A$8.48m cash and 11,506m drilled in Nordic Resources FY2026

Kopsa drilling points to the next resource test

Nordic Resources Ltd (ASX:NNL) has spent the year building the geological case for its Finnish gold portfolio, with 38 holes at Kopsa each returning at least one significant intersection outside the existing resource. The company says drilling extended the mineralised envelope by between 50 metres and 150 metres in each direction tested, including step-outs more than 150 metres beyond earlier drilling.

The most consequential result in the annual report is a new high-grade zone at Kopsa’s northern footwall contact. Nordic says this is the first time wide, stockwork-style veining has been observed outside the project’s established central high-grade zone. Drilling restarted on 4 August 2026, while an interim Mineral Resource Estimate is planned to incorporate drilling completed since Nordic acquired the project in June 2025.

The company’s broader Middle Ostrobothnia Gold Belt inventory stood at 34.3 million tonnes grading 1.11 grams per tonne gold equivalent for 1.23 million ounces AuEq at year-end. That total includes 814,800oz AuEq at Kopsa, 147,000oz of indicated gold resources at Angesneva and 402,000oz across Hirsikangas, with 66% of the combined resource in measured and indicated categories. These are in-situ JORC resources rather than an estimate of recoverable production, and the Kopsa equivalent calculation uses historical price and recovery assumptions.

Kiimala and Pulju add separate catalysts

At the Kiimala Trend, all seven holes drilled at Vesipera produced significant intersections, while two holes at Angesneva supported continuity beyond the existing resource and identified copper and silver grades not previously included in that estimate. Nordic intends to update the Angesneva resource to include copper and silver and prepare a first-pass resource for Vesipera during 2026.

The company also commenced a regional Ionic Leach survey at its Pulju nickel-copper project in June. The survey is designed to prioritise drill targets across a large project area, including locations associated with known nickel and copper sulphide mineralisation. Results are expected after the programme concludes in October, with first results likely by the end of calendar 2026. Pulju’s Hotinvaara deposit remains a 418Mt resource grading 0.21% nickel, 0.01% cobalt and 53 parts per million copper, but the project remains an exploration and development proposition rather than a producing asset.

Cash rose alongside the exploration bill

Nordic’s financial statements show the cost of that activity. Exploration payments reached A$5.72 million in FY2026, up from A$2.17 million, while the net loss widened to A$2.83 million from A$1.27 million. Share-based payment expense also rose to A$1.77 million, contributing materially to the reported loss.

That spending was funded mainly through the equity market. Nordic received A$13.95 million from share issues during the year and finished with A$8.48 million in cash, compared with A$1.82 million a year earlier. Issued shares rose from 264.9 million to 377.0 million during the period, before additional potential dilution from 43.875 million options and 13 million performance rights disclosed at 30 June. The company reported no borrowings and said it remained ungeared, but its own risk disclosure identifies future funding as a central business risk if exploration continues at its current pace.

Management change raises the execution bar

Robert Wrixon moved from executive director to managing director on 1 July 2026, with fixed remuneration of A$300,000 a year plus statutory superannuation. The appointment places responsibility for the next phase directly with a founding director as Nordic moves from resource growth towards metallurgy, permitting and potential processing solutions.

The annual report says the first Kopsa metallurgical testing programme began in January 2026 and identifies existing regional processing plants, including Pyhasalmi and Laiva, as possible future options. It does not provide a development decision or a production timetable. The near-term evidence will instead come from the updated Kopsa resource, the Angesneva and Vesipera estimates, metallurgical work and Pulju’s targeting results.