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NORDIC RESOURCES LTD Capital/Financing Update 2025

Apr 10, 2025

65432_rns_2025-04-10_69968400-3003-4948-bad0-36fbe843a285.pdf

Capital/Financing Update

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TRANSFORMATIONAL, LARGE-SCALE FINLAND GOLD TRANSACTION

Share based acquisition of a bolt-on, advanced gold growth platform in central Finland, leveraging existing in-country capabilities.

HIGHLIGHTS

  • Nordic Resources to acquire three advanced gold projects in Finland.

  • The Kopsa Gold-Copper Deposit contains 23.2Mt @ 1.09g/t AuEq for 814,800oz AuEq[1][,][2] including Measured, Indicated and Inferred categories, in a near surface JORC (2012) resource, with a significant higher-grade core.

  • Intersection highlights include[3] :

  • 98.7m @ 3.90g/t Au and 0.19% Cu from 6.0m (NGKOP22001)

  • 87.6m @ 3.31g/t Au and 0.26% Cu from 12.9m (BELKOPDD043)

  • 54.5m @ 2.49g/t Au and 0.18% Cu from 19.0m (BELKOPDD102)

  • 20.3m @ 4.61g/t Au and 0.36% Cu from 32.0m (BELKOPDD065)

  • 69% of the Kopsa resource reports to Measured and Indicated resource categories.

  • Kopsa has had limited deeper/regional drilling and recent geophysics shows potential for substantial mineralisation underneath and along strike from the current resource.

  • • Kopsa already has a conditional mining licence granted over the deposit, with an auxiliary mining licence application, to secure road access for mining, in progress.

  • Nearby processing plants also offer potential toll treating options.

  • Drill plan in place for 4,500m of drilling at Kopsa in 2025, post deal completion.

  • The Company’s Pulju nickel-copper project in Finland remains an important focus, with ongoing JV discussions advancing well.

Nordic Resources Limited (ASX: NNL ; Nordic , or the Company ) has entered into a binding agreement with Northgold AB (“ Northgold ”), a Swedish-listed (STO:NG) gold exploration company, to acquire a 100% interest in the Kopsa, Kiimala Trend and Hirsikangas gold projects by acquiring Northgold’s two wholly-owned Finnish subsidiaries, Fennia Gold Oy (holder of the Kopsa project licences) and Lakeuden Malmi Oy (holder of the Kiimala Trend and Hirsikangas project licences). Details of the transaction terms are provided below.

The proposed transaction adds advanced gold assets with substantial near-term 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.

1 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. 2 AuEq figures were calculated by Northgold 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 metallurgical results and inputs, see “Metallurgy” discussion later in this Announcement. Resultant formula applied is AuEq (g/t) = Au (g/t) + 1.49*Cu (%).

3 Full table of drillholes and significant intersections is provided in Appendix 1.

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While the Kopsa gold-copper project is the largest and most advanced project being acquired, the nearby Kiimala Trend and Hirsikangas projects are also considered highly prospective and known to contain significant gold mineralisation. Both Kiimala Trend and Hirsikangas also host historical near-surface gold resources, not compliant with JORC (2012), that were compiled in 2011 and 2018 respectively. The Company is working to validate the entirety of the historical exploration database for these two Projects and potentially bring these resources up to JORC (2012) compliance at its earliest opportunity. NNL will update the market as soon as this ongoing work is completed.

The proposed transaction is subject to shareholder approval by both Nordic and Northgold at their respective general meetings (EGM), likely to be held around the end of May. A Notice of Meeting for the Nordic EGM will be dispatched to shareholders at the earliest opportunity following this announcement and the Northgold EGM will follow a similar timeline.

As of the date of this announcement, the Company has obtained irrevocable voting commitments, to vote in favour of the proposed transaction at the upcoming Northgold EGM, from 37 Northgold shareholders representing approximately 61.8% of the shares on issue in Northgold.

The transaction is expected to complete around the end of May 2025 and Nordic intends to commence its first drill program at Kopsa as soon as possible thereafter. The Kopsa project area is generally suitable for year-round drilling.

Management Comment

Commenting on the proposed transaction, NNL’s Executive Director, Robert Wrixon, said: “Nordic has been pursuing a transaction on these three exciting gold projects for some time in order to productively deploy our in-country exploration capability. We have been impressed with the remarkably efficient drilling at Kopsa in particular in recent years. To add 482koz AuEq of additional resources with just 6,623m of shallow drilling in the past three years is extraordinary and a major reason for our excitement around the future of this project.

The Middle Ostrobothnia Gold Belt of Finland is notably under-explored, but gold and base metal exploration activity has expanded recently with Kingsrose Mining, Laiva Gold and Gemdale Gold now active in the region. The Company is pushing to complete this transaction in the coming weeks and to commence drilling the outstanding shallow and deeper targets at Kopsa in the coming months, in order to see what Kopsa can become.

In the meantime, the Company continues to review and validate the significant historical exploration results at both the Kiimala Trend and Hirsikangas gold projects and looks forward to sharing this important information with shareholders as this work is completed.

Joining these three advanced gold-copper projects with our important Pulju nickel-copper-cobalt exploration tenure (containing the large Hotinvaara nickel-cobalt deposit) creates an enviable growth portfolio within a rare Tier 1 European mining jurisdiction”.

Transaction Terms

In consideration for the acquisition of Northgold’s subsidiaries, Nordic has agreed to pay Northgold the following:

  • 70,000,000 fully paid ordinary shares in the capital of Nordic ( Consideration Shares ); and

  • − a cash payment of SEK2,000,000 (Swedish Kroner), equivalent to approximately A$330,000 based on an FX rate of 6.05 AUD to SEK.

The transaction is conditional on the satisfaction (or waiver) of the following conditions:

  • Nordic and Northgold obtaining necessary shareholder approvals at their upcoming EGMs, including Nordic obtaining shareholder approval under section 611, item 7 of the Corporations Act 2001 (Cth); and

  • Nordic undertaking a placement to sophisticated and professional investors ( Proposed Placement ).

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The issue of the Consideration Shares will result in Northgold holding approximately 32% of the share capital of NNL when the businesses are combined, net of any new shares issuance as part of the Proposed Placement.

It has been further agreed that Northgold will cease operations and apply for a de-listing from the Nasdaq First North Growth Market and undertake a voluntary liquidation shortly after deal completion. Northgold intends to distribute the NNL Consideration Shares to its underlying shareholders as proceeds of this liquidation. This process could take four to six months. As part of the transaction, Nordic has also agreed to ensure that the liquidation costs of Northgold are met, to the extent that there is any cash shortfall prior to liquidation, to ensure an orderly wind-up of Northgold is concluded and the Consideration Shares are distributed out to its underlying shareholders appropriately.

Review of the Gold Projects being Acquired

The three gold projects being acquired from Northgold 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 bedrock of MOGB mainly consists of supracrustal sequence of metamorphosed sedimentary, volcano-sedimentary and subvolcanic sills, which is intruded by Svecofennian synorogenic granitoids varying from quartz diorite to granodiorite. 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.

There are two processing plants in the MOGB region. The Pyhasalmi copper-zinc mine is located 45km to the east of the Kopsa and the formerly operating gold mine and plant at Laiva is located 120km to the northwest (see Figure 1). The Laiva plant is relatively new. It was completed in 2012 and was designed to process 2.2Mtpa of feed from the Laiva gold deposit. The Laiva operations are currently owned by privately-held Laiva Gold, who recently announced a proposed acquisition by Edgemont Gold Corp, a Canadian listed company, in a deal backed by Metals Group[4] . Both plants are potentially accessible by road or road/rail from Kopsa.

4 Edgemont Gold Corp (CSE:EDGM) Company Announcement, 20 February 2025.

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

Tenements and Geology

The Kopsa Project is located in Haapajarvi, central Finland and the project licences are held by Fennia Gold Oy, a wholly-owned subsidiary of Northgold that is to be acquired by the NNL. The 10km[2] regional land package includes a conditionally approved mining permit, two granted exploration licences and an exploration licence application (see Figure 2 below).

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Figure 2: Current Kopsa Tenement Map showing the Kopsa gold-copper deposit and the Sorola copper occurrence. Gold and copper occurrence locations are from the Geological Survey of Finland (“GTK”) database. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

The conditionally approved mining permit requires a further “auxiliary mining permit” that secures road access. This auxiliary mining permit application has been lodged and is in process, and is shown in Figure 2, along with the other Kopsa project licences.

Gold and copper are the main commodities at Kopsa, with silver and tungsten representing potentially economic secondary metals. The resource and most of the surrounding mineralised zones are hosted by a late orogenic granitoid, a rhombus-shaped intrusive body 1,200m x 550m in size, consisting mostly of tonalite but varying from diorite to quartz diorite and tonalite. The intrusion is surrounded by the somewhat older volcano-sedimentary rocks. There are strong indications, from geochemical and structural data, that the main ore zone can be divided into two associations, representing orogenic gold mineralisation overprinting older copper mineralisation. The main ore zone is structurally controlled by fault and shear zones. The intrusive unit is fractured and veined by quartz and sulphide veins and stringers, with associated disseminated sulphides and scheelite. In the higher-grade core of the main zone, stockwork veining and intense silicic alteration are common. Gold occurs as fine native grains, mostly in arsenopyrite and to some extent in chalcopyrite, with chalcopyrite the main copper-bearing mineral[5] .

Mineral Resource Estimate

Kopsa hosts a near-surface JORC (2012) compliant resource (comprising Measured, Indicated and Inferred categories) of 23.2Mt @ 1.09g/t AuEq for 814,800oz AuEq (see Table 1 following), which has more than doubled as a result of Northgold’s drilling from 2022-2024, adding 6,623m to 16,811m of historical drilling. A summary of other material information on the Mineral Resource Estimate pursuant to ASX Listing Rule 5.8 is provided at the end of this “Kopsa Gold-Copper Deposit” section. Full details of the Estimation and Reporting of the Mineral Resource are included in the JORC Code (2012) Table 1 located in Appendix 3 of this release.

5 Independent Geologist’s Report from the IPO Prospectus of Northgold AB (STO:NG), dated 4 February 2022, validated by the Company and the Competent Person.

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Kopsa JORC(2012) Mineral Resources Tonnes (t) Au (g/t) Cu (%) AuEq (g/t) Au (oz) Cu (t) AuEq (oz)
Measured Resources 7,440,000 0.95 0.16 1.18 226,800 11,780 283,200
Indicated Resources 8,960,000 0.73 0.16 0.97 211,100 14,060 278,400
Inferred Resources 6,750,000 0.89 0.19 1.17 193,200 12,520 253,200
Total 23,150,000 0.85 0.17 1.09 631,100 38,360 814,800
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Table 1: Kopsa JORC (2012) resource table from February 2025[6]

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

2. Au and Cu grades were calculated separately for the block model, Au grades top-cut to 20g/t.

3. Estimates were based on a lower cutoff grade of 0.5g/t AuEq for the combined gold and copper mineralisation deemed potentially mineable by open pit methods.

4. AuEq figures were calculated by Northgold 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 metallurgical results and inputs, see “Metallurgy” discussion in this Announcement. Resultant formula applied is AuEq (g/t) = Au (g/t) + 1.49*Cu (%). 5. Discrepancies in the totals, products or percentages in the table are due to rounding effects.

Exploration History

Kopsa mineralisation was first noted in 1939, with some sparse drilling first initiated shortly thereafter. Early exploration was conducted by state-owned companies and institutions. For quality control reasons, only the drill data from later programs are incorporated into the current Kopsa Minerals Resource Estimate (MRE). Baltic Minerals Oy (a subsidiary of Glenmore Highlands Inc) drilled 54 diamond and RC drill holes (for 6,636m) between 1995 and 1997. Belvedere Resources Finland Oy and Belvedere Mining Oy (“Belvedere”) drilled 108 diamond drill holes (for 10,175m) between 2002 and 2012, and Northgold’s subsidiary Fennia Gold Oy drilled 38 diamond drill holes (for 6,623m) between 2022 and 2024. The details for the Kopsa project drill holes and significant drill intersections are provided in Appendix 1.

Belvedere produced a “National Instrument 43-101 Technical Report for the Kopsa Gold-Copper Deposit” in October 2012 that defined an Indicated Resource of 6.68Mt @ 1.04g/t Au and 0.15% Cu with an Inferred Resource of 1.80Mt @ 0.76g/t Au and 0.18% Cu. For both categories combined, this historical (now out-of-date) resource was then quoted as 8.48Mt @ 1.22g/t AuEq for contained metal of 266,000oz Au and 13,364t Cu for 333koz AuEq.

