Nordic Resources: 1.2 Million Ounces of Gold Equivalent and Expanding with a 20,000 Metre Drill Campaign in Finland

Nordic Resources has undergone a notable transition over the past year, moving from a Finland-focused copper-nickel explorer to a gold-led exploration company with a growing footprint in the Middle Ostrobothnia Gold Belt. For investors, the shift is not simply a change in commodity exposure. It is a repositioning around a more advanced portfolio, a stronger market backdrop, and assets that already host meaningful near-surface mineralisation.

The company now controls three gold projects in Finland with a combined endowment of just over 1.2 million ounces of gold equivalent, including more than 1 million ounces of contained gold, with the balance attributed to copper. Its flagship Kopsa project currently accounts for 815,000 ounces of gold equivalent, while additional upside sits at the Kiimala Trend area, including Vesipera and Angesneva.

What makes the story more compelling is the stage of development. This is not early-stage greenfield speculation. These are advanced exploration assets with existing resources, shallow mineralisation, and active drilling designed to expand scale. Nordic is in the middle of a 20,000 metre drilling programme this year, with further assays expected in the coming months and a key resource update at Kopsa targeted for September.

For a market that increasingly rewards jurisdictional quality, project scale and development optionality, Nordic Resources is trying to position itself at the point where exploration upside starts to translate into a more credible development narrative.

Table of Contents

• Why Finland matters
• From copper-nickel roots to a gold-focused growth strategy
• The resource base today
• Kopsa is the centrepiece
• The 2025 drilling programme and what it is trying to prove
• Do not ignore Kiimala Trend, Vesipera and Angesneva
• Processing optionality could become a differentiator
• Metallurgy and recoveries are another key part of the story
• Why the next few months could be pivotal
• The broader investment case
• FAQ

Why Finland matters

Jurisdiction remains one of the first filters many mining investors apply, and Finland consistently ranks as one of Europe’s most attractive destinations for mineral exploration and mine development. It is a well-established mining country, supported by infrastructure, technical expertise, a functioning permitting regime and a long history of resource extraction.

That backdrop has become more relevant as corporate activity in Finland has intensified. The recent high-profile consolidation moves by Agnico Eagle in the country have helped underline the strategic value of Finnish gold assets. In practical terms, that means explorers with credible projects in Finland are operating in a jurisdiction that global producers already understand and are willing to pay for.

Nordic Resources is seeking to benefit from that re-rating potential. Although it remains listed in Australia, the company’s operational focus is firmly in Finland, where management believes the quality of the jurisdiction is not yet fully reflected in the market’s perception of the business.

From copper-nickel roots to a gold-focused growth strategy

Nordic Resources was originally built around copper-nickel exploration in Lapland. Those assets remain in the portfolio, and management still sees value in them, particularly given the broader interest in copper, nickel and platinum group metals across northern Finland. However, the company’s strategic emphasis changed materially following the acquisition of three gold and gold-copper exploration projects around a year ago.

The appeal was clear. The acquired assets already had a sizeable resource inventory and had been advanced through substantial historical work. Kopsa in particular stood out. Before the transaction, the project had grown from roughly 333,000 ounces to 815,000 ounces gold equivalent on the back of only around 6,000 metres of drilling over three years. That growth efficiency clearly caught management’s attention.

Once the assets were folded into Nordic’s listed vehicle, the company moved quickly. Drilling started around a month after acquisition and has continued at pace. The result is a company that now offers investors exposure to:

• Gold, which has enjoyed a strong macro backdrop
• Copper by-product credits, which could support project economics
• Advanced exploration projects with established resources
• Shallow mineralisation that may lend itself to simpler development scenarios
• Exploration upside across multiple nearby prospects

The resource base today

Across its three principal gold projects, Nordic Resources reports a current endowment of just over 1.2 million ounces of gold equivalent. Importantly, roughly 90 per cent of that inventory sits between surface and 150 metres depth. That is a significant feature of the investment case.

Shallow deposits do not guarantee economic extraction, but they typically attract attention because they can offer lower strip ratios, simpler mining approaches and potentially lower capital intensity than deeper systems. In Nordic’s case, management describes the assets as shallow orogenic gold-style deposits with a copper kicker.

