New Risk • Jan 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 5.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (155% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$79.0m market cap, or US$53.3m). Announcement • Oct 22
Nordic Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 8.5 million. Nordic Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 8.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,636,364
Price\Range: AUD 0.22
Discount Per Security: AUD 0.0132
Transaction Features: Subsequent Direct Listing Announcement • Oct 04
Nordic Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.75 million. Nordic Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.75 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,937,500
Price\Range: AUD 0.16
Discount Per Security: AUD 0.0048
Transaction Features: Subsequent Direct Listing Announcement • Sep 24
Nordic Resources Limited, Annual General Meeting, Nov 14, 2025 Nordic Resources Limited, Annual General Meeting, Nov 14, 2025. Board Change • Aug 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Marcello Cardaci was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 05
Nordic Resources Limited (ASX:NNL) completed the acquisition of Fennia Gold Oy and Lakeuden Malmi Oy from Northgold AB (publ) (OM:NG). Nordic Resources Limited (ASX:NNL) entered into a binding agreement to acquire Fennia Gold Oy and Lakeuden Malmi Oy from Northgold AB (publ) (OM:NG) for SEK 51.2 million on April 10, 2025. The transaction including their associated assets: the Kopsa Project, Hirsikangas Project and Kiimala Trend Project. The consideration in the Transaction comprises a combination of 70,000,000 newly issued shares in Nordic Resources and SEK 2 million in cash, to be paid upon completion, which is expected to occur around the end of May 2025. The Transaction is subject to approval by general meetings in both Northgold and Nordic Resources. It is also subject to customary closing conditions, as well as a capital raising by the Buyer. Shareholders representing approximately 61.8% of the votes in Northgold have undertaken to vote in favor of the Transaction. The Board of Directors of Northgold has appointed a transaction committee consisting of independent board members to represent Northgold in all matters related to the Transaction. The independent board members of Northgold have recommended that shareholders of Northgold vote in favour of the proposed Transaction. As of April 14, 2025, Nordic Resources has completed a AUD 2.85 million (SEK 17.42 million) capital raising, in conjunction with the acquisition of three Finnish gold projects. The funds will be used to complete the acquisition of the Kopsa project from Northgold AB, along with the two other gold projects that form the wider transaction; commence the 2025 drill program at Kopsa; and initiate a scoping analysis to assess near term production options for Kopsa. As on May 22, 2025, The transaction is expected to occur on or around June 4, 2025.
Foyen Advokatfirma Ab acted as legal advisor for Northgold AB and Nordic Resources Limited. Ville Salonen and Lilli Parbo of Asianajotoimisto Magnusson Oy acted as legal advisor for Northgold AB. Steinepreis Paganin acted as legal advisor for Nordic Resources Limited. Sedermera Corporate Finance AB acted as financial advisor and project manager for Nordic Resources Limited. PwC acted as tax advisor for Northgold AB. Shark Communication acted as Fairness Opinion for the Transaction Committee.
