NORDIC RESOURCES LTD — Interim / Quarterly Report 2022

Jan 24, 2023

DECEMBER 2022 QUARTERLY REPORT

Maiden nickel sulphide exploration program commences in Northern Finland following delivery of first diamond drill rig and positive results from geophysics

HIGHLIGHTS

• Preparations for Nordic’s maiden 14-month diamond drilling campaign at the Hotinvaara Prospect were completed, with the first of two diamond drill rigs delivered to Pulju and drilling now underway.

• Down-hole Electromagnetic (DHEM) survey results from 17 historical drill-holes at the Hotinvaara Prospect revealed further EM conductors, with 11 conductor plates identified at locations where historical assays of >0.5% Ni were returned.

• Moving Loop Electromagnetic (MLEM) survey underway to further assist in modelling conductor plates and defining extensions to, as well as new zones of, nickel mineralisation.

• Inaugural Environmental, Social and Governance (ESG) Disclosure Report for 2022 released.

• Nine new ELAs and one new Reservation Area application made as a result of positive outcomes from an ongoing geological review of the nickel prospectivity of the district.

• On 22 December 2022, the Company announced the appointment of an expert technical team in Finland and Australia with significant nickel exploration experience.

• In January 2023, Nordic was accepted into BHP’s inaugural Xplor program, providing non-dilutionary exploration funding for metals vital to the energy transition.

• Cash of $9.75m as of 31 December 2022.

Nordic Nickel Limited (Nordic Nickel or the Company) (ASX: NNL) is pleased to report on its activities for the period ending 31 December 2022.

PULJU NICKEL PROJECT

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

The known nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks with high-grade, massive sulphide lenses and veins enveloped by very large, lower grade disseminated nickel near-surface. The disseminated nickel at Pulju is widespread and indicates the presence of a vast nickel-rich system as indicated by the near-surface Maiden JORC

(2012) Mineral Resource Estimate of 133.6Mt @ 0.21% Ni, 0.01% Co[1] . However, the known highgrade known massive sulphides in the system will be the primary target for the upcoming drill campaign at Hotinvaara.

Pulju is located 195km from Boliden’s Kevitsa Ni, Cu, Au-PGE mine and 9.5Mtpa processing plant in Sodankylä, Finland. Kevitsa provides feed for the 19ktpa Harjavalta smelter, which is located approximately 950km to the south and processes concentrate from Kevitsa’s low-grade disseminated nickel sulphide ore (Mineral Resource Estimate Ni grade ~0.21%). Europe’s only other smelter is Terrafame’s 37ktpa Sotkamo smelter, which is located 560km from Pulju.

==> picture [441 x 362] intentionally omitted <==

Figure 1: Location of Pulju Nickel Project and Europe’s entire nickel smelting and refining capacity.

Management Comment

Commenting on the December Quarterly Activities Report, Nordic Nickel Managing Director, Todd Ross, said: “We have made great progress this quarter with the completion of preparations for our maiden diamond drilling program at our flagship Pulju Nickel Project, paving the way for the delivery of our first rig and the start of drilling in January – with a second rig due by the end of the month. “We also completed our second geophysics program during the quarter and we currently have an MLEM survey underway which will help us to further refine the initial exploration targets during our 14-month diamond drill campaign.

1 Refer to ASX announcement 7 July 2022 “Nordic Delivers Maiden 133.6Mt Mineral Resource – 278,520t Ni and 12,560t Co”.

“In early January, Nordic Nickel was selected to participate in the inaugural BHP Xplor Program, an innovative program designed to assist early-stage exploration companies to accelerate their exploration plans. This was a very exciting development for Nordic shareholders and provides additional validation of the quality of the Pulju Project and its enormous district-scale potential. “With our maiden drill program now well underway, we are gearing up for what we expect will be a very exciting year ahead.”

Exploration Activity

During the quarter, the Company reported the initial results from a substantially completed DownHole Electromagnetic (DHEM) survey received from 17 historical drill-holes at the Hotinvaara Prospect, part of the Pulju Project (see ASX release dated 29 November 2022). An additional seven drill-holes were found to still be open and will be surveyed later this winter.

All drill-holes revealed electromagnetic (EM) conductors, with 11 conductor plates identified at locations where historical assays of >0.5% Ni were intersected. The DHEM method has proven to be an effective tool for defining zones of nickel sulphide mineralisation in the CLGB and the modelled conductor plates confirm the continuity of nickel mineralisation in multiple directions, as well as outstanding potential to expand the existing shallow Mineral Resource Estimate.

