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NORDIC RESOURCES LTD Management Reports 2025

Jun 17, 2025

65432_rns_2025-06-17_7e309e88-b432-4f51-ae9d-06f04dc2c0aa.pdf

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SUBSTANTIAL GOLD INTERSECTIONS VERIFIED AT THE HIRSIKANGAS PROJECT

Review confirms significant gold mineralisation with clear exploration upside at Hirsikangas, the third of the three recently acquired gold projects[1] .

HIGHLIGHTS

  • Nordic Resources has completed its verification of the drilling database at the recently acquired Hirsikangas gold project[1] .

  • The Hirsikangas project area is prospective for orogenic gold mineralisation along a 10km long magnetic anomaly, of which 75% is mostly unexplored.

  • Vast majority of the 92 holes for 11,400m of historical drilling conducted over just 2.5km of strike in the northwest, the main “Hirsikangas” prospect.

  • Gold mineralisation lies in wide zones from surface at Hirsikangas, notably[2] :

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

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

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

  • Deeper intersections show good continuation of the main zone, including[2] : − 80.2m @ 1.71g/t Au from 110.6m (R316)

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

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

  • Shallow, higher-grade intersections outside the main Hirsikangas prospect include[2] : − 7.3m @ 4.78g/t Au from 48.0m (BELHIRSI030)

    • 3.5m @ 4.84g/t Au from 35.4m (R3)

    • 5.1m @ 3.19g/t Au from 90.3m (R7)

  • Significant mineralisation has been drilled in a parallel structure 200m to the northeast of the main Hirsikangas prospect, providing immediate exploration upside.

  • Gold mineralisation from sporadic prior drilling and boulder discoveries clustered along the remaining 7.5km strike length of the structural anomaly provides further upside potential and numerous drill targets.

  • Review of historical resource information underway, aiming to compile a new JORC (2012) compliant Mineral Resource Estimate for the main Hirsikangas prospect.

  • Hirsikangas is located in proximity to the Company’s Kopsa and Kiimala Trend gold projects that already host combined near surface resources of 27Mt @ 1.11g/t AuEq for 961,800oz AuEq[3][,][4][,][5] (74% in Measured & Indicated categories, 26% Inferred category) .

1 Refer ASX Announcement “Finland Gold Acquisition Completed”, 5 June 2025.

2 Full table of Hirsikangas project drillholes and significant intersections is provided in Appendix 1. 3 Kopsa - 23.2Mt @ 0.85g/t Au and 0.17% Cu (1.09g/t AuEq) for 631,100oz Au and 38,360t Cu (814,800oz AuEq) in Total Resources (see also Table 1):

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

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

• 6.75Mt @ 0.89g/t Au and 0.19% Cu (1.17g/t AuEq) for 193,200oz Au and 12,520t Cu (253,200oz AuEq) in Inferred category.

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

5 Kiimala Trend - 3.85Mt @ 1.19g/t Au for 147,000oz Au in Indicated category at the Angesneva deposit (see also Table 1) and refer ASX Announcement “Kiimala Project Review adds Further 147koz Gold in Indicated Resources”, 29 May 2025.

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Nordic Resources Limited (ASX: NNL ; Nordic , or the Company ) has completed its review of the exploration and drilling database for the Hirsikangas gold project, one of three recently acquired gold projects[1] , and being the third and final one to be reviewed and announced to ASX.

These acquisitions have added 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. All three of the gold projects being acquired are located in the Middle Ostrobothnia Gold Belt ( MOGB ) of central Finland, all within 75km of each other (see Figures 1 and 2)

The Kopsa gold-copper project is the most advanced and has the largest known resource and the Kiimala Trend project area also hosts a significant MRE at the Angesneva deposit, see Table 1. The Competent Person confirms all material assumptions and technical parameters underpinning the Kopsa and Angesneva Mineral Resource Estimates continue to apply and have not materially changed as per Listing Rule 5.23.2.

