Nordic Resources

Nordic Resources presents a compelling investment opportunity through its strategically positioned gold assets and near-term production potential. The Kopsa project alone hosts 814,800oz AuEq with exceptional discovery efficiency—only 6,623 meters of drilling was required to define this resource, achieving 34oz AuEq per meter, rivaling Finland's most successful discoveries. The deposit features a high-grade core with intercepts including 98.7m @ 3.90g/t Au and 0.19% Cu from 6.0m, demonstrating significant grade continuity and expansion potential.

The company's valuation metrics remain attractive at $36/oz AuEq enterprise value, substantially below peer comparables in Finland's increasingly active gold sector. Recent M&A activity, including the C$230M First Nordic-Mawson Finland merger and Rupert Resources' C$1.4 billion market capitalization, highlights the sector's consolidation premium. Kopsa's conditional mining license, granted subject to securing road access through an auxiliary permit currently in process, de-risks the development timeline. Processing optionality further enhances value, with two existing plants within 45-125km: the 1.4Mtpa Pyhasalmi copper-zinc mill seeking feed as it nears end-of-mine life, and the 2.2Mtpa Laiva gold plant on care and maintenance. This infrastructure advantage could reduce capital requirements by up to 70% compared to greenfield developments.

Nordic Resources is led by a proven management team with deep expertise in Finnish mining operations and gold-copper exploration. Non-Executive Chairman Malcolm Norris brings over 40 years of industry experience, including senior roles at WMC Resources, Intrepid Mines, and SolGold. He currently chairs Sunstone Metals and serves on Magmatic Resources' board, with a track record of major discoveries including the Tujuh Bukit copper-gold-silver deposit in Indonesia, the Cascabel copper-gold discovery in Ecuador, and the Bramaderos/El Palmar gold-copper discoveries.

Executive Director Robert Wrixon contributes more than 20 years of corporate strategy and mining M&A experience, serving as Director of Starboard Global and holding directorships at Pivotal Metals and Emmerson PLC. His PhD in mineral engineering from UC Berkeley provides strong technical foundation.

Company Secretary & CFO Aaron Bertolatti is a qualified Chartered Accountant with over 15 years of ASX-listed company administration, corporate governance, and corporate finance experience, previously serving as CFO of Highfield Resources and American Pacific Borates.

Nordic Resources is executing a dual-path growth strategy focused on resource expansion and accelerated development toward production. The company has commenced a 4,500-meter drilling program at Kopsa targeting strike and depth extensions, with first assay results expected mid-October 2025 through February 2026. Ground magnetic surveys have identified a 2.5km mineralized corridor southwest of the deposit and numerous high-priority targets, while fixed-loop electromagnetic surveys are mapping conductive bodies for deeper drilling. This systematic exploration aims to expand the 1.23Moz AuEq resource base across all three projects.

Parallel development activities include detailed metallurgical studies starting November 2025 to confirm process flow sheets and recoveries, building on 2013 test work that indicated 79-87% gold recovery and 80% copper recovery. Stakeholder engagement and environmental baseline studies are advancing the auxiliary mining permit for road access, while engineering studies evaluate both on-site processing and toll-treating options. The company maintains flexibility through three potential pathways: standalone plant construction, processing agreements with Pyhasalmi or Laiva, or regional consolidation opportunities. This approach preserves capital while maximizing optionality, with a clear objective of establishing production within 2-3 years.

Nordic Resources maintains a robust financial position with approximately $4.6 million in cash and no debt, providing runway through critical 2025 milestones. The company's $48.9 million market capitalization and $44.3 million enterprise value trade at $36 per ounce of AuEq, representing a significant discount to Finnish peers such as Rupert Resources (C$1.4B market cap) and the First Nordic-Mawson combined entity (C$230M transaction value). This valuation gap creates substantial re-rating potential as Kopsa advances toward production.

The 2025 work program is fully funded, allocating capital to 4,500m of drilling, geophysical surveys, metallurgical studies, and permitting activities. Processing optionality offers multiple capital-efficient pathways to production: toll-treating at Pyhasalmi (45km by road) or Laiva (125km by road) could reduce initial capital by 50-70% compared to greenfield construction, while the existing 1.4Mtpa Pyhasalmi plant's structural feed shortage presents a strategic partnership opportunity. 

Nordic Resources Limited stands at an inflection point as it advances Finland's most under-drilled, near-term gold production opportunity. With 1.23Moz AuEq across three projects, a conditional mining license at Kopsa, and processing infrastructure within 45km, the company has de-risked its path to production while maintaining exceptional exploration upside. The combination of shallow mineralization, established resources, and capital-efficient development options positions Nordic to deliver near-term cash flow within 2-3 years.

The company's $36/oz AuEq valuation represents a compelling entry point as Finnish gold sector M&A accelerates and major discoveries command premium valuations. Management's proven track record of resource growth, deep Finnish operational expertise, and systematic exploration approach provide confidence in delivering 2025 milestones. With drilling underway, metallurgical studies commencing, and permitting advancing, Nordic is poised for multiple value catalysts through 2026. For investors seeking exposure to a de-risked, near-production gold asset in the world's top mining jurisdiction with significant exploration leverage, Nordic Resources presents a unique and timely opportunity to participate in Finland's emerging gold sector consolidation.