The current headline figures include:

• Kopsa: 815,000 ounces of gold equivalent
• Total across three projects: just over 1.2 million ounces gold equivalent
• Average grades: around 1.0 to 1.2 grams per tonne
• Depth profile: around 90 per cent within 0 to 150 metres from surface

Those numbers do not yet include the benefit of the most recent drilling at Kopsa or some of the latest work completed elsewhere in the portfolio, which is why upcoming resource updates are likely to be central to the next phase of market interest.

Kopsa is the centrepiece

Kopsa is clearly the flagship and the asset most likely to drive a reassessment of Nordic’s valuation if drilling continues to deliver. The project already hosts 815,000 ounces of gold equivalent, but management’s comments suggest the current resource may still understate the scale of the mineralised system.

Recent drilling has focused on step-outs around the existing resource envelope, effectively testing whether mineralisation continues beyond the current model. The answer, based on the company’s interpretation, appears to be yes.

Nordic has described having stepped out by around 50 metres in multiple directions and intersected wide zones of mineralisation outside the present resource. That matters because it indicates the deposit remains open and can potentially grow through relatively straightforward extensional drilling rather than relying solely on conceptual targets.

The company is being careful not to overstate what the next resource update will show, but the broad message is clear: management expects Kopsa to increase in size.

For investors, the real question is not just whether the resource grows, but whether it crosses into a more meaningful development threshold. Exploration companies often trade at a discount until a project reaches what management referred to as a kind of critical mass, the point at which the market begins to see a future mine rather than simply a promising deposit.

That appears to be the target at Kopsa. The strategic objective is to move the project beyond a “promising but sub-scale” perception and into a category where a development pathway becomes easier to visualise, whether independently or with third-party interest.

The 2025 drilling programme and what it is trying to prove

Nordic raised just under US$10 million in late 2024, with support from Australian resource funds, and has used that capital to sustain an aggressive drill campaign. The company intends to complete 20,000 metres of drilling across its gold projects this year, with most of the focus on Kopsa.

The current work programme serves several purposes:

• Expand Kopsa’s resource footprint through step-out drilling
• Test for higher-grade zones, including around the northern contact area
• Convert recent drilling into updated resource estimates
• Advance secondary projects so growth is not reliant on one asset alone
• Generate metallurgical data that may improve recoveries

Management also referred to taking some “hero swings” at Kopsa, suggesting parts of the programme are designed to test more ambitious geological ideas beyond basic resource infill. While such holes carry greater risk, they can materially improve a project if they identify new mineralised zones or better-grade structures.

The sequence of expected newsflow is important. Additional assay results from Kopsa are expected over the next couple of months, followed by updated metallurgical testwork and then a substantial resource update in September. If the drilling results continue to support the company’s thesis, that update could be one of the most important catalysts in Nordic’s recent history.

Do not ignore Kiimala Trend, Vesipera and Angesneva

Although Kopsa is the main value driver today, Nordic is making a point of advancing its second cluster of opportunities at the Kiimala Trend. This area includes Angesneva, which already hosts around 150,000 ounces, and Vesipera, where there is no current JORC-style resource but where historical drilling indicates meaningful potential.

At Vesipera, Nordic has recently drilled step-out holes and reported that mineralisation continues beyond the historically tested area. The company’s near-term aim is to combine its recent drilling with historical work to establish a maiden compliant resource by the end of the year.

At Angesneva, management also sees room for growth, arguing that the deposit may not have been drilled out adequately in the past. Results from that work are expected shortly.

This secondary growth pipeline matters for two reasons.

First, it reduces reliance on Kopsa alone. If both Kopsa and Kiimala Trend continue to expand, Nordic’s overall inventory could grow more quickly and with less single-asset risk.

Second, the projects are located relatively close to each other. That creates a longer-term strategic advantage if the company ever moves towards development planning. Multiple shallow deposits in one district can open up options for shared infrastructure and central processing.

Processing optionality could become a differentiator

One of the more interesting aspects of Nordic’s Finnish portfolio is that development optionality may not be limited to building a standalone plant from scratch. Management has highlighted the presence of existing processing plants in the broader Middle Ostrobothnia region that may be capable of handling material from Kopsa.

That does not mean a toll-treatment or third-party processing agreement will happen, nor has the company committed to a particular route. But from an investor’s perspective, optionality has value.

Potential pathways could include:

• A standalone processing facility if resource growth justifies the capital investment
• Use of regional processing capacity if commercial terms and metallurgy align
• A phased development route where early production is achieved with lower upfront capital

This flexibility becomes more important as resource ounces accumulate across nearby projects. If Kopsa, Vesipera and Angesneva all continue to grow, then district-scale planning starts to look more realistic. In that scenario, each new ounce does not need to justify infrastructure on its own. Instead, the portfolio can be assessed collectively.

