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Nordic Nickel Limited (AU:NNL)
ASX:NNL
Australian Market

Nordic Nickel Limited (NNL) AI Stock Analysis

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AU:NNL

Nordic Nickel Limited

(Sydney:NNL)

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Neutral 57 (OpenAI - 5.2)
Rating:57Neutral
Price Target:
AU$0.23
▲(20.00% Upside)
The score is primarily constrained by weak financial performance: the company is pre-revenue with ongoing losses and negative operating/free cash flow despite a low-debt balance sheet. Technicals are a meaningful offset, showing an established uptrend and positive momentum. Valuation confidence is limited because P/E and dividend yield data were not provided.
Positive Factors
Balance sheet strength
Very low debt and a meaningful equity base increase the firm’s financial flexibility to fund exploration and technical studies. This reduces near-term solvency risk, supports partnership or JV negotiations, and provides a longer runway for project advancement before revenue generation.
Exposure to battery metals
Nordic Nickel’s focus on nickel and associated battery metals aligns with secular EV and energy-storage demand trends, supporting long-term commodity demand. Presence in Finland offers a stable mining jurisdiction that can attract offtake, investment and technical partnerships over time.
Improving cash outflow trend
A reduction in negative free cash flow indicates tighter cost control or more efficient capital deployment, which lengthens the company’s funding runway. Continued improvement could lower dilution risk and make smaller equity raises or JV funding more feasible for project advancement.
Negative Factors
Pre-revenue operations
Being pre-revenue means core activities do not yet generate operating cash, so enterprise value depends on exploration success or asset transactions. This structural state maintains high binary outcomes and prolonged reliance on external capital until commercialisation or sale.
Consistent cash burn
Persistent negative operating cash flow implies ongoing external funding requirements to sustain exploration and development. Structurally, this raises dilution and execution risks, as capital markets or partners must be available to finance multi-year project timelines.
No clear path to profitability
The income statement shows limited operating leverage and no visible transition to profitable operations. Without validated resources or development decisions, long-term returns rely on successful exploration outcomes or third-party transactions, increasing execution and valuation risk.

Nordic Nickel Limited (NNL) vs. iShares MSCI Australia ETF (EWA)

Nordic Nickel Limited Business Overview & Revenue Model

Company DescriptionNordic Nickel Limited engages in the exploration of nickel sulphides and battery minerals. Its flagship project is the Pulju project, which comprises of one granted exploration license (EL), seven EL applications, and one exploration reservation ground in Finland. The company was formerly known as Nordic Nickel Pty Ltd. Nordic Nickel Limited was incorporated in 2021 and is based in Perth, Australia.
How the Company Makes Money

