NORDIC RESOURCES LTD — Capital/Financing Update 2023

Jul 13, 2023

FURTHER WIDE ZONES OF NICKEL SULPHIDE MINERALISATION INTERSECTED AT PULJU

Multiple wide mineralised zones in latest diamond holes at Hotinvaara Prospect confirm extensive nickel system with significant growth potential

HIGHLIGHTS

• Assays received for a further three diamond drillholes following the initial wide intersections reported from HOT001 on 26 May 2023.

• Latest assay highlights include [1] :

  • 199.1m @ 0.22% Ni from 20.9m in HOT006

  • 25.3m @ 0.29% Ni from 340m in HOT006

    • incl 0.6m @ 4.66% Ni, 0.1% Co from 359.6m

  • 63.8m @ 0.22% Ni, 0.01% Co from 140.2m in HOT003

  • 63.0m @ 0.22% Ni from 211.0m in HOT003

  • 20.0m @ 0.26% Ni, 0.01% Co from 284.0m in HOT003

    • incl 2.4m @ 0.73% Ni, 0.03% Co from 288.0m

    • which included 0.4m @ 1.68% Ni, 0.06% Co from 288.0m

• Pervasive disseminated nickel sulphide mineralisation with discrete high-grade semi-massive and net textured sulphide zones.

• Partial leach assay results confirm nickel is predominantly sourced from nickel sulphides in the main mineralised zones.

• Peak assayed nickel grade from drilling to date of 4.66% Ni obtained in HOT006.

• Shallow, anomalous copper intersected for the first time in HOT003.

• Results support the potential to significantly expand the current Hotinvaara MRE, with an updated MRE scheduled for completion later this year.

• Twenty (20) diamond drillholes now completed for a total of 12,385.2m.

Nickel sulphide explorer Nordic Nickel Limited (ASX: NNL ; Nordic, or the Company ) is pleased to report further assay results from drilling completed at its flagship Pulju Nickel Project (the Project ) in the Central Lapland Greenstone Belt ( CLGB ) of northern Finland.

Assays from diamond drillholes HOT002, HOT003 and HOT006, part of the Company’s maiden diamond drilling program at the Hotinvaara Prospect ( Hotinvaara ), have confirmed and extended the footprint of nickel mineralisation intersected by historical drilling ( Figure 1 & Appendix 1 ).

HOT003 and HOT006 encountered multiple near-surface disseminated sulphide zones as well as discrete zones of semi-massive and net-textured massive sulphides [2] . The grade of the mineralisation intersected is consistent with the current Mineral Resource Estimate ( MRE ) for Hotinvaara of 133.8Mt @ 0.21% Ni and 0.01% Co[3] .

1 HOT003 and HOT006 true widths estimated to be 60-80% and 80-90% of downhole widths, respectively.

2 ASX release “Drilling at Hotinvaara Indicates Further Sulphide Mineralisation and Expands Prospective Footprint”, 10th February 2023.

3 ASX release “Nordic Delivers Maiden 133.6Mt Mineral Resource – 278,520t Ni and 12,560t Co”, 7th July 2022.

The Phase 1, 22,000m drilling program at Hotinvaara is focused on a dual exploration strategy of targeting high-grade massive nickel-copper sulphides of a similar style to the nearby world-class Sakatti Deposit and bulk tonnage-style disseminated nickel sulphide mineralisation with the potential to host long-life Mineral Resources.

Management Comment

Nordic Nickel Managing Director, Todd Ross, said: “ Nordic’s maiden drill campaign continues to confirm historical drilling and, importantly, expand the mineralisation footprint at Hotinvaara. The wide intersections of shallow disseminated nickel sulphides we are seeing in the assays bodes well for when we re-evaluate the Mineral Resource at the end of the Phase 1 drilling program.

“The high-grade nickel sulphide intersections are highly encouraging, confirming that the mechanisms for the massive sulphide formations were operating at Hotinvaara.

“When drilling re-commences after the northern summer break, our activities will continue to focus on zones of both known and potential massive sulphides and systematically step-out from historically drilled areas with the aim of expanding the Mineral Resource. Based on what we are seeing at Hotinvaara, the Company believes that the Pulju project has the potential to host multiple world-class nickel deposits and thereby produce for many generations the critical minerals desperately needed for the energy transition.”

==> picture [445 x 401] intentionally omitted <==

Figure 1 . Collar plan showing Nordic Nickel’s drilling (green dots) and historical drilling (black dots). Composite assay intersections highlighted (cut-off: >1,500ppm Ni-total; max. 6m internal dilution). Nordic Nickel’s drilling results highlighted in blue. Cross-sections A – A’ & B – B’ see Figs. 3 & 7, respectively.

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Drillhole summaries

Nordic’s diamond drilling and assay results confirm those from the historical drilling as well as increasing the mineralisation footprint and confidence level of the MRE ( Figure 2 ). Significantly, near-surface disseminated nickel mineralisation has been intersected consistently by drilling. Following is a brief description of the three new drillholes for which assay results have recently been received. Full details of the assay results are provided in Appendix 1 .

