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NORDIC RESOURCES LTD Capital/Financing Update 2025

Jul 13, 2025

65432_rns_2025-07-13_8d238172-5307-469d-99a5-a1521863c124.pdf

Capital/Financing Update

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GOLD RESOURCES UP 34% TO OVER 1MOZ

New Hirsikangas resource adds a further 264koz to the gold inventory and bolsters the Company’s regional gold strategy.

Total gold equivalent resources now stand at 1.23Moz AuEq.

HIGHLIGHTS

  • Nordic Resources’ new Mineral Resource Estimate (MRE) at Hirsikangas, the third of three recently acquired gold projects[1] , comes in at the high end of expectations.

  • The primary Hirsikangas prospect area hosts a near-surface JORC (2012) compliant resource of 7.29Mt @ 1.13g/t Au for 264,000oz Au, consisting:

  • 2.69Mt @ 1.17g/t Au for 101,000oz Au in the Indicated category; and

  • 4.60Mt @ 1.10g/t Au for 163,000oz Au in the Inferred category.

  • Wide gold zones from surface, notably[2] :

  • 71.3m @ 1.12g/t Au from 7.3m (R317)

  • 44.2m @ 1.45g/t Au from 12.7m (BELHIRSI005)

  • 61.2m @ 1.28g/t Au from 37.8m (R324)

  • Open at depth with deeper intersections showing good continuity, including[2] :

  • 80.2m @ 1.71g/t Au from 110.6m (R316)

  • 74.8m @ 1.00g/t Au from 89.5m (R322)

  • 25.0m @ 1.44g/t Au from 259.0m (HIR007)

  • Important undrilled potential along strike:

  • the drilled resource area covers just 2.5km of the 10km prospective trend.

  • Shallow, higher-grade intersections outside the Hirsikangas MRE include[2] :

  • 7.3m @ 4.78g/t Au from 48.0m (BELHIRSI030)

  • 3.5m @ 4.84g/t Au from 35.4m (R3)

  • 5.1m @ 3.19g/t Au from 90.3m (R7)

  • Combined with the Kopsa and Kiimala Trend gold projects, total Company resource inventory has grown to 34.3Mt @ 1.11g/t AuEq for 1.23Moz AuEq[3][,][4]

  • with 66% in the Measured and Indicated categories, and

  • o 1.04Moz contained gold (see Table 1 for details).

  • Like Kopsa and Kiimala, Hirsikangas is a near-surface orogenic gold deposit with exciting exploration upside and existing plants offering potential processing options.

  • Drill rig mobilisation to the Kopsa gold-copper project in two weeks.

1 Refer NNL ASX Announcement “Major Finland Gold Transaction”, 11 April 2025.

2 Full table of Hirsikangas project drillholes and significant intersections is provided in Appendix 1. Refer also NNL ASX Announcement “Substantial Gold Intersections Verified at the Hirsikangas Gold Project”, 18 June 2025.

3 Kopsa - 23.2Mt @ 0.85g/t Au and 0.17% Cu (1.09g/t AuEq) for 631,100oz Au and 38,360t Cu (814,800oz AuEq) in Total Resources (see also Table 1):

7.44Mt @ 0.95g/t Au and 0.16% Cu (1.18g/t AuEq) for 226,800oz Au and 11,780t Cu (283,200oz AuEq) in Measured category.

8.96Mt @ 0.73g/t Au and 0.16% Cu (0.97g/t AuEq) for 211,100oz Au and 14,060t Cu (278,400oz AuEq) in Indicated category.

6.75Mt @ 0.89g/t Au and 0.19% Cu (1.17g/t AuEq) for 193,200oz Au and 12,520t Cu (253,200oz AuEq) in Inferred category. AuEq figures for Kopsa calculated using US$1,500/oz gold price and US$7,166/t copper price. Recovery factor of 80% is applied for both Au and Cu based on 2013 Kopsa PEA. Resultant formula applied is AuEq (g/t) = Au (g/t) + 1.49*Cu (%). In the Company’s opinion, the metals included in the equivalent calculation (Au,Cu) have reasonable potential to be both recovered and sold.

4 Kiimala Trend - 3.85Mt @ 1.19g/t Au for 147,000oz Au in Indicated category at the Angesneva deposit (see also Table 1).

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Nordic Resources Limited (ASX: NNL ; Nordic , or the Company ) has completed its review of the drilling database and undertaken an updated JORC (2012) Mineral Resource Estimate (MRE) for the Hirsikangas gold project, one of three recently acquired gold projects[1] .

All three projects are advanced gold assets with substantial exploration upside to the Company’s strong operational platform in Finland while it continues its ongoing earn-in and joint venture discussions regarding the Company’s extensive Pulju nickel-copper sulphide exploration project. The projects are located in the Middle Ostrobothnia Gold Belt ( MOGB ) of central Finland, all within 75km of each other (see Figures 1 and 2).

The Kopsa gold-copper project is the most advanced with the largest current resource and the Kiimala Trend project area also hosts a significant gold resource at the Angesneva deposit. The Hirsikangas MRE has added a further 264,000oz Au in total to the Company’s combined project resources, bringing this to 1.23Moz AuEq @ 1.11g/t AuEq , with 1.04Moz @ 0.95g/t Au contained gold across all categories, see Table 1. The Competent Person confirms all material assumptions and technical parameters underpinning the Kopsa and Angesneva Mineral Resource Estimates continue to apply and have not materially changed as per Listing Rule 5.23.2.

Mineral Resources Tonnes
(Mt)
Au (g/t) Cu (%) AuEq (g/t)
Au (Moz)
Cu (kt) AuEq
(Moz)
Kopsa
Measured Resources 7.44 0.95 0.16 1.18 0.23 12 0.28
Indicated Resources 8.96 0.73 0.16 0.97 0.21 14 0.28
Inferred Resources 6.75 0.89 0.19 1.17 0.19 13 0.25
Kopsa Total 23.2 0.85 0.17 1.09 0.63 38 0.81
Angesneva
Indicated Resources 3.85 1.19 - 1.19 0.15 - 0.15
Angesneva Total 3.85 1.19 - 1.19 0.15 - 0.15
Hirsikangas
Indicated Resources 2.69 1.17 - 1.17 0.10 - 0.10
Inferred Resources 4.60 1.10 - 1.10 0.16 - 0.16
Hirsikangas Total 7.29 1.13 - 1.13 0.26 - 0.26
Combined Measured Resources 7.44 0.95 0.16 1.18 0.23 12 0.28
Combined Indicated Resources 15.5 0.92 0.09 1.06 0.46 14 0.53
Combined Inferred Resources 11.3 0.98 0.11 1.14 0.36 13 0.42
Combined Project Resources 34.3 0.95 0.11 1.11 1.04 38 1.23

Table 1: Combined MOGB Gold Project JORC (2012) resources.

Notes: 1. The resources should be considered in situ in accordance with JORC (2012) reporting guidelines.

2. Cutoff grade of 0.5g/t AuEq was applied for Kopsa and 0.5g/t Au was applied for the Angesneva and Hirsikangas resource estimates, for the mineralisation deemed potentially mineable by open pit methods.

3. AuEq figures were calculated for Kopsa using US$1,500/oz gold price and US$7,166/t copper price. Recovery factor of 80% applied for both Au and Cu based on 2013 Kopsa PEA metallurgical results and inputs. Resultant formula applied is AuEq (g/t) = Au (g/t) + 1.49*Cu (%). In the Company’s opinion, the metals included in the Kopsa equivalent calculation (Au,Cu) have reasonable potential to be both recovered and sold.

4. Discrepancies in the totals, products or percentages in the table are due to rounding effects.

The Company’s (now completed) review of Hirsikangas, including the updated calculation of the MRE, demonstrates that this gold project is well advanced and maintains exciting exploration upside along 7.5km of additional strike and in parallel structures, as detailed within this announcement and previously[5] .