Mineral Resources Tonnes (t) Au (g/t) Cu (%) AuEq (g/t) Au (oz) Cu (t) AuEq (oz)
Kopsa
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
Kopsa Total: 23,150,000 0.85 0.17 1.09 631,100 38,360 814,800
Angesneva
Indicated Resources 3,850,000 1.19 - 1.19 147,000 - 147,000
Angesneva Total: 3,850,000 1.19 - 1.19 147,000 - 147,000
Combined Project Resources 27,000,000 0.90 0.14 1.11 778,100 38,360 961,800

Table 1: Combined Kopsa Project and Kiimala Trend Project JORC (2012) resources.

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

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

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

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

The Company’s review of Hirsikangas demonstrates that this gold project is also well advanced and maintains exciting exploration upside along 7.5km of additional strike and in parallel structures, as detailed within this announcement. The Hirsikangas tenements host a historical, non-compliant near-surface gold resource estimate at the main Hirsikangas prospect area. Now that the full exploration database has been reviewed and the drilling database verified, the Company is currently working to compile a maiden JORC (2012) compliant Minerals Resource Estimate (MRE) at Hirsikangas and will update the market immediately upon its at its completion.

Management Comment

Commenting on the Hirsikangas project review, NNL’s Executive Director, Robert Wrixon, said: “Nordic remains focused on further exploration and development of the substantial Kopsa goldcopper project as the near-term priority. However, the drilled gold mineralisation at Hirsikangas essentially starts from surface and is more substantial than previously understood by NNL. As a result, the Company’s technical team is fully re-evaluating the drilling database and block model at Hirsikangas as part of an exercise that will hopefully result in a new Mineral Resource Estimate that is compliant with JORC (2012). We look forward to updating the market once this work is completed”.

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Summary of the MOGB Gold Projects

The Company’s three gold projects are located in the Middle Ostrobothnia Gold Belt (MOGB) of Finland (see Figure 1). This region contains a number of gold and base metal deposits, structurally controlled by the Raahe-Ladoga Trend. This Trend is a broad suture zone between the Karelian Craton (Archean, 3.2-2.7Ga) to the northeast and the Svecofennian domain (Paleoproterozoic, 1.92-1.80Ga) to the southwest. The 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.

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

There are two processing plants in the MOGB region. The 1.4Mtpa Pyhasalmi copper-zinc-pyrite processing plant owned by First Quantum Minerals Ltd (TSX:FM) remains in reduced operation and is located 45km to the east of Kopsa. The formerly operating gold mine and plant at Laiva is located 120km to the northwest (see Figure 1). The Laiva plant is relatively new, but currently on care and maintenance. Completed in 2012 it was designed to process 2.2Mtpa of feed from the Laiva gold deposit. Both existing plants, or a standalone plant at Kopsa, would be potentially accessible by road or road/rail from the Kopsa, Kiimala Trend (Angesneva deposit) and/or Hirsikangas projects.

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

Hirsikangas Project

Background and Geology

The wider Hirsikangas project area hosts multiple drilled and undrilled prospects along a 10km long trend of the Himanka Volcanic Belt. The primary focus of the 92 holes for 11,400m of previous drilling from a number of prior exploration programs within the Hirsikangas project area has been the main Hirsikangas prospect located over 2.5km of strike at the northwestern extent of this trend, along with parallel structures to this main mineralised zone. The remaining 7.5km of the Belt is mostly unexplored, providing exciting exploration targets, with limited drilling already having identified two additional gold prospects, being Hanni and Hanni SE, see Figures 3 and 5.

The main Hirsikangas gold prospect hosts a historic, non-JORC (2012) compliant near-surface gold resource. The Company is currently reviewing the block model, wireframes, QA/QC and other related resource and technical information to re-assess the entirety of this dataset and potentially produce an updated resource statement that is compliant with the JORC (2012) Code. The Company will report on this work and provide further information on this project and the Hirsikangas prospect once completed.