==> picture [485 x 278] intentionally omitted <==

Figure 2 . 3D oblique view (looking NNW) highlighting Nordic Nickel drilling (purple lines) and historical drilling (black lines) overlain on JORC (2012) MRE. Weighted average composite nickel assays highlighted by blue and red cylinders (cut-off: >1500ppm Ni-total; max. 6m internal dilution). Colour code: blue Ni-sulphide/Ni-total>50%; Red: Nisulphide/Ni-total<50%.

Drillhole HOT002

Drillhole HOT002 was positioned near the northernmost extent of the known mineralised zone and designed to test multiple geological and geophysical targets, including the basal ultramafic sequences where magma interacted with a regionally extensive evaporite (including anhydrite) sequence.

HOT002 intersected an interlayered sequence of ultramafics, ultramafic skarn and schists down to 165m and appears to lie near the edge of, rather than within, the main mineralised channel. It did not intersect the basal sequences as planned, however, a zone of disseminated nickel mineralisation grading 49.85m @ 0.18% Ni from 119.5m was intersected in an area not currently in the MRE[4] .

Drillhole HOT003

Drillhole HOT003 was also positioned to test multiple geological and geophysical targets, including the basal ultramafic sequences, and the eastern part of the MRE. Electromagnetic features being targeted included FLEM, MLEM and borehole EM (BHEM) conductor plates.

HOT003 deviated significantly from its planned trajectory due to drilling and geological factors, however, several promising geological features and mineralised zones were intersected, providing

4 True widths are estimated to be 60-80% of downhole widths.

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encouragement for future drilling ( Figure 3 ) . Assay highlights are provided in Table 1 with full assay results detailed in Appendix 1 .

==> picture [439 x 334] intentionally omitted <==

Figure 3 . Cross-section A – A’ (7,555,620mN) showing drill trace of HOT003 and assay highlights (1500ppm Ni-total cutoff; max. 6m internal dilution). Hole deviates out of section at 503m (EOH 1,112.7m). View looking North.

Table 1 . Assay highlights from HOT003. Full assay results detailed in Appendix 1.

Hole ID	From(m) To(m) Int(m) Ni-total(%) Co(%) Cu(%)
HOT003	5.40 68.00 62.60 0.155 0.008 0.003
	140.20 204.00 63.80 0.224 0.011 0.042 incl. 143.00 146.00 3.00 0.562 0.032 0.077 and 164.00 165.00 1.00 0.520 0.029 0.065
	211.00 274.00 63.00 0.221 0.009 0.010
	incl. 214.00 216.00 2.00 0.534 0.024 0.045
	and 222.00 224.00 2.00 0.636 0.023 0.019
	284.00 304.00 20.00 0.256 0.011 0.005 incl. 288.00 290.40 2.40 0.734 0.027 0.018 incl. 288.00 288.40 0.40 1.680 0.060 0.033

Nickel reported as total nickel.

Primary cut-off: 0.15% Ni-total; max. 6m internal dilution; Secondary cut-off: 0.5% Ni-total; max. 1m internal dilution; Ternary cut-off: 1.0% Ni-total.

True widths are estimated to be 60-80% of downhole widths.

Additional key observations and interpretations from HOT003 include:

Upper ultramafics and host rocks

• An extensive zone of ultramafic-hosted disseminated nickel sulphides was intersected nearsurface, confirming historical drilling. Assay highlights from this zone include 63.8m @ 0.22% Ni, 0.01% Co from 140.2m and 63m @ 0.22% Ni, 0.01% Co from 211m ( Figure 3, Table 1 ).

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• Ultramafics interacted with a significant number of basin-related sediments and volcanics in the upper 300m. This observation correlates with that in HOT001 and drilling elsewhere in the CLGB where the comingling is interpreted to be important for the accumulation of nickel sulphides.

• The presence of mineralised black schists, including semi-massive sulphide accumulations ( Figure 4 ), in the upper sequences may indicate a secondary mineralisation event is present in Pulju. Anomalous copper mineralisation was also intersected for the first time in these sequences, including 10.8m @ 0.34% Ni, 0.02% Co, 0.12% Cu from 140.2m , incl. 1m @ 0.24% Ni, 0.01% Co, 0.27% Cu from 140.2m and 1m @ 0.33% Ni, 0.02% Co, 0.2% Cu from 149m.

• A high-grade sulphide vein of 0.4m @ 1.68% Ni, 0.06% Co from 288m is hosted by ultramafic/dunitic rock ( Figure 5 ), rather than within the volcano-metasedimentary sequence. This indicates that sulphide accumulation dynamics were favourable.

• Intersection of anhydrites supports the interpretation that the Pulju Belt is highly prospective for massive nickel-copper sulphide mineralisation as this association is known to occur elsewhere in the CLGB (e.g. Sakatti and Kevitsa).

