Northgold AB (publ) announced its first Mineral Resource Estimate ("MRE") for the 100%-owned Kopsa gold and copper project in Central Finland. Highlights. Kopsa MRE totals 16.6 million tonnes ("Mt") of in-situ resources grading 0.79 grams per tonne ("g/t") gold ("Au") and 0.16% copper ("Cu"), for combined grade of 1.03 g/t gold-equivalent ("AuEq"), containing 424,000 ounces ("oz") Au and 56.8 million pounds ("Mlbs") Cu, for combined metal of 547,000 oz AuEq (90% in the Measured and Indicated categories).

Includes a pit-constrained resource, containing over 81% of the in-situ AuEq metal content, confirming a low strip ratio of 1.7. Also includes a higher-grade 1Mt starter pit grading 1.40 g/t Au and 0.17% Cu (1.65g/t AuEq), for 45,200 oz Au and 3.8 Mlbs Cu (53,500 oz AuEq), with an ultra-low strip ratio of 0.36, to provide high margin initial cash flow for the project. The Kopsa MRE was prepared in accordance with standards set out in 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC code). Kopsa's combination of average gold mine grade with low strip ratio places it near the top third of known deposits based on the combination of these two metrics, and should result in reasonably high margins once critical mass of resources are attained.

The Kopsa 2023 MRE is based on the 4,200m of drilling completed by Northgold in 2022, and also incorporates 14,300m of historic drilling (that was also used in the historic 2012 and 2013 resource estimates). The MRE was prepared by Pekka Loven and Markku Merilainen (who also prepared the historic 2012 estimate), under the supervision of Hannu Makkonen, PhD, who is an Independent Qualified Person in compliance with JORC code. A Technical Report supporting the MRE is also being prepared in accordance with JORC code, and will become available on the Company's website at during the fourth quarter of 2023.

The MRE excludes significant additional exploration potential at depth, some of which was already drilled with another 2,000m completed in 2023, with assays pending for release in the coming weeks to months, and with results to be included in the next interim resource update anticipated for release in the first half of 2024 (pending the assay results).