A Moving Loop Electromagnetic (MLEM) survey due to be completed in Q1, 2023 will further assist in modelling conductor plates and defining extensions to, and new zones of, nickel mineralisation.

Preparations for the Company’s maiden 14-month diamond drilling campaign at the Hotinvaara Prospect were completed during the quarter with the first of two diamond drill rigs delivered to Pulju in early January 2023 and the second scheduled to be delivered by the end of January.

Inaugural ESG Report

During the quarter, the Company released its inaugural Environmental, Social and Governance (ESG) Disclosure Report for 2022 (refer ASX release dated 12 October 2022). Nordic Nickel is committed to discovering and developing sustainably and ethically sourced, traceable battery minerals based on best-practice ESG principles in accordance with the United Nations’ Sustainable Development Goals.

Nordic Nickel is focused on creating long-term value for shareholders, stakeholders and the communities where it operates and recognises that the development and implementation of a ESG reporting framework is the most effective way of achieving this outcome.

Exploration Licence and Reservation Area Applications

Nordic Nickel submitted nine new Exploration Licence Applications (ELAs) within the Pulju Project area and one completely new Exploration Reservation Application immediately south of Pulju during the quarter (refer ASX release dated 8 November 2022).

The new ELA’s and Reservation Applications were a result of positive outcomes from the Company’s ongoing geological review of the nickel prospectivity of the district based on the previously announced historical drilling database, ground mapping and initial geophysics. The new ELA’s cover a total area of 141km[2] and the Exploration Reservation area, known as Tepasto, covers a total area of 245km[2] .

The Tepasto Reservation area includes mineral prospects first discovered by Outokumpu in the late 1970’s where approximately 4,500m of drilling was completed, with vein-hosted molybdenum (Mo) and copper (Cu) mineralisation intersected. Copper and molybdenum prospects were also subsequently identified elsewhere in the reservation area but not followed up.

Additionally, during the quarter, six Exploration Licences covering an area of 78.18km[2] and encompassing areas of known nickel mineralisation in the north-eastern area of the Pulju Project were granted by TUKES, however these six grants have subsequently been appealed.

As outlined in the ASX release dated 9 December 2022, these EL’s form part of Nordic’s longer term exploration pipeline in the Central Lapland Greenstone Belt in North Finland, being located along strike from the cornerstone Hotinvaara Prospect, and have no bearing on the Company’s ongoing and current drilling program. Details of the ELs granted by TUKES but under appeal are provided in Appendix 1.

Technical Team Appointments

On 22 December 2022, the Company announced the appointment of an expert technical team in Finland and Australia with significant nickel exploration experience. The Finnish exploration team is led by senior geologist, Juho Haverinen, who has been instrumental in recent nickel-copper discoveries in the Central Lapland Greenstone Belt (CLGB) of Finland. The Finnish team is supported by Nordic’s Australian team led by nickel expert and mining executive, Julian Hanna, and experienced geologist, Dr Lachlan Rutherford.

Highlighted activity since the end of the December Quarter

The Company confirmed the delivery of the first diamond drill rig to site on 6 January paving the way for the commencement of its 2023 exploration campaign. Multiple targets will be tested in the coming months at the Hotinvaara Prospect, with the first rig to be used predominantly to test a number of the shallower geophysical electromagnetic (EM) anomalies detected during the downhole EM surveys, as well as to expand and enhance the existing near-surface disseminated nickel sulphide Mineral Resource Estimate.

On 17 January 2023, the Company announced that it has been selected to participate in the 2023 BHP Xplor Program, a cohort-based accelerator program designed to support early-stage mineral exploration start-ups to find critical resources, such as copper and nickel, required to drive the global energy transition. BHP will provide Nordic with US$500,000 in non-dilutive funding to support and accelerate its exploration plans during the Xplor Program period. The Xplor Program provides participants not only with funding, but also with full access to BHP’s deep expertise and global partnerships.