==> picture [485 x 149] intentionally omitted <==

Figure 4 . Semi-massive sulphide zone in HOT003, grading 3m @ 0.56% Ni, 0.03% Co from 143m, within a broader disseminated sulphide zone grading 63.8m @ 0.22% Ni, 0.01% Co from 140.2m (core size: NQ 32mm diameter).

==> picture [487 x 110] intentionally omitted <==

Figure 5 . Semi-massive sulphide zone in HOT003, grading 0.4m @ 1.68% Ni, 0.06% Co from 288m, within a broader disseminated sulphide zone grading 20.0m @ 0.26% Ni, 0.01% Co from 284m, including 2.4m @ 0.73% Ni, 0.03% Co from 288m (core size: NQ 32mm diameter).

Mid-level ultramafics

• Deeper, non-prospective ultramafics and skarns were intersected between 304m to 549m. These units contained a relatively low proportion of nickel-in-sulphide ( Figure 3 ) and suggests the source magma, or its interaction with the country rock, was not conducive to the formation of sulphides.

• Of importance is the lateral variation in nickel-in-sulphide ( Ni-S ) versus nickel-total ( Ni-T ) in the mid-level ultramafics. Historic drillhole HOV040, which intersected the same ultramafic unit at shallower depths, intersected predominantly high Ni-S/Ni-T.

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Drillhole HOT006

Drillhole HOT006 was positioned in the southwest of the Hotinvaara prospect area and targeted geophysical anomalies, including a magnetic high/gravity low with a sharp gradient that potentially reflects intense serpentinisation of the ultramafic host rocks. It was also designed to test the extent of the MRE in this area along with FLEM and BHEM conductors. Assay highlights from HOT006 are provided in Table 2 with full assay results detailed in Appendix 1 .

Lithologies intersected in HOT006 are correlated with the upper ultramafic sequences and host rocks observed in HOT003. Lithologies include albitised schists, peridotite, serpentinite, ultramafic skarn, quartzite and volcano-sedimentary sequences. An extended intersection of ultramafichosted disseminated nickel mineralisation was observed near-surface, grading 199.1m @ 0.22% Ni from 20.9m ( Figure 7, Table 2 ). Importantly, mineralisation extended between gaps within the MRE which is encouraging for a potentially substantial resource upgrade in this region.

Below the existing MRE, drillhole HOT006 intersected another ultramafic unit interpreted to represent a different magmatic pulse or phase to the upper ultramafic unit that hosts the MRE. This unit contains interlayers of relatively high Ni-S/Ni-T and relatively low Ni-S/Ni-T and highlights the dynamics of the magmatic system. Of significance in the lower unit is a very high-grade, large (~20mm), near pure pentlandite (Ni sulphide) bleb within the ultramafic host rock ( Figure 6 ) from which the encompassing sample assayed 0.6m @ 4.66% Ni, 0.1% Co from 359.6m . This represents the highest single Ni assay result from Nordic’s drilling on the Project to date and confirms that processes were operating to concentrate Ni-sulphides and allow them to grow within the magmatic system.

Table 2 . Assay highlights from HOT006. Full assay results detailed in Appendix 1.

Hole ID	From(m) To(m) Int(m) Ni-total(%) Co(%) Cu(%)
HOT006	20.90 220.00 199.10 0.223 0.009 0.006 incl. 183.00 184.00 1.00 0.606 0.026 0.013 and 203.85 206.00 2.15 0.828 0.053 0.124
	340.70 366.00 25.30 0.291 0.009 0.002
	incl. 359.60 360.20 0.60 4.660 0.102 0.023

Nickel reported as total nickel.

Primary cut-off: 0.15% Ni-total; max. 6m internal dilution; Secondary cut-off: 0.5% Ni-total; max. 1m internal dilution; Ternary cut-off: 1.0% Ni-total.

True widths are estimated to be 80-90% of downhole widths.

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Figure 6 . Semi-massive sulphide and blebby Ni-sulphide in HOT006 within broader disseminated sulphide zone grading 25.3m @ 0.29% Ni from 359.6m (core size: NQ 32mm diameter).

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Figure 7 . Cross-section B – B’ (7,555,320mN) showing drill trace of HOT006 and assay highlights (1500ppm Ni-total cut-off; max. 6m internal dilution). View looking North.

Nickel-in-sulphide assays

Nickel-in-sulphide (Ni-S) partial leach assay results from HOT002, HOT003 and HOT006 support similar assay results from HOT001 and earlier first-pass mineralogical and chemical test work completed by Metso:Outotec on the project that determined between 83% and 94% of the measured total nickel was Ni-S[5] .

For drillhole HOT002, an average of 85% of total nickel occurs as Ni-S. Partial leach assay results from the upper sequences of HOT003 (5.4-304m) indicate that 85% of total nickel occurs as Ni-S ( Figure 3 ). The mid-level ultramafics in HOT003 (304-549m) are deficient in Ni-S with 31% of total nickel occurring as Ni-S. The lowest ultramafic sequences in HOT003 (553-652.1m) return to being more enriched in nickel sulphide, with 90% of total nickel occurring as Ni-S, before the low Ni-S cumulate returns with 21% of total nickel occurring as Ni-S ( Appendix 1 ).