5 Refer NNL ASX Announcement “Substantial Gold Intersections Verified at the Hirsikangas Gold Project”, 18 June 2025.

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Management Comment

Commenting on the Hirsikangas project review and maiden JORC (2012) MRE, NNL’s Executive Director, Robert Wrixon, said: “Hirsikangas was somewhat of unknown in this transaction, with the Company’s focus firmly on the Kopsa. However, just like Kopsa and Angesneva, the gold resource at Hirsikangas essentially starts from surface and is far more substantial than previously understood by NNL, with obvious exploration upside. The addition of Hirsikangas brings the total gold equivalent resource inventory to 1.23Moz AuEq, with 66% in the Measured and Indicated categories. The Company’s “gold only” resources have also increased to over 1Moz. Hirsikangas and Angesneva, with their proximity to Kopsa, add significant value to the regional development options currently under consideration”.

Summary of the MOGB Gold Projects

The Company’s three gold projects are located in the Middle Ostrobothnia Gold Belt (MOGB) of Finland (see Figure 1). This region contains a number of gold and base metal deposits, structurally controlled by the Raahe-Ladoga Trend. This Trend is a broad suture zone between the Karelian Craton (Archean, 3.2-2.7Ga) to the northeast and the Svecofennian domain (Paleoproterozoic, 1.92-1.80Ga) to the southwest. The MOGB represents a geological extension to the Gold Line and associated VMS trend seen in neighbouring Sweden. The Swedish part of this geological formation has seen significant historical exploration expenditure over the past centuries while the Finnish part has seen a fraction of this, meaning it is relatively underexplored.

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• Kittila (Agnico-Eagle)
• Europe’s largest gold mine
• 230koz per annum (Agnico-Eagle website)
NNL Pulju
Ni-Cu Project
NNL Gold
Projects
Figure 1: Location of the three gold projects shown over a geological map of Finland.
----- End of picture text -----

There are two processing plants in the MOGB region. The 1.4Mtpa Pyhasalmi copper-zinc-pyrite processing plant owned by First Quantum Minerals Ltd (TSX:FM) remains in reduced operation and is located 40km to the east of Kopsa. The formerly operating gold mine and plant at Laiva is located

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120km to the northwest (see Figure 2). The Laiva plant is relatively new, but currently on care and maintenance. Completed in 2012 it was designed to process 2.2Mtpa of feed from the Laiva gold deposit. Both existing plants, or a standalone plant at Kopsa, would be potentially accessible by road or road/rail from the Kopsa, Kiimala Trend (Angesneva deposit) and/or Hirsikangas projects.

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Figure 2: Location of NNL’s recently acquired gold projects shown over a map of Central Ostrobothnia showing existing plant locations with road/rail routes in the region. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

Hirsikangas Project

The wider Hirsikangas project area hosts multiple drilled and undrilled prospects along a 10km long trend of the Himanka Volcanic Belt. The primary focus of the 92 holes for 11,400m of previous drilling from a number of prior exploration programs within the Hirsikangas project area has been the main Hirsikangas deposit located over 2.5km of strike at the northwestern extent of this trend, along with parallel structures to this main mineralised zone. The Hirsikangas deposit hosts a JORC (2012) compliant near-surface resource of 7.29Mt @ 1.13g/t Au for 264,000oz contained gold, of which 2.69Mt @ 1.17g/t Au for 101,000oz Au in the Indicated category and 4.60Mt @ 1.10g/t Au for 163,000oz Au in the Inferred category (please refer to “Minerals Resource Estimate” section later in the main body of this report). The remaining 7.5km of the Belt is mostly unexplored, providing exciting exploration targets, with limited drilling already having identified two additional gold prospects, being Hanni and Hanni SE, see Figures 3 and 4.

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Figure 3: Tenement Map for the Hirsikangas gold project, showing the locations of the main Hirsikangas deposit and the Hanni and Hanni SE gold occurrences. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

A prominent feature of the Himanka Volcanic Belt is the NW-trending strike-slip shear zone related to the roughly parallel Raahe-Ladoga suture in the Paleoproterozoic Svecofennian crustal domain, similar to the Kiimala Trend project area (refer NNL ASX Announcement “Total Finland Gold Resources Increase to 961,800oz AuEq” , 29 May 2025). The bedrock in the Hirsikangas area consists mainly of mica schist, mafic and ultramafic rocks and felsic schist. The mineralised zones are mainly hosted by felsic schist, close to the contact between the host rock and a mafic volcanic or sub-volcanic rock to the west, which is seen as a strong magnetic anomaly, as shown in Figure 4.

Hirsikangas, similar to other gold deposits in the region, hosts Paleoproterozoic orogenic gold mineralisation. The structure is defined by a set of steeply dipping en echelon shear zones with mineralised lodes in strongly altered felsic schist, mica schist and mafic volcanics. The lodes are quartz and sulphide bearing, typically 1-2% sulphides but sometimes up to 10% of the rock.

As with the Kiimala Trend and Kopsa projects, the Hirsikangas project area has seen prior exploration, notably by the Geological Survey of Finland (GTK), Belvedere Resources (Belvedere), and Northern Aspect Resources (Northern Aspect). Gold was first discovered at the Hirsikangas deposit by GTK in 2004. Northern Aspect developed the project from 2017 onwards, including additional diamond drilling and an updated, non-JORC (2012) compliant resource.

Mineralised intersections have been drilled at Hirsikangas by GTK, Belvedere and Northern Aspect. Collar locations and intersections are shown in Figures 4 and 5 and detailed information on all drill holes and gold intersections is provided in Appendix 1 and the JORC (2012) Table 1 in Appendix 2.

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See Fig. 5
for detail
R3
R7
HANNI006
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Figure 4: Map showing the Himanka Volcanic Belt in the Hirsikangas project area with the historical drilling locations over a UAV magnetic map created by Radai Oy for Northern Aspect Resources. Interval midpoints of historical gold intersections are projected to the ground surface, with symbols scaled based on grade-thickness (g/t Au * m). Collar locations are shown for all holes. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

Wide intersections, starting close to surface, have been encountered in the main mineralised zone at different locations along strike (see Figures 4 and 5), including[6] :

  • 71.3m @ 1.12g/t Au from 7.3m in hole R317;

  • 44.2m @ 1.45g/t Au from 12.7m in hole BELHIRSI005; and

  • 61.2m @ 1.28g/t Au from 37.8m in hole R324.

Deeper intersections demonstrate good continuation of the main mineralised zone[6]

  • 80.2m @ 1.71g/t Au from 110.6m in hole R316;

  • 74.8m @ 1.00g/t Au from 89.5m in hole R322;

  • 25.0m @ 1.44g/t Au from 259.0m in hole HIR007; and

  • 16.2m @ 1.32g/t Au from 93.0m in hole BELHIRSI001.

Further significant upside potential exists in a parallel structure 200m to the northeast of the main Hirsikangas deposit, which has been partially drilled. This parallel structure is outside the main mineralised zone and outside the resource envelope. The sparsely drilled parallel structure hosts mineralised intersections at both its northwestern (BELHIRSI030) and southeastern (HIR010) extents[6] :

  • 23.1m @ 1.67g/t Au from 35.9m in hole BELHIRSI030 including 7.3m @ 4.78g/t Au from 48.0m; and

  • 40.0m @ 0.66g/t Au from 118.0m in hole HIR010.

6 True widths estimated to be 65-75% of downhole width at Hirsikangas. Full table of drillholes and significant intersections is provided in Appendix 1.

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Sporadic scout drilling along strike on the magnetic trend to the southeast from the main Hirsikangas deposit has been undertaken by GTK and Northern Aspect. At Hanni, a prospect located in the centre of the magnetic trend, intersections drilled by GTK include (see Figure 4):

  • 3.5m @ 4.84g/t Au from 35.4m in hole R3; and

  • 5.1m @ 3.19g/t Au from 90.3m in hole R7.

The Hanni SE prospect in the southeastern extent of the project area was drilled by Northern Aspect, intersecting 5.0m @ 0.77g/t Au from 62.0m in hole HANNI006 (see Figure 4). Gold anomalies in Base of Till (BoT) drilling and Ionic Leach (IL) sampling, and a shear or fault structure interpreted from magnetic data, form a gold anomalous trend associated with the drilled intersection in HANNI006. The geological framework of the Hanni SE prospect and Hirsikangas deposit share many similarities, making Hanni SE a high priority target for future exploration within the Hirsikangas project area.