Belvedere then conducted a preliminary economic assessment (PEA) for Kopsa in 2013[7] , employing a gold price of USD1,200/oz. This PEA envisaged toll treating at the Hitura nickel plant, then also owned by Belvedere. An environmental impact assessment and mining licence application were underway when Hitura underwent financial difficulties and Belvedere filed for bankruptcy in 2015. Fennia Gold Oy acquired the Kopsa project from the bankruptcy estate in 2017.

Fennia Gold was acquired by Northgold in 2021 ahead of its IPO on the Nasdaq First North Growth Market in 2022. Resource growth at Kopsa was accelerated significantly since Northgold secured funding for the project. This growth was achieved by drilling previously unknown extensions to the shallow mineralisation, particularly in the southwesterly direction. Further resource growth was achieved to the north by drilling in a more appropriate orientation.

The 6,623m of drilling by Fennia Gold Oy since 2022 has been extremely efficient, adding approximately 482koz in overall gold equivalent resources (all categories) at a rate of 73oz AuEq for every metre drilled.

A plan map of the drill hole locations and drill traces comprising the Kopsa resource, including some nearby drilling outside the resource, is shown in Figure 3 and a cross section, including holes for up to 150m off-section in either direction, is shown in Figure 4. Figure 4 also shows the spatial interpretation of recent geophysical survey results, including an induced polarisation (IP) survey conducted in 2022, a fixed loop electromagnetic (FLEM) survey conducted in 2023 and borehole electromagnetic (BHEM) surveys conducted during the Northgold drilling since 2022 (Appendix 2).

6 Mineral Resource Estimate Update prepared for Northgold AB under JORC Code (2012), 19 Feb 2025. 7 Preliminary Economic Assessment for the Kopsa Copper-Gold Deposit, Finland, prepared for Belvedere Resources Ltd, SRK Consulting, October 2013.

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Figure 3: Kopsa plan map showing the resource and “near resource” drill holes, latest MRE outline and the near-term shallow resource growth target areas. See the Figure 4 for the marked cross section. See Appendix 1 for drill hole details. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

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Figure 4: Kopsa cross section showing the MRE outline in section view and the near-term shallow resource growth target areas. Note the modelled IP resistivity profile, major modelled FLEM conductors and BHEM conductor plates. See Appendix 1 for the drill hole details, including the drill results from the Sorola copper prospect. See Appendix 2 for the geophysical survey information. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

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The geophysical results shown in Figure 4 are an important factor in the Company’s assessment of the potential exploration upside at Kopsa, bearing in mind that Kopsa has seen extremely limited deeper drilling.

As mentioned above, the prevailing geological thesis is that Kopsa, as currently understood, is an orogenic gold overprint of a potentially larger copper-gold intrusive system overlapping the current resource, but also extending farther at depth and/or along strike. The IP anomalism, specifically the modelled low resistivity anomalies, together with modelled FLEM plates shown suggest that there could be greater accumulations of sulphides at depth and the Company intends to drill test at least “FLEM Conductor 2” given its location, orientation and potential spatial relationship with the Sorola copper prospect that lies approximately 500m to the northeast of Kopsa (to the right on Fig. 4). Sorola also lies within the Kopsa tenement area.

Finally, the geophysical data has delineated a significant, vertically-oriented, coincident IP, FLEM and BHEM anomaly lying approximately 500m to the southwest of Kopsa (to the left on Figure 4). This anomaly remains untested and the Company intends to drill test this area also. Details of the recent geophysical surveys and results referred to above are provided in Appendix 2 and summarised in the JORC (2012) Table 1.

Metallurgy

Belvedere conducted some preliminary metallurgical testing on the Kopsa mineralisation. These results were reported in the aforementioned 2012 Technical Report and updated with further work and utilised in the aforementioned 2013 Kopsa PEA study. The results are summarised here, with further information provided in the JORC (2012) Table 1:

  • The gold mineralisation is fine-grained, but not refractory.

  • Optimal recoveries were obtained via a process that yielded two saleable concentrates,

  • A marketable Cu concentrate that contained 40% of the Au and Ag; and

  • A bulk sulphide concentrate containing the remainder of the recoverable Au and Ag.

  • • At 75 micron grind, 79-87% Au recovery was achieved. 80% Cu recovery was assumed in the 2013 Kopsa PEA economic model based on the dual concentrates. ( Based on these results, recoveries of 80% for both Au and Cu have been employed when calculating AuEqs ).

  • • Au recovery increased to 90% at a 45 micron grind.

  • Contamination from arsenopyrite was present in the bulk sulphide concentrate, but potential for this to be reduced via further differential flotation work was observed.

  • In a separate testing program, some success was achieved using X-Ray sorting, potentially valuable for any toll treating options.

The Company believes the initial metallurgical test results as reported by Belvedere are promising but require follow up metallurgical testing and optimisation work in more advanced laboratories.

Details of the 2025 Mineral Resource Estimate

Deposit Model:

The gold mineralisation at Kopsa is associated with quartz and sulphide mineral veining. These typically occur with a high density in the “stockwork” portions of the deposit and gradually decrease in density further from the stockwork zones. It was concluded that there are reasonable prospects for economic extraction and that copper is likely to be an economic by-product, so copper contents were also considered in the model.

Estimates were based on a lower cutoff grade of 0.5g/t AuEq for the combined gold and copper mineralisation deemed potentially mineable by open pit methods. Hard boundaries for the subvertical objects were outlined by using 0.3g/t AuEq cut-off ( gold equivalent calculations based on a gold price of US$1,500/oz and a copper price of US$3.25/lb and an effective assumption of equal recoveries for both metals ) and the subvertical continuity of mineralised zones with high quartz vein percentages (Figure 5). In the precise wireframing of the primary domain, only the Northgold diamond holes, the Belvedere diamond holes and the Glenmore diamond and RC drill holes were utilised. In the hard boundary modelling it was checked that the logged and assayed

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data from historical Outokumpu and GTK drill holes were in agreement and support the modelling. Wireframes were not point snapped to these older historical holes that were not fully assayed.

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Figure 5. The mineralised 3D model objects at Kopsa in plan view. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

Database:

The entire drilling database was used for the purpose of constructing domains and wireframes. However, for several reasons such as the collar location, downhole survey and QA/QC issues, only the Northgold and Belvedere diamond drill holes and the Glenmore diamond and RC drill holes were utilised for the actual mineral resource estimation.

The database used for estimation contains information on 200 drill holes with a total length of 23,434 meters and 20,490 assays. The assay table contains the assays of Au, Ag, Cu, As and S although due to the numerous phases of drilling, not all sample intervals have assay measurements for all of these elements. The lithology table contains 3,346 recorded intervals. The database includes a total of 9,128 density measurement records.

Top-cuts were employed for assays over 20g/t Au.

Compositing:

Raw assay data were composited and analysed to determine their basic statistical and geostatistical properties. This information has been used in testing modelling algorithms which were compared and checked for validity. The samples were composited to 1.00m length using a best-fit method to minimise the number of residual samples. The compositing was done separately for all individual solid objects. Samples below the detection limit and absent samples were given a nominal grade of zero and included in the compositing. Composite samples with an interval of less than 0.50m were excluded from the estimation process.

Block Model:

Block sizes within a block model were decided based on sample spacing and anticipated mining parameters. The maximum drillhole spacing at Kopsa is approximately 50m with an average spacing of approximately 20m.

The Kopsa block model utilized parent blocks measuring (X) 10m by (Y) 10m by (Z) 5m in height with subblock size of 5m by 5m by 5m. This block size is considered the most appropriate shape considering the morphology of the mineralisation and the distribution of sample information. Block

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grades were estimated for parent cells and distributed to their sub-blocks. Block model grade interpolation for all estimated elements was performed using Inverse Distance Weighting (IDW).

Estimation Parameters:

The search ellipsoid for the IDW estimation is essentially a sub-vertical ellipsoid trending towards 280°. The angels of rotation and anisotropy factors of the anisotropy ellipsoid are as follows:

ANGLES OF ROTATION – Surpac ZXY LRL ANGLES OF ROTATION – Surpac ZXY LRL
First Axis 280
Second Axis 0.00
Third Axis 82.00
ANISOTROPY FACTORS
Semi-major ratio 1.00
Minor ratio 5.00

Table 2. Modelled parameters of the anisotropy ellipsoid.

The estimation was undertaken separately for each domain using the composites inside each domain trisolation. Copper grade was also populated in same estimation runs using the same search parameters as gold. If the blocks were not populated in the first estimation pass (30m search) the second pass estimation was applied (60m search). The number of composites used for estimation, along with other parameters utilized, is tabulated in Table 3.

Block Model Estimation Parameters – Inverse Distance Weighting Block Model Estimation Parameters – Inverse Distance Weighting Block Model Estimation Parameters – Inverse Distance Weighting Block Model Estimation Parameters – Inverse Distance Weighting Block Model Estimation Parameters – Inverse Distance Weighting
Interpolation
pass		 Maximum Search
Radius (m) on
major axis		 Maximum
vertical search
Distance (m)		 Minimum
Number of
Composites		 Maximum
Number of
Composites
First/Second 30/60 500 3 30

Table 3. Block Model estimation parameters.

Resource Classification:

The mineral resource was classified as the Measured, Indicated and Inferred Mineral Resources. Classification is based on the density of data and matching between the geological framework and grade continuity. Mineral resources were calculated following the guidelines of the Australasian Code for Reporting of Mineral Resources (the JORC Code 2012).

The outcropping, central part of the mineralised zones, where the drilling data is the densest, was classified as a Measured Mineral Resource. The drilling density inside the mineralised zones, classified as measured, varies from few meters up to 30 meters (realised average search distance in block estimation was 17m). Direct continuities from the Measured resource towards southeast, northwest and downward were classified as Indicated Mineral Resource. The drilling density varies from few meters up to 60-70m (realised average search distance in block estimation was 25m). Certain mineralisation on the outer edge of the mineralized area was classified as Inferred Mineral Resource (realised average search distance in block estimation has been 35m).

The Competent Person confirms all material assumptions and technical parameters underpinning the Kopsa Mineral Resource Estimate continue to apply and have not materially changed as per Listing Rule 5.23.2.

Kiimala Trend Gold Project

Background and Geology

The Kiimala Trend gold project is located in Nivala, Haapavesi and Oulainen municipalities in central Finland, and is currently held by Northgold’s wholly-owned subsidiary, Lakeuden Malmi Oy. The project’s 27 km[2] regional land package includes eight active exploration licences and one exploration licence application. The project area hosts multiple drilled and undrilled gold prospects

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along a 15km long trend, including the Angesneva and Vesipera prospects, which host historic nearsurface gold resources that are not compliant with JORC (2012). The Company is working swiftly to validate the drilling database and resource information with the intention to bring the results up to JORC (2012) compliance. The Company will report on this work and provide further information on this project as soon as it is completed.

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Figure 6: Tenement Map for the Kiimala Trend gold project. Gold and other metal occurrence locations are from the Geological Survey of Finland (“GTK”) database. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

The Kiimala Trend Project area is also located in the MOGB, within the Paleoproterozoic Svecofennian domain. It is strongly linked to the Raahe-Ladoga suture zone and the main shear structure (Figure 6) is part of the crustal-scale Ruhanpera shear, comprised of mainly NW-SE striking shear zones. The main shear structure is interpreted to represent a “first order” structure, which constitutes the backbone of the structural framework controlling the gold mineralisation, and potentially, formation of gold deposits. The main shear or the first order structure is not generally the host for the majority of the observed gold mineralisation, but can present a pathway for mineralising fluids that are often deposited or trapped in the smaller order structures splaying from or hosted by the main shear structure, such as in Angesneva, where the mineralised body is almost orthogonal to the NW-SE striking main shear. The most common host rocks for mineralisation are plagioclase porphyry, diorite and gabbro, structurally rigid intrusive rocks that are easily identifiable in magnetic maps, and which provided effective mineralising sites as they fractured and faulted during deformation.

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The Kiimala Project area has seen exploration from several companies and institutions, primarily Outokumpu, the Geological Survey of Finland (GTK), and Belvedere Resources. Most notably Belvedere undertook significant exploration and drilling to advance the Angesneva prospect from 2006 to 2010.

