PVL led a $3.5m placement at a premium, reshaping the register and boosting share price by 240%.
Unlocking value in an underappreciated gold microcap through strategic corporate advice and supportive capital
In early 2025, Powerhouse identified a significant market dislocation: while the gold price had surged, gold equities, particularly in the micro-small cap space, had not seen a corresponding re-rating.
Nordic Resources (ASX: NNL), with its pending acquisition of advanced Finnish gold projects, presented a compelling opportunity met our criteria (tailwinds, management, asymmetry and catalysts):
The company had fallen short of its raising target just two months prior and had limited flexibility to issue new shares. We felt its valuation was suffering from being in a cum issue position.
The board would only consider a “top up placement” on the previous terms ($0.06 per share). Although this represented a premium, the opportunity and entry point of c.A$16.50 EV/resource ounce AuEq was compelling.
We also felt a strengthened board, a more supportive shareholder register and a sound capital market strategy would assist with unlocking shareholder value.
To maximise the outcome for NNL, we:
Our strategic approach and cornerstone support resulted in a heavily oversubscribed placement, a significantly strengthened market position, and materially enhanced register that have been supportive in the aftermarket.
Powerhouse remains engaged to provide ongoing corporate advice and capital markets support.
$3.5 million capital raised | Over 2x oversubscribed. |
Placement at a premium | Issue price of $0.06 was a premium to the last closing price. |
+240% share price return | Share price increase from the $0.06 issue price to $0.20 by October 2025. |
Strengthened share register | Introduced a new base of leading Australian institutional and professional investors for the first time, reshaping their register with long-term, supportive shareholders. |
Enhanced market liquidity | Trading volumes since our involvement have been substantially higher than at any point in the company’s history. |
“We are grateful for the ongoing support received from… our new partners Powerhouse Ventures in particular, throughout this process. We look forward to progressing the gold project portfolio in Finland and unlocking the significant valuation upside for shareholders.”
Robert Wrixon, Executive Director, Nordic Resources
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Please note: Per our merchant capital model, the Powerhouse Group of Companies and its representatives may hold shares and/or a fee-paying mandate with this company.