Northgold AB (publ) announces its 2024 Mineral Resource Estimate for the 100%-owned Kopsa gold and copper project in Central Finland, incorporating 2,000 metres of expansion drilling completed at the project last year, for which assay results were previously reported. This 2024 MRE incorporates a total of 23,000m of core drilling, including 2,000m of drilling completed by Northgold at Kopsa in 2023, in addition to the 4,200m completed by Northgold in 2022 and also incorporated into the previous 2023 MRE, and 16,800m of historic drilling completed by others. Approximately 96% of the growth in resource ounces occurred along the southern and lower boundaries of the previous 2023 MRE envelope, based on the results of last year?s drilling which included deep drill hole NGKOP23034?s major intersection of 0.99 g/t AuEq over 105.7m from 208.2m, which had doubled the known depth extents of the south-southwest dipping main mineralized zone.

The remaining some 4% of the increase in ounces occurred in shallow zones just north of the 2023 MRE boundary, based on some newly incorporated bedrock surface assays coupled with a more refined geologic model, which helped extend the deposit northward by up to 50m laterally along part of the deposit?s north edge (adding a small, shallow 0.3 Mt grading 0.71 g/t Au and 0.12% Cu, to the north side of the resource, and suggesting additional northward resource growth potential). As a result of the increased size of the resource, and the new opportunities for substantial further resource extensions it has created, the higher cut-off grade of 0.5 g/t AuEq (from 0.3 g/t AuEq in 2023 MRE) was selected to allow the exclusion of lower-grade zones and an increase to the overall grade, at the expense of losing relatively few additional lower-grade, gold-equivalent ounces. At a lower cut-off grade of 0.3 g/t AuEq that was applied to the 2023 MRE, the 2024 MRE would have increased to 792.0 koz AuEq grading 1.03 g/t AuEq (45% more ounces than 2023 MRE at the same grade), according to the MRE?s grade-tonnage relationship.

Near-term additional exploration potential exists not only southward to build upon last year?s drilling success, including around the 377m long, 250m step-out hole NGKOP23034 (see press releases dated 20 September 2023 and 2 November 2023 for reported assays). But also northward, both around the newly delineated shallow resources along the deposit?s edge, and also extending further to the north and northeast for up to 300m, where some dozen historic drill holes (including many drilled in unfavourable orientations) encountered gold and copper mineralization that now appears in reach to be incorporated into the growing Kopsa resource pit shell, following some additional drilling in this area. Northgold has now increased Kopsa resources by more than 0.2 Moz AuEq in each of its last two drill seasons.

This has resulted in attractive overall resource accumulation rates of 101 oz AuEq/m drilled from the 2,000m last year, and 52 oz/m drilled from the 4,200m drilled in 2022, both of which exceed the overall project resource accumulation rate to date of 33 oz/m (historic drilling was more focused on upgrading resources to measured and indicated categories while Northgold has been and is more focused on growth), creating a strong and efficient resource growth trajectory for a project that is already one of Finland?s largest undeveloped gold deposits. Updated company-wide mineral resources now total 0.99 Moz AuEq, with a combined average grade of 0.94 g/t Au and 0.13% Cu (1.36 g/AuEq) as shown in Table 2, which meets the Company?s initial 1Moz goal stated during the 2022 initial public offering (?IPO?).