Hirsikangas Gold Project

Background

The Hirsikangas Project is also held by Lakeuden Malmi Oy, after its merger with Northern Aspect Resources Oy, the previous owner of the project. Northgold acquired Northern Aspect Resources Oy from Rupert Resources in 2023. The project area hosts multiple drilled and undrilled prospects along a 10km long trend of the Himanka Volcanic Belt, within the Viitajarvi-Antinoja region (25km southeast of Hirsikangas) and Kettuharju region (40km south of Hirsikangas) (Figure 7). The project area includes the Hirsikangas gold prospect which hosts a historic near-surface gold resource that is not compliant with JORC (2012). The Company is working as swiftly as possible to validate the drilling database and resource information to bring it up to JORC (2012) compliance, if possible. The Company will report on this work and provide further information on this project and the Hirsikangas prospect as soon as it is completed.

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Figure 7: Tenement Map for the Hirsikangas gold project. Gold and other metal occurrence locations are from the Geological Survey of Finland (“GTK”) database. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

The main part of Hirsikangas Project area is located in the Himanka volcanic belt, where a prominent feature is the NW-trending strike-slip shear zone related to the Raahe-Ladoga suture in the Paleoproterozoic Svecofennian crustal domain, similar to Kiimala area. The mineralised zones are hosted by schist, probably of volcanic origin, and close to the contact between the host rock and a mafic volcanic or sub-volcanic rock, which is seen as a strong positive anomaly in magnetic maps. Other target areas within the wider the Hirsikangas project area are Viitajarvi-Antinoja, which is located along a wide contact zone of a large-scale batholith and hosting multiple targets potential for gold and copper; and Kettuharju/Ullava, which was initially recognised as being prospective for gold, but also shows indications of lithium potential.

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Similarly to the Kiimala Trend and Kopsa projects, the Hirsikangas Project area has also seen exploration from several companies and institutions over the years, most notably Geological Survey of Finland, Belvedere Resources, and Northern Aspect Resources. Hirsikangas deposit was first discovered by the Geological Survey of Finland in 2004, and it has since been developed into a resource (non-JORC (2012) compliant) by Belvedere. Northern Aspect Resources developed the project from 2017 onwards, until it was acquired from Rupert Resources by Northgold in 2023. A significant step to secure the Hirsikangas tenure was taken by Northgold, when it managed to receive permissions from 100% of all landowners in the area to renew the exploration licences, which is compulsory for renewing exploration permits when they reach a 15-year limit as defined in the Finnish Mining law.

Next Steps

This concludes the Company’s review of the gold projects being acquired based on the work completed to date. Further information will be provided as and when it is completed.

Overview of the Company’s Pulju Nickel-Copper-Cobalt Project

NNL’s flagship 100%-owned Pulju Project is located in the Central Lapland Greenstone Belt (CLGB) 50km north of Kittilä in Finland, with access to world-class infrastructure, grid power, a national highway and an international airport. Finland is also home to Europe’s only nickel smelters.

The Pulju Project is a rare, district scale nickel-copper-cobalt exploration and development opportunity within a progressive mining district in Europe. The known nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks such as those at Pulju, with high-grade, massive sulphide lenses often associated lower grade disseminated sulphides. The disseminated nickel-cobalt at Pulju is widespread both laterally and at significant depths at Hotinvaara, indicating the presence of a vast nickel-rich system.

To date, Pulju has been shown to host predominantly shallow, disseminated lower-grade nickel sulphides, such as those forming the majority of the current Hotinvaara deposit, but also some minor, but extremely high-grade massive/remobilised sulphides. Regarding the latter, these thin zones of concentrated, remobilised iron-nickel sulphides so far intersected at Hotinvaara have attained grades of up to 9.6% Ni[8] , demonstrating that Pulju has the potential for a style of extremely high-grade nickel sulphide mineralisation that has yet to be properly targeted.

Following the conclusion of the 2023 drilling campaign, in March 2024, Nordic Nickel reported an updated in situ Mineral Resource Estimate for the Hotinvaara disseminated nickel sulphide deposit within the Pulju Project area which comprises 418 million tonnes grading 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800 tonnes of contained Ni, 40,000t of contained Co and 22,100t of contained Cu[9] . Metallurgical results demonstrated that an 18% nickel concentrate with payable cobalt can be produced from the Hotinvaara mineralisation, with 62% recovery achieved in a first pass test program[10]

8 ASX release “Company Prospectus”, 30th May 2022.

9 ASX release “Substantial Increase in Hotinvaara Resource Establishes Pulju as Globally Significant Nickel Sulphide District”, 11[th] March 2024;

• Indicated Resource of 42Mt @ 0.22% Ni, 0.01% Co, 56ppm Cu;

• Inferred Resource of 376Mt @ 0.20% Ni, 0.01% Co, 52ppm Cu. NNL confirms all material assumptions and technical parameters underpinning the Resource Estimate continue to apply and have not materially changed as per Listing Rule 5.23.2.

10 ASX release “Excellent Metallurgical Results at Hotinvaara Enhance Entire Pulju Project”, 23rd October 2024.

13

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Figure 8 . Location of Pulju Nickel Project and Western Europe’s entire nickel sulphide smelting and refining capacity.

Pulju is located 195km from Boliden’s Kevitsa Ni-Cu-Au-PGE mine and processing plant in Sodankylä, Finland. Kevitsa provides feed for the Harjavalta smelter, which is located approximately 950km to the south and processes concentrate from Kevitsa’s disseminated nickel sulphide ore. Finland’s other nickel operation is Terrafame’s Sotkamo nickel chemicals plant, located 560km south-east of Pulju which processes ore from the nearby Talvivaara nickel-zinc mine.

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 the MOGB gold projects, Kopsa Exploration Results and Kopsa Mineral Resources 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.

The information in this announcement that relates to Pulju Exploration Results is based on, and fairly represents, information and supporting documentation compiled by Ms Louise Lindskog, a consultant to the Company. Ms Lindskog is a Member of the Australasian Institute of Mining and Metallurgy.

The information in this announcement that relates to the Hotinvaara Metallurgical Results is based on information compiled by Mr Chris Martin, a consultant to the Company. Mr Martin has 40 years of experience

14

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in metallurgy and is a Member of the UK Institute of Materials, Minerals and Mining and a chartered engineer.

The information in this announcement that relates to Mineral Resources defined at Hotinvaara is based on information compiled by Mr Adam Wheeler who is a professional fellow (FIMMM), Institute of Materials, Minerals and Mining. Mr Wheeler is an independent mining consultant.

Dr Makkonen, Ms Lindskog, Mr Martin and Mr Wheeler have 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 Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Dr Makkonen, Ms Lindskog, Mr Martin and Mr Wheeler consent to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.

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.

15

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Appendix 1

Kopsa Project - Drill Collar Locations and Composite Intersections

==> picture [497 x 77] intentionally omitted <==

----- Start of picture text -----

–
Kopsa Project Area Sorola Prospect Drillholes (Outside MRE)
Licence Year Type1 Hole Easting2 Northing2 Elev. Azim. 3 Dip 4 Depth Additional From To Interval Au Cu AuEq 5 Used 6
Holder ID (m) (°) (°) (m) info (m) (m) (m) (g/t) (%) (g/t) metrics
Geological 1961 DD R32 414050.8 7073063.9 103.0 26.2 45.0 79.35 NA NA 5.4 0.3 0.94 1.70 Note 1
Survey of
Finland 1985 R310 414110.8 7073019.0 103.0 2.7 37.9 76.60 33.8 54.9 21.1 0.3 0.4 0.90
----- End of picture text -----

Licence
Holder
Geological
Survey of
Finland		 Licence
Holder
Geological
Survey of
Finland		 Year
1961
 Year
1961
 Type1
DD		 Type1
DD		 Hole
ID
R32
R310		 Easting2
414050.8
414110.8		 Easting2
414050.8
414110.8		 Northing2
7073063.9
7073019.0		 Northing2
7073063.9
7073019.0		 Elev.
(m)
103.0
103.0		 Elev.
(m)
103.0
103.0		 Azim.
(°)3
26.2
2.7		 Azim.
(°)3
26.2
2.7
Dip
(°)4
45.0
37.9
Dip
(°)4
45.0
37.9		 Depth
(m)
79.35
76.60		 Depth
(m)
79.35
76.60
Additional
info
Additional
info
From
(m)
NA
33.8
From
(m)
NA
33.8
To
(m)
NA
54.9
To
(m)
NA
54.9		 Interval
(m)
5.4
21.1		 Interval
(m)
5.4
21.1
Au
(g/t)
0.3
0.3
Au
(g/t)
0.3
0.3		 Cu
(%)
0.94
0.4		 Cu
(%)
0.94
0.4		 AuEq
(g/t)5
1.70
0.90		 AuEq
(g/t)5
1.70
0.90
Used
metrics6
Note 1
Used
metrics6
Note 1
1985
Kopsa Project– Historical Drillholes
Licence
Holder		 **Year ** Type1 Hole ID **Easting2 **
**Northing2 **
Elev.
(m)
Azim.
(°)3
Dip
(°)4		 Depth
(m)
Additional
info		 From
(m)		 **To (m) ** Interval
(m)
Au
(g/t)		 Cu
(%)		 AuEq
(g/t)5		 Used
metrics6
Baltic
Minerals
Finland		 1997 DD KDD001 413231.6 7072740.2 112.9 14.7 45.2 301.10 18.20 69.80 51.60 2.45 0.28 2.87 Note 2
KDD002 413198.2 7072621.5 113.1 13.6 44.8 303.20 158.80 165.35 6.55 1.36 1.36
KDD003 413178.7 7072453.0 112.3 14.7 46.0 300.00 (no reported intersections)
KDD004 413246.3 7072796.7 112.9 149.2 45.7 194.70 34.10 66.05 31.95 2.23 0.12 2.41
80.55 165.90 85.35 1.52 0.14 1.73
KDD005 413425.9 7073089.7 106.4 194.7 45.3 302.50 276.35 282.00 5.65 1.36 1.36
KDD006 413244.2 7072944.9 108.3 145.1 45.5 285.70 (no reported intersections)
KDD007 413179.3 7072907.6 109.8 146.5 44.6 300.20 107.90 119.60 11.70 1.59 1.59
163.40 168.50 5.10 1.14 1.14
193.55 201.85 8.30 0.86 0.86
KDD008 413073.2 7072890.6 109.5 150.6 45.2 301.40 259.90 265.15 5.25 1.22 1.22
KDD009 412963.0 7072879.8 108.3 149.6 45.0 287.50 76.20 83.00 6.80 1.15 1.15
KDD010 412929.5 7072839.4 108.0 149.2 44.8 202.40 (no reported intersections)
KDD011 412894.4 7072608.5 108.2 149.2 45.2 202.05 172.85 191.50 18.65 1.48 1.48
KDD012 413253.4 7072832.1 112.6 149.2 45.1 199.80 4.30 74.40 70.10 0.97 0.97
97.15 102.90 5.75 1.19 1.19
KDD013 413539.1 7072986.5 106.0 149.2 45.1 203.10 (no reported intersections)
KDD014 413651.1 7072998.3 106.9 149.2 44.7 200.00 (no reported intersections)
KDD015 413772.1 7072987.9 106.7 149.2 45.6 124.90 89.25 102.35 13.10 2.89 2.89
KDD016 413731.4 7072963.6 107.5 149.2 44.6 149.45 (no reported intersections)
KDD017 413476.2 7072896.4 106.2 149.2 46.2 149.30 (no reported intersections)
KDD018 413349.8 7072823.3 110.8 148.5 45.1 141.60 (no reported intersections)
RC KRC001 413251.2 7072811.0 112.9 14.7 45.0 99.00 entire hole 5.00 99.00 94.00 0.40 0.11 0.56 Note 3
13.00 20.00 7.00 0.98 0.18 1.25
24.00 48.00 24.00 0.53 0.15 0.75
incl. 28.00 34.00 6.00 1.10 0.25 1.47
63.00 68.00 5.00 0.50 0.18 0.77
74.00 97.00 23.00 0.60 0.07 0.70
KRC002 413217.7 7072681.8 113.4 14.7 45.0 103.00 60.00 79.00 19.00 1.70 0.11 1.86
incl. 62.00 73.00 11.00 2.56 0.12 2.74
87.00 91.00 4.00 2.98 0.11 3.14
92.00 103.00 11.00 0.30 0.15 0.52
KRC003 413176.8 7072734.7 113.9 14.7 45.0 106.00 entire hole
 6.00 106.00 100.00 0.29 0.07 0.39
27.00 40.00 13.00 0.64 0.08 0.76
58.00 67.00 9.00 0.50 0.15 0.72
67.00 106.00 39.00 0.32 0.07 0.42
KRC004 413194.7 7072803.6 112.0 14.7 45.0 108.00 entire hole
 9.00 108.00 99.00 0.44 0.15 0.66
9.00 75.00 66.00 0.62 0.20 0.92
KRC005 413153.7 7072755.6 113.7 14.7 60.0 75.00 entire hole 2.00 75.00 73.00 0.39 0.13 0.58
KRC006 413173.6 7072819.1 112.1 194.7 45.0 107.00 entire hole 7.00 107.00 100.00 0.64 0.11 0.80

