,545,454 shares, i.e. 7.59 per cent of the shares of Tulikivi Corporation and 3.52 per cent of the voting rights conferred by the shares of Tulikivi Corporation.
Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555
Distribution: NASDAQ OMX Helsinki, Key media www.tulikivi.com
In the winter of 2022-2023 and spring 2023, Tulikivi has progressed in the prefeasibility study of the Suomussalmi talc project, the aim of which is to refine the project’s financial profitability, environmental and both mining and process technical plans for industrial operations. The company’s goal is to draw up technical plans and apply for the permits required by the operation for a mine and concentrator producing carbon-neutral and traceable talc.
An integral part of the feasibility study was the beneficiation and filtration tests carried out by Metso and the preliminary design of the concentrator based on their results, which also includes consideration of the need for tailings filtration and water purification. The flow chart of the enrichment process has been confirmed and the equipment needed for it was preselected and initially dimensioned. Based on that, the consumption of energy and consumable materials can be estimated.
An integral part of the feasibility study was the enrichment and filtration tests carried out by Metso and the preliminary design of the concentrator based on their results, which also included consideration of the need for tailings filtration and water purification. In the preliminary designing, the flow diagram of the enrichment process was confirmed, and the necessary equipment was pre-selected and preliminary dimensioned. Based on that, the consumption of energy and consumable materials can be estimated. “Locked cycle” beneficiation tests simulated a production-scale process and based on them; it is possible to produce high-quality talc concentrate with good yield from Haaponen’s talc ore.
Jet-milled talc products were made from the talc concentrate obtained from enrichment tests. The concentrate was ground to three different grain size distribution, the mean grain sizes of which varied from approximately 2.5 micron to 5 micron. As expected, the brightness of the powdered product increased along with the fineness, and the talc retained its lamellar appearance.
Filtration of the tailings enables the dry stacking of the tailings and a more closed water circulation. The water treatment plant ensures the quality of the process and discharge water.
It was noteworthy that the buildings and infrastructure in the mining area can also be utilized in the planned talc production. Attention was paid to occupational safety and environmental aspects, and the work done creates good starting points for minimizing risks and impacts.
The investigations required by the environmental impact assessment report will be completed during the current summer, and the report is expected to be completed in the fall of 2023. The feasibility report of the project as a whole is expected to be completed by the end of 2023.
“The brightness of the jet-milled talc products and the lamellarity of the talc confirm the view that the Haaponen deposit can be used to produce qualitatively suitable and competitive products for the most important applications of talc,” says Nordic Talc CEO Erkki Kuronen. He continues that “in addition to the above, the compact talc ore reserves of over 22 million tons in the Haaponen deposit in the existing mining area, together with the positive results of the feasibility study, encourage to advance the project to move forward. However, it is premature to assess the implementation of the project or the financial effects.”
Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555 Erkki Kuronen, Managing Director Nordic Talc, tel. +358 50 599 3539
RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF TULIKIVI CORPORATION ON 27 APRIL 2023 AT 14:00
TULIKIVI CORPORATION STOCK EXCHANGE RELEASE 27 APRIL 2023 AT 19:30
The Annual General Meeting of Tulikivi Corporation was held on 27 April 2023 in Helsinki.
The Annual General Meeting approved the financial statements for the financial year 2022 and discharged the members of the Board and the Managing Director from liability. It was resolved that dividends will not be paid. The Annual General Meeting accepted the proposals of the Board to authorise the board to decide on the issue of new shares or the company’s own shares in possession of the company and on the right to issue rights of option and other special rights entitling to shares. The Annual General Meeting approved Tulikivi Corporation’s Remuneration Policy for Governing Bodies. The resolution on the Remuneration Policy is advisory.
1. Dividend The Annual General Meeting resolved, in accordance with the Board’s proposal, that dividends will not be paid.