5 ASX release “Encouraging First Pass Test Work on Hotinvaara Nickel Mineralisation”, 22nd June 2022

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Similar to HOT003, the upper ultramafic units of HOT006 (20.9-366m) have a relatively high nickel sulphide contents with 81% of total nickel sourced from Ni-S ( Figure 7 ). The lower ultramafic body has variable nickel sulphide contents, with between 17% and 86% total nickel sourced from Ni-S.

Drilling update

As of 30[th] June 2023, twenty (20) drillholes for 12,385.2m had been completed at Hotinvaara ( Figure 1 , Appendix 2 ). All drillholes in the current program are designed to test both geological and geophysical targets (MLEM, BHEM, fixed loop EM, gravity and magnetics) and expand the MRE.

Drilling is currently paused for a planned break during the northern hemisphere summer and will recommence in early August 2023. Batches of samples are being regularly submitted for core cutting and assaying. Assay results are anticipated to be received every 3-4 weeks.

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

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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APPENDIX 1 – Assay Summary

Hole ID	From(m) To(m) Int(m) Ni-total(%)1 Co(%) Cu(%)
HOT0022	12.10 14.00 1.90 0.196 0.007 0.003
	119.50 169.35 49.85 0.181 0.009 0.008
	182.15 189.60 7.45 0.166 0.007 0.005
HOT0033	5.40 68.00 62.60 0.155 0.008 0.003
	76.00 80.00 4.00 0.190 0.008 0.002
	104.00 131.35 27.35 0.179 0.009 0.004
	140.20 204.00 63.80 0.224 0.011 0.042 incl. 143.00 146.00 3.00 0.562 0.032 0.077 and 164.00 165.00 1.00 0.520 0.029 0.065
	211.00 274.00 63.00 0.221 0.009 0.010
	incl. 214.00 216.00 2.00 0.534 0.024 0.045
	and 222.00 224.00 2.00 0.636 0.023 0.019
	284.00 304.00 20.00 0.256 0.011 0.005 incl. 288.00 290.40 2.40 0.734 0.027 0.018 incl. 288.00 288.40 0.40 1.680 0.060 0.033
	304.00 352.00 48.00 0.193* 0.008 0.001
	362.00 463.00 101.00 0.207* 0.008 0.001
	473.00 503.00 30.00 0.206* 0.008 0.002
	543.00 549.00 6.00 0.202* 0.009 0.004
	553.00 555.00 2.00 0.157 0.007 0.002
	577.00 579.00 2.00 0.193 0.009 0.006
	587.00 599.00 12.00 0.182 0.008 0.006
	626.00 628.00 2.00 0.221 0.010 0.017
	644.65 652.10 7.45 0.167 0.008 0.010
	966.00 974.60 8.60 0.150* 0.008 0.004
	984.90 1,012.00 27.10 0.167* 0.010 0.001
HOT0064	20.90 220.00 199.10 0.223 0.009 0.006 incl. 183.00 184.00 1.00 0.606 0.026 0.013 and 203.85 206.00 2.15 0.828 0.053 0.124
	247.00 248.00 1.00 0.151 0.026 0.032
	250.10 252.00 1.90 0.151 0.011 0.015
	256.00 258.30 2.30 0.152 0.011 0.014
	270.00 272.00 2.00 0.163 0.007 0.002
	340.70 366.00 25.30 0.291 0.009 0.002
	incl. 359.60 360.20 0.60 4.660 0.102 0.023
	374.00 448.70 74.70 0.177* 0.007 0.001
	455.85 472.10 16.25 0.252* 0.008 0.003
	482.40 484.00 1.60 0.196 0.006 0.005
	497.00 548.60 51.60 0.177* 0.007 0.002
	566.00 568.00 2.00 0.165* 0.007 0.002
	579.20 630.00 50.80 0.193 0.009 0.005
	630.00 650.00 20.00 0.177* 0.008 0.005
	650.00 658.00 8.00 0.254 0.015 0.015
	658.00 689.00 31.00 0.176* 0.009 0.008
	689.00 719.00 30.00 0.178 0.009 0.006

• 1 Nickel reported as total nickel; Primary cut-off: 0.15% Ni-total; max. 6m internal dilution; Secondary cut-off: 0.5% Ni-total; max. 1m internal dilution; Ternary cut-off: 1.0% Ni-total.

2 True widths are estimated to be 60-80% of downhole widths.

3 True widths are estimated to be 60-80% of downhole widths.

4 True widths are estimated to be 80-90% of downhole widths.

• Nickel predominantly hosted by silicate minerals.