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

A prominent feature of the Himanka Volcanic Belt is the NW-trending strike-slip shear zone related to the roughly parallel Raahe-Ladoga suture in the Paleoproterozoic Svecofennian crustal domain, similar to the Kiimala Trend project area (refer NNL ASX Announcement “Total Finland Gold Resources Increase to 961,800oz AuEq” , 29 May 2025). The bedrock in the Hirsikangas area consists mainly of mica schist, mafic and ultramafic rocks and felsic schist. The mineralised zones are mainly hosted by felsic schist, close to the contact between the host rock and a mafic volcanic or sub-volcanic rock to the west, which is seen as a strong magnetic anomaly, as shown in Fig 5.

Hirsikangas, similar to other gold deposits in the region, hosts Paleoproterozoic orogenic gold mineralisation. The structure is defined by a set of steeply dipping en echelon shear zones with mineralised lodes in strongly altered felsic schist, mica schist and mafic volcanics. The lodes are quartz and sulphide bearing, typically 1-2% sulphides but sometimes up to 10% of the rock. Arsenopyrite is the best indication for presence of gold, which is only sometimes visible, see Fig 4.

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Figure 4: Left: Visible gold from BELHIRSI007, 130 m down hole. The other half of this core assayed at 4.11g/t Au. Right: BELHIRSI001 106.6 m down hole. Photograph showing detail of felsic schist with abundant disseminated arsenopyrite, pyrite, and pyrrhotite. Significant assay intersections for these drill holes are detailed in Appendix 1, with drilling details outlined in the JORC (2012) Table 1 included as Appendix 2.

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As with the Kiimala Trend and Kopsa projects, the Hirsikangas project area has seen prior exploration, notably by the Geological Survey of Finland ( GTK ), Belvedere Resources, and Northern Aspect Resources. Gold was first discovered at the Hirsikangas prospect by GTK in 2004. Northern Aspect Resources developed the project from 2017 onwards, including additional diamond drilling and an updated, non-JORC (2012) compliant resource, until it was acquired from Rupert Resources by Northgold in 2023. Northgold achieved a significant step in securing the Hirsikangas tenure when it obtained permission from 100% of all affected landowners to renew the exploration licences.

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See Fig. 6
for detail
R3
R7
HANNI006
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Figure 5: Map showing the Himanka Volcanic Belt in the Hirsikangas project area with the historical drilling locations over a UAV magnetic map created by Radai Oy for Northern Aspect Resources. Interval midpoints of historical gold intersections are projected to the ground surface, with symbols scaled based on grade-thickness (g/t Au * m). Collar locations are shown for all holes. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

Mineralised intersections have been drilled at Hirsikangas by GTK, Belvedere and Northern Aspect Resources. Collar locations and intersections are shown in Figures 5 and 6 and detailed information on all drill holes and gold intersections is provided in App 1 and the JORC (2012) Table 1 in App 2.

Wide intersections, starting close to surface, have been encountered in the main mineralised zone at different locations along strike (see Figures 6 and 7), including[6] :

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

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

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

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

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

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

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

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

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

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Figure 6: Plan map showing the drill holes at the main Hirsikangas prospect. The Belvedere hole IDs are abbreviated by substituting “BELHIRSI” with “B”. See Appendix 1 for drill hole details. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

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Figure 7: Section A-A’ (encompassing 70m in width) viewing towards northwest, as shown in Figure 6. The Belvedere hole IDs are abbreviated by substituting “BELHIRSI” with “B”. See Appendix 1 for drill hole details. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

Further significant upside potential exists in a parallel structure 200m to the northeast of the main Hirsikangas prospect, which has been partially drilled. This parallel structure is outside the main mineralised zone and outside the historical, non-JORC (2012) compliant resource envelope. The sparsely drilled parallel structure hosts mineralised intersections at both its northwestern (BELHIRSI030) and southeastern (HIR010) extents[6] :