2. Remuneration of Board members and auditor’s fees
The annual remuneration of each member of the Board of Directors is EUR 21,000. The annual remuneration shall be paid primarily in the form of Series A shares in Tulikivi Corporation so that the shares are purchased on the stock exchange by 31 December 2023. The purchase of shares shall take place on the basis of the General Meeting’s resolution and instructions. Unless the Board of Directors grants express permission in advance on a case-by-case basis, the members of the Board of Directors are not allowed to transfer any shares received until their membership on the Board of Directors has ended. Alternatively, the annual remuneration may be paid in whole or in part in cash. The Chairman of the Board of Directors shall, in addition to this, be paid a monthly remuneration of EUR 4,500 for this work. Those members of the Board of Directors who perform non-Board of Directors assignments for the company shall be paid a fee on the basis of time rates and invoices approved by the Board of Directors. Travel costs shall be reimbursed in accordance with the company’s travelling compensation regulations.
The members of the Audit Committee and the Nomination Committee of the Board of Directors shall receive a fee of EUR 330 per meeting. The Chairman of the Audit Committee shall receive a fee of EUR 660 per meeting.
The fees for the auditor are paid according to the relevant invoice approved by the company.
3. Board members The number of Board members was set at six. Following and current Board members were appointed as members to the Board of Directors: Jaakko Aspara, Niko Haavisto, Liudmila Niemi, Tarmo Tuominen, Jyrki Tähtinen and Heikki Vauhkonen.
4. Auditor Authorised Public Accounting firm KPMG Oy Ab was elected auditor, with Heli Tuuri, Authorised Public Accountant, acting as the auditor in charge.
5. Authorisation of the Board to decide on an issue of shares and the right to issue rights of option and special rights which give entitlement to shares as defined in Chapter 10 Article 1 of the Companies’ Act The General Meeting authorised the Board of Directors to decide on the issue of new shares and the company’s own shares in the possession of the company in accordance with the proposal of Board of Directors.
The new shares and the company’s own shares in possession of the company could be issued either against payment or without payment to the company’s shareholders in accordance with their proportional ownership of the company’s shares or through a directed issue by deviating from the shareholders’ pre-emptive subscription right provided that there is a weighty financial reason for the deviation from the company’s point of view. A directed share issue could only be made without payment if there is an especially weighty financial reason for it from the point of view of the company and all its shareholders.
In addition, the authorisation includes a right to issue shares without payment to the company itself, provided that the number of shares issued to the company does not exceed one tenth (1/10) of all shares in the company. When calculating this number, the number of shares held by the company as well as those held by its subsidiaries must be taken into account as set out in Chapter 15, section 11(1) of the Companies Act.
The authorisation also includes the right to issue special rights, as defined in Chapter 10, section 1 of the Companies Act, which entitle to subscribe for new shares in the company or the company’s own shares in the possession of the company against payment. The payment may be made either in cash or by setting off the subscriber’s receivable against the company as payment for the share subscription.
The Board of Directors may use the authorisation for the purpose of making fee / salary payments in the form of shares.
The Board of Directors is entitled to decide on other issues related to the share issues.
No more than 30% of the number of Series A shares on the date of this notice, i.e. 15,656,622 Series A shares in the aggregate, and no more than 30% of the number of Series K shares on the date of this notice, i.e. 2,304,750 Series K shares in the aggregate (i.e. no more than 30% of the number of shares on the date of this notice, i.e. 17,961,372 shares in the aggregate) may be issued on the basis of this authorisation (including the shares issued under special rights), regardless of whether such shares are new shares or the company’s own shares in the company’s possession.
The authorisation to issue shares is in force until the Annual General Meeting to be held in 2024 but until 30 June 2024 at the latest. The authorization will not revoke any prior authorizations granted to the Board of Directors.
6. Organisation of the Board At its organisational meeting following the Annual General Meeting the Board elected Jyrki Tähtinen as its chairman. Jyrki Tähtinen was elected as chairman of the Nomination Committee and Heikki Vauhkonen and Jaakko Aspara as its members. Niko Haavisto was elected as chairman of the Audit Committee and Liudmila Niemi and Tarmo Tuominen as its members.
The minutes of the General Meeting will be available on the website of Tulikivi Corporation at www.tulikivi.com/en/tulikivi/General_meetings as of 11 May 2023, at the latest.
In Helsinki, 27 April 2023
TULIKIVI CORPORATION Jyrki Tähtinen Chairman of the Board
Additional Information: Tulikivi Corporation, 83900 Juuka, tel. +358 403 063 100 Jyrki Tähtinen, Chairman of the Board, tel. +358 400 406 509 Heikki Vauhkonen, Managing Director, tel. +358 207 636 555
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