16

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Baltic
Minerals
Finland		 1997 RC KRC007 413302.3 7072915.9 108.3 194.7 45.0 92.00 6.00 24.00 18.00 0.16 0.31 0.62 Note 3
71.00 72.00 1.00 2.60 0.05 2.67
78.00 81.00 3.00 2.10 0.08 2.22
85.00 86.00 1.00 1.90 0.12 2.08
KRC008 413341.2 7072933.4 107.6 149.2 45.0 55.00 5.00 7.00 2.00 2.50 0.08 2.62
KRC009 413361.6 7072898.4 107.9 149.2 45.0 51.00 5.00 11.00 6.00 3.35 0.07 3.45
21.00 22.00 1.00 1.60 0.05 1.67
26.00 27.00 1.00 2.30 0.30 2.75
KRC010 413379.4 7072868.5 107.5 149.2 45.0 59.00 entire hole 9.00 59.00 50.00 0.33 0.04 0.39
10.00 11.00 1.00 1.20 0.11 1.36
20.00 21.00 1.00 1.60 0.03 1.64
53.00 54.00 1.00 4.40 0.07 4.50
KRC011 413395.4 7072841.4 107.7 149.2 45.0 55.00 entire hole 8.00 55.00 47.00 0.49 0.04 0.55
28.00 30.00 2.00 3.45 0.08 3.57
44.00 46.00 2.00 3.45 0.06 3.54
53.00 55.00 2.00 1.10 0.05 1.17
KRC012 413432.4 7072873.0 107.0 149.2 45.0 59.00 (no reported intersections)
KRC013 413412.6 7072906.9 106.8 149.2 45.0 62.00 entire hole 12.00 62.00 50.00 0.26 0.04 0.32
33.00 43.00 10.00 0.79 0.07 0.89
incl. 34.00 35.00 1.00 2.70 0.07 2.80
incl. 37.00 38.00 1.00 1.10 0.10 1.25
incl. 42.00 43.00 1.00 1.20 0.04 1.26
50.00 51.00 1.00 1.30 0.04 1.36
KRC014 413492.5 7072967.8 105.7 149.2 45.0 58.00 entire hole 8.00 58.00 50.00 0.14 0.23 0.48
25.00 26.00 1.00 0.70 0.44 1.36
29.00 30.00 1.00 0.60 0.30 1.05
KRC015 413508.1 7072934.4 105.9 149.2 45.0 57.00 7.00 14.00 7.00 0.40 0.31 0.86
26.00 28.00 2.00 3.35 0.45 4.02
KRC016 413528.0 7072906.2 105.8 149.2 45.0 57.00 8.00 44.00 36.00 0.66 0.12 0.84
incl. 8.00 16.00 8.00 1.60 0.15 1.82
incl. 8.00 10.00 2.00 4.70 0.20 5.00
KRC017 413547.1 7072880.0 105.7 149.2 45.0 56.00 9.00 19.00 10.00 2.00 0.21 2.31
KRC018 413563.7 7072846.1 105.6 149.2 45.0 54.00 (no reported intersections)
KRC019 413610.0 7072967.5 106.2 149.2 45.0 62.00 31.00 32.00 1.00 0.60 0.10 0.75
45.00 46.00 1.00 3.20 0.29 3.63
KRC020 413628.9 7072938.2 106.4 149.2 45.0 49.00 13.00 14.00 1.00 0.60 0.15 0.82
33.00 34.00 1.00 3.60 0.14 3.81
KRC021 413643.7 7072912.4 106.7 149.2 45.0 51.00 29.00 43.00 14.00 1.51 0.13 1.70
KRC022 413663.7 7072879.7 106.5 149.2 45.0 58.00 entire hole 10.00 28.00 18.00 0.54 0.90 1.88
17.00 19.00 2.00 2.60 0.10 2.75
24.00 25.00 1.00 1.10 0.08 1.22
KRC023 413681.7 7072847.1 106.3 149.2 45.0 57.00 35.00 36.00 1.00 0.60 0.01 0.61
KRC024 413419.7 7072804.8 108.1 149.2 45.0 57.00 entire hole 13.00 57.00 44.00 0.94 0.11 1.10
13.00 49.00 36.00 1.07 0.12 1.25
incl. 31.00 32.00 1.00 3.80 0.11 3.96
incl. 43.00 44.00 1.00 12.50 0.16 12.74
KRC025 413435.6 7072772.6 108.8 149.2 45.0 54.00 entire hole 7.00 54.00 47.00 0.47 0.05 0.54
38.00 54.00 16.00 1.00 0.07 1.10
KRC026 413454.9 7072742.7 108.5 149.2 45.0 62.00 entire hole 12.00 62.00 50.00 0.35 0.22 0.68
45.00 62.00 17.00 0.55 0.33 1.04
KRC027 413472.4 7072716.1 109.2 149.2 45.0 58.00 40.00 58.00 18.00 0.41 0.34 0.92
incl. 43.00 44.00 1.00 0.70 0.31 1.16
incl. 53.00 56.00 3.00 0.80 0.34 1.31
KRC028 413488.5 7072683.7 109.3 149.2 45.0 63.00 27.00 28.00 1.00 1.20 0.06 1.29
43.00 44.00 1.00 1.00 0.03 1.04
55.00 62.00 7.00 0.70 0.14 0.91
KRC029 413506.2 7072653.3 108.7 149.2 45.0 60.00 17.00 18.00 1.00 2.30 0.15 2.52
31.00 40.00 9.00 0.68 0.07 0.78
49.00 50.00 1.00 1.30 0.14 1.51
51.00 52.00 1.00 1.00 0.27 1.40

17

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Baltic
Minerals
Finland		 1997 RC KRC030 413289.2 7072727.4 113.0 149.2 45.0 57.00 16.00 46.00 30.00 1.85 0.24 2.21 Note 3
incl. 39.00 45.00 6.00 6.35 0.41 6.96
56.00 57.00 1.00 4.10 0.04 4.16
KRC031 413307.4 7072697.3 113.7 149.2 45.0 57.00 8.00 9.00 1.00 0.60 0.04 0.66
11.00 12.00 1.00 1.90 0.03 1.94
39.00 40.00 1.00 0.60 0.02 0.63
41.00 42.00 1.00 0.80 0.01 0.81
KRC032 413324.7 7072667.3 114.0 149.2 45.0 57.00 (no reported intersections)
1998 DD KS001 412273.3 7072377.8 105.4 149.2 44.0 100.50 (no reported intersections) Note 4
KS002 412309.5 7072318.1 105.0 149.2 45.0 90.70 (no reported intersections)
KS004 411048.5 7071017.3 116.2 329.2 45.1 93.50 (no reported intersections)
KS005 411519.2 7071984.0 114.9 329.2 45.3 87.40 (no reported intersections)
Belvedere
Resources		 2003
 DD BELKOPDD001 413323.6 7072764.9 113.0 270.7 45.1 108.65 27.90 62.80 34.90 2.57 0.13 2.76 Note 2
76.00 81.55 5.55 0.63 0.09 0.77
91.60 100.65 9.05 1.26 0.13 1.46
BELKOPDD002 413285.5 7072818.4 113.1 265.3 44.9 104.20 13.10 81.80 68.70 1.17 0.20 1.46
BELKOPDD003 413228.2 7072872.3 111.3 97.3 44.5 110.50 59.00 65.10 6.10 1.57 0.17 1.82
BELKOPDD004 413219.6 7072921.4 109.8 92.3 44.9 99.80 11.80 18.55 6.75 0.62 0.06 0.71
BELKOPDD005 413235.0 7072971.2 108.4 96.7 46.0 180.70 96.25 105.30 9.05 1.49 0.07 1.59
151.40 157.40 6.00 0.58 0.15 0.81
BELKOPDD006 413282.9 7072967.8 106.8 94.2 45.6 147.40 86.40 105.00 18.60 1.57 0.11 1.74
BELKOPDD007 413273.0 7072716.9 113.7 91.9 44.3 140.70 8.20 17.30 9.10 1.42 0.06 1.51
23.80 30.10 6.30 0.73 0.12 0.92
82.10 138.40 56.30 0.75 0.15 0.97
BELKOPDD008 413303.0 7072766.2 113.4 92.7 45.0 102.20 30.40 81.80 51.40 1.05 0.14 1.26
BELKOPDD009 413276.0 7072817.8 113.1 86.7 45.3 100.30 6.40 53.50 47.10 0.98 0.12 1.15
66.30 75.40 9.10 1.17 0.20 1.46
BELKOPDD010 413390.0 7073043.4 106.0 90.2 44.8 52.40 (no reported intersections)
2004 DD BELKOPDD011 413358.8 7072964.2 106.7 88.9 45.5 111.70 (no reported intersections) Note 2
BELKOPDD012 412154.0 7072859.0 114.9 68.0 44.9 78.50 (no reported intersections)
BELKOPDD013 412254.8 7072843.2 113.3 52.9 45.0 30.50 (no reported intersections)
BELKOPDD014 413239.9 7072488.1 113.0 45.9 45.4 54.20 (no reported intersections)
BELKOPDD015 413330.5 7072712.5 113.9 66.1 45.2 88.00 23.75 85.80 62.05 1.29 0.10 1.44
BELKOPDD016 413371.8 7072738.6 112.5 55.2 45.4 79.00 35.90 73.05 37.15 1.02 0.07 1.12
BELKOPDD017 413521.1 7072769.3 107.0 62.5 44.9 52.00 13.40 40.78 27.38 0.60 0.21 0.91
BELKOPDD018 413395.6 7073028.9 105.5 62.7 45.3 28.75 (no reported intersections)
BELKOPDD019 413390.7 7073009.2 106.0 60.0 45.7 31.80 (no reported intersections)
BELKOPDD020 413786.3 7072927.1 106.9 59.2 45.3 54.40 (no reported intersections)
2006 DD BELKOPDD021 413463.5 7072883.4 106.4 47.7 45.0 69.35 45.75 55.19 9.44 0.83 0.41 1.45 Note 2
BELKOPDD022 413432.9 7072720.1 110.3 47.7 45.0 91.40 30.92 44.36 13.44 0.80 0.12 0.98
56.00 86.31 30.31 1.49 0.16 1.73
BELKOPDD023 413381.2 7072661.4 113.7 47.7 45.0 139.10 62.72 84.60 21.88 0.68 0.08 0.80
100.55 113.08 12.53 1.33 0.21 1.65
BELKOPDD024 413021.9 7072667.2 109.6 47.7 45.0 100.50 (no reported intersections)
BELKOPDD025 413060.9 7072437.6 109.1 47.7 45.0 52.75 (no reported intersections)
BELKOPDD026 413047.0 7072325.3 107.7 39.7 43.9 68.00 (no reported intersections)
BELKOPDD027 413001.3 7072312.2 106.8 49.1 46.0 71.95 (no reported intersections)
BELKOPDD028 412166.1 7072955.0 111.0 53.2 45.7 51.95 (no reported intersections)
BELKOPDD029 413074.4 7072802.5 112.5 47.7 45.0 56.55 20.75 35.27 14.52 1.32 0.25 1.69
2007 DD BELKOPDD030 412157.6 7072829.9 115.2 48.2 44.3 55.90 (no reported intersections) Note 2
BELKOPDD031 412142.3 7072655.2 114.5 45.7 44.4 70.00 (no reported intersections)
BELKOPDD032 412327.7 7072444.5 113.6 52.2 45.0 64.05 (no reported intersections)
Belvedere
Mining
2010		 DD BELKOPDD033 413059.8 7072821.2 112.2 22.4 44.5 43.40 11.10 26.97 15.87 0.87 0.27 1.27 Note 2
BELKOPDD034 413036.1 7072766.8 111.2 23.5 45.5 87.74 41.53 64.78 23.25 1.41 0.21 1.73
BELKOPDD035 412937.5 7072655.4 109.3 23.4 44.1 68.10 41.27 49.45 8.18 1.15 0.23 1.49
BELKOPDD036 413085.3 7072754.3 112.9 24.3 44.1 118.45 (no reported intersections)
BELKOPDD037 413057.8 7072694.2 110.2 25.6 44.9 145.60 52.48 59.64 7.16 2.28 0.08 2.39
97.10 115.27 18.17 1.32 0.22 1.64
118.84 124.25 5.41 0.61 0.06 0.70
132.00 142.59 10.59 0.58 0.25 0.95

