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

Core Viewpoint - First Nordic Metals Corp. and Mawson Finland Limited have announced a merger to create a leading Nordic-focused gold development and exploration company named NordCo Gold, consolidating significant gold assets in Sweden and Finland [1][2]. Transaction Overview - The merger involves First Nordic acquiring all outstanding shares of Mawson through a plan of arrangement [1]. - The combined entity will have a substantial gold development and exploration portfolio, including key projects like Barsele, Oijärvi, and Rajapalot [2][4]. Project Details - Barsele Project: Indicated resource of 5.6 million tonnes at 1.8 g/t Au, containing 324,000 ounces of gold, and inferred resource of 25.5 million tonnes at 2.5 g/t Au, containing 2,086,000 ounces of gold [3]. - Oijärvi Project: Indicated resource of 1.1 million tonnes at 4.1 g/t Au and 35.4 g/t Ag, containing 143,000 ounces of gold and 1,220,000 ounces of silver [3]. - Rajapalot Project: Inferred resource of 9.8 million tonnes at 2.8 g/t Au, containing 867,000 ounces of gold, with a PEA indicating a US$211 million after-tax NPV5% [4]. Strategic Benefits - The merger will create a leading Nordic gold developer with 2.1 million ounces of gold equivalent in inferred resources and 0.3 million ounces in measured and indicated resources [6]. - The combined land position exceeds 123,000 hectares, enhancing exploration potential and resource growth [6]. - The transaction is expected to attract institutional investors and improve capital market profiles due to increased scale and liquidity [9][10]. Management and Leadership - The new leadership team will include experienced industry veterans, with Russell Bradford as the new CEO and Peter Breese as the incoming Chairman [12][15]. - The management team is expected to leverage their extensive experience in project development and operations to accelerate project advancement [9][10]. Financial Aspects - The transaction includes a concurrent private placement to raise C$30 million for exploration and corporate purposes [10][32]. - Upon completion, NordCo Gold is projected to have a market capitalization of approximately C$259 million and a cash balance of around C$50 million [9][10]. Shareholder Impact - Existing shareholders of First Nordic will own approximately two-thirds of NordCo Gold, while Mawson shareholders will own about one-third [22]. - The transaction requires approval from Mawson shareholders and regulatory bodies, with a meeting scheduled for early December 2025 [20][21]. Transaction Timeline - The completion of the transaction is anticipated shortly after the Mawson Meeting in December 2025, subject to necessary approvals [28].