NNL: Quarterly Activities Report & Appendix 5B
Original announcement by asx on
- Company
- Nordic Resources Ltd
- Ticker
- NNL
- Exchange
- ASX
- Region
- Central Finland
- Primary commodity
- Gold
- Secondary commodities
- Copper, Silver, Nickel, Cobalt
- Document categories
- Resource update, Metallurgy, Other
- Extracted
- 2026-10-21 03:04:39 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Nordic Resources Ltd (NNL) released its September 2026 Quarterly Report, highlighting previously announced increases in the Kopsa gold-copper-silver resource to 1.52Moz AuEq and strong metallurgical results confirming high recoveries. The company's total central Finland gold resources now stand at 1.93Moz AuEq, with 80% in the Measured and Indicated categories. NNL remains well-funded with A$7.7 million at bank, and a new drill program is underway at Kopsa.
Reasoning: This quarterly report summarizes previously announced resource and metallurgical results, along with financial updates, but contains no new material technical information. The positive aspects are confirmations of prior good news.
Positive factors
- Confirmation of strong resource base
- Confirmation of high metallurgical recoveries
- Company remains well-funded
Negative factors
- No new material information disclosed in this report
- All technical results are re-statements of prior announcements
Facts used in scoring: 30
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Kopsa resource is reported as JORC (2012) compliant.
Evidence · text
“pit-constrained JORC (2012) resource”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The AuEq calculation for Kopsa was recommended by NNL’s consultant Mr Chris Martin, implying QP/CP sign-off.
Evidence · text
“recommended by NNL’s consultant Mr Chris Martin”
Metal Equivalent Opaquenegative · Story-specific tag
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: Metal equivalent assumptions for Angesneva and Hirsikangas are not disclosed.
Evidence · table
“-”
Context: Angesneva, Indicated Resources, 3.85, 1.19, -, -, 1.19, 0.15, -, -, 0.15
Stale Data Re-releasenegative · Story-specific tag
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The report explicitly states 'No New Exploration Information' and refers to prior announcements for all technical results.
Evidence · text
“No New Exploration Information This announcement contains references to prior exploration results, which have been cross-referenced to previous market announcements made by the Company. There is no new Exploration Information in this announcement.”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: Kopsa has a Measured Resource category, indicating high confidence.
Evidence · table
“Measured Resources”
Context: Kopsa
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: Kopsa, Angesneva, and Hirsikangas all have Indicated Resource categories, indicating good confidence.
Evidence · table
“Indicated Resources”
Context: Kopsa
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: Kopsa, Hirsikangas, and Pulju all have Inferred Resource categories, which is a speculative category.
Evidence · table
“Inferred Resources”
Context: Kopsa
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Gold recoveries up to 90% and copper recoveries up to 91% are high for the respective commodities and processing route.
Evidence · text
“Gold recoveries up to 90% and copper recoveries up to 91%.”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: Locked Cycle and Variability Testing was conducted on eleven geospatially diverse Kopsa samples.
Evidence · text
“Locked Cycle and Variability Testing on eleven geospatially diverse Kopsa samples confirmed high recoveries”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: Metallurgical testwork confirmed high recoveries using a conventional ‘combined flotation and leach’ circuit.
Evidence · text
“conventional ‘combined flotation and leach’ circuit”
Extracted facts
Stored fact records: 30. Some facts used in scoring do not have a stored record.
Resource Estimates (18)
measuredKopsa · goldTonnes: 14150000Grade: 0.9Grade Unit: g/tContained Metal: 0.41Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:6f4093160855bfb44ce2
Resource Data
- Category
- measured
- Tonnes
- 14150000
- Grade
- 0.9
- Grade Unit
- g/t
- Contained Metal
- 0.41
- Contained Unit
- moz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t AuEq
Metal Equivalent
- Metal Eq. Grade
- 1.13
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-10-12T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Measured gold resource for Kopsa is a high-confidence category with a moderate grade for open-pit mining, but this information was previously announced.
