Quarterly Activities Report & Appendix 5B

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

• First drill hole assays from Nordic’s maiden diamond drilling campaign at the Hotinvaara Prospect confirmed extensive massive sulphide mineralisation with multiple wide mineralised zones. Highlights from assay results reported to date include:
  • 199.1m @ 0.22% Ni from 20.9m in HOT006
  • 25.3m @ 0.29% Ni from 340m in HOT006
    • incl 0.6m @ 4.66% Ni, 0.1% Co from 359.6m
  • 63.8m @ 0.22% Ni, 0.01% Co from 140.2m in HOT003
  • 63.0m @ 0.22% Ni from 211.0m in HOT003
  • 20.0m @ 0.26% Ni, 0.01% Co from 284.0m in HOT003
    • incl 2.4m @ 0.73% Ni, 0.03% Co from 288.0m
    • which included 0.4m @ 1.68% Ni, 0.06% Co from 288.0m
  • 94.15m @ 0.20% Ni from 6.4m in HOT001
  • 38.7m @ 0.26% Ni from 149.3m in HOT001
    • incl. 0.65m @ 1.49% Ni, 0.07% Co from 174.7m
  • 38.0m @ 0.18% Ni from 226m in HOT001
    • incl. 0.65m @ 1.09% Ni, 0.06% Co from 239.15m
  • 93.3m @ 0.17% Ni from 276m in HOT001
  • 50.85m @ 0.16% Ni from 395.15m in HOT001
• Project-wide high-resolution UAV magnetic survey highlighted potential for multiple Hotinvaara-style ultramafic intrusives of a similar or larger size to that at the existing JORC (2012) Mineral Resource Estimate (MRE) at Pulju.
• Nordic continued to participate in BHP’s inaugural Xplor Program, which has validated the size and district scale potential of the Pulju Project and provided non-dilutionary exploration funding as well as access to BHP’s deep expertise and global partnerships.
• Cash of $5.4m as of 30 June 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 June 2023 Quarter, Nordic Nickel continued a major diamond drilling program at Hotinvaara, 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.

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