Nordic Resources (ASX:NNL) has completed the acquisition of Northgold’s (STO:NG) Finnish subsidiaries, Fennia Gold Oy and Lakeuden Malmi Oy for 100% interest in the Kopsa, Kiimala Trend, and Hirsikangas gold projects.
Nordic will pay around $325,000 cash at a fixed rate of 6.15 AUD to SEK, and 70 million shares in the company, as first announced to the market 11 April 2025.
Nordic, which has a market capitalisation of $12.83 million, will ensure voluntary liquidation costs are met to conclude the orderly wind-up of Northgold, which will allow it to distribute shares to shareholders.
By acquiring these projects, the company intends to advance its footprint across Finland with near-term exploration and development of the assets, while continuing earn-in and joint venture discussions of the Pulju Project in Finnish Lapland.
All three projects are located in the Middle Ostrobothnia Gold Belt, which contains several gold and base metal deposits.
The Kopsa Project’s flagship namesake deposit contains a resource of 23.2 million tonnes @ 1.09 grams per tonne gold equivalent, starting at surface. Historical drilling indicates potential for additional mineralisation along strike as well as beneath the existing source.
Highlights include 98.7m @ 3.9g/t gold and 0.19% copper from 6m and 87.6m @ 3.31g/t gold and 0.26% copper from 12.9m.
As reported by Mining.com.au earlier this week, the company extended its resource inventory of the Kiimala Trend to 147,000 ounces of gold equivalent.
The 27km2 project returned 122.4m @ 1.52g/t gold and 0.12% copper from 57.2m and 79.8m @ 1.85g/t gold and 0.18% copper from 172.8m.
The Hirsikangas Gold Project is still under review, with results to be announced once made available.
Nordic Resources is an exploration company focused on the development of its gold, copper, and nickel deposits across Finland.
World gold supply increased by 1% year-on-year to reach 4,974 tonnes in 2024, as high prices pushed up gold recycling and primary production. Canada, Australia, Papua New Guinea, and Central and South America are all forecast to lift their gold mine production in 2025, with expansions in existing projects and higher output offsetting output falls in Indonesia.
From 2026, gold supply is projected to remain relatively stable at about 5,000 tonnes per year. The rise in mine output to 2026 is expected to come from higher output from existing mines, as miners use high-grade gold veins to capitalise on high gold prices, as well as new supply, especially in Canada.
As high grades are depleted over the outlook period, output from currently operating mines will fall. Expected output from mines under construction and in the feasibility study stage are forecast to offset falling output from existing mines to 2030.
Write to Maddison Elliott at Mining.com.au
Images: Nordic Resources