Positive factors
- High confidence resource category (Measured)
- Grade is moderate for open pit gold
- Metal equivalent assumptions disclosed
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“0.90”
Context: 14.15
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
measuredKopsa · copperTonnes: 14150000Grade: 0.15Grade Unit: %Contained Metal: 22Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- copper
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:6f4093160855bfb44ce2
Resource Data
- Category
- measured
- Tonnes
- 14150000
- Grade
- 0.15
- Grade Unit
- %
- Contained Metal
- 22
- Contained Unit
- kt
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t AuEq
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-10-12T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Measured copper resource for Kopsa is a high-confidence category, but the grade is weak for copper, and this information was previously announced.
Positive factors
- High confidence resource category (Measured)
- Metal equivalent assumptions disclosed
Negative factors
- Grade is weak for copper
- Result is a re-statement of prior announcement
Evidence · table
“0.15”
Context: 14.15
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
measuredKopsa · silverTonnes: 14150000Grade: 2.34Grade Unit: g/tContained Metal: 1.06Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- silver
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:6f4093160855bfb44ce2
Resource Data
- Category
- measured
- Tonnes
- 14150000
- Grade
- 2.34
- Grade Unit
- g/t
- Contained Metal
- 1.06
- Contained Unit
- moz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t AuEq
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-10-12T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Measured silver resource for Kopsa is a high-confidence category, but the grade is weak for silver, and this information was previously announced.
Positive factors
- High confidence resource category (Measured)
- Metal equivalent assumptions disclosed
Negative factors
- Grade is weak for silver
- Result is a re-statement of prior announcement
Evidence · table
“2.34”
Context: 14.15
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedKopsa · goldTonnes: 23090000Grade: 0.82Grade Unit: g/tContained Metal: 0.61Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:4013129f6ab55fb68e45
Resource Data
- Category
- indicated
- Tonnes
- 23090000
- Grade
- 0.82
- Grade Unit
- g/t
- Contained Metal
- 0.61
- Contained Unit
- moz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t AuEq
Metal Equivalent
- Metal Eq. Grade
- 1.06
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-10-12T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Indicated gold resource for Kopsa is a good confidence category with a moderate grade for open-pit mining, but this information was previously announced.
Positive factors
- Good confidence resource category (Indicated)
- Grade is moderate for open pit gold
- Metal equivalent assumptions disclosed
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“0.82”
Context: 23.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedKopsa · copperTonnes: 23090000Grade: 0.16Grade Unit: %Contained Metal: 37Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- copper
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:4013129f6ab55fb68e45
Resource Data
- Category
- indicated
- Tonnes
- 23090000
- Grade
- 0.16
- Grade Unit
- %
- Contained Metal
- 37
- Contained Unit
- kt
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t AuEq
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-10-12T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Indicated copper resource for Kopsa is a good confidence category, but the grade is weak for copper, and this information was previously announced.
Positive factors
- Good confidence resource category (Indicated)
- Metal equivalent assumptions disclosed
Negative factors
- Grade is weak for copper
- Result is a re-statement of prior announcement
Evidence · table
“0.16”
Context: 23.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedKopsa · silverTonnes: 23090000Grade: 2.41Grade Unit: g/tContained Metal: 1.79Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- silver
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:4013129f6ab55fb68e45
Resource Data
- Category
- indicated
- Tonnes
- 23090000
- Grade
- 2.41
- Grade Unit
- g/t
- Contained Metal
- 1.79
- Contained Unit
- moz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t AuEq
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-10-12T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Indicated silver resource for Kopsa is a good confidence category, but the grade is weak for silver, and this information was previously announced.