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

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

Sporadic scout drilling along strike on the magnetic trend to the southeast from the main Hirsikangas prospect has been undertaken by GTK and Northern Aspect. At Hanni, a prospect located in the centre of the magnetic trend, intersections drilled by GTK include (see Figure 5):

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

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

The Hanni SE prospect in the southeastern extent of the project area was drilled by Northern Aspect Resources, intersecting 5.0m @ 0.77g/t Au from 62.0m in hole HANNI006 (see Figure 5). Gold anomalies in Base of Till (BoT) drilling and Ionic Leach (IL) sampling, and a shear or fault structure interpreted from magnetic data, form a gold anomalous trend associated with the drilled intersection in HANNI006. The geological framework of the Hanni SE and Hirsikangas prospects share many similarities, making Hanni SE a high priority target for future exploration within the Hirsikangas project area.

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The Himanka Volcanic Belt is prospective for gold along the entirety of this 10km magnetic trend, as shown by plotting the gold assays from boulder samples in the area, see Figure 8. The boulders are glacially transported and can be used in exploration by tracing their origin in the bedrock. NNL holds the exploration tenure along the entire prospective strike between and including Hirsikangas and Hanni SE, recognised as the most prospective section of the Himanka Volcanic Belt.

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Figure 8: Map showing the Himanka Volcanic Belt in the Hirsikangas project area with gold occurrences together with the historical boulder sample locations over a UAV magnetic map created by Radai Oy for Northern Aspect Resources. Boulder symbols are scaled based on assayed gold grades. Assay data is based on boulder database by GTK. Coordinates presented in ETRS-TM35FIN system (EPSG:3067).

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 Hirsikangas Exploration Results is based on information compiled by Dr Hannu Makkonen, a consultant to the Company. Dr Makkonen is a European Geologist (EurGeol) as defined by the European Federation of Geologists. Dr Makkonen has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Dr Makkonen

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

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

Forward Looking Statements

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

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Appendix 1

Hirsikangas Project - Drill Collar Locations and Composite Intersections

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

Licence
Holder		 Year Hole ID **Easting1 ** **Northing1 ** Elev.
(m)
Azim.
(°)2
Dip
(°)3		 Depth
(m)
Info		 From
(m)		 To
(m)		 Interval
(m)		 Au
(g/t)
Geological
Survey of
Finland		 2004 R301 343732.7 7106480.3 33.7 232.7 45.8 88.90 28.00 68.00 40.00 0.65
incl. 28.00 29.00 1.00 1.10
incl. 41.00 54.00 13.00 1.33
R302 343766.8 7106504.7 33.7 232.7 44.7 142.20 94.50 120.60 26.10 0.78
incl. 96.00 100.60 4.60 1.24
incl. 102.60 103.60 1.00 1.21
incl. 107.60 108.60 1.00 1.53
incl. 114.60 120.60 6.00 1.16
R303 343686.9 7106508.4 33.7 232.7 45.9 57.70 8.60 9.60 1.00 0.56
28.70 50.50 21.80 0.60
incl. 28.70 29.70 1.00 1.09
incl. 38.70 39.70 1.00 1.88
incl. 42.70 45.70 3.00 1.30
R304 343754.5 7106433.2 33.7 232.7 46.9 90.30 8.90 74.00 65.10 0.77
incl. 17.70 53.70 36.00 1.06
incl. 69.00 71.00 2.00 3.05
R305 343793.9 7106462.4 33.2 232.7 44.6 141.30 42.80 43.80 1.00 1.56
83.00 103.00 20.00 0.63
incl. 90.00 91.00 1.00 1.43
incl. 94.00 95.00 1.00 1.04
incl. 97.00 98.00 1.00 1.99
incl. 102.00 103.00 1.00 2.21
R306 343759.9 7106313.8 33.9 232.7 45.4 80.90 (no reported intersections)
R307 343812.8 7106353.4 33.6 232.7 45.0 151.00 16.10 31.60 15.50 1.88
119.00 121.00 2.00 2.75
incl. 119.00 120.00 1.00 4.66
Geological
Survey of
Finland		 2005 R308 343854.1 7106381.4 33.4 232.7 44.8 149.70 35.50 43.50 8.00 1.22
incl. 37.50 43.50 6.00 1.48
59.80 60.80 1.00 0.53
78.30 100.30 22.00 0.80
incl. 82.30 83.30 1.00 3.01
incl. 89.30 90.30 1.00 1.64
incl. 96.30 97.30 1.00 2.79
147.50 148.50 1.00 0.88
R309 343992.4 7106235.8 33.5 232.7 45.0 150.20 43.00 127.30 84.30 0.51
incl. 95.00 127.30 32.30 1.19
R310 343573.7 7106611.9 34.6 232.7 44.5 79.35 38.00 41.00 3.00 1.66
incl. 39.00 40.00 1.00 3.46
R311 343595.5 7106565.8 34.1 232.7 46.4 81.70 (no reported intersections)
R312 343628.8 7106528.2 33.7 232.7 55.4 80.00 7.40 8.40 1.00 1.05
R313 343775.2 7106449.2 33.4 232.7 45.3 121.30 10.90 11.90 1.00 2.68
51.90 89.50 37.60 0.57
incl. 67.90 74.90 7.00 1.00
R314 343793.9 7106462.4 33.2 232.7 70.0 142.80 80.00 85.00 5.00 0.92
incl. 80.00 83.00 3.00 1.17
126.00 129.00 3.00 1.33
incl. 127.00 129.00 2.00 1.71
140.20 142.80 2.60 0.83
incl. 140.20 141.20 1.00 1.03
R315 343911.4 7106301.7 33.6 232.7 45.0 160.10 56.00 97.00 41.00 0.95
incl. 56.00 78.00 22.00 1.04
incl. 88.00 97.00 9.00 1.22
R316 343911.4 7106301.7 33.6 232.7 70.0 198.70 110.60 190.80 80.20 1.71