18

==> picture [119 x 42] intentionally omitted <==

Belvedere
Mining
2010		 DD BELKOPDD038 413176.6 7072839.7 111.6 24.8 44.7 85.14 15.41 24.03 8.62 0.87 0.11 1.04 Note 2
25.32 41.57 16.25 0.51 0.15 0.74
BELKOPDD039 413155.4 7072792.1 113.2 25.2 44.4 100.30 25.28 77.00 51.72 0.98 0.23 1.32
BELKOPDD040 413139.7 7072755.2 113.9 22.3 58.5 100.70 56.47 99.06 42.59 0.67 0.14 0.88
BELKOPDD041 413246.5 7072878.5 111.3 20.8 44.5 76.70 14.80 32.01 17.21 0.81 0.19 1.10
BELKOPDD042 413225.9 7072830.0 112.3 25.0 46.1 115.40 33.76 47.13 13.37 1.64 0.11 1.80
BELKOPDD043 413199.3 7072767.1 113.2 24.2 44.5 133.60 12.90 100.53 87.63 3.31 0.26 3.70
BELKOPDD044 413335.4 7072850.8 109.7 25.7 44.9 50.20 (no reported intersections)
BELKOPDD045 413319.6 7072790.2 113.2 21.1 44.8 81.00 8.92 33.97 25.05 1.64 0.11 1.81
BELKOPDD046 413256.5 7072644.4 113.6 22.8 44.0 181.01 37.52 44.60 7.08 1.92 0.07 2.03
104.85 126.83 21.98 0.80 0.08 0.92
BELKOPDD047 413179.9 7072721.9 113.9 21.6 45.1 172.10 33.77 46.92 13.15 0.83 0.07 0.93
BELKOPDD048 413356.5 7072754.1 112.7 21.7 43.5 91.70 5.77 52.81 47.04 1.02 0.11 1.18
71.68 82.88 11.20 6.85 0.11 7.02
BELKOPDD049 413310.6 7072640.7 113.2 24.4 45.3 180.10 60.56 66.75 6.19 1.55 0.14 1.76
82.20 106.48 24.28 1.17 0.18 1.44
122.46 132.03 9.57 0.87 0.19 1.16
BELKOPDD050 413383.2 7072818.1 108.8 24.1 44.7 83.50 (no reported intersections)
BELKOPDD051 413434.4 7072809.5 107.6 21.1 45.0 86.80 (no reported intersections)
BELKOPDD052 413423.8 7072916.4 106.4 26.4 43.6 54.50 33.50 40.21 6.71 1.56 0.23 1.90
BELKOPDD053 413474.2 7072777.5 107.8 21.7 45.9 58.74 16.27 25.85 9.58 1.89 0.12 2.07
BELKOPDD054 413497.5 7072701.3 108.7 26.3 44.7 94.60 53.93 66.39 12.46 0.78 0.28 1.20
BELKOPDD055 413471.0 7072645.8 110.2 24.5 45.0 112.00 48.35 59.66 11.31 1.41 0.18 1.68
80.66 92.92 12.26 0.78 0.21 1.10
BELKOPDD056 413528.9 7072641.7 108.7 23.7 44.9 119.00 55.50 68.98 13.48 1.16 0.26 1.55
BELKOPDD057 413360.4 7072626.3 113.0 27.7 44.5 160.80 104.48 129.06 24.58 1.02 0.09 1.16
150.50 157.15 6.65 1.02 0.15 1.25
BELKOPDD058 413455.6 7072339.0 112.2 26.4 45.6 119.00 (no reported intersections)
BELKOPDD059 413621.2 7072864.1 105.9 20.9 45.0 57.60 (no reported intersections)
BELKOPDD060 413280.9 7072721.2 113.4 25.9 43.5 100.30 30.07 74.22 44.15 2.72 0.14 2.93
BELKOPDD061 413229.4 7072775.8 112.3 24.0 45.5 95.00 29.84 59.61 29.77 0.78 0.24 1.13
73.48 79.68 6.20 0.89 0.21 1.20
BELKOPDD062 413181.1 7072777.0 112.8 25.7 44.9 100.10 26.03 69.02 42.99 1.31 0.25 1.68
BELKOPDD063 413127.5 7072786.6 113.2 27.0 44.5 121.80 40.42 79.80 39.38 1.07 0.16 1.31
2011 DD BELKOPDD064 413215.3 7072808.3 112.5 202.7 49.8 125.50 15.15 50.91 35.76 1.28 0.17 1.54 Note 2
58.00 67.37 9.37 1.67 0.16 1.91
BELKOPDD065 413249.0 7072790.1 112.4 202.7 49.6 149.05 32.04 52.36 20.32 4.61 0.36 5.15
BELKOPDD066 413391.4 7072845.9 107.6 205.7 50.8 104.75 (no reported intersections)
BELKOPDD067 413161.8 7072677.8 113.7 22.7 49.1 143.69 107.52 113.36 5.84 1.08 0.10 1.23
BELKOPDD068 413129.8 7072696.9 113.2 22.7 50.3 155.39 24.67 34.17 9.50 1.22 0.23 1.56
BELKOPDD069 413100.8 7072714.1 113.2 22.7 50.2 149.40 48.97 58.32 9.35 1.47 0.28 1.89
88.05 95.73 7.68 0.90 0.09 1.03
128.31 136.78 8.47 0.73 0.17 0.98
BELKOPDD070 413018.5 7072723.3 109.3 22.7 48.7 134.55 (no reported intersections)
BELKOPDD071 413264.9 7072814.2 113.0 22.7 44.1 107.65 4.86 25.83 20.97 0.91 0.19 1.20
BELKOPDD072 413280.8 7072770.4 112.6 22.7 49.9 86.70 24.40 47.71 23.31 2.51 0.28 2.93
BELKOPDD073 413315.1 7072738.5 113.0 22.7 50.5 102.00 39.71 56.87 17.16 1.05 0.17 1.30
BELKOPDD074 413395.6 7072776.8 110.3 25.7 59.3 65.95 8.77 27.36 18.59 1.31 0.11 1.47
40.07 60.05 19.98 1.94 0.03 1.99
BELKOPDD075 413429.4 7072761.9 109.2 23.7 49.8 68.30 23.25 41.30 18.05 1.00 0.10 1.15
BELKOPDD076 413486.5 7072747.1 107.9 24.7 49.8 70.80 (no reported intersections)
BELKOPDD077 413541.8 7072717.9 107.3 25.7 48.3 76.73 (no reported intersections)
BELKOPDD078 413422.9 7072726.8 110.6 27.7 49.6 86.05 47.39 69.46 22.07 1.18 0.08 1.30
BELKOPDD079 413443.6 7072676.8 110.6 23.7 49.1 143.47 38.13 81.00 42.87 0.79 0.17 1.05
86.12 134.19 48.07 0.52 0.16 0.75
BELKOPDD080 413390.4 7072690.7 113.3 22.7 50.3 117.02 49.22 92.90 43.68 1.03 0.09 1.16
BELKOPDD081 413304.8 7072698.4 113.6 26.7 48.7 128.96 24.76 30.71 5.95 1.15 0.10 1.30
44.15 91.46 47.31 0.73 0.13 0.92
BELKOPDD082 413289.7 7072656.2 114.1 26.7 48.7 159.05 8.62 21.36 12.74 2.79 0.08 2.91
86.62 108.30 21.68 1.23 0.25 1.61

19

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Belvedere
Mining		 2011 DD BELKOPDD083 413238.3 7072693.3 113.7 22.7 48.5 119.90 56.90 79.54 22.64 1.85 0.10 1.99 Note 2
BELKOPDD084 413208.3 7072687.4 113.2 23.7 49.7 131.60 58.68 81.95 23.27 0.97 0.15 1.19
84.82 96.92 12.10 0.59 0.14 0.80
BELKOPDD085 413271.8 7072868.0 111.1 22.7 49.9 74.70 18.39 34.41 16.02 1.32 0.10 1.46
BELKOPDD086 413288.5 7072855.1 111.7 22.7 49.4 81.00 59.83 65.30 5.47 0.82 0.12 1.00
BELKOPDD087 413211.4 7072865.7 111.0 24.7 50.5 68.65 (no reported intersections)
BELKOPDD088 413200.5 7072839.0 111.9 27.6 50.6 95.30 39.44 47.60 8.16 1.30 0.26 1.68
BELKOPDD089 413260.1 7072842.6 112.6 28.5 50.2 62.70 7.21 12.61 5.40 1.37 0.28 1.78
BELKOPDD090 413188.5 7072868.7 111.2 22.3 49.8 83.60 12.73 22.40 9.67 1.79 0.18 2.06
BELKOPDD091 413146.4 7072834.8 112.1 22.4 49.2 110.50 30.91 45.11 14.20 1.62 0.22 1.95
71.61 80.62 9.01 0.77 0.12 0.94
BELKOPDD092 413110.2 7072806.0 113.3 22.1 50.2 80.95 12.65 59.62 46.97 1.01 0.19 1.30
BELKOPDD093 413127.8 7072856.4 111.1 22.0 49.9 83.75 (no reported intersections)
BELKOPDD094 413220.5 7072893.3 110.9 24.4 44.6 59.65 (no reported intersections)
BELKOPDD095 413338.4 7072770.5 113.0 24.3 50.7 89.62 5.25 51.76 46.51 1.24 0.11 1.41
BELKOPDD096 413227.2 7072657.7 112.7 19.2 50.6 143.45 79.09 84.21 5.12 0.83 0.06 0.92
97.31 121.60 24.29 0.88 0.17 1.14
BELKOPDD097 413252.6 7072727.7 113.1 25.4 50.0 86.40 29.90 58.87 28.97 1.16 0.21 1.48
70.70 83.20 12.50 1.04 0.11 1.20
BELKOPDD098 413296.5 7072635.1 112.8 24.6 50.5 50.50 (no reported intersections)
BELKOPDD099 413306.0 7072715.1 112.7 23.0 50.6 86.40 17.30 81.42 64.12 1.01 0.12 1.19
BELKOPDD100 413330.0 7072691.6 114.0 24.0 50.0 101.65 39.74 97.63 57.89 1.82 0.24 2.17
BELKOPDD101 413270.4 7072832.3 112.0 202.7 45.0 82.58 12.27 74.11 61.84 1.84 0.18 2.11
BELKOPDD101B 413268.4 7072828.8 113.0 205.1 44.8 101.35 12.12 73.01 60.89 2.00 0.20 2.29
BELKOPDD102 413231.0 7072838.9 112.2 197.0 60.5 77.40 18.98 73.49 54.51 2.49 0.18 2.76
BELKOPDD103 413669.1 7072745.8 105.7 41.4 45.0 55.45 (no reported intersections)
BELKOPDD104 413645.3 7072689.9 106.3 30.3 45.0 83.40 (no reported intersections)
BELKOPDD104A 413645.3 7072689.9 106.3 22.7 45.0 13.50 (no reported intersections)
BELKOPDD105 413619.7 7072733.6 106.2 26.7 45.0 59.60 (no reported intersections)
BELKOPDD106 413594.6 7072679.7 107.0 21.9 45.0 74.30 24.85 38.27 13.42 1.28 0.34 1.79
Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes Kopsa Project– Northgold Drillholes
Licence
**Holder **		 **Year ** Type1 Hole ID **Easting2 **
**Northing2 **
Elev.
(m)
Azim.
(°)3

Dip
(°)4
Depth
(m)

