The stock rose as high as 34c against the 25c IPO price.
The IPO, lead managed by Vert Capital and Taylor Collison, sought a minimum $8 million but accepted $4 million in oversubscriptions.
Nordic holds a district-scale land package in northern Finland’s Central Lapland Greenstone Belt (CLGB), which is also home to Anglo American’s world-class Sakatti copper-nickel-platinum group element development project.
The Hotinvaara licence, part of the 395sq.km Pulju project, has an exploration target of 150-180 million tonnes at 0.22-0.27% nickel and 94-114 parts per million cobalt for 323,000-482,000t of contained nickel and 13,800-20,700t of cobalt.
Nordic has started work on a maiden resource estimate, using data from historical drilling by Outokumpu, which is due for release next month.
The company also has the right to earn 75% of the Maaninkijori 3 (MJ3) project, comprising a 30sq.km licence close to Sakatti.
Nordic is led by Todd Ross, who until recently was managing director of resources for BNP Paribas in Perth.
“Our vision is to discover and develop traceable, sustainably sourced, low-carbon, high-purity class 1 nickel sulphides in Finland, at a time when demand for battery metals is growing exponentially,” he said.
Nordic was formed by private equity firm Starboard Global and its director Robert Wrixon will serve as an executive director of Nordic. He’s also a major shareholder with just under 10% of the company.
The company believes it has the sort of land package that the major miners would be attracted to.
“Despite hosting some of the world’s largest nickel and gold deposits such as Boliden’s Kevitsa nickel-copper-gold mine and Anglo American’s Sakatti copper-nickel-PGE deposit, this region is significantly underexplored for komatiite/intrusive hosted nickel deposits using modern exploration techniques – unlike more mature belts like Kambalda in Western Australia,” Ross said.
“The CLGB offers a generational opportunity for nickel exploration and the advanced exploration already conducted within the Pulju project area allows Nordic to expand known mineralisation and drill outstanding deeper geophysical targets that could deliver company-changing discoveries.
“Battery metals are critical for decarbonisation and the global energy transition, however it is vital to ensure that the upstream exploration, development and production of these metals is conducted in a responsible and sustainable manner.”
Joining Ross and Wrixon on the Nordic board is lawyer Marcello Cardaci as chairman and Finnish geologist Juho Haverinen as a non-executive director.
The company’s largest shareholder with 16.4% is Magnus Minerals, which will provide high-quality in-country technical and geological expertise.
Nordic has secured exclusive access over a minimum three-year term to a new diamond drill rig under a partnership with leading Finnish drilling company Kati Drilling, ensuring that it can progress its exploration program without delay.
“Thanks to the strong relationships we have developed with local communities and key stakeholders, the strong in-country partnerships we have in place with Magnus Minerals and Kati Drilling and the shared vision we have developed to create a world-class minerals company, Nordic Nickel is incredibly well placed to generate significant wealth for our shareholders,” Ross said.
“We have an exciting journey ahead of us, one that we are all looking forward to.”