Positive factors
- Good confidence resource category (Indicated)
- Metal equivalent assumptions disclosed
Negative factors
- Grade is weak for silver
- Result is a re-statement of prior announcement
Evidence · table
“2.41”
Context: 23.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredKopsa · goldTonnes: 6790000Grade: 0.73Grade Unit: g/tContained Metal: 0.16Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:713274ff9b1885e19175
Resource Data
- Category
- inferred
- Tonnes
- 6790000
- Grade
- 0.73
- Grade Unit
- g/t
- Contained Metal
- 0.16
- Contained Unit
- moz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t AuEq
Metal Equivalent
- Metal Eq. Grade
- 1.01
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-10-12T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Inferred gold resource for Kopsa is a low-confidence category with a weak grade for open-pit mining, and this information was previously announced.
Positive factors
- Metal equivalent assumptions disclosed
Negative factors
- Low confidence resource category (Inferred)
- Grade is weak for open pit gold
- Result is a re-statement of prior announcement
Evidence · table
“0.73”
Context: 6.79
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredKopsa · copperTonnes: 6790000Grade: 0.19Grade Unit: %Contained Metal: 13Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- copper
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:713274ff9b1885e19175
Resource Data
- Category
- inferred
- Tonnes
- 6790000
- Grade
- 0.19
- Grade Unit
- %
- Contained Metal
- 13
- Contained Unit
- kt
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t AuEq
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-10-12T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Inferred copper resource for Kopsa is a low-confidence category with a weak grade for copper, and this information was previously announced.
Positive factors
- Metal equivalent assumptions disclosed
Negative factors
- Low confidence resource category (Inferred)
- Grade is weak for copper
- Result is a re-statement of prior announcement
Evidence · table
“0.19”
Context: 6.79
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredKopsa · silverTonnes: 6790000Grade: 2.96Grade Unit: g/tContained Metal: 0.65Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- silver
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:713274ff9b1885e19175
Resource Data
- Category
- inferred
- Tonnes
- 6790000
- Grade
- 2.96
- Grade Unit
- g/t
- Contained Metal
- 0.65
- Contained Unit
- moz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t AuEq
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-10-12T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Inferred silver resource for Kopsa is a low-confidence category with a weak grade for silver, and this information was previously announced.
Positive factors
- Metal equivalent assumptions disclosed
Negative factors
- Low confidence resource category (Inferred)
- Grade is weak for silver
- Result is a re-statement of prior announcement
Evidence · table
“2.96”
Context: 6.79
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedAngesneva · goldTonnes: 3850000Grade: 1.19Grade Unit: g/tContained Metal: 0.15Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Angesneva
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:23bc08e5147d6152bd72
Resource Data
- Category
- indicated
- Tonnes
- 3850000
- Grade
- 1.19
- Grade Unit
- g/t
- Contained Metal
- 0.15
- Contained Unit
- moz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Metal Equivalent
- Metal Eq. Grade
- 1.19
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-05-29T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Indicated gold resource for Angesneva is a good confidence category with a moderate grade for open-pit mining, but this information was previously announced and metal equivalent assumptions are not disclosed.
Positive factors
- Good confidence resource category (Indicated)
- Grade is moderate for open pit gold
Negative factors
- Metal equivalent assumptions not disclosed
- Result is a re-statement of prior announcement
Evidence · table
“1.19”
Context: 3.85
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedHirsikangas · goldTonnes: 2690000Grade: 1.17Grade Unit: g/tContained Metal: 0.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Hirsikangas
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:5dba848a6d88287c536f
Resource Data
- Category
- indicated
- Tonnes
- 2690000
- Grade
- 1.17
- Grade Unit
- g/t
- Contained Metal
- 0.1
- Contained Unit
- moz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Metal Equivalent
- Metal Eq. Grade
- 1.17
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-07-14T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Indicated gold resource for Hirsikangas is a good confidence category with a moderate grade for open-pit mining, but this information was previously announced and metal equivalent assumptions are not disclosed.
