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.