Mineral Resource Estimate

The Hirsikangas deposit hosts a near-surface JORC (2012) compliant resource of 7.29Mt @ 1.13g/t Au for 264,000oz contained gold, of which 2.69Mt @ 1.17g/t Au for 101,000oz Au in the Indicated category and 4.60Mt @ 1.10g/t Au for 163,000oz Au in the Inferred category (see Table 2 and Figures 5 and 6). A summary of other material information on the Mineral Resource Estimate ( MRE ) pursuant to ASX Listing Rule 5.8 is provided below. Full details of the Estimation and Reporting of the Mineral Resource are included in the JORC Code (2012) Table 1 located in Appendix 2 of this release.

Hirsikangas Mineral Resources Tonnes (t) Au (g/t) Au (oz)
Indicated Resources (Hirsikangas) 2,690,000 1.17 101,000
Inferred Resources (Hirsikangas) 4,600,000 1.10 163,000
Total 7,290,000 1.13 264,000

Table 2: Hirsikangas Project JORC (2012) resource table (for Hirsikangas Deposit).

  • Notes: 1. The resource should be considered in situ in accordance with JORC (2012) reporting guidelines.

2. Estimates were based on a lower cutoff grade of 0.5g/t Au for the gold mineralisation deemed potentially mineable by open pit methods.

3. Discrepancies in the totals, products or percentages in the table are due to rounding effects.

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Figure 5: Plan map showing the drill holes at the main Hirsikangas deposit. The Belvedere hole ID’s are abbreviated by substituting “BELHIRSI” with “B”. See Appendix 1 for drill hole details. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

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Figure 6: Section A-A’ (encompassing 70m in width) viewing towards northwest, as shown in Figure 5. The Belvedere hole ID’s are abbreviated by substituting “BELHIRSI” with “B”. See Appendix 1 for drill hole details. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

Metallurgy

Belvedere Resources Finland conducted metallurgical testing on Hirsikangas, prior to 2009 and reported in a 2009 Technical Report[7] . Reject assay pulps for selected mineralised intervals from both Belvedere and GTK drill core were used in cyanide bottle roll tests in PAL1000 machine capable of simultaneously pulverising and cyanide leaching of the sample, carried out by Labtium Oy in Sodankylä, Finland. A 500g sample was leached for 2 hours with a commercial Leachwell reagent, which contained sodium cyanide, sodium hydroxide, and some patented accelerating chemicals. After leaching an aliquot was taken and analysed for cyanide leachable gold with Flame-AAS. The tailings were filtered off and washed to remove the cyanide solution, dried, homogenised and assayed for gold via a 50g fire assay and analysed with Flame-AAS for unrecoverable gold. The results indicate an average recovery rate of 93% for gold in cyanide bottle rolls.

7 Hirsikangas Gold Deposit, Central Ostrobothnia, Finland. 30th November 2009, Belvedere Resources Ltd.

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Details of the Hirsikangas Mineral Resource Estimate

Deposit Model:

Hirsikangas is a Palaeoproterozoic orogenic gold deposit. Gold mineralisation is hosted by sheared and altered felsic schist. The principal structural control in the area is considered to be a northwesttrending shear zone in a vertical or steeply NE dipping orientation. The northwest-trending Ruhanperä shear zone lies to the northeast.

Ductile-brittle shears are focused within vertical en-echelon lenses of felsic schist and the orientation of lenses follows the strike of these shears. The mineralisation is associated with quartz and sulphides emplaced parallel with the strike and dip of the shearing and lithological units. Gold and associated minerals typically occur at boundaries or fractures of the silicate minerals but are sometimes associated with sulphide minerals.

Mineralisation has been encountered over 2.2km of strike length and is interpreted to extend to more than 300m below the surface. The main occurrence of mineralisation occupies the eastern 800m strike extent of the known shear zone. Less significant mineralisation occurs at the end of the known strike extent with sporadic gold grades encountered. Drilling is sparse beyond the extent of the main modelled mineralisation. Mineralisation remains open down-dip and parallel mineralised shears are thought to be present to the NE, however, they are sparsely drilled.

The mineralisation wireframes have been created with Surpac software using a sectional interpretation and are based on a nominal 0.3g/t Au cutoff. The interpretation is designed to capture the broad mineralisation halo that encompasses the geological shear - vein system and is not intended to constrain individual veins or shears. The 3-dimensional mineralised model is shown in Figures 7 and 8.

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Figure 7: Hirsikangas gold deposit, oblique view towards NE showing the locations of the cross sections in Figure 8.

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Figure 8. Hirsikangas gold deposit, typical cross sections: Left the A-A and right the B-B marked in Figure 7.

Database:

The database used for estimation contains information on 92 drill holes with a total length of 11,371.13 meters and 6,455 assays. However, only 32 drillholes intersect the mineralisation wireframe model created. The assay table contains assays for Au, Ag, Cu, As and S. The lithology table contains 1,478 recorded intervals. The database includes a total of 2,206 density measurement records. The mineralised rock has a slightly lower density than the non-mineralised (mean non-mineralised - 2.75, mean mineralised - 2.71).

Compositing and Top-cutting:

Prior to the grade estimation the assay data have been composited to 2m (fixed length) composites to achieve uniform sample support. The dominant sample length inside the mineralisation wireframe is 1m, the average being 1.1m.

Basic statistics of the 2m composites are shown in Table 3.

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Table 3. Basic statistics for 2m composites of uncut Au grade.

The 2m composite length has been selected based on the geological setting and possible mining factors.

Top-cuts have been assessed using histograms and probability plots of the composite sample populations. Based on the statistical analysis a top-cut of 12 g/t Au has been applied to the 2m composite data. The effect of top-cutting is highlighted in Table 4 below.

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Table 4. Basic statistics for 2m composites of top cut Au grade.

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Block Model:

A parent cell size of 10mE by 25mN by 10mRL which was sub-blocked down to 5mE by 12.5mN by 5mRL was selected, based on the average drill spacing and considering potential mining parameters. The main block model parameters are presented in Table 5 below.

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Table 5. Block model parameters.

Figure 9 depicts the Hirsikangas block model with the resource classification.

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Figure 9. Hirsikangas Blocks classified as Indicated (green) and Inferred (blue). Oblique view towards northeast. Refer to the JORC Table 1 in Appendix 2 for further details on the resource estimate.

Estimation Parameters:

Multiple Indicator Kriging (MIK) has been applied to grade estimation at the Hirsikangas Gold Project within the 0.3 g/t Au wireframes. MIK grade estimation and geostatistical change of support parameters have been developed using Isatis geostatistical software. MIK is considered a robust estimation methodology for grade estimates for gold deposits such as Hirsikangas where high levels of short scale variability are present. MIK grade estimation with change of support has been applied to produce ‘recoverable’ gold estimates targeting a selective mining unit (SMU) of 5mE x 12.5mN x 5mRL.

Grade and indicator variograms have been generated for use in the MIK grade estimation process. The grade variogram shows relatively high nugget (approximately 50% of the total variance) which is typical for similar gold deposits. Variograms have been modelled with 2 structures, the first having the major range of about 65 m and the second about 160 m.

Table 6 describes the sample search criteria used with the MIK estimate.

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Table 6. MIK sample search criteria.

Resource Classification:

Classification is based on the density of data and matching between the geological framework and grade continuity. An Indicated Mineral Resource was classified in the upper-central part of the mineralisation, where the drilling density is greatest. The drilling density varies from around 10 meters up to 60-70 meters the average being about 50m x 50m. The realised average sample search distance in block estimation has been 28m. In addition to drilling, controlling geological features have been obtained from the mapping of outcrops. The discovery outcrop is located in the northern end of the Indicated Mineral Resource. The Inferred Mineral Resource was classified from sparser drilling but with direct continuity from the Indicated Resource primarily to northwest, southeast and at depth.

In the opinion of the Competent Person, the Hirsikangas Mineral Resource Estimate meets the criteria for classification as Inferred and Indicated resources under JORC (2012) guidelines.

Authorised for release by the Board of Directors.

For further information please contact:

Nordic Resources Ltd

Robert Wrixon – Executive Director

E: [email protected]

W: nordicresources.com

Competent Persons’ Statements

The information in this announcement that relates to Exploration Results and the Kopsa and Agnesneva Mineral Resources has been extracted from various Nordic ASX announcements and are available to view on the Company’s website at www.nordicresources.com or through the ASX website at www.asx.com.au (using ticker code “NNL”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

The information in this announcement that relates to the Hirsikangas Mineral Resource is based on information compiled by Dr Hannu Makkonen, a consultant to the Company. Dr Makkonen is a European Geologist (EurGeol) as defined by the European Federation of Geologists.

