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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
- High impact, low cost regional exploration activities continuing at the Pulju Project.
- Analysis of an important, extensive new Bottom of Till (“BOT”) drilling database (9,632 samples) covering the entire Pulju Project area, recently acquired from the Geological Survey of Finland (GTK), is underway.
- Detailed summer mapping program underway focused on better characterising the extensive areas of known nickel/copper mineralisation and outcrop within the regional exploration licences at Pulju to prioritise future drilling targets.
- Positive progress on the metallurgical test work program for the Hotinvaara Resource to confirm potential recoveries and concentrate grades, with final results expected in Q3 2024.
- Discussions with potential strategic partners remains ongoing.
PULJU NICKEL PROJECT
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.
Following the conclusion of the 2023 drilling campaign, in March 2024, Nordic Nickel reported an updated Mineral Resource Estimate for the Hotinvaara Prospect at the Pulju Project which now comprises 418 million tonnes grading 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800 tonnes of contained Ni, 40,000t of contained Co and 22,100t of contained Cu1.
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 35ktpa 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 June Quarter, Nordic Nickel Managing Director, Todd Ross, said: "We are very pleased with the progress made during this quarter despite continued challenging market conditions.
“The acquisition of the extensive BOT drilling database combined with historical drilling results and geophysics across Pulju provides us with a wealth of data to guide our future exploration efforts. This data, combined with the third summer mapping program now underway is another critical step in identifying new drilling targets and advancing our understanding of the Pulju Project's geology.
“Additionally, the ongoing metallurgical test work at Hotinvaara is crucial for assessing the economic potential of the project and advancing an initial scoping study, and we eagerly anticipate sharing the final results in the coming quarter.
“These activities underscore our commitment to advancing the Pulju Project and our strategic vision of supplying sustainably sourced nickel and battery metals to Europe. With that in mind, discussions with potential strategic partners continue which will allow us to ultimately fully unlock the value of Pulju for our shareholders.
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Nordic Resources
Investor Insight
Nordic Resources presents investors an opportunity to gain exposure to the European Union’s critical minerals play, with its highly prospective nickel deposit at its flagship Pulju project in Northern Finland - a tier 1 jurisdiction with a long mining history.
Overview
Nordic Resources (ASX:NNL) is a nickel sulphide and battery minerals exploration and development company focused on becoming a major supplier of sustainably sourced, traceable, high-purity class 1 nickel and battery minerals through its portfolio of highly prospective assets in Finland. A highly credentialed team with a solid track record and experience throughout the mining industry leads the company in executing its exploration and development strategy.
Finland is a Tier-1, mining-friendly jurisdiction with a long mining history in the Central Lapland Greenstone Belt. Additionally, the country is incentivising battery mineral projects and is positioned to become a major player in the full battery value chain, making it an ideal jurisdiction for exploration and development.
The European Union Critical Raw Materials Act includes nickel as a critical mineral and will play a vital role in the transition to clean energy and decarbonization.
Nordic Resources’ 100-percent-owned flagship Pulju project already has a JORC-compliant mineral resource estimate of 418 million tons at 862,800 tons of nickel, 40,000 tons of cobalt and 22,100 tons of copper .
The Pulju project’s unique mineralisation is amenable to a dual exploration strategy of both near-surface disseminated nickel as well as high-grade massive sulphide lenses. The project is in an area of known mineralisation and several major discoveries, including the 304-Mt, open-pit nickel, copper, gold, Kevitsa Mine, owned by Swedish mining company Boliden, and the world-class 44-Mt Cu-Ni-PGE Sakatti Deposit discovered by Anglo American. Historical drilling has been shallow with no modern geophysics, which Nordic Resources has now undertaken. Multiple electromagnetic anomalies have been identified.
In 2023, Nordic Resources secured an additional exploration licence (EL) for the Pulju project. The newly granted EL, known as Hotinvaara, is highly prospective for nickel sulphide mineralisation and is three times the size of the Hotinvaara prospect, which has been the focus of Nordic’s maiden exploration program and the company's resource development activities to date.
