# NNL: Quarterly Activities Report & Appendix 5B Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03155181 Publisher: asx Original announcement: 2026-10-21T02:16:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-21T03:04:38.997Z Atlas analysis updated: 2026-10-21T03:04:38.997Z - 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 Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas 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 factor: Confirmation of strong resource base - Positive factor: Confirmation of high metallurgical recoveries - Positive factor: Company remains well-funded - Negative factor: No new material information disclosed in this report - Negative factor: All technical results are re-statements of prior announcements Facts used in scoring: 30 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Opaque** Polarity: negative Story-specific tag Definition: 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-release** Polarity: negative Story-specific tag Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Recovery** Polarity: positive Definition: 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 Tested** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: 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) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-0) Kopsa · gold Historical result Needs review: historical\_restatement #### 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 factor: High confidence resource category \(Measured\) - Positive factor: Grade is moderate for open pit gold - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Result is a re-statement of prior announcement Evidence · table > 0.90 Context: 14.15 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-1) Kopsa · copper Historical result Needs review: historical\_restatement #### 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 factor: High confidence resource category \(Measured\) - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Grade is weak for copper - Negative factor: Result is a re-statement of prior announcement Evidence · table > 0.15 Context: 14.15 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-2) Kopsa · silver Historical result Needs review: historical\_restatement #### 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 factor: High confidence resource category \(Measured\) - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Grade is weak for silver - Negative factor: Result is a re-statement of prior announcement Evidence · table > 2.34 Context: 14.15 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-3) Kopsa · gold Historical result Needs review: historical\_restatement #### 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 factor: Good confidence resource category \(Indicated\) - Positive factor: Grade is moderate for open pit gold - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Result is a re-statement of prior announcement Evidence · table > 0.82 Context: 23.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-4) Kopsa · copper Historical result Needs review: historical\_restatement #### 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 factor: Good confidence resource category \(Indicated\) - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Grade is weak for copper - Negative factor: Result is a re-statement of prior announcement Evidence · table > 0.16 Context: 23.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-5) Kopsa · silver Historical result Needs review: historical\_restatement #### 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 factor: Good confidence resource category \(Indicated\) - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Grade is weak for silver - Negative factor: Result is a re-statement of prior announcement Evidence · table > 2.41 Context: 23.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-6) Kopsa · gold Historical result Needs review: historical\_restatement #### 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 factor: Metal equivalent assumptions disclosed - Negative factor: Low confidence resource category \(Inferred\) - Negative factor: Grade is weak for open pit gold - Negative factor: Result is a re-statement of prior announcement Evidence · table > 0.73 Context: 6.79 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-7) Kopsa · copper Historical result Needs review: historical\_restatement #### 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 factor: Metal equivalent assumptions disclosed - Negative factor: Low confidence resource category \(Inferred\) - Negative factor: Grade is weak for copper - Negative factor: Result is a re-statement of prior announcement Evidence · table > 0.19 Context: 6.79 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-8) Kopsa · silver Historical result Needs review: historical\_restatement #### 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 factor: Metal equivalent assumptions disclosed - Negative factor: Low confidence resource category \(Inferred\) - Negative factor: Grade is weak for silver - Negative factor: Result is a re-statement of prior announcement Evidence · table > 2.96 Context: 6.79 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-9) Angesneva · gold Historical result Needs review: historical\_restatement #### 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 factor: Good confidence resource category \(Indicated\) - Positive factor: Grade is moderate for open pit gold - Negative factor: Metal equivalent assumptions not disclosed - Negative factor: Result is a re-statement of prior announcement Evidence · table > 1.19 Context: 3.85 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-10) Hirsikangas · gold Historical result Needs review: historical\_restatement #### 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 factor: Good confidence resource category \(Indicated\) - Positive factor: Grade is moderate for open pit gold - Negative factor: Metal equivalent assumptions not disclosed - Negative factor: Result is a re-statement of prior announcement Evidence · table > 1.17 Context: 2.69 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-11) Hirsikangas · gold Historical result Needs review: historical\_restatement #### 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 factor: Low confidence resource category \(Inferred\) - Negative factor: Grade is moderate for open pit gold - Negative factor: Metal equivalent assumptions not disclosed - Negative factor: Result is a re-statement of prior announcement Evidence · table > 1.10 Context: 4.60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-12) Pulju Project · nickel Historical result Needs review: historical\_restatement #### 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 factor: Good confidence resource category \(Indicated\) - Negative factor: Grade is weak for nickel - Negative factor: Result is a re-statement of prior announcement - Negative factor: Contained metal not disclosed for this category Evidence · text > Indicated Resource of 42Mt @ 0.22% Ni #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-13) Pulju Project · cobalt Historical result Needs review: historical\_restatement #### 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 factor: Good confidence resource category \(Indicated\) - Negative factor: Grade is very low for cobalt - Negative factor: Result is a re-statement of prior announcement - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-14) Pulju Project · copper Historical result Needs review: historical\_restatement #### 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 factor: Good confidence resource category \(Indicated\) - Negative factor: Grade is very low for copper - Negative factor: Result is a re-statement of prior announcement - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-15) Pulju Project · nickel Historical result Needs review: historical\_restatement #### 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 factor: Low confidence resource category \(Inferred\) - Negative factor: Grade is weak for nickel - Negative factor: Result is a re-statement of prior announcement - Negative factor: Contained metal not disclosed for this category Evidence · text > Inferred Resource of 376Mt @ 0.20% Ni #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-16) Pulju Project · cobalt Historical result Needs review: historical\_restatement #### 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 factor: Low confidence resource category \(Inferred\) - Negative factor: Grade is very low for cobalt - Negative factor: Result is a re-statement of prior announcement - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-resource-facts-17) Pulju Project · copper Historical result Needs review: historical\_restatement #### 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 factor: Low confidence resource category \(Inferred\) - Negative factor: Grade is very low for copper - Negative factor: Result is a re-statement of prior announcement - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-18) Kopsa · gold Historical result Needs review: historical\_restatement #### 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 factor: High recovery for gold - Positive factor: Locked-cycle test indicates good test maturity - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 90% Context: Gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### variability [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-19) Kopsa · gold Historical result Needs review: historical\_restatement #### 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 factor: High recovery for gold - Positive factor: Variability testwork indicates good domain coverage - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 90% Context: Gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-20) Kopsa · copper Historical result Needs review: historical\_restatement #### 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 factor: High recovery for copper - Positive factor: Locked-cycle test indicates good test maturity - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 91% Context: Copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### variability [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-21) Kopsa · copper Historical result Needs review: historical\_restatement #### 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 factor: Good recovery for copper - Positive factor: Variability testwork indicates good domain coverage - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 86% Context: Copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-22) Kopsa · silver Historical result Needs review: historical\_restatement #### 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 factor: Good recovery for silver - Positive factor: Locked-cycle test indicates good test maturity - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 76% Context: Silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### variability [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-23) Kopsa · silver Historical result Needs review: historical\_restatement #### 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 factor: High recovery for silver - Positive factor: Variability testwork indicates good domain coverage - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 82% Context: Silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-24) Kopsa · gold Historical result Needs review: historical\_restatement #### 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 factor: Good recovery for gold - Positive factor: Locked-cycle test indicates good test maturity - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 86% Context: Gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### variability [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-25) Kopsa · gold Historical result Needs review: historical\_restatement #### 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 factor: Good recovery for gold - Positive factor: Variability testwork indicates good domain coverage - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 88% Context: Gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-26) Kopsa · copper Historical result Needs review: historical\_restatement #### 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 factor: Good recovery for copper - Positive factor: Locked-cycle test indicates good test maturity - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 88% Context: Copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### variability [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-27) Kopsa · copper Historical result Needs review: historical\_restatement #### 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 factor: Good recovery for copper - Positive factor: Variability testwork indicates good domain coverage - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 85% Context: Copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-28) Kopsa · silver Historical result Needs review: historical\_restatement #### 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 factor: High recovery for silver - Positive factor: Locked-cycle test indicates good test maturity - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 82% Context: Silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### variability [Link to this fact](https://atlas-staging.minestarters.com/news/nnl-quarterly-activities-report-appendix-5b--d216f02b-a1a1-4da8-b05b-d310251f0588#fact-metallurgical-facts-29) Kopsa · silver Historical result Needs review: historical\_restatement #### 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 factor: Good recovery for silver - Positive factor: Variability testwork indicates good domain coverage - Positive factor: Conventional processing route - Negative factor: Result is a re-statement of prior announcement Evidence · table > 76% Context: Silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: 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.