Nordic Nickel Limited Financial Statement Overview

Summary
Early-stage and effectively pre-revenue with persistent operating losses (negative EBIT/net income each year). Balance sheet strength (minimal/zero debt and higher equity) is offset by ongoing cash burn and negative operating/free cash flow, implying continued reliance on external funding.
Income Statement
12
Very Negative
The company remains pre-revenue/early-stage, with revenue effectively at or near zero in most years and a sharp drop from 2023 to 2024. Losses are persistent across the period (negative EBIT and net income every year), with no clear inflection toward profitability in the latest year (2025 net loss of ~A$1.27m vs ~A$1.88m in 2024). Overall, the income statement shows limited operating leverage and continued reliance on external funding rather than business earnings.
Balance Sheet
64
Positive
The balance sheet is a relative strength: leverage is minimal (very low or zero debt in most years; 2025 shows zero debt) and equity has increased meaningfully (to ~A$21.0m in 2025 from ~A$11.9m in 2024), supporting a larger asset base. The key weakness is continued negative returns on equity driven by ongoing losses, indicating shareholder capital is not yet producing profitable operations.
Cash Flow
22
Negative
Cash generation remains weak with consistently negative operating cash flow and negative free cash flow, reflecting ongoing cash burn. Free cash flow outflow improved in 2025 (about -A$3.1m) versus 2024 (about -A$4.7m), but the business still does not fund itself internally and will likely require continued capital support to sustain operations and development plans.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue0.000.0014.64K726.37K0.000.00
Gross Profit0.000.0014.64K726.37K0.000.00
EBITDA0.000.000.00-2.44M-1.64M0.00
Net Income-1.27M-1.27M-1.88M-1.41M-1.64M-293.43K
Balance Sheet
Total Assets21.11M21.11M12.27M13.71M12.09M1.85M
Cash, Cash Equivalents and Short-Term Investments1.82M1.82M1.13M5.39M10.75M850.22K
Total Debt0.000.00110.67K0.000.0031.65K
Total Liabilities162.66K162.66K379.62K2.05M73.94K136.30K
Stockholders Equity20.95M20.95M11.89M11.66M12.02M1.71M
Cash Flow
Free Cash Flow-3.07M-3.07M-4.67M-5.03M-452.28K-1.79M
Operating Cash Flow-902.25K-902.25K-1.54M-528.69K-1.40M-63.17K
Investing Cash Flow-2.17M-2.17M-4.67M-5.03M-452.28K-1.71M
Financing Cash Flow3.76M3.76M1.97M0.0011.75M3.81M

Nordic Nickel Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
57
Neutral
AU$82.73M
51
Neutral
AU$13.10M-1.86-16.74%-28.07%-29.81%
50
Neutral
AU$46.70M-10.34-15.50%3.79%
45
Neutral
AU$28.28M-0.39-121.41%-1034.67%
41
Neutral
AU$42.60M-6.05-5.81%-67.81%-244.10%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:NNL
Nordic Nickel Limited
0.21
0.15
250.00%
AU:WIN
Widgie Nickel Limited
0.04
0.02
75.00%
AU:VML
Vital Metals Ltd
0.17
0.11
183.33%
AU:MGL
Magontec Limited
0.21
<0.01
5.00%
AU:AR3
Australian Rare Earths Limited
0.19
0.11
137.50%

Nordic Nickel Limited Corporate Events

Nordic Resources Extends Kopsa Gold-Copper Mineralisation and Bolsters Finnish Growth Strategy
Jan 23, 2026

Nordic Resources has completed an expanded 27-hole, 5,971m diamond drilling program at its Kopsa gold-copper project in Finland, after strong early results from 12 reported holes prompted an increase from the original 4,500m program and confirmed mineralised extensions beyond the existing block model, including shallow depth extensions in the central zone and strike extensions to the southeast, southwest and west. Downhole EM surveys have identified new conductive targets along the largely untested northern contact at Kopsa, detailed metallurgical testwork has commenced, and with over A$10m in fresh institutional capital and a 1.23Moz AuEq regional resource base, the company is positioned to advance drilling from March and continue partner discussions on its Pulju nickel-copper project, potentially strengthening its development pipeline and regional gold strategy in Finland.

The most recent analyst rating on (AU:NNL) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Nordic Nickel Limited stock, see the AU:NNL Stock Forecast page.

Nordic Resources Director Options Lapse After Expiry
Dec 31, 2025

Nordic Resources Limited has reported a change in director Robert Wrixon’s interests following the expiry of a tranche of unexercised options. The 267,857 unquoted options, exercisable at A$0.25 and expiring on 27 December 2025, have lapsed without consideration, leaving Wrixon’s holding unchanged in terms of fully paid ordinary shares but reduced in total options. The director continues to hold a substantial equity stake alongside several remaining long-dated options and performance rights, indicating ongoing alignment with shareholder interests despite the rationalisation of his option portfolio.