Upcoming work programs

Planned Work Programs

• Maiden diamond drilling program at Pulju Project – commenced January 2023

• Completion of ground magnetic survey at Pulju Project – January 2023

• First drill-hole assays for Pulju Project – February/March 2023

• Pulju Project – Completion of a Moving Loop EM – January 2023

• Pulju Project – Completion of UAV magnetic survey – April 2023

• Maaninkijoki 3 – Ground magnetic survey – April 2023

Corporate information as at 31 December 2022

ASX Code:	NNL	Directors and Officers:	Directors and Officers:
Quoted Ordinary shares on issue:	58.5m	Managing Director & CEO	Todd Ross
Restricted ordinary shares on issue:	56.8m	Independent Non- Executive Chairman	Marcello Cardaci
Unlisted Options ($0.25 to $0.50):	14.65m	Executive Director	Robert Wrixon
Share price range since listing:	$0.18 to $0.325	Non-Executive Director	Juho Haverinen
Share price end of Quarter:	$0.20	CFO & Company Secretary	Aaron Bertolatti
Market cap (at $0.19)	$33.4M

Financial Commentary

The Quarterly Cashflow Report for the period ending 31 December 2022 provides an overview of the Company's financial activities.

• The Company is in a strong financial position with A$9.75 million in cash at the end of the quarter. This is considered sufficient to fund corporate costs for the remainder of CY 2023 and also facilitate the acceleration of exploration programs across the Company’s nickel assets in the CLGB in Finland.

• Expenditure on exploration during the reporting period amounted to A$391k, and included technical consulting fees, geophysical works and field program costs. The Company also acquired plant and equipment for a cost of $31k.

• Payments for administration and corporate costs amounted to $361K and related to costs for and associated with compliance, consulting fees, conferences and business development. The aggregate amount of payments to related parties and their associates included in the current quarter cash flows from operating activities was $138k (refer to Table 2).

Item	Current	Previous
	Quarter(A$)	Quarter(A$)
Directors’ Remuneration
Managing Director’s Fees	75,340	75,340
Non-Executive Chairman’s Fees	15,000	15,000
Non-Executive Director Fees	48,000	39,000
Total payments to related parties and their associates	138,340	129,340

Table 2: Payments to Related Parties of the Entity and their Associates

Statement of Commitments

The current quarter is covered by the Statement of Commitments[1] outlined in the Prospectus dated 8 April 2022. A summary of expenditure to date is outlined below:

			Total ($) 392,593 12,000,000 12,392,593 50,000 100,000 1,105,000 500,000 6,565,000 160,000 200,000 100,000 200,000 1,011,250 1,800,000 601,343	Total ($) 392,593 12,000,000 12,392,593 50,000 100,000 1,105,000 500,000 6,565,000 160,000 200,000 100,000 200,000 1,011,250 1,800,000 601,343	ACTUAL
Funds available	Year 1 ($)	Year 2 ($)	Total ($)		(1 April to 31 December 2022)
Existing cash reserves			392,593
Funds raised from the Offer			12,000,000
Total			12,392,593
Allocation of funds
Data Analysis & Compilation	50,000	-	50,000		-
Lab & Field Programs (Core archive, mapping, geochemicalsampling, other non-drilling)	100,000	-	100,000		74,396
Geophysics	470,000	635,000	1,105,000		110,136
Site Access and Infrastructure Upgrades	500,000	-	500,000		2,495
Drilling	2,150,000	4,415,000	6,565,000		135,784
Modelling & Resource Estimation	80,000	80,000	160,000		943
External Consultants	100,000	100,000	200,000		162,010
CSR	50,000	50,000	100,000		-
Environmental	100,000	100,000	200,000		15,000
Expenses of the Offer	1,011,250	-	1,011,250		1,044,564
Administration costs	900,000	900,000	1,800,000		1,035,978
Working capital	501,343	100,000	601,343		117,857
Total	6,012,593	6,380,000	12,392,593		2,699,162

1 The above table is a statement of current intentions. Investors should note that the allocation of funds set out in the above table may change depending on a number of factors including the results of exploration, outcome of development activities, regulatory developments and market and general economic conditions. In light of this the Board reserves the right to alter the way the funds are applied.

Tenement Schedule

ASX Listing Rule 5.3.3: The details of the mining tenements, the location and the Company’s beneficial percentage interest held in those Tenements at the end of the Quarter is included in the Table at the end of this report as Appendix 1.