Nordic Resources released an updated mineral resource estimate (MRE) for the Hotinvaara prospect which increased to 418 million tons (Mt) @ 0.21 percent nickel, 0.01 percent cobalt and 53 parts per million (ppm) copper for 862,800 tons of contained nickel, 40,000 tons of contained cobalt and 22,100 tons of contained copper. Indicated resource is now 42 metric tons @ 0.22 percent nickel, for 92,700 tons of contained nickel, and inferred resource of 376 metric tons @ 0.21 percent nickel, for 770,100 tons of contained nickel. The updated MRE effectively establishes Pulju as a globally significant nickel sulphide project, given its proximity to the fast-growing European battery materials and EV sector.
Nordic Resources' second project, the Maaninkajoki 3 (MJ3) asset, comprises 30 square kilometers of exploration licenses and is also in a region of known mineralisation or similar mafic/ultramafic lithologies to the nearby Sakatti deposit. The company has an earn-in agreement to acquire 75 percent of the asset as exploration continues.
A management team with a range of expertise throughout the mining industry builds confidence in the company’s goal to explore its assets fully. Expertise includes corporate administration, geology and international finance.
Company Highlights
- Nordic Resources is an Australian listed exploration and development company focusing on its district-scale class 1 nickel and battery minerals assets in Northern Finland.
- The recently enacted European Union Critical Raw Materials Act (CRMA) includes nickel as a critical mineral importantly now requires 10 percent of all critical minerals to be sourced from Europe (when presently there is less than 3 percent produced). Additionally, there are only two nickel-producing mines in Europe, both of which are located in Northern Finland (near Nordic’s Pulju project), and exploration and development activities will benefit from future EU incentives.
- Nordic Resources' flagship Pulju project already has a near-surface JORC-compliant resource which was recently updated in March 2024 following an extensive diamond drilling campaign in 2023. This JORC Mineral Resource Estimate (MRE) is contained within the Hotinvaara Prospect at the Pulju Project which covers just 2 percent of the company’s 240 km2 landholding at the Pulju project.
- The updated JORC MRE completed for the Hotinvaara prospect increased over three times from the 2023 drilling to 418 Mt @ 0.21 percent nickel, 0.01 percent cobalt and 53 ppm copper for 862,800 tons of contained nickel, 40,000 tons of contained cobalt and 22,100 tons of contained copper. Indicated resource is now 42 metric tons @ 0.22 percent nickel, for 92,700 tons of contained nickel and inferred resource is 376 metric tons @ 0.21 percent nickel, for 770,100 tons of contained nickel.
- The company’s second Maaninkajoki 3 project covers 30 square kilometers of exploration licenses, and the company has the option to earn up to 75 percent.
- An experienced management team with a track record and deep expertise in the natural resources industry leads the company.
Key Projects
Pulju Nickel Project
The company’s 100-percent-owned flagship Pulju project covers 240 square kilometers of land in Finland's Central Lapland Greenstone Belt. Nordic Nickel has completed a maiden diamond drilling campaign with 15,423 meters completed since the beginning of 2023.
Project Highlights:
- Prolific Resource Estimate with Expansion Potential: Since the maiden resource was released Nordic Nickel has completed an additional 15,432-meter drill campaign which has substantially expanded the areas of known mineralization and will see a much larger mineral resource estimate. Additionally, the company remains focused on targetting Sakatti-style analogues of high-grade massive sulphides.
- Promising Geology: The regional geology of the project is amenable to rich nickel deposits. The presence of ultramafic rocks mirrors the Sakatti and Kevitsa deposits. The project contains a 35-kilometer continuous prospective strike with considerable blue-sky potential as exploration continues.
- Significant Assay Results: Nordic Nickel completed 28 diamond drill holes for 15,432 meters as part of its maiden drilling program. Assays have returned extensive zones of nickel sulphide mineralisation, including zones of higher-grade massive stringer sulphides.
- Updated Mineral Resource Estimate for Hotinvaara: Updated MRE for the newly granted Hotinvaara exploration licence comprises 418 Mt grading 0.21 percent nickel, 0.01 percent cobalt and 53 ppm copper for 862,800 tons of contained nickel, 40,000 tons of contained cobalt and 22,100 tons of contained copper.