Dr Makkonen 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 Makkonen consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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Forward Looking Statements

This announcement contains forward-looking statements that involve a number of risks and uncertainties. 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

Hirsikangas Project - Drill Collar Locations and Composite Intersections

– Hirsikangas Project Area all drill holes, including nearby holes outside the current tenement boundaries

Licence
Holder
Year Hole ID **Easting1 ** **Northing1 ** Elev.
(m)

Azim.
(°)2

Dip
(°)3
Depth
(m)

Info
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Geological
Survey of
Finland
2004 R301 343732.7 7106480.3 33.7 232.7 45.8 88.90 28.00 68.00 40.00 0.65
incl. 28.00 29.00 1.00 1.10
incl. 41.00 54.00 13.00 1.33
R302 343766.8 7106504.7 33.7 232.7 44.7 142.20 94.50 120.60 26.10 0.78
incl. 96.00 100.60 4.60 1.24
incl. 102.60 103.60 1.00 1.21
incl. 107.60 108.60 1.00 1.53
incl. 114.60 120.60 6.00 1.16
R303 343686.9 7106508.4 33.7 232.7 45.9 57.70 8.60 9.60 1.00 0.56
28.70 50.50 21.80 0.60
incl. 28.70 29.70 1.00 1.09
incl. 38.70 39.70 1.00 1.88
incl. 42.70 45.70 3.00 1.30
R304 343754.5 7106433.2 33.7 232.7 46.9 90.30 8.90 74.00 65.10 0.77
incl. 17.70 53.70 36.00 1.06
incl. 69.00 71.00 2.00 3.05
R305 343793.9 7106462.4 33.2 232.7 44.6 141.30 42.80 43.80 1.00 1.56
83.00 103.00 20.00 0.63
incl. 90.00 91.00 1.00 1.43
incl. 94.00 95.00 1.00 1.04
incl. 97.00 98.00 1.00 1.99
incl. 102.00 103.00 1.00 2.21
R306 343759.9 7106313.8 33.9 232.7 45.4 80.90 (no reported intersections)
R307 343812.8 7106353.4 33.6 232.7 45.0 151.00 16.10 31.60 15.50 1.88
119.00 121.00 2.00 2.75
incl. 119.00 120.00 1.00 4.66
Geological
Survey of
Finland
2005 R308 343854.1 7106381.4 33.4 232.7 44.8 149.70 35.50 43.50 8.00 1.22
incl. 37.50 43.50 6.00 1.48
59.80 60.80 1.00 0.53
78.30 100.30 22.00 0.80
incl. 82.30 83.30 1.00 3.01
incl. 89.30 90.30 1.00 1.64
incl. 96.30 97.30 1.00 2.79
147.50 148.50 1.00 0.88
R309 343992.4 7106235.8 33.5 232.7 45.0 150.20 43.00 127.30 84.30 0.51
incl. 95.00 127.30 32.30 1.19
R310 343573.7 7106611.9 34.6 232.7 44.5 79.35 38.00 41.00 3.00 1.66
incl. 39.00 40.00 1.00 3.46
R311 343595.5 7106565.8 34.1 232.7 46.4 81.70 (no reported intersections)
R312 343628.8 7106528.2 33.7 232.7 55.4 80.00 7.40 8.40 1.00 1.05
R313 343775.2 7106449.2 33.4 232.7 45.3 121.30 10.90 11.90 1.00 2.68
51.90 89.50 37.60 0.57
incl. 67.90 74.90 7.00 1.00
R314 343793.9 7106462.4 33.2 232.7 70.0 142.80 80.00 85.00 5.00 0.92
incl. 80.00 83.00 3.00 1.17
126.00 129.00 3.00 1.33
incl. 127.00 129.00 2.00 1.71
140.20 142.80 2.60 0.83
incl. 140.20 141.20 1.00 1.03
R315 343911.4 7106301.7 33.6 232.7 45.0 160.10 56.00 97.00 41.00 0.95
incl. 56.00 78.00 22.00 1.04
incl. 88.00 97.00 9.00 1.22
R316 343911.4 7106301.7 33.6 232.7 70.0 198.70 110.60 190.80 80.20 1.71

15

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Geological
Survey of
Finland
2005 R317 344037.2 7106144.6 33.8 232.7 45.0 130.00 7.25 125.00 117.75 0.69
incl. 7.25 78.50 71.25 1.12
R318 343766.8 7106504.7 33.7 232.7 68.4 156.70 91.70 92.70 1.00 1.16
142.00 144.00 2.00 2.13
R319 343829.3 7106364.6 33.5 232.7 42.8 147.90 24.50 58.20 33.70 0.90
incl. 37.50 58.20 20.70 1.28
R320 343854.1 7106381.4 33.4 232.7 64.8 180.00 57.00 74.00 17.00 0.53
incl. 71.00 74.00 3.00 1.56
110.60 113.60 3.00 0.69
117.60 118.60 1.00 0.56
119.60 148.60 29.00 0.51
incl. 140.60 141.60 1.00 1.07
incl. 142.60 143.60 1.00 1.19
incl. 147.60 148.60 1.00 2.47
R321 343992.4 7106235.8 33.5 232.7 65.7 230.10 140.40 188.80 48.40 0.53
incl. 141.40 142.40 1.00 1.68
incl. 153.80 154.80 1.00 1.88
incl. 157.80 158.80 1.00 1.31
incl. 172.80 178.80 6.00 1.11
incl. 185.70 186.70 1.00 1.50
202.80 203.80 1.00 0.73
R322 344049.6 7106154.0 33.8 232.7 65.7 199.90 21.70 173.30 151.60 0.64
incl. 62.50 63.50 1.00 1.15
incl. 72.50 73.50 1.00 1.83
incl. 79.50 82.50 3.00 1.20
incl. 85.50 86.50 1.00 1.01
incl. 87.50 88.50 1.00 1.15
incl. 89.50 164.30 74.80 1.00
R323 344130.6 7106087.1 33.9 232.7 49.9 280.60 41.40 132.00 90.60 0.51
incl. 51.00 80.00 29.00 1.06
incl. 86.00 87.00 1.00 1.20
incl. 130.00 131.00 1.00 4.04
136.50 137.50 1.00 0.55
138.50 139.50 1.00 0.56
265.60 266.60 1.00 1.40
269.60 270.60 1.00 0.55
Geological
Survey of
Finland
2006 R324 344258.6 7105936.0 33.3 232.7 70.0 99.80 37.80 99.00 61.20 1.28
R325 344319.1 7105860.0 34.3 232.7 60.0 92.20 72.00 85.00 13.00 0.64
incl. 72.00 73.00 1.00 2.97
incl. 84.00 85.00 1.00 4.48
R326 344444.9 7105705.0 35.4 232.7 60.0 110.30 109.00 110.30 1.30 7.67
R327 344682.4 7105752.8 35.3 232.7 50.0 76.10 39.30 40.30 1.00 0.59
49.40 51.40 2.00 0.58
R328 345126.5 7105341.5 35.9 232.7 50.0 81.70 (no reported intersections)
R329 343657.8 7106548.9 34.0 232.7 45.0 97.00 50.40 54.70 4.30 0.58
incl. 53.70 54.70 1.00 1.29
80.10 82.00 1.90 1.39
92.00 93.00 1.00 0.96
R330 343598.6 7106629.7 34.3 232.7 45.0 99.40 83.30 85.10 1.80 1.11
incl. 84.30 85.10 0.80 1.49
R331 343501.9 7106745.4 35.4 232.7 45.0 96.30 72.50 73.50 1.00 2.40
R332 343461.4 7106778.3 35.7 232.7 45.0 99.00 57.80 68.70 10.90 0.51
incl. 59.80 60.80 1.00 1.88
incl. 67.70 68.70 1.00 1.98
R333 347268.6 7102491.0 42.0 235.0 45.0 98.70 (no reported intersections)
R334 347334.6 7102537.0 42.0 235.0 45.0 99.90 (no reported intersections)
R335 347334.6 7102537.0 42.0 55.0 45.0 118.90 (no reported intersections)