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APPENDIX 2 – Drillhole Collar Locations

Hole ID	Easting	Northing	Elev.(m)	Azi.(°)	Dip (°)	Depth(m)
HOT001	392,847	7,555,700	298.9	90	-70.0	1,109.5
HOT002	392,760	7,556,140	285.2	315	-60.0	560.1
HOT003	392,910	7,555,595	301.1	290	-75.0	1,112.7
HOT004	392,467	7,555,979	278.6	270	-70.0	749.3
HOT005	392,730	7,555,340	294.1	0	-70.0	821.0
HOT006	391,947	7,555,317	256.4	90	-70.0	772.7
HOT007	392,052	7,555,555	259.1	90	-65.0	700.5
HOT008	391,725	7,555,810	260.1	90	-75.0	359.7
HOT009	391,969	7,555,750	259.8	90	-60.0	287.1
HOT010	391,979	7,555,020	254.9	90	-70.0	862.9
HOT011	391,779	7,555,386	253.5	110	-60.0	509.2
HOT012	391,880	7,555,150	252.9	90	-70.0	977.8
HOT013	392,054	7,555,324	261.5	270	-70.0	689.7
HOT014	392,221	7,555,471	269.6	90	-70.0	466.6
HOT015	392,082	7,555,219	262.3	90	-65.0	482.5
HOT016	392,514	7,555,164	304.0	0	-70.0	512.9
HOT017	392,635	7,555,042	308.3	90	-65.0	464.7
HOT018	393,002	7,555,870	312.4	90	-65.0	311.2
HOT019	393,028	7,555,885	313.5	80	-60.0	140.8
HOT020	392,788	7,555,611	291.1	90	-51.0	497.3

Datum: ETRS89 zone 35

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APPENDIX 3

JORC Code, 2012 Edition – Table 1 report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	**JORC Code explanation **	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random	•	Main sampling method has been diamond coring. 51 historic
techniques	chips, or specific specialised industry standard measurement		drillholes were completed by Outokumpu Oy. In total,
	tools appropriate to the minerals under investigation, such		9,621.45m of drilling was completed by Outokumpu Oy. As of
	as down hole gamma sondes, or handheld XRF instruments,		30thJune 2023, 20 drillholes have been completed by NNL for
	etc). These examples should not be taken as limiting the		a total of 12,385.2m
	broad meaning of sampling.	•	Drill collar locations have been provided by Outokumpu Oy.
	• Include reference to measures taken to ensure sample		Collar locations were re-checked by NNL in June 2021 and
	representivity and the appropriate calibration of any		surveyed using a	SatLab SLC6 RTK-ReceiverDGPS. It was
	measurement tools or systems used.		noted that there was a consistent 95m NW shift in true collar
	• Aspects of the determination of mineralisation that are		locations relative to the Outokumpu collar table. Corrections
	Material to the Public Report.		were made to account for this shift. Collar locations for the
	• In cases where ‘industry standard’ work has been done this		NNL drilling were	determined using a	SatLab SLC6 RTK-
	would be relatively simple (eg ‘reverse circulation drilling		ReceiverDGPS and elevations by DEM.
	was used to obtain 1 m samples from which 3 kg was	•	Mineralisation was determined using lithological changes. All
	pulverised to produce a 30 g charge for fire assay’). In other		core has been logged in detail and assayed by NNL. The 41
	cases more explanation may be required, such as where		historic drillholes that exists in the Finnish National drill core
	there is coarse gold that has inherent sampling problems.		archive in Loppi have been relogged by NNL. Measurements
	Unusual commodities or mineralisation types (eg submarine		were also made with a pXRF, Susceptibility and density
	nodules) may warrant disclosure of detailed information.		measurements taken for each lithology.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer,	•	Historic diamond drilling contractors: Maa ja Vesi Oy (HOV001-
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg		HOV008); Rautaruukki Oy (HOV009-HOV027); contractor
	core diameter, triple or standard tube, depth of diamond		unknown for remaining holes (HOV028-HOV051).
	tails, face-sampling bit or other type, whether core is	•	Historic diamond drill core is 32mm in diameter.
	oriented and if so, by what method, etc).	•	Historic core is not oriented.
		•	All historic drilling in Hotinvaara was commissioned and
			managed by Outokumpu Oy.
		•	Diamond drilling contractors for NNL drilling are Kati Oy.
		•	NNL diamond drill core is NQ sized (32mm diameter).
		•	NNL diamond core is oriented.
		•	NNL drilling was commissioned and managed by NNL.