Maaninkajoki 3 (MJ3) Nickel Project
Nordic Resources' MJ3 Project covers 30 square kilometers of exploration licenses. The asset is subject to an earn-in agreement, which gives the company the right to acquire up to 75 percent of the project over two stages. The project is highly prospective for both intrusive-hosted and komatiite-hosted nickel sulphide mineralization.
Management Team
Todd Ross - Non-executive Chairman
Todd Ross has over 26 years of experience in finance, derivatives and corporate advisory within the natural resources sector. He is the former managing director and head of Western Australia for BNP Paribas. Ross is a specialist in project and acquisition financings across a range of commodities across multiple jurisdictions. His previous roles include senior positions at BNP Paribas, Westpac, Royal Bank of Canada, CBA and Oakvale Capital. Ross holds a Bachelor of Business from Edith Cowan University and a Graduate Diploma in Applied Finance & Investment from FINSIA.
Marcello Cardaci - Non-executive Director
Marcello Cardaci is the former partner of Gilbert & Tobin’s Corporate Advisory Group. He has 26 years’ experience advising public and private equity fundraisings, M&A and divestment. Cardaci has extensive experience in capital raisings, takeovers, schemes of arrangements and joint ventures. His current directorships include ASX-listed Altamin Limited and Manhattan Corporation Ltd. Cardaci holds law degrees (BJuris, LLB) and commerce (BCom).
Robert Wrixon - Executive Director
Robert has over 22 years of experience in corporate strategy, mining M&A and mineral exploration. He is the director of Starboard Global Ltd, private equity and incubation of projects in the metals and mining sector. His current directorships include Rafaella Resources, Emmerson PLC. Wrixon holds a PhD in mineral engineering from the University of California, Berkeley.
Juho Haverinen - Non-executive Director
Juho Haverinen has over ten years of experience in planning and overseeing mineral exploration in Finland and is currently head of exploration for Magnus Minerals Oy. He has significant experience in Finland with exploration joint ventures with major multinational mining companies and is a member of the board of the Finnish Mining Association (FinnMin) and a board member of Magnus Minerals Oy. Haverinen holds BSc and MSc geology degrees from the University of Helsinki.
Aaron Bertolatti - Company Secretary and CFO
Aaron Bertolatti is a qualified chartered accountant and company secretary with over 15 years of experience. He has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance. He was previously CFO of Highfield Resources Ltd and American Pacific Borates.
Vern Langdale - Country Manager, Finland
Vern Langdale is a mining veteran with 38 years of experience across various roles in mining projects and mines from many countries. He studied mining engineering at the Camborne School of Mines in Cornwall, England and started his career working in gold mines in the Goldfields of Australia. Langdale has been involved with building and commissioning mines often in challenging and remote locations in China, Indonesia and Saudi Arabia. In 2018, he moved to Finland with Nordic Gold. Langdale worked as director of operations for Endomines AB at its US and Finnish operations, where he provided support in the re-start of its mining operations. He was also mine manager at the Nordic Gold in Finland. He was the project manager for Jac Rijk Al Rushaid in Saudi Arabia, where he coordinated the work of a multi-lingual and multi-national workforce for the largest gold mining project of the Ma’aden Gold Group.
Pekka Tuomela - Sustainability & ESG Manager, Finland
Pekka Tuomela has a master of science in geology from the University of Oulu, Finland and an impressive career spanning over 20 years in exploration and mining projects in Finland and internationally, at all project phases. Tuomela has a solid understanding of the Finnish environmental and mining permitting regime, mining ESIAs and associated ESG/CSR sustainability practices including stakeholder communication. In addition, he advises on mineral intelligence and mineral economics policy and strategy matters.
Exploring district-scale nickel asset in Finland to support growing demand
Ni-Co Energy
Investor Insight
Ni-Co Energy offers investors exposure to high-demand critical minerals through a strategically located, 100 percent owned nickel-copper-cobalt project in Quebec, with strong early-stage drill results, exceptional infrastructure access, and a clear path to discovery in a geopolitically stable jurisdiction.
