Nordic Resources has increased the pit-constrained resource at its Kopsa gold-copper-silver deposit in Finland by 86% to 1.52 million ounces of gold equivalent. The update gives the company a larger, more defined resource base, but the project remains at the Mineral Resource stage rather than a development decision.
- Kopsa resource rises to 44.03Mt at 1.07g/t AuEq for 1.52Moz AuEq
- 86% of Kopsa ounces are in Measured and Indicated categories
- 97% of the in-situ block model falls within the optimised pit shell
- A further 12,000m drilling program is underway
- Next Kopsa resource estimate expected in Q2 2027
Kopsa resource reaches 1.52Moz AuEq
Nordic Resources Ltd (ASX:NNL) has added another 86% to the defined resource at its Kopsa gold-copper-silver deposit in Central Finland, taking the pit-constrained estimate to 44.03 million tonnes at 1.07 grams per tonne gold equivalent for 1.52 million ounces AuEq. The estimate contains 1.18Moz of gold, 71,000 tonnes of copper and 3.50Moz of silver.
The increase is notable for the amount of drilling behind it: Nordic says the interim update incorporates 9,631 metres completed and reported to the end of July 2026. That equates to resource growth of 73 ounces AuEq per metre drilled, according to the company. The estimate also includes silver in the equivalent calculation for the first time.
The result is the latest step in a rapid expansion of Kopsa. Earlier drilling had identified mineralisation well beyond the previous resource boundaries, while the company’s recent Kopsa step-out drilling showed more than 100 metres of semi-continuous gold-copper zones in each of three holes. The updated figure is based on the company’s metal-equivalent formula, which assumes prices of US$3,500 per ounce for gold, US$14,000 per tonne for copper and US$60 per ounce for silver, alongside recoveries of 88%, 89% and 79% respectively.
Measured resources and shallow pit shell strengthen the case
Nordic reports that 86% of the Kopsa AuEq inventory sits in the Measured and Indicated categories. The deposit’s higher-grade central stockwork zone is concentrated near surface and is largely classified as Measured, which the company says could support a potential starter pit in a future development scenario.
The optimised pit shell captures 97% of the in-situ AuEq block model at a 0.4g/t AuEq cut-off. Preliminary optimisation indicates an estimated life-of-mine strip ratio of about 4:1. Those figures describe the shape and potential mineability of the resource, not project economics: Nordic has not reported an Ore Reserve, definitive feasibility study or production decision.
Metallurgy provides a further supporting data point. Recent testwork by Blue Coast Research indicated that Kopsa mineralisation could be processed through grinding, copper flotation and leaching, producing a copper-gold-silver concentrate and doré. The recoveries used in the MRE followed that work, which the company said produced consistent results across the principal mineralisation styles. The earlier Kopsa recovery testwork reported gold recoveries of up to 90% and copper recoveries of up to 91% across two ore styles.
Regional inventory rises to 1.93Moz AuEq
Kopsa now accounts for most of Nordic’s Middle Ostrobothnia Gold Belt inventory. Across Kopsa, Angesneva and Hirsikangas, the company reports 55.2Mt at 1.09g/t AuEq for 1.93Moz AuEq, including 1.59Moz of contained gold, 71kt of copper and 3.50Moz of silver. Eighty per cent of the consolidated AuEq inventory is in Measured and Indicated categories, according to the announcement.
Nordic has started another 12,000m drill campaign, with about 8,500m planned at Kopsa and additional work at Angesneva. The deposit remains open in most directions and at depth. The company expects drilling to feed a further Kopsa MRE in Q2 2027, followed by a consolidated regional resource update around the middle of next year.
Permitting and development work remain unresolved
The company also points to nearby processing options, including the Pyhäsalmi plant about 40 kilometres from Kopsa and the Laiva plant about 120 kilometres away, although access to either facility is only described as a potential option. Kopsa’s mining licence has been conditionally approved, while an auxiliary mining permit and parts of the exploration permitting remain subject to appeal processes.
The next meaningful test is therefore not simply whether Kopsa can grow again. It is whether the larger resource, metallurgical results, permitting position and possible processing routes can be converted into a scoping study with credible development economics. Nordic says that study is expected after the next resource updates, leaving drilling and project definition to carry the story into 2027.
Bottom Line?
The resource has moved materially higher, but the investment case now shifts from discovery and definition to permitting, economic studies and proof that the pit-shell assumptions can support a viable development.
Questions in the middle?
- Will the next 8,500m of Kopsa drilling convert more Inferred material while expanding the resource beyond the current pit shell?
- How sensitive are the 1.52Moz AuEq resource and 4:1 strip ratio to lower metal prices, recoveries or a higher cut-off grade?
- Can Nordic secure a clear processing and permitting pathway before the planned scoping study?