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

12

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

13

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

14

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

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

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

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

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

15

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Appendix 2 JORC CODE, 2012 EDITION – TABLE 1 REPORT

Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)

Criteria JORC Code explanation Commentary
Sampling techniques •
Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
•
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
•
Aspects of the determination of mineralisation that are
Material to the Public Report.
•
In cases where ‘industry standard’ work has been done
this would be relatively simple (eg ‘reverse circulation
drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay’). In
other cases more explanation may be required, such as
where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types
(eg submarine nodules) may warrant disclosure of detailed
information.		 •
Samples and geological information from bedrock were sourced using
diamond drilling (DD). The boulders were sampled by grab sampling
using conventional hand tools.
•
Sampling and lithological intervals were determined by geologists with
relevant experience.
•
DD core intervals selected for assaying were marked up and recorded
for cutting and sampling.
•
Mineralisation and prospective lithologies are distinctive from the
barren host lithologies.
•
All intersections are reported as downhole widths.
•
In total, 44 DD holes for 5,698m were drilled by the Geological
Survey of Finland (GTK) between 2004 and 2015, 31 DD holes for
3,745m by Belvedere Resources Finland Oy (BEL) between 2008 and
2012, and 17 DD holes for 1,928m by Northern Aspect Resources
(NAR) between 2018 and 2021.
•
More than 90% of the holes associated with the main Hirsikangas
prospect have been drilled towards 218-245°, and the remaining
holes roughly opposite to that, towards 40-57°, with 80% of the dips
varying between 42-50°. In other parts of the area, azimuths and
dips depend on the local structure and therefore vary a lot.
•
All core was logged in detail and partially assayed by GTK, BEL or
NAR.
•
Density measurements were made from the BEL drilling for 1,520 and
from the NAR drilling for 974 samples.
Drilling techniques •
Drill type (eg core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (eg
core diameter, triple or standard tube, depth of diamond
tails, face-sampling bit or other type, whether core is
_oriented and ifso, by what method, etc). _		 •
GTK DD was T-56 or WL-76 core; BEL DD was T76 or BGM core, some
of it oriented; and NAR DD was WL-76 oriented core. Other
historically used core and core orientation are unknown.
Drill sample recovery •
Method of recording and assessing core and chip sample
recoveries and results assessed.
•
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
•
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.		 •
Core loss has been documented by BEL and NAR for 6,188m of
drilling, where 55 cases of core loss are reported for total a of 12
meters.
•
There was no evidence of sample bias or any relationship between
sample recovery and grade.
Logging •
Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies		 •
Logging was completed by each company managing the drilling.
•
The logging is qualitative and quantitative.
•
Core photoswere takenbyNAR forallcore and byBEL fromatleast

