Nordic Resources Targets Resource Growth Across 1.23Moz Finland Gold Portfolio

Nordic Resources (ASX:NNL) already has plenty to offer.

The company controls a strong strategic platform in Finland, comprising three projects in a prolific belt with an impressive, combined resource of more than 1.2 million ounces of gold equivalent.

On top of that, the company has drilled almost 12,000m across the properties over the past 12 months, with the results suggesting significant resource growth in updated estimates due later this year.

But the story is now expanding even further still.

This week, based on the strong extensions drilled thus far, Nordic announced the start of a major H2 drilling programme totalling 12,000m—more than doubling the metres drilled across its assets to date.

And the goal is a simple one:

• Define more gold and test how big the systems it controls could ultimately become.

With a current market cap of around A$74m, success could start to bring Nordic onto more investor radars. So, let’s look in more detail…

A Strong Position in Finland

Finland might not steal many mining headlines globally, but it’s one of Europe’s strongest jurisdictions.

In fact, the country was ranked number one in the Fraser Institute’s Investment Attractiveness Survey last year, supported by its security of tenure, established mining history, strong infrastructure, low costs and experienced workforce.

It’s also home to Europe’s largest primary gold mine, Agnico Eagle’s Kittila operation, while several major mining groups and gold companies are already active in the country.

Nordic sits squarely within that backdrop.

The company’s portfolio is in Finland’s Middle Ostrobothnia Gold Belt, a prolific central region hosting numerous gold and base metal deposits.

And it centres on three projects—Kopsa, Kiimala Trend and Hirsikangas—which together host 34.3Mt at 1.11g/t AuEq for 1.23Moz AuEq, including 1.04Moz of contained gold and 38,000t of contained copper.

You can see how they all look on the ground below:

Importantly, two-thirds of those defined ounces sit in the higher-confidence Measured and Indicated categories, while all three resources start from surface and may be amenable to open-pit mining.

That gives Nordic a useful foundation. But the bigger point is how those pieces might fit together.

Kopsa, Kiimala Trend and Hirsikangas all sit within 70km of each other, giving Nordic the bones of a regional development strategy rather than a single-asset story.

And with two existing mills in the broader area, the company may have more flexibility when it comes to future processing—a useful advantage if drilling continues to grow the resource base.

Kopsa: The flagship asset

As for the latest drill programme, the first focus is Kopsa.

This is Nordic’s largest and most advanced project, hosting a JORC resource of 23.2Mt at 1.09g/t AuEq for 814,800oz AuEq. However, that resource is still largely shallow, with around 90% sitting within 150m of surface.

• Recent drilling stepped out well beyond the existing resource model, suggesting Kopsa may be much larger than the current resource estimate suggests.

Nordic has far completed 38 new or extended holes at Kopsa, totalling 9,631m, at the project. That drilling is not included in the current resource, but it’s expected to feed into an updated mineral resource estimate in the coming months.

And the results so far have been very encouraging.

The holes have repeatedly confirmed extensions to the southeast and southwest, opened new areas beyond the existing resource boundary and identified a higher-grade northern zone.

The standout result came from Kopsa North, where drilling returned 71m at 2.90g/t gold and 0.13% copper, including 8.4m at 20.08g/t gold and a record single assay of 1.2m at 105.50g/t gold.

Those hits all comfortably clear 100 gram-meters, making them the kinds of results that can quickly change market perception.

Nordic is now returning to Kopsa with both extension and infill drilling planned. The company is also awaiting metallurgical test results, which are expected to feed into the updated Kopsa resource later this year.

In our recent StockBox interview, executive director Rob Wrixon made the point clearly: the company is still stepping out because it still doesn’t know how large Kopsa will become.

• That’s the opportunity. Kopsa is already meaningful, but the latest campaign is about testing how large a development asset it could become.

District-scale potential at Kiimala

Drilling in H2 will also focus on the second key part of Nordic’s story, the Kiimala Trend.

Kiimala sits around 40km north of Kopsa and already hosts the Angesneva deposit, which has a near-surface Indicated resource of 147,000oz at 1.19g/t gold.

Recent drilling has strengthened the case for growth.

At Angesneva, Nordic reported wide gold-copper-silver intersections outside the existing resource, including 70m at 1.34g/t gold, 0.18% copper and 4g/t silver from 202m.

The nearby Vesipera prospect is also becoming interesting. Nordic’s first 2026 drilling there returned significant gold intersections in all six holes, including shallow high-grade zones and wider lower-grade mineralisation.

Those results now set up the second-half programme:

1. At Angesneva, Nordic plans further extension drilling ahead of an updated resource later this year.

2. At Vesipera, the focus will be on both infill and step-out drilling, with the company assessing whether recent and historic results can support a maiden JORC resource.

3. The programme will also test the Kiimala prospect itself, immediately north of Angesneva, where Nordic wants to see whether mineralisation could connect with the existing Angesneva system.

You can see the various areas of the project below…

Drilling at Hirsikangas is more conditional, but still part of the wider plan. Nordic has flagged extension drilling there depending on progress and results across the broader campaign.

So, while Kopsa remains the flagship, the latest campaign is not just about one deposit. It’s also about testing whether Nordic can keep building a broader central Finland gold portfolio around multiple near-surface deposits.

Bringing it together

Nordic is still an exploration and development story, so investors should expect risk.

Updated resources still need to be delivered. Metallurgical work still needs to support the development pathway. Further studies will be required before any mine plan can be properly assessed.

But the attraction here is clear.

• Nordic already has a 1.23Moz AuEq resource base, a flagship deposit that appears to be growing, multiple additional near-surface deposits, a strong jurisdiction, existing regional infrastructure, and a drill programme designed to keep news flowing through the rest of the year.

The balance sheet also gives it room to work. Nordic reported A$8.48m in cash at the end of the June quarter, leaving it funded to pursue the current campaign.

The next milestones are straightforward:

1. Ongoing drill results from the second-half programme.

2. Metallurgical results

3. An updated Kopsa resource

4. An updated Angesneva resource

5. A potential maiden Vesipera resource

If those results keep building the scale and confidence of the Finnish portfolio, Nordic could begin to look less like a modestly valued explorer and more like an emerging regional gold developer.