Additional
info

From
(m)		 **To (m) ** Interval
(m)
Au
(g/t)		 Cu
(%)		 AuEq
(g/t)5		 Used
metrics6
Fennia
Gold		 2022 DD NGKOP22001 413198.7 7072768.7 113.4 26.0 44.0 112.90 6.10 104.80 98.70 3.90 0.19 4.18 Note 5A
NGKOP22002 413277.2 7072691.4 114.2 24.0 47.0 103.00 78.20 95.65 17.45 1.18 0.12 1.36
NGKOP22003 413342.5 7072722.0 113.8 25.0 45.0 133.30 21.40 89.40 68.00 1.21 0.12 1.39
NGKOP22004 413342.0 7072658.0 114.2 27.0 45.0 237.90 46.00 153.65 107.65 0.62 0.12 0.80
NGKOP22005 413320.2 7072611.9 113.8 27.0 45.0 299.20 78.10 203.20 125.10 0.78 0.09 0.91
NGKOP22006 413230.8 7072616.0 113.1 25.0 44.0 230.00 108.40 142.85 34.45 0.61 0.08 0.73
NGKOP22007 413425.0 7072636.2 113.0 27.0 46.0 208.60 53.50 166.00 112.50 0.55 0.17 0.80
NGKOP22008 413374.7 7072607.8 114.0 27.0 45.0 188.10 54.20 166.75 112.55 0.64 0.09 0.77
NGKOP22009 413341.4 7072587.9 114.0 27.0 45.0 280.30 105.85 189.65 83.80 0.52 0.15 0.74
NGKOP22010 413294.6 7072605.1 112.9 27.0 45.0 413.00 78.10 178.50 100.40 0.66 0.11 0.82
332.00 351.70 19.70 0.33 0.26 0.72 Note 5B
incl. 332.00 335.65 3.65 0.69 0.20 0.99 Note 5A
NGKOP22011 413074.3 7072868.2 111.3 23.0 47.0 112.80 74.00 88.60 14.60 1.23 0.10 1.38
NGKOP22012 413029.4 7072868.2 110.3 23.0 47.0 158.60 7.20 16.00 8.80 0.73 0.08 0.85
NGKOP22013 413004.0 7072832.1 110.4 23.0 47.0 184.40 11.10 40.70 29.60 0.60 0.14 0.81
55.40 74.40 19.00 0.53 0.09 0.66
NGKOP22014 413143.5 7072637.1 112.8 23.0 49.0 206.20 79.50 162.70 83.20 0.72 0.16 0.96
NGKOP22015 413082.6 7072669.7 111.3 23.0 49.0 194.00 48.00 65.50 17.50 0.67 0.15 0.89
88.70 98.40 9.70 0.98 0.18 1.25
116.00 120.40 4.40 0.63 0.21 0.94
132.00 177.80 45.80 0.50 0.13 0.69
NGKOP22016 413558.9 7072596.5 107.7 23.0 45.0 170.20 63.90 64.50 0.60 16.75 0.04 16.81
121.80 141.90 20.10 0.75 0.30 1.20
NGKOP22017 413607.1 7072605.0 107.8 23.0 45.0 138.00 (no reported intersections)
NGKOP22018 413586.3 7072638.3 107.0 23.0 45.0 142.20 28.90 64.00 35.10 0.84 0.25 1.21
NGKOP22019 412988.4 7072795.5 109.7 23.0 47.0 119.00 14.00 93.00 79.00 0.63 0.13 0.82
NGKOP22020 412966.5 7072744.6 109.0 23.0 47.0 150.00 23.00 77.90 54.90 0.63 0.12 0.81
NGKOP22021 413169.3 7072484.3 112.2 15.0 45.0 121.70 55.90 60.50 4.60 0.67 0.58 1.53
70.50 70.90 0.40 5.88 0.20 6.18
NGKOP22022 413214.2 7072755.5 113.4 24.0 40.0 100.00 29.45 75.30 45.85 2.48 0.41 3.09

20

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Fennia
Gold		 2022 DD NGKOP22023 413249.1 7072830.9 113.0 204.0 50.0 71.00 5.90 71.00 65.10 1.32 0.22 1.65 Note 5A
NGKOP22024 413196.5 7072822.0 113.0 203.0 50.0 80.00 11.70 68.40 56.70 1.48 0.26 1.87
NGKOP22025 413301.5 7072791.9 113.6 203.0 50.0 90.20 21.35 79.90 58.55 1.50 0.12 1.68
Fennia
Gold		 2023 DD NGKOP23026 412917.9 7072759.4 108.4 23.0 47.0 137.50 15.10 45.00 29.90 0.35 0.12 0.53 Note 6B
incl. 18.55 31.60 13.05 0.60 0.18 0.87
102.80 126.40 23.60 0.44 0.10 0.59
NGKOP23027 412895.1 7072715.9 108.6 23.0 47.0 164.40 38.10 84.15 46.05 0.48 0.13 0.67
139.80 154.70 14.90 0.34 0.10 0.49
NGKOP23028 412947.8 7072696.5 109.0 23.0 47.0 179.70 36.90 167.20 130.30 0.34 0.08 0.46
incl. 74.75 99.10 24.35 1.06 0.18 1.33
NGKOP23029 413257.5 7072571.2 111.8 32.0 45.0 224.50 5.40 9.40 4.00 0.97 0.38 1.54
38.35 71.45 33.10 1.05 0.23 1.39
83.80 104.30 20.50 0.84 0.09 0.97
112.60 217.80 105.20 0.77 0.10 0.92
incl. 135.70 139.10 3.40 12.88 0.12 13.06
NGKOP23030 413301.9 7072568.0 112.5 32.0 45.0 230.20 72.00 79.70 7.70 0.91 0.09 1.04
102.40 222.80 120.40 0.58 0.14 0.79
NGKOP23031 413137.4 7072601.1 112.8 24.0 48.0 215.60 57.15 62.40 5.25 6.17 0.10 6.32 Note 6A
incl. 57.15 58.00 0.85 21.00 0.04 21.06
91.65 92.80 1.15 3.61 0.03 3.65
130.10 138.90 8.80 1.19 0.21 1.50
incl. 135.70 138.10 2.40 2.60 0.38 3.17
148.60 198.60 50.00 0.48 0.13 0.67
incl. 176.00 198.60 22.60 0.69 0.15 0.91
incl. 186.45 193.20 6.75 1.19 0.21 1.50
NGKOP23032 413084.6 7072586.0 113.1 24.0 48.0 242.60 129.25 229.90 100.65 0.56 0.14 0.77
incl. 156.25 166.00 9.75 1.44 0.16 1.68
incl. 159.70 161.00 1.30 3.84 0.27 4.24
incl. 179.35 229.90 50.55 0.62 0.16 0.86
incl. 183.35 208.00 24.65 1.00 0.19 1.28
incl. 193.25 197.00 3.75 3.31 0.17 3.56
NGKOP23033 412899.4 7072664.6 108.5 23.0 47.0 221.10 13.90 67.80 53.90 0.33 0.11 0.49 Note 6B
incl. 17.70 30.60 12.90 0.81 0.21 1.12
82.60 219.80 137.20 0.26 0.05 0.33
incl. 82.60 131.40 48.80 0.45 0.09 0.58
NGKOP23034 413029.8 7072427.4 108.0 26.0 48.0 377.40 34.90 54.30 19.40 0.14 0.14 0.35
incl. 44.50 48.35 3.85 0.27 0.29 0.70
208.20 313.90 105.70 0.78 0.14 0.99 Note 6A
incl. 208.20 242.40 34.20 1.17 0.16 1.41
incl. 209.60 213.85 4.25 4.28 0.33 4.77
incl. 276.15 313.90 37.75 1.03 0.21 1.34
incl. 299.65 307.60 7.95 2.55 0.42 3.18
Fennia
Gold		 2024 DD NGKOP24035 413322.0 7072921.4 108.1 25.0 55.9 131.50 35.65 128.40 92.75 0.40 0.14 0.61 Note 7
incl. 94.90 111.95 17.05 0.62 0.27 1.02
NGKOP24036 413351.4 7072866.2 108.5 22.1 46.0 91.30 9.90 77.95 68.05 0.42 0.07 0.52
incl. 9.90 23.45 13.55 0.97 0.05 1.04
incl. 9.90 12.15 2.25 4.15 0.08 4.27
incl. 60.65 64.80 4.15 1.84 0.17 2.09
NGKOP24037 413378.0 7072943.3 107.4 21.9 46.6 100.65 8.90 16.15 7.25 0.56 0.11 0.72
33.65 86.55 52.90 0.39 0.12 0.57
incl. 33.65 38.60 4.95 0.86 0.12 1.04
incl. 52.25 66.05 13.80 0.65 0.16 0.89
NGKOP24038 413507.7 7072874.4 106.5 34.9 44.7 62.00 16.60 28.80 12.20 0.52 0.14 0.73
incl. 21.90 26.10 4.20 0.76 0.24 1.12
58.00 62.00 4.00 0.39 0.26 0.78

  • 1 Types of drilling: DD = diamond drill core, RC = reverse circulation drilling.

  • 2 Coordinate system: ETRS-TM35FIN (EPSG: 3067).

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

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

  • 5 All AuEq calculations were based on 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 (%).

  • 6 Metrics Applied for Cut-offs and Other Information (if known):

  • Note 1: Metrics unknown. Source: GTK Mineral Deposit Report 2025 - 133 Sorola

  • Note 2: 0.5 g/t Au cut-off, 7m @ 0.0 g/t Au internal dilution. Grade-thickness limit 2 g*m. Holes with azimuth 86-98°, 145-151°, and 265-271° may overrepresent the intersection widths (Kopsa 2012 NI 43-101 report).

Note 3: Metrics unclear. Holes with azimuth 149-150° may overrepresent the intersection widths (Kopsa 2008 NI 43-101 report). Note 4: No significant grades were reported. Source: Glenmore Highlands 1999 report on Kopsa exploration activities. Note 5A: 0.5 g/t Au cut-off. Source: 22 May 2023 Northgold press release Note 5B: 0.3 g/t Au cut-off. Source: 6 Apr 2024 Northgold press release. Note 6A: 0.3 g/t Au cut-off. Source: 2 Nov 2023 Northgold press release

Note 6B: 0.3 g/t AuEq cut-off. Source: 2 Nov 2023 and 7 Dec 2023 Northgold press releases. Note 7: 0.5 g/t AuEq cut-off. Source: 9 Jan 2025 Northgold press release.

21

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Appendix 2

Information on the Geophysical Surveys at Kopsa during 2022 and 2023

Induced Polarisation Survey in 2022

An induced polarisation (IP) survey was completed by GRM-Services Oy in Kopsa in 2022, consisting of four 2D profiles. The locations of the profiles and stations are presented in Figure 9. In total 6.4 line kilometres were surveyed with 50m receiver dipoles and 100m transmitter dipole. Transmitter dipole was moved in 50m intervals. Surveys were conducted with following equipment:

IP RECEIVER: GDD GRx32, recording Full Waveform all the dipoles (32 x 50) on a line simultaneously for every Transmitter point.

ELECTRODES: PbCl2 as potential electrodes and stainless steel as current.

IP TRANSMITTER: IRIS instruments TIPIX transmitter, injected current was 260 mA – 1960 mA with mean current being 850 mA.

POSITIONING: Garmin GPS.

Survey utilized a modified dipole-dipole survey configuration. All lines were recorded with a = 50m. Receiver dipoles were laid for the entire line and connected to the receiver, then current electrodes were moved through the spread resulting varying n-values of 0.5 – 32 along the spread. Electrode locations were positioned with a standard Garmin GPS. IP transmitter was operated in Time-Domain with 50% duty cycle at 0.125Hz (2 seconds on / 2 seconds off). Minimum of three repeat readings were taken at each station.

IP data processing and Quality Control consisted of removing bad readings from the Resistivity data as well Chargeability data. The first pass quality assessment was done from pseudosections produced by gridding the derived Chargeability (M) and Apparent Resistivity against pseudodepth locations, and final cleaning was done during the 2D inversion process by assessing if the responses could be modelled or not. 2D-sections of Resistivity and Chargeability were produced through 2Dinversion modelling, where the calculated result of the model fits with the measured data within a specified error (5-8%).

The chargeability results were somewhat inconclusive, since the larger high chargeability anomalies could be only partially correlated with known mineralisation from diamond drilling. However, the resistivity anomalies were regularly interpreted to be associated with known mineralisation, especially with the more chalcopyrite- and pyrrhotite-rich sulphide assemblage that are observed deeper in the Kopsa resource and north from it. Some of the anomalies appear to connect to the historic Sorola copper prospect. The results from the IP survey, especially the resistivity results, led Northgold to test electromagnetic geophysical methods in Kopsa, in order to better understand the low-resistivity or conductive zones below the Kopsa resource.