16

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Belvedere
Resources
Finland
2008 BELHIRSI001 343826.7 7106425.3 33.3 226.9 45.6 163.32 20.35 21.70 1.35 0.55
incl. 50.02 52.23 2.21 1.45
82.65 151.23 68.58 0.61
incl. 92.97 109.16 16.19 1.32
incl. 140.10 151.23 11.13 1.13
BELHIRSI002 343875.6 7106333.6 33.5 224.7 42.8 151.86 18.15 87.65 69.50 0.81
incl. 19.15 20.08 0.93 1.80
incl. 40.06 87.00 46.94 1.02
BELHIRSI003 343895.1 7106350.9 33.5 227.7 42.9 150.32 36.52 121.05 84.53 0.51
incl. 72.43 73.47 1.04 2.77
incl. 89.65 90.78 1.13 1.01
incl. 93.00 93.80 0.80 1.37
incl. 98.70 121.05 22.35 1.07
131.17 132.94 1.77 0.80
incl. 131.17 131.72 0.55 1.19
BELHIRSI004 344018.9 7106198.3 33.8 233.7 44.1 163.30 incl. 41.58 41.91 0.33 7.89
88.08 121.86 33.78 1.02
BELHIRSI005 343998.3 7106182.3 33.9 231.7 42.6 150.00 12.65 128.93 116.28 0.64
incl. 12.65 56.83 44.18 1.45
incl. 78.62 79.79 1.17 1.13
incl. 127.15 128.23 1.08 1.03
BELHIRSI006 343936.2 7106253.7 33.6 233.7 43.8 155.90 48.06 52.55 4.49 0.52
64.85 72.32 7.47 0.64
incl. 71.00 72.32 1.32 2.18
BELHIRSI007 343967.1 7106276.1 35.1 233.7 47.4 194.79 44.94 52.15 7.21 0.59
incl. 48.08 49.21 1.13 1.80
74.82 75.84 1.02 0.62
107.09 136.41 29.32 0.57
incl. 115.90 117.00 1.10 2.73
incl. 129.94 135.30 5.36 1.43
144.63 145.95 1.32 0.51
BELHIRSI008 344256.8 7105935.6 33.8 227.7 44.7 161.80 13.95 20.19 6.24 0.83
incl. 19.04 20.19 1.15 1.91
36.85 42.28 5.43 1.23
incl. 41.15 42.28 1.13 4.48
BELHIRSI009 344295.0 7105969.3 34.3 228.7 45.1 152.20 34.50 38.33 3.83 1.56
incl. 34.50 36.80 2.30 2.36
87.61 88.71 1.10 0.57
109.10 124.79 15.69 0.96
incl. 112.64 124.79 12.15 1.08
BELHIRSI010 344380.1 7105778.8 35.2 234.0 44.7 146.40 29.54 40.00 10.46 0.56
incl. 29.54 30.26 0.72 1.94
87.64 93.41 5.77 0.93
incl. 92.19 93.41 1.22 3.32
BELHIRSI011 344421.4 7105805.8 35.1 232.7 44.2 182.69 23.00 24.30 1.30 0.50
94.87 96.48 1.61 0.86
119.72 122.84 3.12 0.59
incl. 119.72 120.33 0.61 1.15
154.84 155.69 0.85 0.72
160.88 161.66 0.78 0.51
168.16 169.28 1.12 0.55
BELHIRSI012 344488.2 7105857.9 34.5 50.7 43.5 167.15 44.78 45.86 1.08 4.93
96.18 97.62 1.44 3.73
BELHIRSI013 344539.9 7105648.1 35.6 228.7 44.6 181.65 5.94 11.35 5.41 0.77
incl. 9.79 11.35 1.56 1.41
147.19 149.18 1.99 0.50

17

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Belvedere
Resources
Finland
2008 BELHIRSI014 343744.4 7106236.2 36.3 56.7 44.3 250.75 46.30 48.23 1.93 7.61
127.28 201.30 74.02 0.51
incl. 129.30 137.21 7.91 1.14
incl. 139.78 140.19 0.41 1.13
incl. 143.25 151.78 8.53 1.02
incl. 160.58 161.33 0.75 1.46
incl. 167.35 168.43 1.08 1.03
220.75 222.85 2.10 0.94
incl. 220.75 221.56 0.81 1.79
BELHIRSI015 343805.5 7106156.5 36.0 40.7 55.0 266.35 52.07 53.95 1.88 0.76
178.08 229.07 50.99 0.54
incl. 182.59 197.38 14.79 1.30
248.29 249.24 0.95 2.36
254.16 254.69 0.53 0.57
Belvedere
Resources
Finland
2012 BELHIRSI016 344057.0 7106537.5 35.0 223.4 43.7 58.45 (no reported intersections)
BELHIRSI017 343163.5 7107113.0 35.5 227.7 44.8 78.80 21.14 33.12 11.98 0.54
incl. 26.13 28.20 2.07 1.46
incl. 31.13 32.15 1.02 1.03
BELHIRSI018 343135.6 7107345.6 34.6 227.7 41.9 53.15 (no reported intersections)
BELHIRSI019 343015.1 7107506.0 35.8 227.7 43.9 56.40 (no reported intersections)
BELHIRSI020 342882.8 7107406.1 34.5 218.7 42.5 74.15 (no reported intersections)
BELHIRSI021 342861.6 7107391.1 33.5 227.7 43.6 73.45 (no reported intersections)
BELHIRSI022 342819.0 7107358.1 33.8 227.7 45.4 53.35 (no reported intersections)
BELHIRSI023 343183.8 7107132.7 35.8 227.7 45.7 65.20 26.12 28.31 2.19 0.92
BELHIRSI024 342698.9 7107521.5 31.4 234.2 44.8 64.15 (no reported intersections)
BELHIRSI025 342664.4 7107506.4 30.3 231.1 44.6 77.30 (no reported intersections)
BELHIRSI026 342840.3 7107602.7 34.7 225.1 44.8 101.40 (no reported intersections)
BELHIRSI027 343328.7 7106931.7 35.6 218.1 45.1 77.25 (no reported intersections)
BELHIRSI028 343411.2 7106798.1 35.9 218.4 46.0 56.20 15.73 31.86 16.13 0.99
incl. 30.96 31.86 0.90 14.55
BELHIRSI029 343258.3 7107188.0 34.1 222.2 44.8 56.55 (no reported intersections)
BELHIRSI030 343260.0 7107190.3 33.8 40.0 45.1 59.05 35.90 59.02 23.12 1.67
incl. 47.98 55.27 7.29 4.78
BELHIRSI031 344690.9 7105632.9 35.5 222.9 45.1 101.25 (no reported intersections)
Geological
Survey of
Finland
2014 R1 346160.0 7104123.0 39.3 90.0 45.0 48.60 31.60 37.60 6.00 0.67
incl. 31.60 32.60 1.00 1.89
R2 346221.0 7104122.0 38.9 270.0 46.4 119.90 63.10 64.40 1.30 0.74
R3 346160.0 7104071.0 40.0 90.0 47.7 102.20 35.40 38.90 3.50 4.84
R4 346160.0 7104071.0 39.9 90.0 67.1 143.80 47.80 48.80 1.00 0.53
101.00 102.00 1.00 0.65
R5 346210.0 7104173.0 35.9 270.0 47.5 68.50 39.70 40.70 1.00 43.80
Geological
Survey of
Finland
2015 R6 346108.0 7104120.0 40.0 90.0 48.0 212.20 86.45 94.00 7.55 1.14
incl. 86.45 87.25 0.80 6.80
R7 346110.0 7104070.0 40.0 90.0 45.6 182.05 90.30 95.35 5.05 3.19
137.00 137.95 0.95 1.61
R8 346160.0 7104020.0 40.0 90.0 45.0 200.90 (no reported intersections)
R9 346135.0 7104020.0 40.0 90.0 55.0 209.40 (no reported intersections)
Northern
Aspect
Resources
2018 HIR001 343272.9 7107265.6 32.9 236.6 45.4 85.20 16.00 18.00 2.00 0.63
32.15 33.00 0.85 0.87
36.00 36.90 0.90 1.02
41.90 43.00 1.10 0.73
HIR002 343309.0 7107244.8 32.6 235.2 44.5 84.90 17.00 60.00 43.00 0.72
incl. 48.00 56.00 8.00 2.84
HIR003 343332.3 7107264.3 32.2 233.5 44.1 120.20 11.00 12.00 1.00 0.81
43.30 44.00 0.70 0.76
68.00 69.50 1.50 1.01
88.00 96.00 8.00 1.19
HIR004 343339.5 7107204.7 32.7 235.6 45.5 70.10 27.00 28.00 1.00 0.62
64.10 65.00 0.90 0.74
HIR005 343508.9 7106925.4 35.7 233.5 45.6 84.90 82.50 84.00 1.50 0.53