Metallurgy and recoveries are another key part of the story

Resource size tends to dominate headlines, but metallurgy often determines whether a deposit is genuinely development-ready. Nordic expects updated metallurgical test results for Kopsa alongside its wider stream of drilling and resource news.

The company is hoping to improve on historical recovery outcomes. If it succeeds, that would strengthen the technical case for Kopsa and potentially improve perceptions around future economics.

For any gold project, the combination of grade, tonnage, strip ratio, metallurgy and infrastructure determines ultimate value. Nordic is not yet at the stage of presenting a development study, but better recovery assumptions would be a useful building block as the project matures.

Why the next few months could be pivotal

Nordic’s investment case rests on a fairly straightforward proposition: it believes the market is not fully valuing the scale, growth potential and jurisdictional quality of its Finnish gold portfolio. To change that, it needs to deliver a sequence of hard catalysts rather than a broad conceptual story.

That catalyst chain is now in motion.

1. Additional assays from Vesipera and Angesneva
2. More drilling results from Kopsa, including larger step-out holes
3. Updated metallurgical testwork for Kopsa
4. A major Kopsa resource update expected in September
5. Potential maiden or updated resources at Vesipera and Angesneva later in the year
6. A further 15,000 metres of drilling planned in the second half, with drilling set to resume from late July

That level of activity gives the company repeated opportunities to demonstrate value creation. It also means the market will have frequent checkpoints at which to judge whether the geological thesis is translating into ounces.

The broader investment case

At its core, Nordic Resources is attempting to move from being seen as an explorer with interesting assets to being recognised as the owner of a potentially developable Finnish gold district.

There are several reasons why the story may resonate with investors:

• Scale already exists, with more than 1.2 million ounces gold equivalent across the portfolio
• Kopsa remains open, with drilling suggesting room for further growth
• Mineralisation is shallow, which may enhance future development flexibility
• Secondary assets are active, providing parallel sources of resource growth
• Finland is a tier-one jurisdiction, increasingly validated by industry activity
• Processing options may exist, reducing the risk of a single development pathway

Of course, exploration and development risk remains. Resource growth is not guaranteed, metallurgy must continue to improve, and the company still needs to demonstrate that scale can convert into a commercially robust project. But the direction of travel is clear. Nordic has assembled a meaningful base of ounces, is drilling aggressively, and has a calendar of milestones that could materially alter how the market values the company.

“It’s a very interesting time to be looking at Nordic Resources.”

That observation is justified not by promotional language, but by timing. The company is entering a period where multiple strands of technical work, drilling success and regional strategy could begin to converge. If Kopsa moves decisively towards the scale the market wants to see, and if Kiimala Trend contributes additional ounces in parallel, Nordic Resources could emerge as one of the more interesting junior gold growth stories in Finland.

FAQ

What is Nordic Resources focused on today?

Nordic Resources is now primarily focused on gold exploration in Finland, although it still retains copper-nickel assets in Lapland. The company’s main attention is on three gold and gold-copper projects in the Middle Ostrobothnia region.

How large is Nordic Resources’ current gold inventory?

The company reports a total endowment of just over 1.2 million ounces of gold equivalent across its three projects. More than 1 million ounces of that total is gold, with the remainder attributed to copper.

What is the size of the Kopsa resource?

Kopsa currently hosts 815,000 ounces of gold equivalent. Nordic believes recent drilling outside the existing model indicates potential for further growth.

Why is Finland important to the investment case?

Finland is widely regarded as a tier-one mining jurisdiction with established infrastructure, mining history and ongoing interest from major producers. That can support both exploration and eventual development outcomes.

What is happening at Vesipera and Angesneva?

Vesipera is being advanced towards a potential maiden compliant resource, while Angesneva, which already has around 150,000 ounces, is being drilled for possible expansion. Both sit within the Kiimala Trend project area.

How much drilling is planned this year?

Nordic plans to complete 20,000 metres of drilling across its gold projects this year. Around 15,000 metres are scheduled for the second half, with drilling set to resume from late July after the current phase.

When is the next major catalyst expected?

The most significant near-term catalyst is the Kopsa resource update expected in September. Before that, the company expects further assay results and updated metallurgical testwork.