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Goldsky Resources Releases Q1 2026 Financial Results and Corporate Update

Goldsky Resources Confirms Strong Cash Runway and Barsele Acquisition Timeline Following Merger Integration

By The Northwire Desk — AI Analysis May 28, 2026 · 19:00 FNM · 1.96 First Nordic Metals Corp.

Executive Summary

Goldsky Resources reported Q1 2026 financial results with a net loss of C$28.4 million, primarily driven by non-cash share-based compensation (C$23.7 million) following the Mawson Finland acquisition.
The company maintains a strong cash position of approximately C$86.1 million as at March 31, 2026, up from C$84.4 million in December 2025.
Subsequent to quarter-end, progress was confirmed on acquiring the remaining 55% interest in the Barsele Gold Project, with closing expected by June 30, 2026.
Exploration expenditure incurred during Q1 2026 was approximately C$3.7 million across the Nordic project portfolio.
Operating cash flow utilized was approximately C$5.9 million (excluding non-cash share-based compensation and working capital changes).
Equity transactions included proceeds of approximately C$7.6 million from the exercise of stock options, compensatory options, and warrants during Q1 2026.
Rajapalot Project drilling program completed by end of March 2026 with approximately 10,429 metres drilled.

Material Impact

The net loss is materially higher than prior year (C$28.4M vs C$6.1M), but the majority is non-cash accounting expense related to merger integration and option grants, not operational burn.
Cash position remains robust at C$86.1 million, providing a significant runway for exploration and development without immediate need for dilutive financing.
The confirmation of Barsele acquisition closing by June 30, 2026, validates the strategic timeline previously announced in April 2026 shareholder approval news.
No new material risks identified; the financials align with expectations set during the December 2025 merger and October 2025 financing announcements.
The update is incremental to previous disclosures regarding the Mawson acquisition integration and Barsele ownership consolidation, confirming execution rather than introducing new catalysts.

FNM · Price

Company Overview

Company: Goldsky Resources Corp., formed via merger of First Nordic Metals Corp. and Mawson Finland Ltd. in December 2025.
Flagship Project: Barsele Gold Project (Sweden). Currently a Joint Venture (45% owned by Goldsky), moving to 100% ownership upon closing of remaining 55% interest.
Resource Summary (Barsele): Indicated Resource of 7.88 Mt grading 1.27 g/t Au (320,781 oz); Inferred Resource of 28.75 Mt grading 1.98 g/t Au (1.83 Moz).
Secondary Project: Rajapalot Gold-Cobalt Project (Finland), 100% owned. Inferred Resource of 9,780kt containing 867 koz Au @ 2.8 g/t Au & 4.3 kt Co @ 441 ppm Co.
Land Position: Combined footprint of >123,000 ha across Sweden and Finland.

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