18

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Northern
Aspect
Resources
2018 HIR006 343533.0 7106943.4 35.5 234.2 46.1 121.40 (no reported intersections) (no reported intersections) (no reported intersections) (no reported intersections)
HIR007 343793.3 7106080.6 36.9 55.0 55.1 400.20 89.50 91.00 1.50 0.94
128.50 130.00 1.50 0.87
258.00 344.15 86.15 0.55
incl. 259.00 284.00 25.00 1.44
incl. 341.00 344.15 3.15 1.91
358.50 360.00 1.50 0.56
HIR008 343970.6 7106474.5 34.7 235.4 44.7 80.40 (no reported intersections)
HIR009 343992.6 7106494.9 34.9 233.8 44.9 70.60 (no reported intersections)
HIR010 344528.4 7106015.0 35.2 245.4 43.5 200.20 118.00 158.00 40.00 0.66
incl. 118.00 119.00 1.00 2.54
incl. 123.00 124.00 1.00 2.04
incl. 142.00 155.00 13.00 1.10
Northern
Aspect
Resources
2021 HANNI001 348965.4 7099971.9 51.5 50.0 44.8 100.10 (no reported intersections)
HANNI002 349082.5 7100611.5 50.0 50.0 45.0 82.50 (no reported intersections)
HANNI003 348568.3 7100423.6 51.7 50.0 44.9 103.10 (no reported intersections)
HANNI004 347722.4 7101090.3 46.0 50.0 44.8 92.15 (no reported intersections)
HANNI005 348986.0 7100533.4 50.9 50.0 45.1 79.80 (no reported intersections)
HANNI006 348513.4 7101180.0 51.8 50.0 46.0 76.00 28.00 30.00 2.00 0.54
incl. 29.60 30.00 0.40 1.15
43.00 44.00 1.00 0.88
62.00 67.00 5.00 0.77
incl. 62.00 63.00 1.00 2.45
HANNI007 347518.1 7101683.8 44.9 50.0 44.9 76.60 (no reported intersections)
  • 1 Coordinate system: ETRS-TM35FIN (EPSG: 3067).

  • 2 Azimuth is expressed in relation to the ETRS-TM35FIN grid north.

  • 3 Dip is expressed in relation to 0° horizontal and +90° downward vertical.

4 Used metrics: parameters used were 0.5 g/t Au lower cut-off grade for wider intersections and 1.0 g/t for included intersections. No internal dilution considered and no top cut. Many “included” intersections comprise only one sample, most often covering one meter length, since no minimum length was applied in selection.

19

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Appendix 2 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
Sampling techniques
Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.

Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.

Aspects of the determination of mineralisation that are
Material to the Public Report.

In cases where ‘industry standard’ work has been done
this would be relatively simple (eg ‘reverse circulation
drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay’). In
other cases more explanation may be required, such as
where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types
(eg submarine nodules) may warrant disclosure of detailed
information.

Samples and geological information from bedrock were sourced using
diamond drilling (DD). Boulders were sampled by grab sampling using
conventional hand tools.

Sampling and lithological intervals were determined by geologists with
relevant experience.

DD core intervals selected for assaying were marked up and recorded
for cutting and sampling.

Mineralisation and prospective lithologies are distinctive from the
barren host lithologies.

All intersections are reported as downhole widths.

In total, 44 DD holes for 5,698m were drilled by the Geological
Survey of Finland (GTK) between 2004 and 2015, 31 DD holes for
3,745m by Belvedere Resources Finland Oy (BEL) between 2008 and
2012, and 17 DD holes for 1,928m by Northern Aspect Resources
(NAR) between 2018 and 2021.

More than 90% of the holes associated with the main Hirsikangas
deposit have been drilled towards 218-245°, and the remaining holes
roughly opposite to that, towards 40-57°, with 80% of the dips
varying between 42-50°. In other parts of the area, azimuths and
dips depend on the local structure and therefore vary a lot.

All core was logged in detail and partially assayed by GTK, BEL or
NAR.

Density measurements were made from the BEL drilling for 1,520 and
from the NAR drilling for 974 samples.
Drilling techniques
Drill type (eg core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (eg
core diameter, triple or standard tube, depth of diamond
tails, face-sampling bit or other type, whether core is
_oriented and ifso, by what method, etc). _

GTK DD was T-56 or WL-76 core; BEL DD was T76 or BGM core, some
of it oriented; and NAR DD was WL-76 oriented core. Other
historically used core and core orientation are unknown.
Drill sample recovery
Method of recording and assessing core and chip sample
recoveries and results assessed.

Measures taken to maximise sample recovery and ensure
representative nature of the samples.

Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.

Core loss has been documented by BEL and NAR, where 55 cases of
core loss are reported for total a of 12 meters.

There was no evidence of sample bias or any relationship between
sample recovery and grade.
Logging
Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies

Logging was completed by each company managing the drilling.

The logging is qualitative and quantitative.

Core photoswere takenbyNAR forallcore and byBEL fromatleast

20

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Criteria JORC Code explanation Commentary
and metallurgical studies.

Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.

The total length and percentage of the relevant
intersections logged.
some core. GTK core photos are available for holes R307, R315 and
R322. It is unknown if core photos were taken by GTK or BEL for the
remaining core.

100% of core was logged from the relevant intersections.
Sub-sampling techniques
and sample preparation

If core, whether cut or sawn and whether quarter, half or
all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.

For all sample types, the nature, quality and
appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.

Measures taken to ensure that the sampling is
representative of the in-situ material collected, including
for instance results for field duplicate/second-half
sampling.

Whether sample sizes are appropriate to the grain size of
the material being sampled.

The sampling of drill core was conducted at the time of drilling by
each company managing the drilling.

In all sampling, the selected core samples were split or sawn
longitudinally in-house or by the laboratory, such that ½ core was
taken for sample preparation. In some cases, especially when re-
assaying old core, additional quarter of the core has been sent for
assays.

GTK average sample size was 1.01m, BEL 1.07m, and NAR 1.13m.

It is considered that the sample sizes used are appropriate for the
mineralisation.
Quality of assay data and
laboratory tests

The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the technique
is considered partial or total.

For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory checks)
and whether acceptable levels of accuracy (ie lack of bias)
and precision have been established.

Samples assayed by GTK were assayed in GTK’s laboratory in Kuopio,
Finland, using: aqua regia digestion and ICP-AES; aqua regia
digestion, Hg-co-precipitation and GFAAS; or ICP-AES fire assay.

Samples assayed by BEL were assayed either in the Labtium Oy
laboratory at Sodankylä in Northern Finland, or in the Laboratory of
ALS Chemex in Öjebyn, northern Sweden, for gold using fire assay
with AAS, and for trace elements using HF-HNO3-HClO4 acid
digestion, HCl leach, and ICP-AES.

Samples assayed by NAR were assayed by ALS Chemex, with sample
preparation in the Outokumpu, Finland, and assays in Loughrea,
Galway, Ireland, using fire assay with AAS for gold (optionally
gravimetric finish for samples with >10 ppm Au), and HF-HNO3-
HClO4 acid digestion, HCl leach, and a combination of ICP-MS and
ICP-AES for multi-element analysis.

BEL and NAR have included periodic blank and standard samples in all
of their assays to assess the performance of the laboratory used.
Apart from the GTK laboratory’s standard QA/QC procedure, GTK did
not follow any other control procedure.
Verification of sampling
and assaying

The verification of significant intersections by either
independent or alternative company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.

No external verifications have been conducted.

No specific twin holes have been drilled.

Historical data for previous drilling campaigns were acquired from
Rupert Resources.