Overview
Founded in 2023, Ni-Co Energy is a Canadian mineral exploration company focused on the discovery and development of critical metals, with a particular emphasis on nickel, copper and cobalt. Headquartered in Gatineau, Quebec, the company is actively exploring within the Grenville geological province — a region historically underexplored but considered highly prospective for mineral-rich systems.
Ni-Co Energy’s strategy is rooted in the growing global demand for clean energy technologies, which are placing unprecedented pressure on the supply of battery and electrification metals. Nickel is a core component of high-energy-density battery chemistries used in electric vehicles (EV); copper is vital for electrical transmission, grid expansion and renewable power infrastructure; and cobalt enhances battery stability and longevity. As economies push toward net-zero targets and EV adoption scales globally, secure, ethical and local supply chains for these metals have become a geopolitical and economic priority.
Ni-Co Energy’s focus on magmatic massive sulfide style deposits is one of its unique value propositions. These deposits are among the most economically significant sources of base metals worldwide. The systems are known for forming high-grade, multi-metallic ore bodies containing copper, zinc, lead, gold, silver and, crucially for Ni-Co Energy’s portfolio, nickel and cobalt. These types of deposits tend to occur in clusters and can support scalable, long-life mining operations with strong by-product credits, enhancing overall project economics. Discovering and advancing a deposit gives Ni-Co Energy a competitive edge in tapping into premium metal markets where supply is tightening.
With a clear focus on modern geophysical tools and systematic exploration, Ni-Co Energy is positioning itself to become a key player in the Canadian critical minerals sector — delivering value not only through discovery, but by aligning with the broader shift toward decarbonization and supply chain resilience.
Company Highlights
- Ni-Co Energy targets high-demand metals essential to the energy transition: nickel, copper and cobalt, with applications in EV batteries, energy storage and electrification infrastructure.
- The flagship Kremer project is a 100 owned, 15,375-hectare property located 90 km to the north from downtown Montreal (but 15 km away from the nearest town) in the highly prospective Grenville Geological Province in Quebec.
- Early-stage Discovery Potential: Multiple massive and semi-massive sulfide intercepts confirmed in 2023 drilling campaign with grades up to 1.73 percent nickel and 0.85 percent copper over 2.95 meters. This campaign consisted of 22 holes and 4,200 meters; ~41 percent of the drilled holes intersected sulfides.
- Airborne and ground EM surveys revealed an 8-kilometer-long EM conductor corridor, with overlapping gravity and MAG anomalies, and multiple surface showings.
- The project is road-accessible year-round via Route 347 and forestry roads, with power lines nearby and proximity to regional mining services.
- A two-phase, C$2 million exploration program planned for 2025, including an 8000-meter drilling campaign along with borehole TDEM focused on high-priority geophysical and geochemical targets.
Key Project
Kremer Project
The 100 percent owned Kremer project is Ni-Co Energy’s flagship exploration asset and a prime example of the company’s focus on uncovering critical mineral resources within geologically favorable but underexplored regions. Located approximately 90 kilometers from downtown Montreal and about 15 km northwest of Saint-Côme, the Kremer property enjoys excellent accessibility and infrastructure — a significant advantage for an early-stage exploration project.
The project comprises 233 mining claims covering 15,375 hectares, within the Grenville geological province, an area known for its potential to host nickel-copper-cobalt magmatic sulfide systems, particularly along the margins of a large anorthosite intrusion. The property benefits from its proximity to paved highways, well-maintained logging roads, powerlines and skilled labor pools. These logistical advantages significantly reduce exploration costs and timelines while positioning the project favorably for future development and potential production scenarios.
Geological Characteristics and Exploration History
The property is underlain primarily by paragneiss rocks of the Grenville province and lies near the Morin Anorthosite Complex, a large intrusive body known to host iron-titanium-vanadium and nickel-copper-cobalt mineralization. Historical grab samples from around the “Lac à la Mélasse” area have returned values up to 3,547 parts per million (ppm) nickel, 1,107 ppm copper, and 924 ppm cobalt, supporting the district's critical mineral potential
In 2021 and 2022, Ni-Co Energy completed airborne magnetic and time-domain electromagnetic (TDEM) surveys, covering 1,659 line-kilometers. These surveys identified numerous EM conductors, particularly concentrated in the northwestern sector of the property. A ground gravity survey conducted in 2024 detected multiple weak to moderate positive anomalies, suggesting the presence of sulfide-rich bodies or lenses that could host nickel-copper-cobalt mineralization.