Authorised for release by: Todd Ross – Managing Director

For further information please contact:

Nordic Nickel

Media

Todd Ross – Managing Director Nicholas Read – Read Corporate T: +61 416 718 110 T: +61-8 9388 1474 E: info@nordicnickel.com M: +61-8 419 929 046 W: nordicnickel.com E: nicholas@readcorporate.com.au

Competent Person Statement

The information in this report 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. Mr Wheeler has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr Wheeler consents to the inclusion of this information in the form and context in which it appears in this report.

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

Forward Looking Statement

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

Appendix 1 – Tenement Interests

Project	Tenement Name	Area Code	Tenement Type	Status	Registered Holder	Application Date	Grant Date	Expiry Date	Area(km2)
Pulju (100% interest)	Tepasto	VA2022:0074	Exploration Reservation	Valid	Pulju Malminetsintä Oy	10/28/2022	10/28/2022	10/28/2024	245.89
	Hotinvaara	ML2019:0101	Ore Exploration Permit	Valid	Pulju Malminetsintä Oy	11/11/2019	9/20/2021	9/20/2025	4.92
	Aihkiselkä	ML2013:0092	Ore Exploration Permit	Granted - pending appeal	Pulju Malminetsintä Oy	11/4/2013	11/18/2022	TBD	15.75
	Kiimatievat	ML2019:0102	Ore Exploration Permit	Granted - pending appeal	Pulju Malminetsintä Oy	11/11/2019	11/18/2022	TBD	24.21
	Rööni-Holtti	ML2022:0009	Ore Exploration Permit	Granted - pending appeal	Pulju Malminetsintä Oy	3/9/2022	11/18/2022	TBD	18.65
	Mertavaara1	ML2013:0091	Ore Exploration Permit	Granted - pending appeal	Pulju Malminetsintä Oy	11/4/2013	11/18/2022	TBD	11.88
	Saalamaselkä	ML2022:0010	Ore Exploration Permit	Granted - pending appeal	Pulju Malminetsintä Oy	3/9/2022	11/18/2022	TBD	6.02
	Kaunismaa	ML2022:0011	Ore Exploration Permit	Granted - pending appeal	Pulju Malminetsintä Oy	3/9/2022	11/18/2022	TBD	1.68
	Holtinvaara	ML2013:0090	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	11/4/2013			14.99
	Juoksuvuoma	ML2022:0081	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	10/31/2022			26.53
	Kermasaajo	ML2022:0073	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	10/31/2022			11.37
	Kolmenoravanmaa	ML2022:0076	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	10/31/2022			15.49
	Koppelojänkä	ML2022:0075	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	10/31/2022			19.42
	Kuusselkä	ML2022:0077	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	10/31/2022			17.63
	Lutsokuru	ML2022:0074	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	10/31/2022			11.33
	Marjantieva	ML2022:0079	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	10/31/2022			11.86
	Salmistonvaara	ML2022:0078	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	10/31/2022			18.23
	Vitsaselkä	ML2022:0080	Ore Exploration Permit	Application	Pulju Malminetsintä Oy	10/31/2022			9.28
	Total								239.23
Maaninkijoki (earning 75% interest)	MJ3	ML2020:0011	Ore Exploration Permit	Valid	MagStar Mining Oy	3/21/2020	08/30/22	08/30/26	30.44

Mining Tenements disposed: Nil

Beneficial percentage interests held in farm-in or farm-out agreements: Nil

Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed: Nil

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

Nordic Nickel Limited ABN Quarter ended (“current quarter”) 13 647 455 105 31 December 2022

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - - (361) - 25 - - - -	- - - - - (554) - 25 - - - -
	(336)	(529)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - (31) (391) - -	- - (74) (577) - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(422)	(651)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	- - - - - - - - -
	-	-
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	10,468 (336)	10,750 (529)
	(422) -	(651) -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	39	179
	9,749	9,749
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	6,249 3,500 - -	6,968 3,500 - -
	9,749	10,468
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 138 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Payment of Directors’ and Consulting Fees - $138k		138
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities Credit standby arrangements Other (please specify) Total financing facilities Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
8.	Estimated cash available for future operating activities		$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (336) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (391) Total relevant outgoings (item 8.1 + item 8.2) (727) Cash and cash equivalents at quarter end (item 4.6) 9,749 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 9,749 Estimated quarters of funding available (item 8.6 divided by item 8.3) 13.4 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?		(336) (391) (727) 9,749 -
			9,749
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 25 January 2023

Authorised by: The Board of Nordic Nickel Limited

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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