21

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Criteria JORC Code explanation Commentary

Discuss any adjustment to assay data.
Location of data points
Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

GTK, BEL and NAR drill collar locations are detailed in an Excel/Access
database acquired from Rupert Resources, with details of the collar
surveys found in NAR 2018 technical report.

NAR and BEL collar locations and elevations have been DGPS-
surveyed.

GTK holes down-hole deviations were surveyed using unknown
instruments. All BEL holes down-hole deviations were surveyed using
the EMS instrument, and NAR holes using the Deviflex or Gyroref
instrument.
Data spacing and
distribution

Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

Drilling varies from the denser exploration drilling in and around the
known mineralisation to sparsely drilled initial exploration drilling
elsewhere. In the central parts of the main Hirsikangas deposit,
drilling is more systematically ordered along loosely defined profiles
(on average 50m spacing between profiles) and irregular with larger
spacing elsewhere.

It is considered that the spacing of samples used is sufficient for the
evaluation in this study.
Orientation of data in
relation to geological
structure

Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.

If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.

There is some variance in the orientations of structures in different
prospects, which is reflected in varying drilling azimuths. The main
shear structure trends towards NW-NNW, which is mostly parallel with
the mineralised zones.

The majority of drilling in Hirsikangas has therefore been drilled
towards the southwest or northeast, in order to get as near
perpendicular to the interpreted lode orientation as possible and
collect meaningful structural data.

Drilling orientations have not introduced any sampling bias that is
considered material.
Sample security
The measures taken to ensure sample security.

The measures taken to ensure sample security of the historical drilling
are unknown, but NAR followed best practices in their activities. The
samples have been and are stored in secure facilities and sample
shipments were sent and received in supervision by NAR personnel.
Audits or reviews
The results of any audits or reviews of sampling
techniques and data.

An independent review of the Hirsikangas project was conducted in
2018, including verification of DD collar locations; inspection of DD
core; field visits; review of data collection, validation and
management; and review of previous technical documentation of the
project. This review covered all data utilised in the current MRE.

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Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation 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 license to operate in
the area.

The tenements are located in Kalajoki and Kannus, Finland, and held
by Lakeuden Malmi Oy, a 100% owned subsidiary of NNL.

Except for a few drill holes outside the current Lakeuden Malmi
tenements, all results in this announcement pertain to the tenement
package consisting of the exploration licenses (per status and type of
license by Finnish Mining Law nomenclature): valid Exploration
Permits are Hirsi 1 ML2024:0028, Hirsi 2 ML2024:0029, Hirsi 13
ML2016:0077, and Hanni ML2018:0004; Exploration Permits under
application are Hirsi 10 ML2017:0132.

No impediments to obtaining a license are known in the area.
Exploration done by
other parties

Acknowledgment and appraisal of exploration by other parties.

All historical diamond drilling used in resource estimation was
commissioned and managed by GTK, BEL and NAR.

GTK, BEL and NAR have conducted geophysical surveys (e.g. ground
and UAV magnetic, and induced polarisation) and geochemical
sampling (e.g. grab samples, bottom-of-till sampling, heavy mineral
sampling, partial leach soil sampling).

NG conducted Ionic Leach sampling Hanni SE prospect in 2023.
Geology
Deposit type, geological setting and style of mineralisation.

The main commodity of interest in the Hirsikangas project is gold. The
main economic mineral of interest are native gold and electrum,
typically occurring at boundaries or fractures of silicate minerals but
rarely also associated with sulphides. The bulk of mineralisation is
relatively low in sulphides which typically occur as irregular
disseminations forming discontinuous bands within the foliation. The
most characteristic ore minerals are pyrrhotite, arsenopyrite and
löllingite.

The main mineralised lithology is strongly silicified felsic schist.

The felsic schist and surrounding mica schists and volcanic rocks are
part of the Middle Ostrobothnia Gold Belt, a region hosting multiple
gold and base metal deposits and occurrences, and a part the
Paleoproterozoic Svecofennian crustal domain.
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

Drill collar table with significant intersections presented in_Appendix 1_.
All drill holes used in the calculation of the MRE are reported, and in
addition, surrounding initial exploration holes are also reported.

All drill holes are diamond cored.

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Criteria JORC Code explanation Commentary
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.
Data aggregation
methods

In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations (eg
cutting of high grades) and cut-off grades are usually Material
and should be stated.

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.

Weighted average grade intersections are reported at a lower cut-off
of 0.5 g/t gold as stated in_Appendix 1_.

No max. internal dilution, top cuts or other additional limits have been
applied to the reported grades, unless otherwise stated.
Relationship between
mineralisation widths
and intercept lengths

These relationships are particularly important in the reporting of
Exploration Results.

If the geometry of mineralisation with respect to the drill hole
angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (eg ‘down hole
length, true width not known’).

True thicknesses are estimated to be 65-75% of the downhole
thickness for most of the drilling at Hirsikangas deposit.
Diagrams
Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported. These should include, but not be limited to a plan view
of drill hole collar locations and appropriate sectional views.

Relevant maps and sections are provided in this announcement,
including a plan view of the Hirsikangas project area and the historical
drilling intersections.

Holes were drilled inclined to get as near to perpendicular
intersections as possible.
Balanced reporting
Where comprehensive reporting of all Exploration 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.

All available relevant information is reported.
Other substantive
exploration data

Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test
results; bulk density, groundwater, geotechnical and rock
characteristics; potential deleterious or contaminating
substances.

Boulder data comprises historic and recent samples assayed by
varying methods by GTK, and are used as an indication of potentially
mineralised sources in the local bedrock.

Radai Ltd conducted UAV magnetic surveys for NAR in Hirsikangas
project area in 2018. Albatros VT3 UAV’s were equipped with digital
3-component fluxgate magnetometers in the tail booms. The X, Y,
and Z components were used to compute the total intensity of the
magnetic field. Accuracy of the GPS positioning is about +-1 m during
flight. The total survey area was 118 km2, with the main line spacing
of 50 m, tie line spacing of 500-750 m, and nominal flight altitude of
40 m.

NG conducted Ionic LeachTM(a proprietary partial leach technology by

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Criteria JORC Code explanation Commentary
ALS for soil samples) sampling from shallow soil in 2023 in
Hirsikangas project area on several sampling profiles in Hanni SE
prospect, with 100m between profiles and 20m sample spacing.
Samples were submitted to ALS for sample preparation and assay,
method code ME-MS23.
Further work
The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale step-out
drilling).

Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling
areas, provided this information is not commercially sensitive.

Gold mineralisation at the main Hirsikangas deposit has not been
closed off at depth. Along strike, only the northwestern direction has
been closed off by drilling. Southeastern extensions and parallel
structures on the northeastern side (already confirmed by drilling)
provide potential for further exploration.

Hanni SE is structurally analogous to Hirsikangas, based on several
indications from geochemistry (diamond drilling, Base of Till drilling,
Ionic Leach sampling) and geophysics (UAV magnetics), and therefore
considered a highly prospective target for further exploration.

Section 3 Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria JORC Code explanation Commentary
Database integrity
Measures taken to ensure that data has not been corrupted by,
for example, transcription or keying errors, between its initial
collection and its use for Mineral Resource estimation purposes.

Data validation procedures used.

The Competent Person has not validated the entire database for
accuracy but has compared randomly selected data entries in the
database against the certified assay results provided by the
laboratories. The Competent Person has also ascertained that the
database does not contain any duplicate records or overlapping
sample intervals.

Historic data management and data validation procedures are
unknown.
Site visits
Comment on any site visits undertaken by the Competent
Person and the outcome of those visits.

If no site visits have been undertaken indicate why this is the
case.
• The Competent Person, Mr. Hannu Makkonen, has made a site visit in
2004, including review of the discovery outcrop and the surrounding
outcrops. An additional independent review of the Hirsikangas project
was carried out in 2018, including verification of DD collar locations;
inspection of DD core; field visits; review of data collection, validation
and management; and review of previous technical documentation of
the project.
Geological
interpretation

Confidence in (or conversely, the uncertainty of) the geological
interpretation of the mineral deposit.

Nature of the data used and of any assumptions made.

The effect, if any, of alternative interpretations on Mineral
Resource estimation.

The use of geology in guiding and controlling Mineral Resource
estimation.

