First Nordic Metals

First Nordic Metals Corp. (CVE: FNM, OTCQB: FNMCF, FSE: HEGO) is a dynamic exploration and development company focused on advancing its high-quality mineral projects across Europe’s prolific mining regions. The company’s flagship asset is the Barsele Project, located in Sweden’s Västerbotten district, which hosts one of Europe’s largest undeveloped gold deposits. With strategic partnerships, including a joint venture with Agnico Eagle Mines, FNM controls over 104,000 hectares of mineral concessions, spanning historically rich mining areas.

FNM’s approach is rooted in leveraging modern exploration techniques to unlock the full potential of these underexplored mineral belts. In addition to the Barsele Project, the company has a strong portfolio of advanced-stage exploration projects, including the Kylmäkangas Gold Project in Finland and the Långtjärn Project in Sweden. These assets provide significant growth potential through further exploration and resource expansion.

Led by an experienced management team with a proven track record in mineral exploration and development, First Nordic Metals is strategically positioned to become a leading player in Europe's mining sector. The company’s focus on low-risk jurisdictions, favorable mining regulations, and the absence of mineral taxes further enhances its ability to develop these world-class projects efficiently.

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First Nordic Metals offers a compelling investment opportunity with its large-scale, high-grade gold deposits and strategic partnerships. The Barsele Project alone holds a resource of 2.4 million ounces of gold (Indicated and Inferred), with significant expansion potential at depth and along strike. The joint venture with Agnico Eagle provides the company with substantial technical expertise and financial support, positioning Barsele as a high-potential project in an increasingly valuable gold district.

With no mineral taxes in Sweden and a corporate tax rate of 20.6%, FNM operates in one of the world’s most mining-friendly jurisdictions. The region is ranked among the top global mining destinations by the Fraser Institute, offering a stable regulatory environment and secure tenure. The ongoing exploration efforts across the company’s extensive land package, which includes promising targets like Paubäcken and Storjuktan, provide further upside potential for resource growth.

FNM’s projects benefit from simple metallurgy, high recovery rates (93-96%), and favorable geologies similar to those found in Northern Ontario and Quebec’s prolific greenstone belts. As the company advances its exploration and development plans, there is significant potential for resource expansion and long-term value creation, making First Nordic Metals an attractive opportunity for investors seeking exposure to high-grade gold projects in stable European mining regions.

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First Nordic Metals combines deep mining industry expertise with proven business acumen through its experienced leadership team and board of directors. The team's track record spans successful project development, significant value creation, and expertise in both technical and financial aspects of mining.

Leading the company's executive team is President and CEO Taj Singh, a mining industry veteran with 22 years of experience and an impressive track record of value creation. As co-founder of Discovery Silver, he demonstrated his ability to drive substantial growth, increasing the company's valuation from $10 million to $750 million. His credentials include an M.Eng, P.Eng, and CPA designation, complemented by senior roles at major mining companies including Inco and Vale.

Chief Development Officer Adam Cegielski brings 20 years of venture capital and mineral exploration expertise. His notable achievements include founding and selling a Ugandan mineral project to Rio Tinto and co-founding Cayden Resources, which was later acquired by Agnico Eagle Mines for $205 million. His diverse leadership experience spans multiple industries, from technology to healthcare.

The technical direction of the company is led by Benjamin Gelber, who serves as Chief Technical Director. With 18 years focused on orogenic gold systems and previous leadership roles at Barrick Gold and Asanko Gold, his expertise in district-scale exploration and structural geology is crucial to FNM's technical success.

Ross Wilmot serves as CFO and Director, bringing over 50 years of financial management experience in public mining companies. As a Chartered Accountant (CPA), his expertise at companies like Barsele Minerals and Silver Viper includes overseeing international mining operations and managing acquisitions.

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First Nordic Metals employs a strategic dual approach to growth, focusing on advancing its existing projects toward production while maintaining aggressive exploration initiatives across its extensive land holdings. The company's primary focus is the development of its flagship Barsele Project, which has garnered substantial investment from joint venture partner Agnico Eagle Mines. 

With significant proven resources of 2.4 million ounces of gold and favorable metallurgical characteristics, Barsele stands poised to emerge as one of Europe's premier gold mining operations. The company is actively conducting exploration and technical studies to minimize project risks, with the ultimate goal of completing a Pre-Feasibility Study (PFS) and transitioning toward production. Complementing Barsele, the Kylmäkangas Project in Finland offers additional growth potential, with ongoing resource expansion and target exploration efforts.

On the exploration front, First Nordic Metals oversees an impressive 104,000 hectares of mineral concessions, including several promising gold-rich belts in Sweden. The company employs cutting-edge exploration techniques, including base-of-till drilling and high-resolution geophysics, to explore and expand resources across multiple promising targets, notably Paubäcken and Storjuktan. This comprehensive approach to growth, supported by an experienced management team, diverse asset portfolio, and strategic partnerships, positions First Nordic Metals to deliver sustained growth while effectively managing risks and optimizing shareholder value.

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First Nordic Metals is well-positioned financially to advance its portfolio of exploration and development projects. As of July 31, 2024, the company held C$3.1 million in cash, which provides the necessary flexibility to continue exploration activities and technical studies. The company's market capitalization stood at C$80 million with a share price of C$0.36 as of mid-September 2024.

FNM benefits from a strong partnership with Agnico Eagle Mines, which has already invested US$55 million into the flagship Barsele Project through a joint venture. Agnico Eagle holds a 13.3% ownership stake in FNM, reinforcing its commitment to advancing the project and providing FNM with a free carried interest until the completion of a Pre-Feasibility Study (PFS). The JV structure ensures that FNM retains upside potential while minimizing financial risk.

The company's capital structure includes:

• 224 million basic shares outstanding
• 17 million warrants (average price of C$0.64)
• 17 million options (average price of C$0.30)
• 257 million fully diluted shares outstanding

FNM’s capital is strategically allocated to support its key objectives of expanding resources and advancing development across its core projects in Sweden and Finland. With a lean cost structure and minimal debt, FNM is well-capitalized to continue advancing exploration and deliver value to shareholders.

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First Nordic Metals represents a promising opportunity in the European mining sector, leveraging its strategic partnerships, high-quality assets, and experienced management team to unlock significant value in its flagship projects. With over 2.4 million ounces of gold already identified at the Barsele Project, and substantial exploration potential across its 104,000 hectares of mineral concessions, the company is well-positioned for growth and resource expansion.

Operating in top-tier mining jurisdictions like Sweden and Finland, FNM benefits from a stable regulatory environment, low political risk, and favorable taxation policies. The company's joint venture with Agnico Eagle Mines provides a unique advantage, offering both financial support and technical expertise to advance Barsele, one of Europe’s largest undeveloped gold deposits.

As FNM continues to focus on expanding resources, improving project economics, and de-risking its key projects, investors have the opportunity to gain exposure to a high-grade gold developer with significant upside. With a robust financial position, ongoing exploration efforts, and a clear path to production, First Nordic Metals is poised to become a leader in Europe’s next generation of gold mining companies.

For investors seeking a balanced combination of exploration upside and near-term development, First Nordic Metals offers a compelling investment opportunity in the precious metals space.

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