Nordic Resources Options Expire, Trimming Potential Future Dilution
Dec 28, 2025

Nordic Resources Ltd has announced the expiry of 10,975,254 unexercised options with an exercise price of A$0.25, which ceased on 27 December 2025. The lapse of these options slightly simplifies the company’s capital structure by reducing potential future dilution for existing shareholders, although it does not immediately affect issued share capital or operational activities.

Nordic Resources Extends Gold-Copper Mineralisation at Kopsa Project
Dec 16, 2025

Nordic Resources Limited has announced the results from its latest drilling program at the Kopsa gold-copper project in Finland, revealing significant extensions of mineralisation to the west of the current resource. The drilling has confirmed wider and higher-grade gold intervals than previously expected, suggesting potential for further resource expansion. These results are likely to enhance the company’s resource inventory and strengthen its position in the mining sector, with ongoing drilling efforts aimed at exploring additional mineralisation along strike.

Nordic Resources Extends Gold-Copper Mineralisation at Kopsa Project
Dec 7, 2025

Nordic Resources Limited has reported significant extensions to the gold-copper mineralisation at its Kopsa project in Finland, following the latest assay results from its diamond drill program. The drilling has revealed new shallow zones and confirmed a strong continuation of the main zone to the southwest, prompting the company to expand its drill program to 6,000 meters and defer planned drilling at another project. This development is likely to enhance the company’s resource base and strengthen its position in the mining sector.

Nordic Resources Extends Kopsa Gold-Copper Resource with New Drilling Results
Nov 30, 2025

Nordic Resources Limited has announced significant new drilling results at its Kopsa gold-copper deposit in Finland, extending the mineralisation to the southeast beyond the current resource model. The discovery of wide new zones of shallow gold-copper mineralisation is expected to enhance the company’s resource base, with further drilling planned to explore these promising extensions. This development could strengthen Nordic Resources’ position in the mining sector and potentially increase stakeholder value.

Nordic Resources Limited Announces Director’s Interest Change
Nov 17, 2025

Nordic Resources Limited has announced a change in the director’s interest, specifically related to Robert Wrixon. The company has awarded Wrixon 2,000,000 performance rights, which were approved by shareholders at the company’s Annual General Meeting. This change reflects the company’s ongoing commitment to aligning executive incentives with shareholder interests, potentially impacting the company’s governance and stakeholder confidence.

Nordic Resources Ltd Issues 6 Million Unquoted Performance Rights
Nov 17, 2025

Nordic Resources Ltd, trading under the ASX issuer code NNL, has announced the issuance of 6,000,000 unquoted performance rights. This issuance, effective from November 17, 2025, indicates a strategic move by the company to potentially incentivize and retain key personnel, which could impact its operational dynamics and stakeholder interests.

Nordic Resources Limited Successfully Passes All AGM Resolutions
Nov 14, 2025

Nordic Resources Limited announced that all resolutions proposed at its Annual General Meeting were successfully passed. This outcome reflects strong shareholder support and positions the company to continue its strategic initiatives, potentially impacting its operational efficiency and market competitiveness.

Nordic Resources Unveils High-Grade Gold Discoveries at Kopsa Project
Nov 9, 2025

Nordic Resources Limited has announced promising initial drill results from its Kopsa gold-copper project in Finland, revealing high-grade gold near the surface. The first four holes drilled have extended the mineralization in the Central Zone and identified new geophysical targets. These results are significant as they confirm wide zones of strong gold grades and extend the mineralization below the current resource model, potentially enhancing the company’s resource estimates. The ongoing drilling program aims to further explore open mineralization along strike and test electromagnetic anomalies, with more assay results expected in the coming weeks.

Nordic Nickel Issues New Shares to Strengthen Market Position
Oct 27, 2025

Nordic Nickel Limited has announced the issuance of 38,636,364 fully paid ordinary shares without disclosure under the Corporations Act 2001. This move indicates the company’s compliance with relevant legal provisions and suggests a strategic step to enhance its capital structure, potentially impacting its market positioning and stakeholder interests.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 24, 2026