As we begin 2025, I want to take this opportunity to reflect on the tremendous progress we have made over the past year, and express my sincere gratitude to our shareholders, partners, and dedicated team for their unwavering support. The past year has been transformative for First Nordic Metals, marked by significant milestones that position us for long-term growth and near-term success.

A Transformational Merger

We began 2024 with the successful completion of the merger between Barsele Minerals Corp. and Gold Line Resources Ltd., creating a unified entity now known as First Nordic Metals Corp. This newly formed company holds one of Europe’s largest gold deposits, the Barsele Project (joint venture with Agnico Eagle), plus over 100 km of strike length of the highly prospective Gold Line greenstone belt in northern Sweden surrounding Barsele. This merger brought together complementary strengths, a robust portfolio of assets, and a highly experienced team. Our newly constituted Board of Directors exemplifies a commitment to excellence and strategic oversight, underpinned by deep technical expertise, capital markets acumen, and comprehensive knowledge of the mining industry.

A New Identity: First Nordic Metals

In March, we unveiled our new identity, changing our name to First Nordic Metals Corp. and updating our trading symbols to “FNM” on the TSXV and “FNMCF” on the OTCQB. This rebrand reflects our focus on creating Europe’s next gold camp and reinforces our commitment to creating value for shareholders through exploration and discovery in northern Europe – a premier mining jurisdiction, and what we believe will become one of the most important exploration fronts globally over the next decade.

Advancing Exploration Across Our 100%-Owned Projects

Our exploration progress through the year was efficient and meaningful, targeting orogenic gold systems on the Gold Line and setting us up very well for 2025. With the 2.4-million-ounce Barsele gold project as our foundation, our key thesis is that there are several other gold deposits with multimillion ounce potential on this same belt. Notable achievements in 2024 included:

• Paubäcken Project: Through our systematic till sampling program, we nearly doubled the footprint of the Harpsund target, an orogenic gold system multi-element pathfinder anomaly, to 5.5 km by 1 km. Separately, through base-of-till (“BoT”) drilling we also confirmed shallow gold mineralization over 1.5 km at the Aida target, which is intepreted as a +4 km corridor; this BoT drilling also returned some of the highest grade results ever seen on the belt, including, 5.01 g/t gold. Both the Aida target and Harpsund target are slated for diamond drill programs in 2025 and have potential mineralized footprints larger than Barsele. Additionally, results from Aida’s diamond drill discovery holes (e.g. 22.5 m of 2.4 g/t gold just below surface) compare very well with the early holes at Barsele.
• Storjuktan Project: During an extensive surface till sampling program, we identified a large and cohesive 5 km by 1 km gold-pathfinder anomaly, the Nippas target. In December, we began BoT drilling at Nippas, with the goal of advancing it to diamond drilling in 2025. The scale and geochemical signature of Nippas also bears noteworthy resemblance to Barsele. On the overall Storjuktan project, we also advanced property-wide geochemical surveys and magnetic geophysical surveys, setting the stage for new target generation in 2025.
• Klippen Project: October marked the start of BoT drilling on this extensive target, a 5 km gold-in-soil anomaly. The lithostructural setting here is ideal for large orogenic gold deposits and a significant amount of historic work by other operators (including drilling) encountered all criteria characteristic of a large hydrothermal system. Klippen is located on the southern extreme of the Gold Line belt, ~100km south of Paubäcken. Diamond drilling at Klippen in 2025 is being planned.