Positive factors
- Good confidence resource category (Indicated)
- Grade is moderate for open pit gold
Negative factors
- Metal equivalent assumptions not disclosed
- Result is a re-statement of prior announcement
Evidence · table
“1.17”
Context: 2.69
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredHirsikangas · goldTonnes: 4600000Grade: 1.1Grade Unit: g/tContained Metal: 0.16Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Hirsikangas
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Martin
- Resource group id
- resource:0c7ab1d90de2196f59ca
Resource Data
- Category
- inferred
- Tonnes
- 4600000
- Grade
- 1.1
- Grade Unit
- g/t
- Contained Metal
- 0.16
- Contained Unit
- moz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Metal Equivalent
- Metal Eq. Grade
- 1.1
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Location
- CRS
- ETRS-TM35FIN
- EPSG
- 3067
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-07-14T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Inferred gold resource for Hirsikangas is a low-confidence category with a moderate grade for open-pit mining, but this information was previously announced and metal equivalent assumptions are not disclosed.
Negative factors
- Low confidence resource category (Inferred)
- Grade is moderate for open pit gold
- Metal equivalent assumptions not disclosed
- Result is a re-statement of prior announcement
Evidence · table
“1.10”
Context: 4.60
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedPulju Project · nickelTonnes: 42000000Grade: 0.22Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pulju Project
- Commodity
- nickel
- Region
- finland
- Reported Region
- Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:c6274de7c3344a67c8d2
- Deposit or zone
- Hotinvaara
Resource Data
- Category
- indicated
- Tonnes
- 42000000
- Grade
- 0.22
- Grade Unit
- %
Metal Equivalent
- Assumptions Disclosed
- No
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-03-11T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Indicated nickel resource for Hotinvaara is a good confidence category, but the grade is weak for nickel, and this information was previously announced with no contained metal specified for this category.
Positive factors
- Good confidence resource category (Indicated)
Negative factors
- Grade is weak for nickel
- Result is a re-statement of prior announcement
- Contained metal not disclosed for this category
Evidence · text
“Indicated Resource of 42Mt @ 0.22% Ni”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.6 years before this release
indicatedPulju Project · cobaltTonnes: 42000000Grade: 0.01Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pulju Project
- Commodity
- cobalt
- Region
- finland
- Reported Region
- Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:c6274de7c3344a67c8d2
- Deposit or zone
- Hotinvaara
Resource Data
- Category
- indicated
- Tonnes
- 42000000
- Grade
- 0.01
- Grade Unit
- %
Metal Equivalent
- Assumptions Disclosed
- No
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-03-11T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Indicated cobalt resource for Hotinvaara is a good confidence category, but the grade is very low, and this information was previously announced with no contained metal specified for this category.
Positive factors
- Good confidence resource category (Indicated)
Negative factors
- Grade is very low for cobalt
- Result is a re-statement of prior announcement
- Contained metal not disclosed for this category
Evidence · text
“0.01% Co”
Context: Indicated Resource of 42Mt @ 0.22% Ni
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.6 years before this release
indicatedPulju Project · copperTonnes: 42000000Grade: 56Grade Unit: ppmHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pulju Project
- Commodity
- copper
- Region
- finland
- Reported Region
- Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:c6274de7c3344a67c8d2
- Deposit or zone
- Hotinvaara
Resource Data
- Category
- indicated
- Tonnes
- 42000000
- Grade
- 56
- Grade Unit
- ppm
Metal Equivalent
- Assumptions Disclosed
- No
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-03-11T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Indicated copper resource for Hotinvaara is a good confidence category, but the grade is very low, and this information was previously announced with no contained metal specified for this category.
Positive factors
- Good confidence resource category (Indicated)
Negative factors
- Grade is very low for copper
- Result is a re-statement of prior announcement
- Contained metal not disclosed for this category
Evidence · text
“56ppm Cu”
Context: Indicated Resource of 42Mt @ 0.22% Ni, 0.01% Co,
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.6 years before this release
inferredPulju Project · nickelTonnes: 376000000Grade: 0.2Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pulju Project
- Commodity
- nickel
- Region
- finland
- Reported Region
- Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:26fc649d2feae7ff5f4f
- Deposit or zone
- Hotinvaara
Resource Data
- Category
- inferred
- Tonnes
- 376000000
- Grade
- 0.2
- Grade Unit
- %
Metal Equivalent
- Assumptions Disclosed
- No
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-03-11T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Inferred nickel resource for Hotinvaara is a low-confidence category with a weak grade for nickel, and this information was previously announced with no contained metal specified for this category.