Nordic Resources Limited (ASX:NNL) completed the acquisition of Fennia Gold Oy and Lakeuden Malmi Oy from Northgold AB (publ) (OM:NG) on June 4, 2025. Announcement • May 26
Nordic Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.5 million. Nordic Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 56,666,669
Price\Range: AUD 0.06
Discount Per Security: AUD 0.0036
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,666,665
Price\Range: AUD 0.06
Discount Per Security: AUD 0.0036
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Apr 14
Nordic Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.85 million. Nordic Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.85 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,333,333
Price\Range: AUD 0.06
Discount Per Security: AUD 0.0036
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,166,667
Price\Range: AUD 0.06
Discount Per Security: AUD 0.0036
Transaction Features: Subsequent Direct Listing Board Change • Feb 04
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Marcello Cardaci was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 23
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Marcello Cardaci was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 18
Nordic Nickel Limited, Annual General Meeting, Nov 29, 2024 Nordic Nickel Limited, Annual General Meeting, Nov 29, 2024. New Risk • May 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.9m (US$9.92m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Market cap is less than US$10m (AU$14.9m market cap, or US$9.92m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Board Change • May 10
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Marcello Cardaci was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 12
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Marcello Cardaci was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Feb 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Minor Risks Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (AU$16.9m market cap, or US$11.0m). Board Change • Jan 19
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Marcello Cardaci was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 20
Nordic Nickel Limited, Annual General Meeting, Feb 02, 2024 Nordic Nickel Limited, Annual General Meeting, Feb 02, 2024, at 09:00 W. Australia Standard Time. Location: The Park Business Centre, 45 Ventnor Avenue, West Perth Western Australia Australia Agenda: To consider and ratification of agreement to issues placement shares; to consider and approval of director participation in placement; and to consider other matter also. Board Change • Dec 12
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Marcello Cardaci was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 11
Nordic Nickel Limited has completed a Follow-on Equity Offering in the amount of AUD 2.052238 million. Nordic Nickel Limited has completed a Follow-on Equity Offering in the amount of AUD 2.052238 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,658,840
Price\Range: AUD 0.14
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Sep 26
Nordic Nickel Limited, Annual General Meeting, Nov 15, 2023 Nordic Nickel Limited, Annual General Meeting, Nov 15, 2023. Agenda: To consider the election of Directors. Board Change • May 23
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Marcello Cardaci was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Marcello Cardaci was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 10
Nordic Nickel Limited Provides an Update on Maiden Drilling Program At the Pulju Nickel Project Nordic Nickel Limited provided an update on its maiden drilling program at the Pulju Nickel Project (the Project) in the Central Lapland Greenstone Belt (CLGB) of northern Finland. Diamond drilling at Pulju commenced in early January 2023 within the historically defined Hotinvaara Mineral Resource Estimate (MRE) area. Two rigs are now operating at the project, with the first drillhole completed and two more progressing as planned. Nordic is primarily targeting massive Ni-Cu sulphide mineralisation of a similar style to the nearby world-class Sakatti deposit, while also aiming to enhance its understanding of the large mineral system and the extent of disseminated nickel mineralisation that makes up the bulk of the MRE. The Company plans to undertake ~22,000m of drilling at Hotinvaara over the coming 14 months. As of 8th February 2023, 2,242m of drilling has been completed at Hotinvaara. One drillhole has been completed (HOT001: 1,109.5m) and two more are progressing (HOT002: 470m and HOT003: 863m). All drillholes in the current program are designed to test multiple geophysical targets, including borehole EM (BHEM) targets modelled after surveying historical drillholes. The Company is highly encouraged by visual observations of the drilling completed to date. The prospective ultramafic rocks are widespread, with multiple intrusive and subvolcanic phases evident and continuing to a greater depth than ever previously drilled. Interspersed with the ultramafic rocks is a sequence of layered volcanic and sedimentary rocks with pervasive hydrothermal alteration and veining. The presence of the volcanic and sedimentary units has provided key chemical and physical characteristics that have contributed to the localisation of sulphide mineralisation, presumably sourced from the intruding ultramafics. The ultramafic units and adjacent volcanic and sedimentary host rocks contain blebby disseminated sulphide minerals of variable intensity. Minor intervals contain more intense disseminated, net- textured, semi-massive and veined sulphides. The dominant sulphide mineral is pyrrhotite (iron-nickel sulphide), with minor pentlandite (nickel sulphide) and chalcopyrite (copper sulphide). Drillhole HOT003, which is targeting multiple geophysical targets (magnetic, gravity and EM), intersected an impressive zone of semi-massive and net-textured sulphides (~50% of rock mass) over a ~30m interval from 140m to 170m downhole (true width estimated to be 60-80% of downhole thickness). Nordic's Geological Team is currently reconciling the geophysical models with the observed lithologies and sulphide zones, with a view to improving the Company's understanding of the Hotinvaara prospect geology. BHEM will be routinely undertaken on each hole as they are finished and has now been completed on HOT001 with the processing and interpretation of the data now underway. Batches of samples are being regularly submitted for core cutting and assaying, with turnaround times currently anticipated to be 8-10 weeks. 
