Nordic Nickel Limited advised that it has confirmed the significant regional exploration potential within its 100%-owned Pulju Nickel Project (Pulju, or the Project) in Finland after securing high-quality historic drilling data. Pulju is located in the Central Lapland Greenstone Belt (CLGB) of Finland, 50km north of Kittilä with access to world-class infrastructure, grid power, national highway, international airport and, most importantly, Europe's only two nickel smelters. The municipality of Kittilä also hosts western Europe's largest gold mine, Suurikuusikko, operated by Agnico Eagle.

Nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks with high-grade, massive sulphide lenses and veins enveloped by large, near- surface lower grade disseminated nickel mineralisation. Therefore, disseminated nickel sulphides in the CLGB are not only a target in their own right, they also act as a marker for higher grade massive sulphides. The disseminated nickel at Pulju is widespread, with a JORC (2012) Mineral Resource Estimate of 133.6Mt @ 0.21% Ni, 0.01% Co previously defined by Nordic at the Hotinvaara prospect from historic drilling 1. The recently acquired historical shallow diamond drilling data elsewhere at the Project provides further evidence for the project-wide prospectivity for near-surface, disseminated nickel mineralisation.

While the Company's upcoming drilling program will be targeting deeper high-grade, massive sulphide nickel mineralisation, this additional regional historic drilling of the near-surface disseminated nickel mineralisation provides evidence of widespread nickel sulphide mineralisation throughout the full project area. When the spatial extent of the prospective rocks of the Pulju Project (Mertavaara Formation) is compared to globally significant nickel deposits and their host intrusions, the Pulju Project offers a significant area to potentially host a world-class nickel endowment (Figure 2). The 35km strike length of prospective geology at Pulju is extensive, even compared with other important nickel-rich geological terrains, and offers the potential for multiple discoveries given that Pulu has been barely explored compared to the others.

Importantly, the use of modern geophysical methods, such as airborne, ground-based and downhole electromagnetics (EM) has been crucial in the discovery of new nickel deposits elsewhere (as was the case with the discovery of the Sakatti Deposit by Anglo American in the CLGB, Voisey's Bay by Archaean Resources in Labrador, Canada and Nova-Bollinger by Sirius Resources in the Albany-Fraser Orogen, Western Australia). These modern methods have not been employed thus far at Pulju, apart from some preliminary surveys at Hotinvaara (two fixed loop EM surveys and three downhole EM surveys to date). It is intended to conduct further downhole surveys at the estimated 12-15 historic holes that remain open at Hotinvaara, in order to better assess the extent and geometry of the known (previously intersected) near-surface massive sulphides with high nickel tenor.

These surveys are scheduled to for later this month, in advance of the Company's drill program commencing January 2023. The potential to host world-class nickel deposits is supported by the observation, at Pulju, of several key geological criteria which are common across the world: 1. Presence of high MgO (magnesium oxide) ultramafic rocks. The magmas that form these rocks are relatively enriched in nickel, copper and PGEs.

2. Multiple sources of sulphur to be incorporated into ascending magmas, enabling sulphur saturation and sulphide formation. Within the CLGB, sulphate-bearing sedimentary rocks at the base of the ultramafic rocks and sulphide-bearing black schist host rocks interbedded with the prospective ultramafic rocks offer two potential sulphur sources to trigger sulphide mineral formation. 3. Formation of high-tenor nickel sulphides, indicating that sulphur saturation occurred and the metals in the ultramafic magmas preferentially partitioned into sulphides relative to silicate minerals.

Ultramafic rocks with low nickel-in-silicate contents have been confirmed at Hotinvaara and elsewhere in the CLGB where substantial nickel resources have formed.