Negative factors
- Low confidence resource category (Inferred)
- Grade is weak for nickel
- Result is a re-statement of prior announcement
- Contained metal not disclosed for this category
Evidence · text
“Inferred Resource of 376Mt @ 0.20% Ni”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.6 years before this release
inferredPulju Project · cobaltTonnes: 376000000Grade: 0.01Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pulju Project
- Commodity
- cobalt
- Region
- finland
- Reported Region
- Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:26fc649d2feae7ff5f4f
- Deposit or zone
- Hotinvaara
Resource Data
- Category
- inferred
- Tonnes
- 376000000
- Grade
- 0.01
- Grade Unit
- %
Metal Equivalent
- Assumptions Disclosed
- No
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-03-11T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Inferred cobalt resource for Hotinvaara is a low-confidence category, but the grade is very low, and this information was previously announced with no contained metal specified for this category.
Negative factors
- Low confidence resource category (Inferred)
- Grade is very low for cobalt
- Result is a re-statement of prior announcement
- Contained metal not disclosed for this category
Evidence · text
“0.01% Co”
Context: Inferred Resource of 376Mt @ 0.20% Ni,
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.6 years before this release
inferredPulju Project · copperTonnes: 376000000Grade: 52Grade Unit: ppmHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pulju Project
- Commodity
- copper
- Region
- finland
- Reported Region
- Finland
- Ticker
- NNL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:26fc649d2feae7ff5f4f
- Deposit or zone
- Hotinvaara
Resource Data
- Category
- inferred
- Tonnes
- 376000000
- Grade
- 52
- Grade Unit
- ppm
Metal Equivalent
- Assumptions Disclosed
- No
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-03-11T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: The Inferred copper resource for Hotinvaara is a low-confidence category, but the grade is very low, and this information was previously announced with no contained metal specified for this category.
Negative factors
- Low confidence resource category (Inferred)
- Grade is very low for copper
- Result is a re-statement of prior announcement
- Contained metal not disclosed for this category
Evidence · text
“52ppm Cu”
Context: Inferred Resource of 376Mt @ 0.20% Ni, 0.01% Co,
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.6 years before this release
Metallurgical Results (12)
locked-cycleKopsa · goldRecovery: 90 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Higher Grade 'Stockwork' Samples (LCT-1)
Recovery
- Recovery
- 90 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: High gold recovery of 90% from locked-cycle tests on higher-grade stockwork samples using a conventional circuit is a strong result, but it was previously announced.
Positive factors
- High recovery for gold
- Locked-cycle test indicates good test maturity
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“90%”
Context: Gold
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
variabilityKopsa · goldRecovery: 90 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- variability
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Higher Grade 'Stockwork' Samples (VT Average)
Recovery
- Recovery
- 90 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: High gold recovery of 90% from variability tests on higher-grade stockwork samples using a conventional circuit is a strong result, but it was previously announced.
Positive factors
- High recovery for gold
- Variability testwork indicates good domain coverage
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“90%”
Context: Gold
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
locked-cycleKopsa · copperRecovery: 91 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- copper
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Higher Grade 'Stockwork' Samples (LCT-1)
Recovery
- Recovery
- 91 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: High copper recovery of 91% from locked-cycle tests on higher-grade stockwork samples using a conventional circuit is a strong result, but it was previously announced.
Positive factors
- High recovery for copper
- Locked-cycle test indicates good test maturity
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“91%”
Context: Copper
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
variabilityKopsa · copperRecovery: 86 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- copper
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- variability
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Higher Grade 'Stockwork' Samples (VT Average)
Recovery
- Recovery
- 86 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Good copper recovery of 86% from variability tests on higher-grade stockwork samples using a conventional circuit is a positive result, but it was previously announced.