16

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Criteria JORC Code explanation Commentary
and metallurgical studies.
•
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.
•
The total length and percentage of the relevant
intersections logged.		 some core. GTK core photos are available for holes R307, R315 and
R322. It is unknown if core photos were taken by GTK or BEL for the
remaining core.
•
100% of core was logged from the relevant intersections.
Sub-sampling techniques
and sample preparation		 •
If core, whether cut or sawn and whether quarter, half or
all core taken.
•
If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.
•
For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
•
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
•
Measures taken to ensure that the sampling is
representative of the in-situ material collected, including
for instance results for field duplicate/second-half
sampling.
•
Whether sample sizes are appropriate to the grain size of
the material being sampled.		 •
The sampling of drill core was conducted at the time of drilling by
each company managing the drilling.
•
In all sampling, the selected core samples were split or sawn
longitudinally in-house or by the laboratory, such that ½ core was
taken for sample preparation. In some cases, especially when re-
assaying old core, additional quarter of the core has been sent for
assays.
•
GTK average sample size was 1.01m, BEL 1.07m, and NAR 1.13m.
•
It is considered that the sample sizes used are appropriate for the
mineralisation.
Quality of assay data and
laboratory tests		 •
The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the technique
is considered partial or total.
•
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.
•
Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory checks)
and whether acceptable levels of accuracy (ie lack of bias)
and precision have been established.		 •
Samples assayed by GTK were assayed in GTK’s laboratory in Kuopio,
Finland, using: aqua regia digestion and ICP-AES; aqua regia
digestion, Hg-co-precipitation and GFAAS; or ICP-AES fire assay.
•
Samples assayed by BEL were assayed either in the Labtium Oy
laboratory at Sodankylä in Northern Finland, or in the Laboratory of
ALS Chemex in Öjebyn, northern Sweden, for gold using fire assay
with AAS, and for trace elements using HF-HNO3-HClO4 acid
digestion, HCl leach, and ICP-AES.
•
Samples assayed by NAR were assayed in ALS Chemex, with sample
preparation in the Outokumpu, Finland, and assays in Loughrea,
Galway, Ireland, using fire assay with AAS for gold (optionally
gravimetric finish for samples with >10 ppm Au), and HF-HNO3-
HClO4 acid digestion, HCl leach, and a combination of ICP-MS and
ICP-AES for multi-element analysis.
•
BEL and NAR have included periodic blank and standard samples in all
of their assays to assess the performance of the used laboratory. It’s
unknown if other companies have followed a similar procedure.
Verification of sampling
and assaying		 •
The verification of significant intersections by either
independent or alternative company personnel.
•
The use of twinned holes.
•
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
•
Discuss any adjustment to assay data.		 •
No external verifications have been conducted.
•
No specific twin holes have been drilled.
•
Historical data for previous drilling campaigns were acquired from
Rupert Resources.

