Nordic Nickel steams towards resource update and Phase 2 drilling at Pulju project following $2.05m raising

Nordic Nickel raises over $2.05m through a placement at 14 cents per share, a 12.5% discount to the 15-day VWAP
Funds will be used to advance the flagship 133.6Mt Pulju project towards a resource update and Phase 2 drilling in early 2024
The Finland-focused explorer also plans test another nine prospective zones as big or bigger than the Hotinvaara prospect

Special Report: Nordic Nickel has raised over $2.05m through a placement to support its ongoing goal of becoming a major long-term European supplier of sustainably sourced Class-1 nickel sulphides from its two district-scale assets in northern Finland.

Nordic Nickel (ASX:NNL) has secured $2.05m in new funding following a well-supported share placement to existing shareholders, directors and new sophisticated investors.

Most of the funds will be allocated to exploration activity and diamond drilling at the Hotinvaara prospect within the flagship Pulju project in Finland, where much of the focus remains on targeting high-grade massive sulphide zones and expanding the existing resource.

NNL says it also plans to use the funds to complete metallurgical test-work studies for the Hotinvaara prospect, which will provide valuable insights into the ore characteristics and the potential concentrate grade achievable.

Exploring previously undrilled areas

While an exciting prospect, Hotinvaara represents less than 2% of NNL’s landholding with another nine prospective zones as big or bigger than Hotinvaara through the Pulju Belt.

Boosting the company’s exploration efforts, a second exploration licence three times the size of Hotinvaara – called Holtinvaara – has recently been granted which represents a previously undrilled, highly prospective area of the Pulju Belt.

NNL says it plans to also use the funds to complete its review of geological data across the entire 240km2 land package at Pulju and complete its regional target prioritisation to identify exploration opportunities beyond the currently drilled areas.

Unlocking the resource potential in Finland

NNL managing director Todd Ross says the company is pleased with the outcome of the capital raising in what remains a challenging market.

“We are grateful for the support received from both existing and new shareholders, and we are excited to continue with our plans and commitments to unlock the full potential of our exciting exploration projects in Finland,” Ross says.

“We look forward to executing our exploration plans and the upcoming catalysts for the company, including assay results, resource updates and metallurgical test work – all of which will play a crucial role in showcasing the value and growth potential of our assets in Finland.”

This article was developed in collaboration with Nordic Nickel, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.