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	Criteria	**JORC Code explanation **	Commentary
	Drill sample	• Method of recording and assessing core and chip sample	•	Core loss was measured for each drilling run and recorded.
	recovery	recoveries and results assessed.	•	Recoveries were determined to be very good.
		• Measures taken to maximise sample recovery and ensure	•	There was no evidence			of sample bias or any relationship
		representative nature of the samples.		between sample recovery and grade.
		• Whether a relationship exists between sample recovery and
		grade and whether sample bias may have occurred due to
		preferential loss/gainof fine/coarse material.
	Logging	• Whether core and chip samples have been geologically and	•	The core was logged to			a level consistent with industry
		geotechnically logged to a level of detail to support		standards and appropriate to support Mineral Resource
		appropriate Mineral Resource estimation, mining studies and		Estimation.
		metallurgical studies.	•	Logging is both qualitative and quantitative.
		• Whether logging is qualitative or quantitative in nature. Core	•	100% of the drill		core sampled by the NNL drilling has been
		(or costean, channel, etc) photography.		logged.
		• The total length and percentage of the relevant intersections
		_logged. _
	Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all	•	Samples were selected			by NNL geologists		for assaying.
	techniques	core taken.	•	Core is logged in		Kittilä	and taken to	Sodankylä for cutting and
	and sample	• If non-core, whether riffled, tube sampled, rotary split, etc		sampling at	Palsatech Oy.
	preparation	and whether sampled wet or dry.	•	Half core samples were selected for composite sampling and
		• For all sample types, the nature, quality and appropriateness		assaying. Sample sizes			range between 0.3 – 4.35m (average
		of the sample preparation technique.		2.25m).
		• Quality control procedures adopted for all sub-sampling	•	Control samples (duplicates, blanks and standards) were
		stages to maximise representivity of samples.		submitted with the NNL samples to industry standards.
		• Measures taken to ensure that the sampling is	•	Samples sizes are considered appropriate					for the grain size and
		representative of the in situ material collected, including for		style of the mineralisation and host lithologies.
		instance results for field duplicate/second-half sampling.
		• Whether sample sizes are appropriate to the grain size of the
		_material being sampled. _
	Quality of	• The nature, quality and appropriateness of the assaying and	•	Assays are being completed at Eurofins in					Sodankylä. Assay
	assay data	laboratory procedures used and whether the technique is		methods employed include:
	and laboratory	considered partial or total.		• Four acid digestion to determine total Ni (Eurofins code
	tests	• For geophysical tools, spectrometers, handheld XRF		ICP-MS, 304M or ICP-OES, 304P), Au, Pd, Pt (Eurofins
		instruments, etc, the parameters used in determining the		code 703P) and occasionally XRF (175-Xa).
		analysis including instrument make and model, reading		• Partial leach (Ni-in-sulphide; Eurofins code 240P)
		times, calibrations factors applied and their derivation, etc.		completed		on any samples >1,500ppm Ni (total).
		• Nature of quality control procedures adopted (eg standards,	•	Instruments	and techniques used:
		_blanks, duplicates, external laboratory checks) and whether _		• Handheld	XRF	measurementswere donewith Thermo

	Criteria	JORC Code explanation	Commentary
		acceptable levels of accuracy (ie lack of bias) and precision		Scientific Niton Xlt3 XRF analyser, Mining Cu/Zn mode, in 38
		have been established.		holes; a total of 378 measurements were taken.
				Measurements were done separately for rock matrix
				(duration 60s) and sulphides (duration 10-20s).
				• Susceptibility measurements were made with GF
				instruments SM20 from 41 holes with 1 or 2m intervals.
				• Density measurements are made periodically using
				Archimedes’ principle (measuring dry and wet weight (g) of
				drill core in air and water). Density measurements were
				done with whole core with intervals and depths recorded.
	Verification of	• The verification of significant intersections by either	•	No external verification done.
	sampling and	independent or alternative company personnel.	•	No specific twin holes were drilled.
	assaying	• The use of twinned holes.	•	Drill logging data is	entered in Excel spreadsheet templates.
		• Documentation of primary data, data entry procedures, data	•	Logging is completed in-line with industry standards
		verification, data storage (physical and electronic) protocols.	•	No adjustments have been made to the assay data.
		• _Discussany adjustment to assay data. _
	Location of	• Accuracy and quality of surveys used to locate drill holes	•	Drill hole collar locations were determined by DGPS (SatLab
	data points	(collar and down-hole surveys), trenches, mine workings and		SLC6 RTK-Receiver	accurate to +/- 2 cm (using correction
		other locations used in Mineral Resource estimation.		service Leica Geosystems HxGN SmartNet).
		• Specification of the grid system used.	•	Elevations were determined from GTK’s LiDAR digital		terrain
		• Quality and adequacy of topographic control.		model (DEM).
			•	All collar locations are in ETRS89 Zone 35, Northern
				Hemisphere.
			•	Downhole surveys are made following completion of drilling
				using aDeviGyroinstrument.
	Data spacing	• Data spacing for reporting of Exploration Results.	•	Historic drill traverses were completed on nominally 50m
	and	• Whether the data spacing and distribution is sufficient to		spacing. NNL drilling is either infill or extensional to historic
	distribution	establish the degree of geological and grade continuity		drilling.
		appropriate for the Mineral Resource and Ore Reserve	•	Historic individual drill holes spaced nominally 100m apart
		estimation procedure(s) and classifications applied.		within each traverse. NNL drilling is either infill or extensional
		• Whether sample compositing has been applied.		to historic drilling.
			•	It is considered that the spacing of samples used is sufficient
				for the evaluation of a MRE (JORC, 2012).
			•	No sample compositing has occureed.
	Orientation of	• Whether the orientation of sampling achieves unbiased	•	Historic drillholes were predominantly oriented 90° (E) with
	data in	sampling of possible structures and the extent to which this		dips of -45°to-60°	to get asnearperpendicularto thelode

