NORDIC RESOURCES LTD — Capital/Financing Update 2023

Dec 10, 2023

NORDIC RAISES A$2.05 MILLION TO ADVANCE CRITICAL MINERALS PROJECTS IN FINLAND

Resource update and Phase 2 drilling scheduled for early 2024

HIGHLIGHTS

• Firm commitments received to raise over A$2.05 million through a placement at A$0.14 per share, representing a 12.5% discount to the 15-day VWAP.

• The placement was well supported by existing shareholders, Directors and new sophisticated investors, demonstrating the continued and long-term belief in the Company’s critical minerals projects and development strategy in Europe.

• In addition to the shares, participants will be granted 1 free unlisted option for every 2 shares purchased. These options have a strike price of A$0.25 and a twoyear expiry.

Nickel sulphide explorer Nordic Nickel Limited (ASX: NNL ; Nordic , or the Company ) is pleased announce the successful completion of a A$2.05 million (before costs) capital raising to support the Company’s ongoing exploration and project development activities in Finland.

The funds raised through the placement will allow the Company to advance towards its goal of becoming a major long-term European supplier of sustainably sourced, traceable, class-1 nickel sulphides through its two district-scale nickel-copper-cobalt exploration assets in Northern Finland. The Company’s flagship Pulju Project is known to host both shallow, disseminated nickel sulphides and high-grade massive sulphides and already has a maiden 133.6Mt JORC (2012) Mineral Resource Estimate containing 278,520t Ni and 12,560t Co[1] , based on shallow historical drilling.

The Company commenced its maiden drilling campaign in January 2023 at the Hotinvaara prospect within the Pulju Project and has reported multiple wide nickel intersections which highlight strong potential for resource growth. With the completion of this capital raise, the Company is now planning its Phase 2 drilling program, which is scheduled re-commence in early 2024 with a specific focus on both following up vectors to high-grade massive sulphide potential and increasing the size of the known resource.

Use of Funds – Pulju Project Acceleration

The majority of the funds raised through the placement will be allocated to exploration activity and diamond drilling at the Hotinvaara prospect at the Company’s Pulju Project in Finland, targeting both high-grade massive sulphide zones and expanding the existing Mineral Resource Estimate (MRE).

1 ASX release “Nordic Delivers Maiden 133.6Mt Mineral Resource – 278,520t and 12,560t Co”, 7th July 2022. Total MRE of 133.6Mt @ 0.21% Ni, 0.01% Co for 278,530t of contained Ni and 12,650t Co; o Indicated Resource of 20.9Mt @ 0.22% Ni, for 46,540t of contained Ni; o Inferred Resource of 112.7Mt @ 0.21% Ni, for 231,990t of contained Ni. NNL confirms all material assumptions and technical parameters underpinning the Resource Estimate continue to apply and have not materially changed as per Listing Rule 5.23.2.

In addition to the exploration activity, the Company will use the funds to complete the metallurgical test-work studies for the Hotinvaara prospect, which will provide valuable insights into the ore characteristics and the potential concentrate grade achievable.

The Hotinvaara Prospect represents less than 2% of Nordic Nickel’s landholding at Pulju and the Company has identified at least another nine prospective zones as big or bigger than Hotinvaara throughout the Pulju Belt. A second Exploration Licence, three times the size of the Hotinvaara Prospect and called Holtinvaara, has recently been granted and represents a very exciting and highly prospective area of the Pulju Belt that has never been drill tested.

With the funds raised through this placement, the Company can now complete its review of the geological data available across the entire 240km[2] land package at Pulju and complete its regional target prioritisation to identify and prioritize exploration opportunities beyond currently drilled areas.

Management Comment

Nordic Nickel Managing Director, Todd Ross, said:

“ We are very pleased with the outcome of this successful capital raise in what remains a challenging market. We are grateful for the support received from both existing and new shareholders, and we are excited to continue with our plans and commitments to unlock the full potential of our exciting exploration projects in Finland.

“We look forward to executing our exploration plans and the upcoming catalysts for the Company, including assay results, resource updates and metallurgical test work – all of which will play a crucial role in showcasing the value and growth potential of our assets in Finland. ”

Upcoming Catalysts and Work Program

The Company has an exciting work program planned at the Pulju Project over the next 12 months which is expected to deliver a number of strong value creation catalysts for shareholders.

Proposed upcoming work programs and key catalysts include:

• Remaining Assay Results from 2023 Drill Program: Release of the final assay results from the last five holes of the 2023 drill program before the end of the year.

• Resource Model Update (Early 2024): Results from all 28 holes drilled this year are being added to the existing resource model, with an updated Mineral Resource Estimate (MRE) expected to be announced early 2024. This updated resource is anticipated to be significantly larger than the previous one.

• Q1 2024 Drilling Program: Planned drilling of 8-12 diamond drill holes strategically targeting highly prospective zones and designed to test the high-grade potential at Hotinvaara and build on the existing MRE.

• Mid-2024 Resource Update: Q1 2024 drilling results will be added to the Resource for a second update in mid-2024.

• Metallurgical Test Work (Mid-2024): Completion of metallurgical test work in mid-2024 to confirm the potential for commercially producing a high-quality nickel concentrate.

• Strategic Discussions (2024): Ongoing strategic investor and joint venture discussions with various interested parties are expected to be finalized in 2024.

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Placement Details

The Company has received firm commitments to raise $2.05 million through the issuance of 14,658,840 new shares at $0.14/share, representing a 12.5% discount to both the 15-day VWAP and the last traded share price on 6 December 2023. In addition to the new shares issued in the placement, the Company will issue 1 free unlisted option for every 2 shares purchased at a strike of A$0.25 and a two-year expiry.

The shares and options will be issued in two tranches:

1. Tranche 1 will comprise the issuance of 13,837,410 shares and 6,918,705 options and are to be issued under the Company’s existing ASX Listing Rule 7.1 and 7.1A capacity.

2. a. 10,365,046 shares and 6,918,705 options will be issued under ASX Listing Rule 7.1; and b. 3,472,364 shares will be issued under ASX Listing Rule 7.1A.

Settlement of Tranche 1 is expected to take place on or around 14 December 2023, with allotment and quotation of new shares expected to occur on 15 December 2023.

1. Tranche 2 of the Placement will comprise 821,430 shares and 410,715 options to Directors of the Company (or their nominees), subject to shareholder approval in accordance with ASX Listing Rules 7.4 and 10.11, which will be sought at a General Meeting, expected to be held in February 2024.

This Placement was arranged by the Company, with referral and brokerage fees paid of between 4% and 6% on certain tranches as appropriate.

The Placement has been made to ‘sophisticated investors’ and ‘professional investors’ (as defined in sections 708(8) and 708(11) of the Corporations Act).

Authorised for release by: Todd Ross – Managing Director

For further information please contact:

Nordic Nickel

Todd Ross – Managing Director

T: + 61 416 718 110

• E: info@nordicnickel.com

• W: nordicnickel.com

Media:

Read Corporate

Nicholas Read

• T: + 61 419 929 046

• E: nicholas@readcorporate.com.au

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Competent Person Statement

The information in this announcement that relates to Exploration Results is based on, and fairly represents, information and supporting documentation compiled under the supervision of Dr Lachlan Rutherford, a consultant to the Company. Dr Rutherford is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Dr Rutherford consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Forward Looking Statement

This announcement contains forward-looking statements that involve a number of risks and uncertainties, including reference to the conceptual Exploration Target area which surrounds the maiden Hotinvaara MRE described in this announcement. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

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