First Nordic Metals Files Q3 2025 Financials

Executive Summary

• First Nordic Metals released its unaudited Q3 2025 consolidated financial statements, reporting a cash balance of C$9.8 million and total current assets of C$11.8 million.
• The company completed a fully‑oversubscribed “LIFE” financing in July for gross proceeds of C$15.4 million and subsequently closed private placements raising an additional C$80 million.
• Significant operational milestones were disclosed, including the acquisition plan for Mawson Finland Limited, multiple drilling programs (5,507 m across 25 holes at Nippas zone), and assay results from the Aida drill program (e.g., 1.94 g/t Au over 21.5 m; 5.45 g/t Au over 4.6 m).

Key Details

• Financial Statements: Unaudited Q3 2025 consolidated financials filed on SEDAR+; cash C$9.8 M, current assets C$11.8 M.
• July Financing (“LIFE”): Fully oversubscribed; total gross proceeds C$15.4 million.
• Private Placements (Subsequent Events): Brokered and non‑brokered placements closed for total gross proceeds of C$80 million.
• M&A Activity: Definitive agreement signed with Mawson Finland Ltd. to acquire all outstanding common shares via a plan of arrangement.
• Drilling – Aida Program (first 14 assays):
• Intercept 1: 1.94 g/t Au over 21.5 m.
• Intercept 2: 5.45 g/t Au over 4.6 m.
• Resulted in a four‑fold expansion of the mineralized footprint and identification of two new gold zones.
• Drilling – Nippas Zone: Completed 5,507 m in 25 holes by end of September.
• BoT Drilling & Sampling:
• Paubäcken: 61 BoT holes at Kroktjärn (August).
• Dubblonbäcken target: 115 holes; Bråna target: 41 holes (through September).
• Rock chip samples: 230 (Dubblonbäcken) + ~82 (Bråna); Soil samples: 118 (Dubblonbäcken) + ~50 (Bråna).
• Soil Sampling – Storjuktan 103 License: Meffa sampling started mid‑September; total of 2,500 samples collected by end of October.
• Personnel Appointment: Gernot Wober appointed Vice President Exploration (formerly VP Exploration at Discovery Silver Corp. and Osisko Mining Inc.).
• Share Issuance to Former CEO: 2,631,578 common “Retirement Shares” issued to former CEO Taj Singh on Nov 24 2025 at a deemed price of $0.38 per share; subject to statutory hold period.

Notable Quotes

“Our strong cash position and recent financing activities provide the flexibility needed to advance our exploration programs across Sweden and Finland, while the acquisition of Mawson further strengthens our portfolio.” – Russell Bradford, CEO

Materiality Assessment: Material – Positive (significant financing, acquisition, and operational results that materially affect the company’s financial condition and future prospects).