First Nordic and Mawson Complete Merger to Create a Leading Nordic-Focused Gold Development and Exploration Company

The most recent news announces the successful completion of the merger between First Nordic Metals Corp. and Mawson Finland Limited, creating a new entity, provisionally named Goldsky Resources Corp. The merger became effective on December 16, 2025.

Key outcomes of the merger and concurrent activities include: * Merger Completion: Mawson shareholders received 1.7884 First Nordic common shares (post-consolidation) for each Mawson share. Mawson shares are expected to be delisted from the TSX Venture Exchange. * Share Consolidation: A 4:1 consolidation of First Nordic common shares was completed on December 10, 2025, prior to the merger's effective date. * Name Change: The combined entity will be rebranded as Goldsky Resources Corp., subject to regulatory approval. * Concurrent Financing: First Nordic completed concurrent private placements raising C$80 million in gross proceeds through the issuance of 52,631,578 subscription receipts at a price of C$1.52 per receipt. This financing closed simultaneously with the merger. * Board and Management Changes: A new board and management team have been appointed. Russell Bradford assumes the role of CEO and Director, and Peter Breese is appointed Chairman. Adam Cegielski, former President & Director, and other previous board members have departed. * Resource and Land Position: The combined company now boasts a total attributable resource of 2.3 million ounces of gold equivalent (AuEq), including 0.3 Moz AuEq indicated and 2.0 Moz AuEq inferred, across a combined land package of 123,000 hectares in Sweden and Finland. Key projects include Barsele, Rajapalot, and Oijärvi. * Capitalization: The company is well-capitalized with a post-transaction cash balance of approximately C$86 million (before transaction costs). * Severance: Former President & Director Adam Cegielski will receive 657,894 Company Shares (deemed C$1.52) and potential cash payments up to C$500,000 as severance.

This news is a highly material, game-changing event for First Nordic Metals Corp. It marks the successful culmination of a strategic initiative to create a dominant Nordic gold exploration and development company.

Positive Impacts: * Enhanced Scale and Portfolio: The merger significantly expands the company's resource base to 2.3 Moz AuEq and its land position to 123,000 hectares, establishing it as a leading player in the Nordic region. This scale can attract a broader institutional investor base and improve market liquidity. * Robust Capitalization: The successful closing of the C$80 million financing ensures the company is well-funded with approximately C$86 million in cash (before costs). This provides ample capital for advancing exploration and development across its combined project portfolio (Barsele, Rajapalot, Oijärvi), reducing immediate financing risk. * Strengthened Management and Board: The appointment of Peter Breese as Chairman and Russell Bradford as CEO, both with extensive mining, project development, and operational experience, brings significant expertise to the newly formed entity. Noora Ahola, former Mawson CEO, joining as Managing Director, Nordics, provides continuity and regional expertise. * Diversified Asset Base: The combined portfolio includes resource-stage and development-stage projects (e.g., Rajapalot with a positive PEA) and critical mineral exposure (cobalt), providing multiple avenues for value creation and de-risking. * Certainty Achieved: The completion of the merger removes the uncertainty that often surrounds such large corporate transactions, allowing the company to focus on execution.

Negative Impacts: * Dilution: While the financing provides substantial capital, the issuance of 52.6 million shares at C$1.52, along with shares for Mawson shareholders, results in significant dilution to existing First Nordic shareholders. The total issued shares post-transaction (176.65 million) represent a substantial increase from pre-merger share counts (even post-consolidation). * Financing Price Discount: The C$1.52 financing price is at a discount to the immediate pre-news market price of $1.80 (2025-12-15 close). While common for large placings, it means new investors got shares at a lower price than recent market participants. * Integration Risk: Merging two companies, especially with new management, carries inherent integration risks related to corporate culture, operational strategies, and team alignment.

Neutral Impacts: * Name Change: The rebranding to Goldsky Resources Corp. is a logical step for a newly combined entity, aiming to reflect its enlarged portfolio. This is largely symbolic at this stage. * Severance Payments: The severance package for former President & Director Adam Cegielski is a standard cost associated with management transitions during mergers.

Overall, the positive impacts of increased scale, strong capitalization, and an enhanced management team far outweigh the negative impact of dilution, given the strategic rationale and potential for future value creation in a tier-1 mining jurisdiction.

First Nordic Metals Corp. (soon to be Goldsky Resources Corp.) is a Canadian-based gold exploration and development company primarily focused on the Nordic region, specifically Sweden and Finland. The company's strategy has been to consolidate a large and prospective gold development and exploration portfolio in these tier-1 jurisdictions.

Its flagship projects and key assets include: * Barsele Project (Sweden): A resource-stage joint venture project with Agnico Eagle Mines Limited, where First Nordic holds a 45% interest. This project hosts a significant gold resource. * Rajapalot Project (Finland): Acquired through the merger with Mawson, this is a development-stage gold-cobalt project. It has a positive Preliminary Economic Assessment (2023 PEA with after-tax NPV5% of US$211M and IRR of 27% at US$1,700/oz Au) and substantial inferred resources of 1.034 Moz AuEq. It also provides critical mineral exposure (cobalt). * Oijärvi Project (Finland): A resource-stage project covering an underexplored greenstone belt, hosting indicated and inferred gold-silver resources. * Gold Line Belt Projects (Sweden): Several 100%-owned district-scale exploration projects (e.g., Paubäcken, Storjuktan) surrounding the Barsele project, covering approximately 100 km of strike length. These projects are generating numerous multi-kilometric gold anomalies and are the focus of ongoing and planned diamond drilling.

The combined company now possesses 2.3 million ounces of gold equivalent (AuEq) in total attributable resources (0.3 Moz AuEq indicated, 2.0 Moz AuEq inferred) and controls over 123,000 hectares of highly prospective land.