First Nordic Metals Corp. (TSXV: FNM) (Stockholm: FNMC SDB) (OTCQB: FNMCF) (Germany: HEG0) announced 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:
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The Company closes an oversubscribed bought deal private placement for gross proceeds of C$11.5 million.
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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.
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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:
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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.
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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.
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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.
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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.
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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.
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FNM receives the 2025 TSX Venture 50 designation for its performance through 2024. The Company ranked 22nd out of +1,600 companies.
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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.
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On March 21, FNM commences trading on the Nasdaq First North and opens the market in Stockholm.
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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.
First Nordic Metals is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.
