First Nordic Releases Q4 2024 Financials & Provides Corporate Update
First Nordic Releases Q4 2024 Financials &
Provides Corporate Update
TORONTO
,
March 31, 2025
/CNW/ -
First Nordic Metals Corp.
(the "
Company
" or "
FNM
")
(TSXV: FNM) (
Stockholm
: FNMC SDB) (OTCQB: FNMCF) (Germany: HEG0) announces the
release of its unaudited consolidated financial statements and management discussion and analysis
(the "Unaudited Financial Statements") for the three months and year ending
December 31, 2024
;
this release was necessary as part of the Company's Nasdaq First North Growth Market ("Nasdaq
First North") listing which requires that listed companies' annual reports be made available no later
three months after the end of the fiscal year. FNM's audited financial statements for this same
period are scheduled to be filed on SEDAR+ on
April 30, 2025
, in line with Company's normal
financial reporting schedule pursuant to applicable Canadian securities laws.
Key recent operational and financial highlights
Late Q4 2024:
The Company closes an oversubscribed bought deal private placement for gross proceeds of
C$11.5 million
.
FNM begins a top-of-bedrock / base-of-till ("BoT") drilling program at the Nippas target on its
100%-owned Storjuktan project on the Gold Line belt, northern
Sweden
. Nippas is a 5 km
intense gold / gold pathfinder anomaly.
The Company's cash balance at
December 31, 2024
was
C$9.6M
and current assets were
$11.1 million
(cash + prepaids, receivables and deferred financing costs).
Q1 2025:
The Company promotes
Adam Cegielski
, co-founder of Gold Line Resources Ltd. ("Gold Line"),
to President, and adds VP Corporate Development John Eren, a +20-year mining executive and
founding team member of Cayden Resources Inc. and Keegan Resources Inc.
The Company adds
Henrik Lundin
to its board of directors. Mr. Lundin, also a co-founder of
Gold Line, is a well-known natural resources executive, a Swedish citizen, and is highly
networked in the Nordic region.
FNM announces the discovery of four new multi-kilometric gold pathfinder anomalies at its
Storjuktan project. These targets will be tested with BoT drilling in 2025.
FNM commences BoT drilling on the contiguous Harpsund and Brokojan targets at its 100%-
owned Paubäcken project on the Gold Line belt. The targets combined express an intense and
cohesive 5.5 km gold / gold pathfinder anomaly.
The Company begins diamond drilling at the 4 km Aida target on the Paubäcken project,
outlining a two-phase 10,000 drill program. This marks the first significant diamond drilling
program ever carried out on Aida, where a previous
1,100 m
drill program by Gold Line yielded
multiple encouraging gold intercepts in multiple holes, including the near-surface discovery hole
of
22.5m
of 2.4 g/t Au.
FNM receives the 2025 TSX Venture 50 designation for its performance through 2024. The
Company ranked 22
nd
out of +1,600 companies.
FNM closes an oversubscribed private placement of
C$1.4 million
of gross proceeds in
conjunction with its listing on
Stockholm's
Nasdaq First North. The placement was carried out to
meet Nasdaq's minimum required number of Swedish shareholders holding SDRs (Swedish
depository receipts) and to increase the Company's exposure in
Sweden
.
On
March 21
, FNM commences trading on the Nasdaq First North and opens the market in
Stockholm
.
The Company announces that
C$1.61 million
of warrants and options were exercised in the past
two quarters (
C$1.22 million
in Q1-2025).
Link to Unaudited Financial Statements and additional notes
The Unaudited Financial Statements are available on the Company's website
here
:
The Unaudited Financial Statements are based on reasonable estimates and information available to
the Company at this time. As such, the Company's actual results may vary from the financial
information presented therein. In addition, the unaudited financial information presented in therein
may not present all information necessary for an understanding of the Company's financial condition
and results of operations as of and for the year ended
December 31, 2024
.
The Company's annual general meeting of the shareholders (AGM) is scheduled for
June 25, 2025
.
About First Nordic Metals
First Nordic Metals Corp. is a Canadian-based gold exploration company, consolidating assets in
Sweden
and
Finland
, with a vision to create
Europe's
next gold camp. The Company's flagship asset
is the Barsele gold project in northern
Sweden
, a joint venture project with senior gold producer
Agnico Eagle Mines Limited. Immediately surrounding the Barsele project, FNM is 100%-owner of a
district-scale license position comprised of two additional projects (Paubäcken, Storjuktan), which
combined with Barsele, total approximately 100,000 hectares on the Gold Line greenstone belt.
Additionally, in northern
Finland
, FNM is the 100%-owner of a district-scale position covering the
entire underexplored Oijärvi greenstone belt, including the Kylmäkangas deposit, the largest known
gold occurrence on this belt.
The information in this release is subject to the disclosure requirements of First Nordic pursuant to
the EU Market Abuse Regulations. The Company's certified adviser on the Nasdaq First North
Growth Market is Augment Partners AB,
, +46 8-604 22 55. This information was
submitted for publication, through the agency of the contact person set out above, on
March 31,
2025
, at
5:00 p.m. Eastern Time
.
ON BEHALF OF THE BOARD OF DIRECTORS
Taj Singh, M.Eng, P.Eng, CPA
CEO & Director
Follow First Nordic Metals:
Twitter: @fnmetals
Youtube: @firstnordicmetalscorp
LinkedIn: @firstnordicmetals
Facebook: @FirstNordicMetals
Instagram: @firstnordicmetals
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking Statements
This press release contains forward-looking statements that reflect the Company's intentions,
beliefs, or current expectations about and targets for the Company's and the group's future results
of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies
and opportunities and the markets in which the Company and the group operates. Forward-looking
statements are statements that are not historical facts and may be identified by words such as
"believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or
"might", or, in each case, their negative, or similar expressions. The forward-looking statements in
this press release are based upon various assumptions, many of which are based, in turn, upon
further assumptions. Although the Company believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance that they will materialize or that
the assumptions on which it is based are correct. Because these statements are based on
assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome
could differ materially from those set out in the forward-looking statements as a result of many
factors. Such risks, uncertainties, contingencies, and other important factors could cause actual
events to differ materially from the expectations expressed or implied in this release by such
forward-looking statements. The Company does not guarantee that the assumptions underlying the
forward-looking statements in this press release are free from errors and readers of this press
release should not place undue reliance on the forward-looking statements in this press release. The
information, opinions and forward-looking statements that are expressly or implicitly contained herein
speak only as of the date of this press release and are subject to change without notice. Neither the
Company nor anyone else undertake to review, update, confirm or to release publicly any revisions
to any forward-looking statements to reflect events that occur or circumstances that arise in relation
to the content of this press release, unless it is required by law or Nasdaq First North Growth
Market Rulebook for Issuers of Shares.
SOURCE
First Nordic Metals Corp.
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For further information:
For further information contact: Alicia Ford, Director, Corporate
Development, Phone: 604-687-8566, Email: [email protected]
CO: First Nordic Metals Corp.
CNW 17:00e 31-MAR-25