17

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Criteria JORC Code explanation Commentary
Location of data points •
Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.
•
Specification of the grid system used.
•
Quality and adequacy of topographic control.		 •
GTK, BEL and NAR drill collar locations are detailed in an Excel/Access
database acquired from Rupert Resources, with details of the collar
surveys found in NAR 2018 technical report.
•
NAR and BEL collar locations and elevations have been DGPS-
surveyed.
•
GTK holes down-hole deviations were surveyed using unknown
instruments. All BEL holes down-hole deviations were surveyed using
the EMS instrument, and NAR holes using the Deviflex or Gyroref
instrument.
Data spacing and
distribution		 •
Data spacing for reporting of Exploration Results.
•
Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
•
Whether sample compositing has been applied.		 •
Drilling varies from the denser exploration drilling in and around the
known mineralisation to sparsely drilled initial exploration drilling
elsewhere. In the central parts of the main Hirsikangas prospect,
drilling is more systematically ordered along loosely defined profiles
(on average 50m spacing between profiles) and irregular with larger
spacing elsewhere.
•
It is considered that the spacing of samples used is sufficient for the
evaluation in this study.
Orientation of data in
relation to geological
structure		 •
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
•
If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.		 •
There is some variance in the orientations of structures in different
prospects, which is reflected in varying drilling azimuths. The main
shear structure trends towards NW-NNW, which is mostly parallel with
the mineralized zones.
•
The majority of drilling in Hirsikangas has therefore been drilled
towards the southwest or northeast, in order to get as near
perpendicular to the interpreted lode orientation as possible and
collect meaningful structural data.
•
Drilling orientations have not introduced any sampling bias that is
considered material.
Sample security •
The measures taken to ensure sample security.		 •
The measures taken to ensure sample security of the historical drilling
are unknown, but NAR followed best practices in their activities. The
samples have been and are stored in secure facilities and sample
shipments were sent and received in supervision by NAR personnel.
Audits or reviews •
The results of any audits or reviews of sampling
techniques and data.		 •
Independent qualified person, Mr. Brian Wolfe, visited the Hirsikangas
project in 2018, including verification of DD collar locations;
inspection of DD core; field visits; review of data collection, validation
and management; and review of previous technical documentation of
the project.

18

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

Criteria JORC Code explanation Commentary
Mineral tenement and
land tenure status		 •
Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title
interests, historical sites, wilderness or national park and
environmental settings.
•
The security of the tenure held at the time of reporting along
with any known impediments to obtaining a license to operate in
the area.		 •
The tenements are located in Kalajoki and Kannus, Finland, and held
by Lakeuden Malmi Oy, a 100% owned subsidiary of NNL.
•
Except for a few drill holes outside the current Lakeuden Malmi
tenements, all results in this announcement pertain to the tenement
package consisting of the exploration licenses (per status and type of
license by Finnish Mining Law nomenclature): valid Exploration
Permits are Hirsi 1 ML2024:0028, Hirsi 2 ML2024:0029, Hirsi 13
ML2016:0077, and Hanni ML2018:0004; Exploration Permits under
application are Hirsi 10 ML2017:0132.
•
No impediments to obtaining a license are known in the area.
Exploration done by
other parties		 •
Acknowledgment and appraisal of exploration by other parties.		 •
All historical diamond drilling used in resource estimation was
commissioned and managed by GTK, BEL and NAR.
•
GTK, BEL and NAR have conducted geophysical surveys (e.g. ground
and UAV magnetic, and induced polarization) and geochemical
sampling (e.g. grab samples, bottom-of-till sampling, heavy mineral
sampling, partial leach soil sampling).
•
NG conducted Ionic Leach sampling Hanni SE prospect in 2023.
Geology •
Deposit type, geological setting and style of mineralisation.		 •
The main commodity of interest in the Hirsikangas project is gold. The
main economic mineral of interest are native gold and electrum,
typically occurring at boundaries or fractures of silicate minerals but
rarely also associated with sulphides. The bulk of the mineralisation is
relatively low in sulphides which typically occur as irregular
disseminations forming discontinuous bands within the foliation. Most
characteristic ore minerals are pyrrhotite, arsenopyrite and löllingite.
•
The main mineralised lithology is strongly silicified felsic schist.
•
The felsic schist and surrounding mica schists and volcanic rocks are
part of the Middle Ostrobothnia Gold Belt, a region hosting multiple
gold and base metal deposits and occurrences, and a part the
Paleoproterozoic Svecofennian crustal domain.
Drill hole Information •
A summary of all information material to the understanding of
the exploration results including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
•
If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not		 •
Drill collar table with significant intersections presented in_Appendix 1_.
All drill holes used in the calculation of the MRE are reported, and in
addition, surrounding initial exploration holes are also reported.
•
All drill holes are diamond cored.