Borehole Electromagnetic Survey in 2022

Borehole electromagnetic surveys (BHEM) were completed by GRM-Services Oy, using five drill holes (BELKOPDD043[] , NGKOP22004[] , NGKOP22007[] , NGKOP22009[] , NGKOP22010[*] ) and three separate transmitter loops in Kopsa in 2022. The locations of the used drill holes and transmitter loops are presented in Figure 10. For hole NGKOP22010, the used survey parameters were: spacing, 10m; receiver, DigiAtlantis; frequency, 2.5Hz; component, A,U,V; transmitter, Zavet; Tx current, 34A; Off time, 100 ms; and turn Off, 0.325 ms. For all other holes, the other parameters are the same, except: station spacing, 5-10m; frequency, 2.0833Hz; Tx current, 23A; Off time, 120.0019ms; and turn Off, 0.5ms.

Multiple Maxwell plate models were modelled to best fit the surveyed signals. The resulting models suggest conductive zones coinciding with the resistivity anomalies from the IP survey, indicating potential for sufficiently high conductivity / low resistivity zones below Kopsa resource, that could be surveyed from the ground surface using a fixed loop electromagnetic (FLEM) method.

22

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Borehole (BHEM) and Fixed Loop (FLEM) Electromagnetic Surveys in 2023

Two fixed loop surveys were completed by GRM-Services Oy in Kopsa in 2023, and also one drill hole (NGKOP23034) was also used with the same two transmitter loops for BHEM surveys. The locations of the used transmitter loops, receiving stations and the BHEM drill hole are presented in Figures 11 and 12. The shared survey parameters between FLEM and BHEM were: loop size, 750x750m; Tx current, 38A; transmitter, Zavet; frequency, 2.5Hz; receiver, and SMARTem24. Additional FLEM survey parameters were: sensor, EMIT Fluxgate; line spacing, 120-275m; station spacing, 50-100m; station count, 451; and line distance, 29.15km. Additional BHEM survey parameters were: sensor, EMIT DigiAtlantis; and station spacing, 5-10m.

The modelling from different selections of FLEM survey data resulted in three resolved conductors, named Conductor-1, Conductor-2 and Conductor-3, which can be interpreted as three anomalous conductive zones in the bedrock, and which correspond well with the anomalies identified from the BHEM and IP resistivity in 2022. Conductor-2 is located in the middle of the Kopsa intrusion, below the resource, making it the most prominent target for future exploration. Conductor-3 lies deeper and possibly below the intrusion, sharing the same main characteristics with Conductor-2: both display a shallow dip towards southwest and their conductance is around 20 Siemens. In contrast, the near-vertical Conductor-1 is located southwest from the resource, showing conductance of around 750S, significantly higher than other identified conductors. Other mineralized zones may be present around Kopsa resource even if they were not recognized in this survey, due to the used configuration and electrical properties of the conductive and nonconductive regions in the bedrock.

As indicated by the more detailed and localized conductive anomalies modelled from the BHEM survey, Conductor-2 may comprise of repeated steeper-dipping conductive zones forming a structural envelope roughly along the larger modelled plane, instead of a single continuous shallowdipping zone. Conductor-2 broadly coincides with low-resistivity anomalies of several IP profiles from 2022. Similar to the composite-type appearance of the Conductor-2, the overall shapes of the low-resistivity anomalies are interpreted to be caused by several southward-dipping parallel zones, rather than a large continuous low-resistivity body. The only drill intersection potentially correlating to the Conductor-2 is from NGKOP22010, the only extended hole on the property, which is interpreted to have intersected a distal part of the conductive zone (0.33g/t Au and 0.26% Cu over 19.70m from 332.00m, see Appendix 1). Due to the proximity of the Conductor-2 or a strong localized conductor modelled from BHEM close to the end of the hole, further hole extensions are recommended. In addition, at least one new deep drill hole is recommended to test the most probable location of the conductive zone related to Conductor-2.

Conductor-1 was detected in both the FLEM survey and as a low-resistivity anomaly in the 2022 IP survey, with coincident surface anomalies in historical ground magnetic field surveys. Some diamond drilling has been historically conducted to test parts of the surface anomalies, but these did not extend to the depths where the FLEM and BHEM signal sources are located. Conductor-1 is considered a prime target to be tested by diamond core drilling.

  • GRM-Services Oy, Kopsa 2D IP Survey, May-Jun 2022.

  • GRM-Services Oy, Survey report from BELKOPDD043 BHEM, 5th Aug 2022.

  • GRM-Services Oy, Survey report from NGKOP22009 BHEM, 4th Aug 2022.

  • GRM-Services Oy, Survey report from NGKOP22007 BHEM, 3rd Aug 2022.

  • GRM-Services Oy, Survey report from NGKOP22004 BHEM, 3rd Aug 2022.

  • GRM-Services Oy, Survey report from NGKOP22010 BHEM, 20th Sept 2022.

  • Northgold AB, Kopsa FLEM 2023 Report, Includes NGKOP23034 BHEM, Nov 2023.

  • Northgold AB, press release, Electromagnetic survey identifies new exploration targets beneath and southwest of the Kopsa resource, signaling new growth potential, 6[th] Feb 2024.

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Figure 9: Station locations on four profiles (L1 to L4) used in the IP survey in Kopsa in 2022. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

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Figure 10: The drill holes (BELKOPDD043, NGKOP22004, NGKOP22007, NGKOP22009, NGKOP22010) and ground surface transmitter loop locations used in the BHEM surveys in Kopsa in 2022. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

25

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Figure 11: Location and geometry of the “Loop 1” transmitter loop (blue) used in the BHEM and FLEM surveys, the drill hole (NGKOP23034) used in the BHEM survey, and ground surface receiver stations (black) used in the FLEM survey, in Kopsa in 2023. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

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Figure 12: Location and geometry of the “Loop 2” transmitter loop (red) used in the BHEM and FLEM surveys, the drill hole (NGKOP23034) used in the BHEM survey, and ground surface receiver stations (black) used in the FLEM survey, in Kopsa in 2023. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

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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
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 were sourced using diamond
drilling (DD) or reverse circulation drilling (RC).
•
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, 22 DD holes for 4,521.00m and 32 RC holes for 2,115.00m
were drilled by Baltic Minerals Finland / Glenmore Highlands (GH),
108 DD holes for 10,175.09m were drilled by Belvedere Resources /
Belvedere Mining (BEL), and 38 DD holes for 6,623.05m were drilled
by Northgold (NG).
•
GH hole azimuths were 13-15°, 145-151°, 194.7°, and 329.2° with
dips ranging between 44° and 60°, BEL hole azimuths were 19-31°,
39-68°, 86-98°, and 197-271° with dips ranging between 43° and
61°, and NG hole azimuths were 15-35° and 203-204° with dips
ranging between 40° and 56°.
•
All historical DD and RC used in resource estimation was
commissioned and managed by GH, BEL or NG. Additionally, earlier
drilling was commissioned and managed by the Geological Survey of
Finland (GTK) and Outokumpu, but this data is not used in the MRE
(See more details in Section 2, “Drill hole information”).
•
All core was logged in detail and partially assayed by GH, BEL or NG.
•
4 Outokumpu DD core and 1 GH DD core were relogged by NG at the
Finnish National drill core archive in Loppi, and 2 BEL DD core were
relogged by NG at the Pyhäsalmi Mine logging facilities during 2022.
•
Density measurements were made from the BEL drilling for 76 drill
holes and for 3,512 samples, and from the NG drilling for 33 drill
holes and for 5,616 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 if so, by what method, etc).		 •
GH DD was 32mm T46 core which was not oriented, and the RC was
133mm diameter holes drilled using the Tamrock D10 reverse
circulation rig.
•
BEL diamond drilling used 61.7mm T76, 76.3mm WL76, 42mm BGM,
39mm WL56, and 50.5mm BGM core, of which 80 holes were not
oriented and 28 were oriented.
•
NG diamond drilling was 50.7mm NQ2 core, all of which was oriented.

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Criteria JORC Code explanation Commentary
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 NG. Out of the 8,396
samples assayed from BEL DD, only 536 (6.4%) are recorded as
having core loss. The average core loss is 0.16 m relating to samples
with an average interval of 1.12 m. Against 6,078 samples from NG
DD, 28 core loss intervals were recorded, with an average core loss of
0.31m.
•
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
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. _		 •
Logging was completed by each company managing the drilling.
•
The logging is qualitative and quantitative.
•
Core photos were taken by BEL and NG. It is unknown if core photos
were taken by GH.
•
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 GH and BEL 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, additional quarter of the
GH and BEL core was sent for duplicate assays.
•
In the 2022 drill program by NG, samples were sawn longitudinally
such that ½ core was sent to the laboratory. The core samples for
drill holes NGKOP22001-NGKOP22009, upper part of NGKOP22010,
and NGKOP22011-NGKOP22014 were sent to Eurofins Mineral Testing
laboratory in Oulu, Finland, for sample preparation. The core samples
for drill holes NGKOP22015-NGKOP22025 and the lower part of
NGKOP22010 were sent to ALS Geochemistry laboratory in
Outokumpu, Finland, for sample preparation.
•
In the 2023 and 2024 drill programs by NG, full drill core samples
were sent to the ALS Outokumpu facilities, where they were sawn
longitudinally such that ½ core was taken for sample preparation.
•
GH DD sample size varied between 0.1 – 2.5m, average sample size
was 0.93m, total n of samples 4,025.
•
GH RC sample size was always 1m, total n of samples 1,861.
•
BEL sample size varied between 0.1 – 3.75m; average sample size
was 1.05m, total n of samples 8,393.
•
NG sample size varied between 0.3 – 2.2m; average sample size was
0.89m, total n of samples 6,078.
•
It is considered that the sample sizes used are appropriate for the
mineralisation at Kopsa.

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Criteria JORC Code explanation Commentary
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.		 •
GH and BEL used fire assay for gold and aqua regia or 4-acid
leach/digestion for copper and/or multielement assays.
•
In the 2022 drilling by NG, the samples sent to Eurofins Mineral
Testing laboratory in Oulu were then sent to Eurofins Ahma Oy
laboratory in Oulu for four-acid digestion and leach, and
ICPOES/ICPMS analysis (method code: 304PM). The samples sent to
ALS Geochemistry laboratory in Outokumpu were then sent to ALS
Hub laboratory in Loughrea, Ireland, for four-acid digestion and leach,
and ICPOES/ICPMS analysis (method code: ME-MS61).
•
In the 2023 drilling by NG, samples were sent from ALS Outokumpu
to ALS Hub laboratory in Loughrea, Ireland, for PbO fire assay and
ICPOES or gravimetric analysis (method code: Au-ICP22 for <10 ppm
Au and Au-GRA22 for >10 ppm Au samples), for four-acid digestion
and leach, and ICPOES/ICPMS analysis (method code: ME-MS61).
•
In the 2024 drilling by NG, samples were sent from ALS Outokumpu
to ALS Hub laboratory in Loughrea, Ireland, for PbO fire assay and
ICP-AES analysis (method code: Au-ICP22), and for aqua regia acid
digestion and ICP-AES analysis (method code: ME-ICP41a).
•
NG has included periodic blank and standard samples in all of its
assays to assess the performance of the used laboratory.
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.
•
Discuss any adjustment to assay data.		 •
As part of the 2013 PEA report by BEL, SRK Consulting conducted
external verifications: an inspection of several drill collars at the
Kopsa site to confirm their locations; drill core inspection of nine BEL
holes with good spatial representation across the deposit, cross-
checking geology, mineralization, sample interval and sample
numbers against the BEL drill database; and collection of 44 coarse
reject samples for check assaying, selected by SRK on the basis of
their spatial and temporal representivity.
•
NG has drilled a specific twin hole for one of the high-grade BEL holes
(BELKOPDD043 confirmed by a twin hole NGKOP22001), and also
multiple infill holes into the historic resource by BEL.
•
Historical data for previous drilling campaigns were purchased in 2017
by Fennia Gold from the bankruptcy estate of Belvedere Mining.
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.		 •
Drill collar locations were detailed in an Access/Excel database
purchased from Belvedere Mining.
•
Locations and elevations have been DGPS-surveyed by BEL for the
pre-2022 collars, and by NG for the later collars. An additional
elevation dataset for confirmation has been determined from Finnish
National Land Survey’s LiDAR digital terrain model with a 2m lateral
grid size and an estimated 30cm absolute and significantly higher
relative accuracy for elevation.
•
GHandBEL holes down-hole deviationswere surveyed using

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Criteria JORC Code explanation Commentary
unknown instruments. All NG holes down-hole deviations were
surveyed using the Devico Deviflex 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 infill resource drilling to initial exploration drilling
around the known resource, which is reflected in different
classifications in the MRE. In the central parts of the MRE, drilling is
more systematic ordered along loosely defined profiles, and in distal
parts more irregular with larger spacing.
•
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.		 •
The generalized deposit-scale envelope of the mineralisation is
interpreted to dip ~20° towards south, whereas the smaller-scale
structures (lodes, veins) have a near-vertical attitude and strike
varyingly from E-W to NE-SW.
•
The majority of BEL drilling and almost all NG drilling has therefore
been drilled in azimuth between 22-28° or 202-208°, and in dip
between 45° and 50°, in order to get as near perpendicular to the
interpreted lode orientation as possible and collect meaningful
structural data.
•
Intersections are quoted as down hole lengths; true thicknesses are
estimated to be ~70-80% to that of the down hole thickness, apart
from a significant part of GH drilling and the first BEL drill program
drilled in unfavourable orientation, in azimuth between 86-98°, 145-
151°, and 265-271°, i.e. in shallow angles to the primary planar
structures.
•
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 NG 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 NG personnel.
Audits or reviews •
The results of any audits or reviews of sampling
_techniques and data. _		 •
None.