The company’s 2023 maiden diamond drilling campaign included 22 drill holes totaling 4,201 meters. Of these, a significant proportion intersected massive (>50 percent) and semi-massive (<50 percent) sulfide mineralization. Highlights include:
- DDH 20-2023: 1.73 percent nickel, 0.85 percent copper over 2.95 meters
- DDH 04-2023: 1.58 percent nickel, 0.42 percent copper over 2.70 meters
- DDH 21-2023: 1.46 percent nickel, 0.71 percent copper over 1.80 meters
Advancements and Future Prospects
In 2024, Ni-Co Energy deployed a suite of advanced geophysical tools, including drone-based magnetics, ground gravimetric surveys, and borehole TDEM, to sharpen its geological targeting. These efforts identified two major mineralized zones:
Northwest Zone: This drilled zone features continuous surface mineralization extending over 700 meters, exposed every 25 to 50 meters, with blown trenching done at two places up to 1 meter deep to verify mineral continuity.
Southeast Zone: A newly uncovered area approximately 7 km from the current drilling site, exhibiting fresh nickel-copper-cobalt mineralization indices and offering substantial exploration upside.
Ground EM, MAG and gravity surveys are overlapping in the central 3-km long zone. This highly prospective area is believed to host a mafic intrusion buried at shallow depth and will be drill tested during the 2025 program. Ni-Co Energy also intends to do some step-out drilling in the already drilled northwest zone to confirm mineralization extent.
With infrastructure in place and geophysical indicators pointing to scale, the Kremer project offers a compelling combination of accessibility, geological potential and alignment with critical mineral supply priorities.
For 2025, Ni-Co Energy plans to implement a two-phase exploration program with a combined budget of over C$2 million. The programs includes follow-up drilling based on overlapping structural, geophysical, and geochemical anomalies
Management Team
Alain Tremblay – Founder, President and CEO
Alain Tremblay is a seasoned entrepreneur and mining exploration leader. With 30 years of experience as a professional pilot, he has combined his aviation expertise with his passion for resource exploration. As the founder of Prospectair Geosurveys, he provided airborne geophysical survey services to the mining sector for over 20 years. Notably, he was instrumental in the discovery of a major graphite deposit in the Grenville geological province of southern Québec. His leadership and innovative approach have been pivotal in advancing resource exploration and development across Canada.
Marc Boivin – VP Exploration
Marc Boivin is a geologist specialized in exploration geophysics. He has been operating his own consulting firm, MB Geosolutions, since 2006. Previously, he was chief geophysicist at SOQUEM for 14 years. He received his BSc in Geology at UQAM in 1983 and pursued postgraduate studies in applied geophysics at the Ecole Polytechnique de Montréal (1984-1985). With over 40 years of experience, he has developed considerable expertise in mining exploration and applied geophysics, working in a broad range of geological environments in many locations in Canada, the US, Africa, Australia and Central America.
Nicolas Tremblay – VP, IR and Corporate Development
Nicolas Tremblay is a retired IT manager and a seasoned investor with a strong background in business and technology. A graduate of the University of Ottawa (Business Admin) and Université du Québec à Hull (IT), he spent 31 years in the public sector, leading an IT group at Environment and Climate Change Canada. Over the last decade, he has been engaged in the mining exploration industry, serving as a board member for a company that developed a significant graphite discovery. With more than 30 years of stock market experience, he combines technical acumen with strategic investment expertise.
Isabelle Gauthier – CFO
Isabelle Gauthier has over 25 years of proven experience and expertise across all financial and business functions. She holds a B.A. in Administration from Université du Québec à Montréal (UQAM) and has been a member of the Ordre des Comptables professionnels agréés du Québec since 1998. She was a senior manager at the firm Raymond Chabot Grant Thornton for which she worked as an auditor from 1996 to 2006. She has developed an expertise in public companies primarily in the mining sector.
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