The factors affecting continuity both of grade and geology.

The general overall interpretation of mineralisation is clear as the
mineralised zones are defined through sufficiently dense drilling.

Effects of alternative geologic models were not tested.

The known geological controls on mineralisation were applied through
the 3D interpretation and resulting wireframe representing the
mineralised zone.

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Criteria JORC Code explanation Commentary
Dimensions
The extent and variability of the Mineral Resource expressed as
length (along strike or otherwise), plan width, and depth below
surface to the upper and lower limits of the Mineral Resource.

Strike Length (m): 860

Maximum Depth (m): 320

True Thickness of Mineralised Zones (m): 30-40

Dip: 70-90°
Estimation and
modelling techniques

The nature and appropriateness of the estimation technique(s)
applied and key assumptions, including treatment of extreme
grade values, domaining, interpolation parameters and
maximum distance of extrapolation from data points. If a
computer assisted estimation method was chosen include a
description of computer software and parameters used.

The availability of check estimates, previous estimates and/or
mine production records and whether the Mineral Resource
estimate takes appropriate account of such data.

The assumptions made regarding recovery of by-products.

Estimation of deleterious elements or other non-grade variables
of economic significance (eg sulphur for acid mine drainage
characterisation).

In the case of block model interpolation, the block size in
relation to the average sample spacing and the search
employed.

Any assumptions behind modelling of selective mining units.

Any assumptions about correlation between variables.

Description of how the geological interpretation was used to
control the resource estimates.

Discussion of basis for using or not using grade cutting or
capping.

The process of validation, the checking process used, the
comparison of model data to drill hole data, and use of
reconciliation data if available.

It is considered that gold is the principal product.

Assay data has been composited to 2m fixed length composites, to
achieve uniform sample support from original dominant sample length
of 1m and average length of 1.1m. Gold grades of composited
samples were top-cut to 12g/t Au before estimation.

Wireframe model was created for the main mineralised zone, by
following a 0.3 g/t Au cut-off in composited samples.

The 3D block model utilised parent blocks measuring (X) 10m by (Y)
25m by (Z) 10m in height, which were sub-blocked inside the
wireframe down to (X) 5m by (Y) 12.5m by (Z) 5m in height. These
block sizes are considered the most appropriate shape considering the
morphology of the mineralisation and the distribution of sample
information. The main block model parameters are presented in Table
below.

Multiple Indicator Kriging (MIK) has been applied to grade estimation
at the Hirsikangas Gold Project within the 0.3 g/t Au cut off
wireframes. MIK grade estimation and geostatistical change of
support parameters have been developed using Isatis geostatistical
software. MIK is considered a robust estimation methodology for
grade estimates for gold deposits such as Hirsikangas where high
levels of short scale variability are present.

Grade and indicator variograms have been generated to inform the
MIK grade estimation. The grade variogram shows relatively high
nugget (about 50% of the total variance) which is typical for similar
gold deposits. Variograms have been modelled with 2 structures, first
having the major range of about 65 m and the second about 160 m.
Table below describes the sample search criteria used with the MIK
estimate.

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Criteria JORC Code explanation Commentary
Moisture
Whether the tonnages are estimated on a dry basis or with
natural moisture, and the method of determination of the
moisture content.

Tonnages are estimated on a dry basis.
Cut-off parameters
The basis of the adopted cut-off grade(s) or quality parameters
applied.

The lower cut-off used for reporting of the resource estimate was
0.5g/t Au, considered to be a reasonable marginal economic cut-off
for an open pit mine.
Mining factors or
assumptions

Assumptions made regarding possible mining methods,
minimum mining dimensions and internal (or, if applicable,
external) mining dilution. It is always necessary as part of the
process of determining reasonable prospects for eventual
economic extraction to consider potential mining methods, but
the assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not always
be rigorous. Where this is the case, this should be reported with
an explanation of the basis of the mining assumptions made.

Conventional open pit mining was considered for potential extraction
of near-surface resources.
Metallurgical factors
or assumptions

The basis for assumptions or predictions regarding metallurgical
amenability. It is always necessary as part of the process of
determining reasonable prospects for eventual economic
extraction to consider potential metallurgical methods, but the
assumptions regarding metallurgical treatment processes and
parameters made when reporting Mineral Resources may not
always be rigorous. Where this is the case, this should be
reported with an explanation of the basis of the metallurgical
assumptions made.

BEL conducted metallurgical testing in Hirsikangas, reported in the
2009 Technical Report:

Reject assay pulps for selected mineralised intervals from both
BEL and GTK drill core were used in cyanide bottle roll tests in
PAL1000 machine capable of simultaneously pulverizing and
cyanide leaching of the sample, carried out by Labtium Oy in
Sodankylä, Finland. 500g sample was leached for 2 hours with a
commercial Leachwell reagent, which contained sodium cyanide,
sodium hydroxide, and some patented accelerating chemicals.
After leaching an aliquot was taken and analysed for cyanide
leachable gold with Flame-AAS. The tailings were filtered off and
washed to get rid of cyanide solution, dried, homogenised and
assayed for gold with 50g fire assay and analysed with Flame-
AAS for unrecoverable gold.

The results indicate an average recovery rate of 93% for gold in
cyanide bottle rolls.
Environmental factors
or assumptions

Assumptions made regarding possible waste and process
residue disposal options. It is always necessary as part of the
process of determining reasonable prospects for eventual
economic extraction to consider the potential environmental

Advancing any mining project into production requires an
environmental permit, including an environmental assessment.

GTK conducted an environmental baseline study in 2006, expected to
be largely outdated. No other environmental assessments have been

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Criteria JORC Code explanation Commentary
impacts of the mining and processing operation. While at this
stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well
advanced, the status of early consideration of these potential
environmental impacts should be reported. Where these aspects
have not been considered this should be reported with an
explanation of the environmental assumptions made.
made for Hirsikangas Project.
Bulk density
Whether assumed or determined. If assumed, the basis for the
assumptions. If determined, the method used, whether wet or
dry, the frequency of the measurements, the nature, size and
representativeness of the samples.

The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs,
porosity, etc), moisture and differences between rock and
alteration zones within the deposit.

Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials.

Density measurements have been made from intact core samples,
using water immersion.

No voids present.

The mineralised rock has an average density of 2.71 tonne/m3
whereas all density measurements from a total of 2,206
measurements have an average density of 2.75 tonne/m3. A fixed
value of 2.7 tonne/m3was used for contained gold calculations.
Classification
The basis for the classification of the Mineral Resources into
varying confidence categories.

Whether appropriate account has been taken of all relevant
factors (ie relative confidence in tonnage/grade estimations,
reliability of input data, confidence in continuity of geology and
metal values, quality, quantity and distribution of the data).

Whether the result appropriately reflects the Competent
Person’s view of the deposit.

The basis for resource classification criteria have been described in the
2025 review by Nordic Resources.

Central upper portion of the Hirsikangas resource is more densely
drilled relative to the surrounding parts, and is classified as an
Indicated Mineral Resource, with rest of the resource classified as
Inferred Mineral Resource.

The resource classification criteria have taken into account all relevant
factors.

The resource estimation results reflect the Competent Person’s view of
the deposit.
Audits or reviews
The results of any audits or reviews of Mineral Resource
estimates.

No audit or review of the Mineral Resource estimates has been
completed by an independent external individual or company. The
Competent Person has conducted an internal review of all available
data.
Discussion of relative
accuracy/ confidence

Where appropriate a statement of the relative accuracy and
confidence level in the Mineral Resource estimate using an
approach or procedure deemed appropriate by the Competent
Person. For example, the application of statistical or
geostatistical procedures to quantify the relative accuracy of the
resource within stated confidence limits, or, if such an approach
is not deemed appropriate, a qualitative discussion of the
factors that could affect the relative accuracy and confidence of
the estimate.

The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which

The relative accuracy of the Mineral Resource estimate is reflected in
the reporting of the Mineral Resources as per the guidelines of the
2012 JORC code.

The resource statement relates to global estimates of tonnes and
grade.

No historical mining has taken place.

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Criteria JORC Code explanation Commentary
should be relevant to technical and economic evaluation.
Documentation should include assumptions made and the
procedures used.

These statements of relative accuracy and confidence of the
estimate should be compared with production data, where
available.

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