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		 •
The tenements are located in Haapajärvi, Finland, and held by Fennia
Gold Oy, a 100% owned subsidiary of NG.
•
All results in this announcement pertain to the tenement package
consisting of the exploration licenses (type of license by Finnish
Mining Law nomenclature and status in parentheses): Kopsankangas
7405/1(Claim,valid),Kopsankangas2 7686/1(Claim,valid),Kopsa

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Criteria JORC Code explanation Commentary
with any known impediments to obtaining a license to operate in
the area.		 S ML2022:0062 (Exploration Permit, under appeal).
•
In addition to exploration licenses, Fennia Gold Oy holds two mining
licences in progress (type of license by Finnish Mining Law
nomenclature and status in parentheses): Kopsa K7405 (Mining
Concession, conditionally approved), Kopsa KL2022:0005 (Mining
Permit, application for an auxiliary area to secure road access to the
site).
•
No known impediments to obtain the mining license on the current
layout of the Mining Concession, or to continue exploration on the
current layouts of the two Claims.
•
The Exploration Permit, around the Kopsa Mining Concession and
Claims, received approval from the Finnish Mining Authority Tukes,
but the decision was appealed and is being processed in Court.
Additionally, two different wind power projects have plans
overlapping with the Exploration Permit, but any zoning plans are not
currently approved or being processed.
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 GH, BEL or NG. Additionally, earlier
drilling was commissioned and managed by the GTK and Outokumpu,
but this data is not used in the MRE (See more details in Section 2,
“Drill hole information”).
•
NG conducted geophysical surveys, including 2D induced polarization
in 2022, and borehole and fixed loop electromagnetic surveys in 2022
and 2023.
Geology •
Deposit type, geological setting and style of mineralisation.		 •
The main commodities of interest in the Kopsa projects are gold and
copper. The main economic minerals of interest are native gold (fine-
grained inclusions in arsenopyrite and chalcopyrite) and chalcopyrite.
The bulk of the mineralisation occurs as disseminated and veinlets or
stringers of sulphides with quartz veins, but there are also semi-
massive sulphide veins.
•
The main mineralised lithologies are tonalite, quartz diorite, diorite
and plagioclase porphyry inside an intrusive unit usually referred to as
“Kopsa tonalite”. Also, some mineralisation is hosted by
metasedimentary rocks surrounding the Kopsa tonalite.
•
The host intrusion and the surrounding metasedimentary and other
units 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: _		 •
Drill collar table with significant intercepts presented in_Appendix 1_. All
drill holes used in the calculation of the MRE are reported, and in
addition, twoholes that arereferred toin figures and announcement

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Criteria JORC Code explanation Commentary
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.		 are also reported.
•
32 of the drill holes are reverse circulation holes, all other drill holes
are diamond cored.
•
Historic drill holes missing essential information or high expectation of
quality issues (collar location, downhole survey information, assay
quality) were not used in the calculation of the MRE and are not
considered Material information.
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 varying primary
cut-off levels of gold (stated as “g/t Au”) or calculated gold
equivalence (stated as “g/t AuEq”), as stated in the_Appendix 1._No
new intersections are calculated for this announcement, but instead all
intersections are sourced from previous reports for highest
comparability to available publications.
•
No max. internal dilution, top cuts or other additional limits have been
applied to the reported grades, unless otherwise stated.
•
All gold equivalence calculations were based on 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 metallurgical
results. Resultant formula applied is AuEq (g/t) = Au (g/t) + 1.49*Cu
(%).
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’).		 •
The true thickness of mineralisation cannot be established with a high
degree of certainty at this point due to variations in used azimuth and
dip in different drill programs, and due to varying orientations of the
mineralized zones in Kopsa.
•
In 1997 and 2003 drill programs, holes drilled between azimuths 086-
098°, 145-151°, and 265-271° may overrepresent the composite
intercept widths significantly. Otherwise in all drilling by GH, BEL and
NG, the true thickness is estimated to be ~70-80% of the downhole
thickness estimated for other drill holes.
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 the announcement: Plan
view of Kopsa and the location of drill holes in Figure 3, cross section
of Kopsa showing outlines of the latest MRE, drill intercepts and also
surrounding geophysical anomalies in Figure 4.
•
Holes 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		 •
All available relevant information is reported.

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Criteria JORC Code explanation Commentary
reporting of Exploration Results.
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.		 •
NG conducted a 2D induced polarization (IP) survey in Kopsa in 2022.
•
NG conducted borehole electromagnetic and fixed loop
electromagnetic (FLEM) surveys in Kopsa in 2022 and 2023.
•
The details of these surveys, including map figures, are presented in
Appendix 2.
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.		 •
Diamond drilling with 4,500 meters total is planned for 2025, post
deal completion. The drilling is focused on continued resource growth
in Kopsa, with some drilling planned for testing nearby targets
somewhat farther outside the resource.
•
An additional FLEM survey is planned northeast from the previous
FLEM surveys, to better delineate the low-resistivity zones north from
the current resource.
•
A ground magnetic survey is planned to cover the area on top of and
around the resource to better delineate magnetic anomalies to help
target generation and structural interpretation.
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 Hannu Makkonen completed a site visit to
logging facilities and drill site on 15 Aug 2022, during the 2022 drilling
campaign. No Material issues found, and a list of suggestions for some
improvements was handed to NG.
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 general overall interpretation of mineralisation is clear as the
mineralised zones are defined through sufficiently dense drilling,
especially in the core of the resource.
•
In the estimation of Measured resources, the drilling density inside the
mineralized zones varies from few meters up to 30 meters, and the
realized average search distance in block estimation was 17m.
•
Inthe estimationof Indicatedresources, the drilling densityvaries

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Criteria JORC Code explanation Commentary
•
The factors affecting continuity both of grade and geology.		 from a few meters up to 60-70 meters, and the realized average
search distance in block estimation was 25m
•
In the estimation of Inferred resources, some mineralization on the
outer edge of the mineralized area was penetrated only with few
drillhole meters, and the realized average search distance in block
estimation was 35m.
•
Effects of alternative geologic models were not tested.
•
The impact of geology on mineralisation has been applied through the
modelled 3D objects representing low to high grade lodes/zones.
•
The geological continuity of the mineralised zones has been reinforced
by successive drilling campaigns. Some significant uncertainty
remains on the continuity of mineralized zones in the margins of the
resource.
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): 750
•
Overall Width (m): 550
•
Maximum Depth (m): 285
•
True Thickness of Mineralised Zones (m): 100-200
•
Dip: 20°
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 _		 •
As NG used the 2012 MRE model by BEL as a starting point, the same
assumptions and methods were applied in all MRE’s by NG, including
the latest MRE.
•
It is considered that gold is the principal product, with copper as a
secondary product. Potential other by-products may be silver and
tungsten, but they are not yet included in the latest MRE.
•
The 3D block models were based on a parent block size of 10m x 10m
x 5m, with sub-blocks generated down to a resolution of 5m x 5m x
5m. This block size is considered the most appropriate shape
considering the morphology of the mineralization and the distribution
of sample information.
•
There is some correlation between the Au and Cu grades.
•
The interpretation of mineralised zones subsequently controlled
selected samples and zone composites, and then the resource block
models.
•
The block model was populated by Inverse Distance Weighted
interpolation of Au and Cu grades separately, where Au grade was
top-cut to 20 g/t, based on outliers identified from histograms and
probability plots of the domain sample populations. Gold equivalence
was calculated from the resulting Au and Cu grades for each block
separately, for the basis of cut-off grades (see Criteria “Cut-off
parameters” for more details).
•
Both statistical and spatial aspects of validation were
completed.Visual inspection included comparisonofblockgrades

35

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Criteria JORC Code explanation Commentary
reconciliation data if available. versus composite values on vertical sections. This did not show any
unusual problem when compared with drillhole grade across sections.
•
Statistics included comparison of global mean of the block model
values to the global mean of the composites used for the estimation.
The block model has slightly under-represented the gold. Copper in
the block model shows good agreement with the composite samples.
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 main reference cut-off used for resource estimation was 0.5 g/t
AuEq. The gold equivalence calculations were based on using
US$1,500/oz gold price and US$7,166/t copper price. 80% recovery
factor for both Au and Cu applied. Resultant formula applied is AuEq
(g/t) = Au (g/t) + 1.49*Cu (%).
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 mining 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 Kopsa, reported in the 2012
Technical Report and 2013 PEA.
•
The gold mineralisation was reported as fine-grained, but not
refractory.
•
In 2005, a total of 61 whole drill core interval samples and one
master composite, taken from the GH DD KDD-1 and KDD-12, were
tested at McClelland Laboratories Inc, in Nevada, USA for
metallurgical studies. At 75 micron grind, 79-87% Au recovery was
reported, and Au recovery increased to 90% at a 45 micron grind.
•
In 2011, a batch of samples was sent to SGS Minerals Services in
Cornwall, UK. 66.5 kg of material taken from BEL DD BELKOPDD001,
BELKOPDD002 and BELKOPDD008 as well as 67 kg of already
composited material from the above holes as well as BELKOPDD009,
in total 133.15 kg of material was received by SGS. With 80% of
material at -45 micron size, recoveries of >90% for both Au and Cu
were generated.
•
In 2013, further work was conducted on the remnant samples at SGS
in Cornwall. This work focused on optimizing recoveries by producing

36

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Criteria JORC Code explanation Commentary
two concentrates: a high grade Cu concentrate and a bulk sulphide
concentrate. The test work involved flotation tests, cleaner tests,
locked cycle tests, cyanidation tests and Ball Mill Work Index tests.
•
Based on these results, recoveries of 80% for both Au and Cu have
been employed when calculating gold equivalence.
•
In 2013, Optical and X-Ray sorting tests were carried out by Tomra in
Hamburg, Germany on a 50 tonne outcrop sample from Kopsa by
Tomra. The testing utilized different size fractions ranging from
>40mm to <8mm. The Optical testing was reported to be generally
ineffectual. The X-Ray test work exhibited significant upgrading of Au
and to a lesser extent Ag, with only minor upgrading of Cu, with the
smaller size fractions performing better.
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
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. _		 •
BEL had started and at least partially completed environmental impact
assessment between 2013 and 2014. Although the Finnish Centre for
Economic Development, Transport and the Environment considered
the assessment generally sufficient, and no obvious issues that would
prevent further development of Kopsa were stated in the assessment,
the work is considered historical and many of the assumptions are
outdated, and thus needs to be updated.
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 ½ core samples, using
water immersion.
•
No voids present.
•
An average of 2.74 tonne/m3from a total of 9,128 density
measurements was used as a fixed value for contained gold and
copper 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
latest MRE report (2024 report and 2025 addendum in NG website).
•
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

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Criteria JORC Code explanation Commentary
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
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.		 •
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.

38

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