Criteria	JORC Code explanation	Commentary	Commentary
relation to	is known, considering the deposit type.		orientation as possible and collect meaningful structural data.
geological	• If the relationship between the drilling orientation and the	•	NNL drilling orientations and dips provided in Appendix 1.
structure	orientation of key mineralised structures is considered to	•	The mineralisation is generally dipping at 30o-40oto the north-
	have introduced a sampling bias, this should be assessed		west.
	and reported if material.	•	Historical true thicknesses average 86% that of the downhole
			thickness. Estimates on true thicknesses of NNL’s drilling are
			outlined in the body of this report.
		•	Drilling orientationshavenotintroduced any sampling bias.
Sample	• The measures taken to ensure sample security.	•	Core is couriered to Palsatec Oy in Sodankylä for core cutting.
security		•	The samples were bagged with hard plastic bags and then tied
			off with zip ties and then shipped to Eurofins Labtium lab in
			containers by courier.
		•	Sample security of blanks and standards was managed by the
			Company, by bagging them in zip lock bags and taking them
			directly to the laboratory in Sodankylä.
Audits or	• The results of any audits or reviews of sampling techniques	•	Independent consultant resource geologist and mining
reviews	and data.		engineer Mr Adam Wheeler audited sampling techniques and
			data on site in May-June 2023. Mr Wheeler is a professional
			fellow(FIMMM),Instituteof Materials,MineralsandMining.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation	Commentary	Commentary
Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Name	Area Code	Tenement type	Status	Applic ant	Application date	Grant date	Expiry date	Area km2
	Tepasto		Reservation	Valid	PMO	31/10/2022			245.89
	Holtinvaara	ML2013:0090	Exploration	Application	PMO	04/11/2013			14.99
	Mertavaara1	ML2013:0091	Exploration	Application	PMO	04/11/2013			11.88
	Aihkiselki	ML2013:0092	Exploration	Application	PMO	04/11/2013			15.75
	Kiimatievat	ML2019:0102	Exploration	Application	PMO	11/11/2019			24.21
	Hotinvaara	ML2019:0101	Exploration	Valid	PMO	11/11/2019	24/01/2020	24/01/2024	4.92
	Rööni-Holtti	ML2022:0009	Exploration	Application	PMO	09/03/2022			18.65
	Saalamaselkä	ML2022:0010	Exploration	Application	PMO	09/03/2022			6.02
	Kaunismaa	ML2022:0011	Exploration	Application	PMO	09/03/2022			1.68
	Juoksuvuoma		Exploration	Application	PMO	31/10/2022			26.53
	Kermasaajo		Exploration	Application	PMO	31/10/2022			11.37
	Kolmenoravanmaa		Exploration	Application	PMO	31/10/2022			15.49
	Koppelojänkä		Exploration	Application	PMO	31/10/2022			19.42
	Kuusselkä		Exploration	Application	PMO	31/10/2022			17.63
	Lutsokuru		Exploration	Application	PMO	31/10/2022			11.33

==> picture [595 x 27] intentionally omitted <==

==> picture [250 x 26] intentionally omitted <==

Criteria JORC Code explanation	Commentary
	Marjantieva		Exploration	Application	PMO	31/10/2022			11.86
	Salmistonvaara		Exploration	Application	PMO	31/10/2022			18.23
	Vitsaselkä		Exploration	Application	PMO	31/10/2022			9.28
	• All results reported herein are from the Hotinvaara EL, owned 100% subsidiary of NNL, Puljun Malminetsintä Oy (PMO).
Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties.	• Outokumpu Oy did regional exploration in the area which was followed by drilling in the 1980s and 1990s (51 drillholes completed). • The Hotinvaara area was later held by Anglo American (2003 - 2007) who completed 6 diamond drillholes and regional bottom-of-till sampling.
Geology • Deposit type, geological setting and style of mineralisation.	• The main commodity of economic interest at Hotinvaara is nickel. Minor copper has also been intersected. The main economic minerals are pentlandite and chalcopyrite. The bulk of the mineralisation occurs as disseminated sulphides but there is also semi-massive to massive sulphide veins with high nickel grades. • The main mineralised rock types are komatiites, dunites, serpentinites and metaperidotites (ultramafic cumulates). Also, some mineralisation is hosted by ultramafic skarn. • The Pulju greenstone Belt is located in the western part of the Central Lapland greenstone Belt. The Pulju Belt covers an area of ~10km x 20km.
Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent _Person should clearly explain why this is the case. _	• Holes reported on this release are detailed above and in_Appendix 2_. • All drill holes were diamond cored. • No information has been excluded.

