September 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.

• Step-out drilling assays confirmed additional extensive near-surface nickel at Hotinvaara, highlighting growth potential in the current Mineral Resource, with multiple broad intersections of up to 117.9m of disseminated nickel sulphides returned.
• Drilling along a 2km magnetic feature intersected a substantial disseminated sulphide zone, including 7.5m of net-textured and semi-massive sulphides located 500m south of the current MRE.
• Initial phase of diamond drilling at Hotinvaara now complete, with 28 holes for 15,432m.
• Partial leach assaying confirms the predominance of nickel sulphides in the assays received to date.
• Assays are pending for 14 holes as at the date of this report, with assay turnaround times now substantially reduced.
• Updated MRE on track to be completed by the end of this year.
• Highly prospective Holtinvaara Exploration Licence (EL) at the Pulju Project has been granted. The newly-granted EL lies 5km north-east of the 5km2 Hotinvaara EL, which has been the focus of Nordic’s drilling thus far and hosts the current Mineral Resource of 133.6Mt at 0.21% Ni and 0.01% Co1.
• Cash of $2.8m as of 30 September 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 suggests 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 September 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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