Nordic Resources Powering the EV Revolution from Finland's Nickel and Mineral-Rich Greenstone Belts

• Nordic Resources is focused on copper and nickel exploration in the Central Lapland greenstone belt of Finland.
• The company has a 240 sq km land package with one Maiden resource and many untested targets.
• Recent metallurgical test results show the ability to produce a high-grade nickel concentrate.
• Nordic plans to prioritize regional targets and progress the existing resource to a scoping study.
• Management is exploring strategic partnerships and alternative financing options to advance the project in a challenging market.

Nordic Resources is an emerging base metals exploration company focused on developing its extensive land package in the highly prospective Central Lapland Greenstone Belt (CLGB) of northern Finland. With 240 sq km of contiguous ground, Nordic controls a significant portion of the Pulju belt, a subset of the CLGB known to host high-quality magmatic copper-nickel-PGM deposits.

Despite challenging market conditions, Nordic has made steady progress in advancing its flagship Hotinvaara deposit while systematically evaluating the regional potential of its land package.

The Hotinvaara Deposit

Nordic's most advanced asset is the Hotinvaara nickel-copper deposit, which was the focus of the company's first drill campaign after listing. A total of 16,000m of drilling was completed at Hotinvaara, building upon 10,000m of historic drilling by previous operator Outokumpu.

This work culminated in the declaration of a maiden mineral resource for Hotinvaara. According to Executive Director Robert Wrixon, the deposit already ranks as the largest or second-largest undeveloped nickel-cobalt resource in the EU, with significant potential for further growth:

While the primary mineralization at Hotinvaara is relatively low grade, recent metallurgical test work has demonstrated the potential to produce a high-grade nickel concentrate at good recoveries. The disseminated, mainly pentlandite mineralization responds well to conventional processing.

"We got 62% right off the bat with an incredibly high grade concentrate. If we're aiming for a 10% concentrate we should be able to get the the recoveries up much higher."

These positive metallurgical characteristics enhance the economic potential of Hotinvaara and other deposits Nordic may discover in the belt. The company plans to further optimize recoveries while completing a scoping study to establish preliminary project economics and position Hotinvaara for EU development funding.

Interview with Executive Director Robert Wrixon

Regional Exploration Upside

Beyond Hotinvaara, Nordic has barely scratched the surface of its extensive land package. The company now has a second exploration permit granted (the Hattavaara license) and anticipates the award of six additional licenses in the near future. In total, these new licenses will give Nordic approximately 25km of strike coverage along the prospective eastern limb of the Pulju belt.

To evaluate this ground in a systematic and cost-effective manner, Nordic is employing a range of techniques to develop and prioritize drill targets:

• Relogging and reinterpretation of historic drilling by Outokumpu and Anglo American
• Compilation and modeling of historic geochemical and geophysical data sets
• Structural analysis and mapping to identify potential trap sites for remobilized mineralization
• Completion of detailed ground gravity and magnetic surveys

Crucially, much of this critical exploration work can be accomplished at a relatively low cost over the next 12 months, even if markets remain challenging.

Strategic Partnerships and Alternative Financing

Like many junior explorers, Nordic has had to adapt its strategy and explore alternative financing options to weather the current market downturn. Wrixon openly acknowledged the company is pursuing partnerships with larger entities to fund future exploration and development.

While such deals may result in some dilution, they would allow Nordic to maintain momentum and undertake more aggressive (and expensive) exploration programs such as deep drilling. Wrixon emphasized the importance of continued progress in any market conditions:

"But there's also no need to spend lots of money when you don't really need to and there's a clear path forward on what might sound a little bit boring like geophysics."

Nordic is also looking to position itself for emerging EU funding opportunities as the continent looks to develop secure, domestic supplies of critical minerals. With its large, strategically located resource base, Nordic should be well placed to attract this type of development capital as it advances Hotinvaara and makes new discoveries.

Conclusion

With its extensive land package in the CLGB of Finland, Nordic Resources offers investors leverage to ongoing exploration success in a highly prospective, yet underexplored region. The company has already defined the largest undeveloped nickel-cobalt resource in the EU at Hotinvaara and has a clear path to expand this deposit while systematically testing multiple greenfield targets.

The Investment Thesis for Nordic Resources

• Large, highly prospective land package in a Tier-1 jurisdiction
• Significant discovery potential in an underexplored greenstone belt with proven nickel-copper-PGM endowment
• Maiden resource base that already ranks among the largest undeveloped nickel-cobalt resources in the EU
• Favorable metallurgy at Hotinvaara enhances project economics
• Low-cost pathway to systematically advance the project and test new targets over the next 12 months
• Positioned to attract EU development funding and benefit from increased investment in domestic critical minerals supply chains
• Experienced management team with a track record of exploration success and a disciplined approach to capital allocation

Although the current market environment remains challenging, Nordic has a low-cost roadmap to continue advancing its project over the next 12 months. With a tight share structure and experienced management team, the company is well positioned to attract larger strategic partners and benefit from increasing EU investment in domestic battery metal supply chains. For patient investors, Nordic represents a compelling play on the long-term fundamentals of the nickel market.

Macro Thematic Analysis

The outlook for nickel and other key battery metals remains robust, driven by the ongoing energy transition and exponential growth in electric vehicle adoption. However, structural issues in the exploration and mining industry, including declining discovery rates, increasing development timelines, and growing ESG challenges, have created an impending supply gap.

In this context, companies like Nordic with large, strategically located land packages in Tier-1 jurisdictions are well positioned to attract investment and fill the supply gap. As Wrixon notes:

You've got something of the scale of Pulju which can really move the needle for critical metal supply into Europe.

To realize this potential, however, will require a concerted effort from industry, government, and the investment community to support ongoing exploration and development. Continued investment in quality exploration projects like Nordic's, even during downturns, will be critical to meet the long-term demands of the energy transition.