	Criteria	JORC Code explanation	Commentary
	Data	• In reporting Exploration Results, weighting	• Weighted average grades determined by the following rules:
	aggregation	averaging techniques, maximum and/or minimum	• Primary cut-off: 0.15% Ni-total; max. 6m internal dilution.
	methods	grade truncations (eg cutting of high grades) and	• Secondary cut-off: 0.5% Ni-total; max. 1m internal dilution.
		cut-off grades are usually Material and should be	• Ternary cut-off: 1.0% Ni-total.
		stated.	• No metal equivalent grades are reported.
		• Where aggregate intercepts incorporate short
		lengths of high grade results and longer lengths of
		low grade results, the procedure used for such
		aggregation should be stated and some typical
		examples of such aggregations should be shown in
		detail.
		• The assumptions used for any reporting of metal
		_equivalent values should be clearly stated. _
	Relationship	• These relationships are particularly important in	• Holes are predominantly inclined to get as near to perpendicular
	between	the reporting of Exploration Results.	intersections as possible unless orientations of specific targets or
	mineralisation	• If the geometry of the mineralisation with respect	topography required otherwise.
	widths and	to the drill hole angle is known, its nature should	• During MRE modelling, the mineralised drillhole intersections were
	intercept	be reported.	modelled in 3D in Datamine to interpret the spatial nature and distribution
	lengths	• If it is not known and only the down hole lengths	of the mineralisation.
		are reported, there should be a clear statement to	• In the historical drilling by Outokumpu, true thicknesses of mineralisation
		this effect (eg ‘down hole length, true width not	average ~86% that of the downhole thickness.
		known’).	• The true thickness of mineralisation intersected by NNL is outlined in the
			body of this release.
	Diagrams	• Appropriate maps and sections (with scales) and	• Figures 1, 2, 3 & 7 in this release shows the relative position and
		tabulations of intercepts should be included for any	trajectory of the drillholes reported in this release.
		significant discovery being reported These should
		include, but not be limited to a plan view of drill
		hole collar locations and appropriate sectional
		views.
	Balanced	• Where comprehensive reporting of all Exploration	• All available relevant information is reported.
	reporting	Results is not practicable, representative reporting
		of both low and high grades and/or widths should
		be practiced to avoid misleading reporting of
		Exploration Results.

	Criteria	JORC Code explanation	Commentary
	Other	• Other exploration data, if meaningful and material,	•	Historical gravity data measured	by Outokumpu was purchased from GTK
	substantive	should be reported including (but not limited to):		in 2020.
	exploration	geological observations; geophysical survey	•	Ground magnetics was done by Magnus Minerals in 2019 with			GEM’s GSM-
	data	results; geochemical survey results; bulk samples		19 (Overhauser) magnetometer	and data was processed by GRM-services
		– size and method of treatment; metallurgical test		Oy.
		results; bulk density, groundwater, geotechnical	•	BHEM was completed by GRM-Services in 2021 with EMIT’s DigiAtlantis
		and rock characteristics; potential deleterious or		survey equipment and data was modelled by		NNL. Modelling indicates two
		contaminating substances.		target conductors in the vicinity of HOV040.
			•	FLEM was completed by Geovisor in December 2021 and January 2022
				with EMIT’s SMART Fluxgate survey equipment and data was modelled by
				NNL. Modelling indicates deep-seated conductors at about 400m, 800m
				and 1500m depths. The conductor at 400m correlates with the deeper
				plate identified from BHEM.
			•	A petrology, geochemical and mineral liberation study was undertaken by
				Metso:Outotec. Full details of this study are provided in NNL ASX release
				“Encouraging First Pass Test Work on Hotinvaara Nickel Mineralisation“, 22
				June, 2022.
			•	Ground magnetics was completed by Nordic Nickel Limited in 2023 with
				GEM’s GSM-19 (Overhauser) magnetometer		and data was processed by
				Nordic Nickel Limited.
			•	BHEM was completed by Astrock	and Magnus Minerals in 2023		with EMIT’s
				DigiAtlantis survey equipment and data was modelled by NNL.
			•	UAV magnetic survey completed	by Radai Oy over 269km2; survey
				consisted of 846 lines at 40m line spacing for a total of 7,430 line
				kilometres; flight speed 13-30 m/s; fluxgate		sensor – 3 orthogonal
				components, noise level ±0.5 µT, dynamic range ±100 µT, sampling freq.
				up to 137 Hz; base station – 3 component fluxgate magnetometer and
				barometer, resolution ±0.5 µT, sampling frequency 1 Hz; data			processing
				utilised equivalent layer modelling (ELM).
	Further work	• The nature and scale of planned further work (e.g.	•	A ~22,000m drill program is progressing as planned to test the source of
		tests for lateral extensions or depth extensions or		the modelled conductors and expand the JORC (2012) Mineral			Resource
		large-scale step-out drilling).		Estimate.
		• Diagrams clearly highlighting the areas of possible	•	Mineralisation appears to be open along strike and at depth.
		extensions, including the main geological
		interpretations and future drilling areas, provided
		_this information is not commercially sensitive. _