Positive factors
- Good recovery for copper
- Variability testwork indicates good domain coverage
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“86%”
Context: Copper
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
locked-cycleKopsa · silverRecovery: 76 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- silver
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Higher Grade 'Stockwork' Samples (LCT-1)
Recovery
- Recovery
- 76 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Good silver recovery of 76% from locked-cycle tests on higher-grade stockwork samples using a conventional circuit is a positive result, but it was previously announced.
Positive factors
- Good recovery for silver
- Locked-cycle test indicates good test maturity
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“76%”
Context: Silver
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
variabilityKopsa · silverRecovery: 82 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- silver
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- variability
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Higher Grade 'Stockwork' Samples (VT Average)
Recovery
- Recovery
- 82 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: High silver recovery of 82% from variability tests on higher-grade stockwork samples using a conventional circuit is a strong result, but it was previously announced.
Positive factors
- High recovery for silver
- Variability testwork indicates good domain coverage
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“82%”
Context: Silver
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
locked-cycleKopsa · goldRecovery: 86 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Standard 'Tonalite' Samples (LCT-2)
Recovery
- Recovery
- 86 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Good gold recovery of 86% from locked-cycle tests on standard tonalite samples using a conventional circuit is a positive result, but it was previously announced.
Positive factors
- Good recovery for gold
- Locked-cycle test indicates good test maturity
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“86%”
Context: Gold
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
variabilityKopsa · goldRecovery: 88 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- gold
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- variability
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Standard 'Tonalite' Samples (VT Average)
Recovery
- Recovery
- 88 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Good gold recovery of 88% from variability tests on standard tonalite samples using a conventional circuit is a positive result, but it was previously announced.
Positive factors
- Good recovery for gold
- Variability testwork indicates good domain coverage
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“88%”
Context: Gold
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
locked-cycleKopsa · copperRecovery: 88 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- copper
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Standard 'Tonalite' Samples (LCT-2)
Recovery
- Recovery
- 88 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Good copper recovery of 88% from locked-cycle tests on standard tonalite samples using a conventional circuit is a positive result, but it was previously announced.
Positive factors
- Good recovery for copper
- Locked-cycle test indicates good test maturity
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“88%”
Context: Copper
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
variabilityKopsa · copperRecovery: 85 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- copper
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- variability
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Standard 'Tonalite' Samples (VT Average)
Recovery
- Recovery
- 85 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Good copper recovery of 85% from variability tests on standard tonalite samples using a conventional circuit is a positive result, but it was previously announced.
Positive factors
- Good recovery for copper
- Variability testwork indicates good domain coverage
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“85%”
Context: Copper
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
locked-cycleKopsa · silverRecovery: 82 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- silver
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Standard 'Tonalite' Samples (LCT-2)
Recovery
- Recovery
- 82 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: High silver recovery of 82% from locked-cycle tests on standard tonalite samples using a conventional circuit is a strong result, but it was previously announced.
Positive factors
- High recovery for silver
- Locked-cycle test indicates good test maturity
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“82%”
Context: Silver
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
variabilityKopsa · silverRecovery: 76 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kopsa
- Commodity
- silver
- Region
- finland
- Reported Region
- Central Finland
- Ticker
- NNL
Test Work
- Program Status
- preliminary
- Test Type
- variability
- Processing Route
- conventional combined flotation and leach circuit
- Sample
- Standard 'Tonalite' Samples (VT Average)
Recovery
- Recovery
- 76 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Mr Chris Martin
Location
- Loc. Confidence
- low
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-09-24T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Good silver recovery of 76% from variability tests on standard tonalite samples using a conventional circuit is a positive result, but it was previously announced.
Positive factors
- Good recovery for silver
- Variability testwork indicates good domain coverage
- Conventional processing route
Negative factors
- Result is a re-statement of prior announcement
Evidence · table
“76%”
Context: Silver
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.