Stock Exchange Releases

Tulikivi receives permit for the utilization of soapstone in the Republic of Karelia


*The Russian Federation and the Republic of Karelia grant Tulikivi
a permit with prospecting and industrial utilization rights for
soapstone deposits in the Republic of Karelia.
*The permit for the Medvezhyegorsk area covers most of the
soapstone deposits in Karelia classed as suitable for utilization.

In accordance with its corporate strategy, Tulikivi Corporation is
investing in making sure that it has the best soapstone reserves
in the world. The company has systematically prospected for
soapstone deposits for the past 25 years using the expert services
of the Geological Survey of Finland, among others. The objective
has been to chart the company’s current as well as new soapstone
reserves. As a result, Tulikivi Corporation became interested in
the soapstone deposits in the Republic of Karelia.

The Karelian Department of the Ministry of Natural Resources of
the Russian Federation and the Ministry of Natural Resources of
the Republic of Karelia have granted OOO Tulikivi Russia, a wholly-
owned subsidiary of Tulikivi Corporation, a permit for the
utilization of soapstone deposits in the Medvezhyegorsk area. In
addition to prospecting rights, the permit covers the rights for
industrial utilization and is valid until the end of 2030.

The soapstone deposits in the Medvezhyegorsk area covered by the
permit are estimated to represent a significant share of all
soapstone classed as suitable for utilization in the Republic of
Karelia. In the near future, Tulikivi will perform more detailed
charting and studies in cooperation with the Geology Institute of
the Karelian Research Centre of the Russian Academy of Sciences
and the Geological Survey of Finland.

Based on the results of the studies, Tulikivi Corporation will
decide on the possible industrial utilization of the area’s stone
deposits. “We will first conduct more detailed studies on the
quality and extent of the deposit, after which we will decide how
the stone will be industrially utilized. Tulikivi has invested in
marketing in Russia during the last couple of years. Russians are
familiar with the idea of heat-retaining fireplaces. The number of
potential customers also grows with rapidly increasing wealth.
Last year, our sales in Russia actually doubled”, says Juha
Sivonen, Managing Director.

The soapstone deposits in the Medvezhyegorsk area are expected to
increase Tulikivi’s current reserves considerably.

For additional information, contact:

– Tulikivi Corporation, FI-83900 Juuka, Finland, tel. +358 207 636
– Chairman of the Board of Directors Matti Virtaala
– Managing Director Juha Sivonen

Distribution: – Helsinki Stock Exchange, – Central media

Tulikivi Corporation and its subsidiaries form the Tulikivi Group,
the world’s largest and most technologically advanced processor of
soapstone and the world’s largest manufacturer of industrially
produced heat-retaining fireplaces. The Group is one of the five
largest stone processors in Europe. The Group has net sales of
about EUR 60 million. The Group owns six production plants and
employs more than 500 people.