19

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Criteria JORC Code explanation Commentary
detract from the understanding of the report, the Competent
Person should clearly explain why this is the case.
Data aggregation
methods		 •
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations (eg
cutting of high grades) and cut-off grades are usually Material
and should be stated.
•
Where aggregate intercepts incorporate short lengths of high-
grade results and longer lengths of low-grade results, the
procedure used for such aggregation should be stated and some
typical examples of such aggregations should be shown in
detail.
•
The assumptions used for any reporting of metal equivalent
values should be clearly stated.		 •
Weighted average grade intersections are reported at a primary cut-
off level of 0.5 g/t gold grade (stated as “g/t Au”) as stated in the
Appendix 1.
•
No max. internal dilution, top cuts or other additional limits have been
applied to the reported grades, unless otherwise stated.
Relationship between
mineralisation widths
and intercept lengths		 •
These relationships are particularly important in the reporting of
Exploration Results.
•
If the geometry of mineralisation with respect to the drill hole
angle is known, its nature should be reported.
•
If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (eg ‘down hole
length, true width not known’).		 •
True thicknesses are estimated to be 65-75% of the downhole
thickness for most of the drilling at Hirsikangas prospect.
Diagrams •
Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported. These should include, but not be limited to a plan view
of drill hole collar locations and appropriate sectional views.		 •
Relevant maps and sections are provided in this announcement,
including a plan view of the Hirsikangas project area and the historical
drilling intersections.
•
Holes were drilled inclined to get as near to perpendicular
intersections as possible.
Balanced reporting •
Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high
grades and/or widths should be practiced to avoid misleading
reporting of Exploration Results.		 •
All available relevant information is reported.
Other substantive
exploration data		 •
Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test
results; bulk density, groundwater, geotechnical and rock
characteristics; potential deleterious or contaminating
substances.		 •
Boulder data comprises historic and recent samples assayed by
varying methods by GTK, and are used as an indication of potentially
mineralised sources in the local bedrock.
•
Radai Ltd conducted UAV magnetic surveys for NAR in Hirsikangas
project area in 2018. Albatros VT3 UAV’s were equipped with digital
3-component fluxgate magnetometers in the tail booms. The X, Y,
and Z components were used to compute the total intensity of the
magnetic field. Accuracy of the GPS positioning is about +-1 m during
flight. The total survey area was 118 km2, with the main line spacing
of 50 m, tie line spacing of 500-750 m, and nominal flight altitude of
40 m.
•
NG conducted Ionic LeachTM(a proprietary partial leach technology by
ALS for soil samples) sampling from shallow soil in 2023 in

20

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

Criteria JORC Code explanation Commentary
Hirsikangas project area on several sampling profiles in Hanni SE
prospect, with 100m between profiles and 20m sample spacing.
Samples were submitted to ALS for sample preparation and assay,
method code ME-MS23.
Further work •
The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale step-out
drilling).
•
Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling
areas, provided this information is not commercially sensitive.		 •
Gold mineralisation at the main Hirsikangas prospect has not been
closed off at depth. Along strike, only the northwestern direction has
been closed off by drilling. Southeastern extensions and parallel
structures on the northeastern side (already confirmed by drilling)
provide potential for further exploration.
•
Hanni SE is structurally analogous to Hirsikangas, based on several
indications from geochemistry (diamond drilling, Base of Till drilling,
Ionic Leach sampling) and geophysics (UAV magnetics), and therefore
considered a highly prospective target for further exploration.

21

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