December 2023 Quarterly Report

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

HIGHLIGHTS

• Final assay results from 2023 drilling campaign returned additional extensive zones of disseminated nickel sulphides containing numerous higher-grade zones, with significant results including:
  • HOT016 – strongest nickel mineralisation reported to date at Hotinvaara:
    • 91.7m @ 0.22% Ni from 1.6m;
    • 164.15m @ 0.20% Ni from 216m; and
    • 26.4m @ 0.59% Ni from 412.6m
  • 41.1m @ 0.25% Ni from 296.9m (incl. 0.45m @ 2.4% Ni, 0.11% Co) and 100m @ 0.21% Ni from 353m (incl. 0.55m @ 1.17% Ni, 0.05% Co) (HOT026)
  • 184m @ 0.21% Ni from 34m (HOT018)
  • 195m @ 0.21% Ni from 10m and 107.9m @ 0.17% Ni from 330m (HOT021)
  • 141.75m @ 0.22% Ni from 35.85m (incl. 2m @ 0.80% Ni, 0.04% Co) (HOT023)
  • 125.7m @ 0.19% Ni from 152.3m and 54.25m @ 0.22% Ni from 319.55m (incl.
  • 5.8m @ 0.57% Ni) (HOT028)
  • 99.1m @ 0.22% Ni from 4.7m (HOT027).
• Results confirm significant mineralisation outside the current Mineral Resource Estimate (“MRE”), with an updated MRE due in Q1 2024.
• Successful share placement completed, raising $2.05M to advance ongoing exploration and project development activities.
• Highly prospective Holtinvaara Exploration Licence (EL) at the Pulju Project granted without objection. The EL lies 5km NE of the Hotinvaara EL.
• Finland operational team strengthened with appointment of Vern Langdale as Country Manager and Pekka Tuomela as Sustainability & ESG Manager.
• Cash of $2.9m as of 31 December 2023.

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 sulphide 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 (MRE) for the Hotinvaara deposit of 133.6Mt @ 0.21% Ni, 0.01% Co¹ and the drill assay results from the maiden drilling campaign.

During the December 2023 Quarter, final results were received from the Company’s 2023 diamond drilling program at Hotinvaara, which was designed to:

• Evaluate the scale of the broader, district-scale disseminated nickel system;
• Target extensions of the near-surface mineralisation for an updated MRE; and
• Test multiple EM conductors for potential accumulations of high-grade massive sulphides.

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, located 560km south-east of Pulju.

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

Management Comment

Commenting on the December Quarterly, Nordic Nickel Managing Director, Todd Ross, said: “The final quarter of 2023 delivered positive progress for Nordic Nickel on a number of fronts, with final assays from our maiden drilling program at the flagship Pulju Nickel Project in Finland confirming outstanding potential to significantly grow the Hotinvaara Mineral Resource.

“We are currently finalising the updated Mineral Resource Estimate, which is expected to be announced later this quarter.

“Results announced during the December Quarter included some of the best drilling results from Pulju to date, with hole 16 returning 26.4m @ 0.59% Ni from outside the existing Resource area. Together with our technical consultants, we are analysing this and other holes to determine vectors to potential accumulations of higher grade mineralisation which could prove to be a game-changer for the Pulju Project.

“In parallel with the completion of the updated Resource, the Nordic Nickel team is also well advanced with planning our 2024 exploration campaign, which will kick-off later in the March Quarter, once we have completed a detailed evaluation of all the data from the 2023 program.

“Based on our 2023 drilling results, we are currently finalising a detailed structural model of the mineralisation at Pulju, which will assist with targeting our next round of drilling with the aim of delivering a major breakthrough discovery in this exciting nickel district.

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