First Nordic Metals

First Nordic Raises $2.7M Through Warrants and Options

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First Nordic Raises $2.7M Through Warrants and Options

Vancouver, BC – July 10, 2024 – First Nordic Metals Corp. (the “Company” or “First Nordic”) (TSX.V:FNM, OTCQB:FNMCF, FRA: HEG0) is pleased to announce the successful completion of the Company’s warrant exercise incentive program, as previously announced on June 13, 2024 (the “Incentive Program”), as well as the exercise of additional Company warrants and stock options, providing aggregate gross proceeds of $2,703,157 to First Nordic Metals Corp.

Taj Singh, President and CEO comments: “The exercise of these warrants and options is a significant positive event as it strengthens our cash position and cleans up our capitalization structure. In the last three weeks, approximately 7 million warrants were exercised by our supportive shareholder base, allowing the Company to accelerate the advancement of its projects. We believe First Nordic’s project portfolio is unique, with its combination of grade, scale, substantial growth potential, and great location in Europe’s heartland of mining.”

Incentive Program

A total of 6,301,273 common shares in the capital of the Company (each a “Common Share”) were issued upon the exercise of 6,301,273 outstanding share purchase warrants (the “Outstanding Warrants”) permitted to participate under the Incentive Program, providing gross proceeds of $1,827,369 to the Company from the Incentive Program.

For every Outstanding Warrant exercised, the holders of such Outstanding Warrant received the one Common Share to which they were otherwise entitled under the terms of the Outstanding Warrants and one-half of one common share purchase warrant (each whole warrant, an “Incentive Warrant”). Each Incentive Warrant allows the holder to acquire one Common Share at an exercise price of $0.40 for a period of two years following the date of the issuance of the Incentive Warrant. A total of 3,150,631 Incentive Warrants were issued pursuant to the Incentive Program.

Holders of 7,689,579 Outstanding Warrants were eligible to participate in the Incentive Program. For those holders of Outstanding Warrants who chose not to participate in the Incentive Program, such Outstanding Warrants will remain outstanding and continue to be exercisable for Common Shares on their current terms (including the amended exercise price of $0.29 per Outstanding Warrant) until their applicable expiry date, at which time any Outstanding Warrants that remain unexercised will expire and be cancelled pursuant to their terms.

Insiders of the Company participated in the Incentive Program exercising 507,513 Outstanding Warrants and were issued 253,756 Incentive Warrants. As a result, the Incentive Program may constitute a “related party transaction” with-in the meaning of Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions (“MI 61-101”). The Company relies on the exemptions from the formal valuation requirements of MI 61-101 contained in section 5.5(a) and (b) of MI 61-101 on the basis that the fair market value of the transaction with insiders will not be more than 25% of the market capitalization of the Company and no securities of the Company are listed on a specified market set out in such section, and the Company further relies on the exemption from the minority shareholder approval requirements of MI 61-101 contained in Section 5.7(1)(a) of MI 61-101 on the basis of the fair market value of the transaction with insiders will not be more than 25% of the market capitalization of the Company.

The proceeds of the Incentive Program will be used for exploration and development of the Company’s projects and for working capital purposes.

The Incentive Warrants issued pursuant to the Incentive Program, and the Common Shares issuable on exercise thereof, are subject to a hold period ending November 9, 2024. The Incentive Program is subject to the final acceptance of the TSX Venture Exchange.

Additional Warrants and Stock Options

Since mid-May 2024, in addition to funding from the Incentive Program, First Nordic has raised $698,500 from stock option exercises and an additional $177,288 from the exercise of other warrants not included in the Incentive Program.

Marketing Services

First Nordic also announces it has amended its previously announced agreement (May 5, 2024) with RMK Marketing Inc. (“RMK”) to increase its advertising budget by up to an additional $250,000. The term of the agreement remains the same, six months commencing May 5, 2024. The Company will not issue any securities to RMK as compensation for the services. As of the date hereof, to the Company’s knowledge, RMK (including its directors and officers) does not own any securities of the Company and has an arm’s-length relationship with the Company. RMK is an independent company which will, as appropriate, provide project management and consulting for an on-line marketing campaign, coordinate marketing actions, maintain and optimize adwords campaigns, adapt adwords bidding strategies, optimize adwords ads, and create and optimize landing pages. The promotional activity will occur by e-mail, Facebook and Google.

ABOUT FIRST NORDIC METALS

First Nordic’s flagship is the Barsele gold project, located in Sweden and in a joint venture with senior gold producer Agnico Eagle Mines Ltd. The Barsele project currently hosts a combined open pit and underground NI 43-101 Indicated Resource of 324,000 ounces gold and an Inferred resource of 2,086,000 ounces gold (2020, Technical Report and Mineral Resource Estimate for the Barsele Property, InnovExplo). Immediately surrounding the Barsele project, First Nordic is the 100%-owner of a district-scale license position of close to 100,000 hectares on both the prolific Gold Line and Skellefte VMS belts. Additionally, in northern Finland First Nordic holds the entire underexplored Oijärvi Greenstone Belt.

ON BEHALF OF THE BOARD OF DIRECTORS

Taj Singh, M.Eng, P.Eng, CPA

President & CEO, Director

For further information contact:

Alicia Ford

Business Development Manager

Phone: 604-687-8566

Email: [email protected]

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.

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Cautionary Note Regarding Forward-Looking Statements

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the terms and conditions of the Arrangement, timing for the hearing for the final order of the Supreme Court of British Columbia to approve the Arrangement and the timing and ability of Gold Line to complete the Arrangement. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Gold Line’s respective management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Gold Line believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Gold Line. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain necessary approvals in respect of the Arrangement, the ability to consummate the Arrangement,; the ability to obtain requisite court approvals and the satisfaction of other conditions to the consummation of the Arrangement on the proposed terms and schedule; the potential impact on exploration activities; the potential impact of the announcement or consummation of the Arrangement on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential following the consummation of the Arrangement; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Arrangement. This forward-looking information may be affected by risks and uncertainties in the business of Gold Line and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Gold Line with the Canadian securities regulators, including Gold Line’s financial statements and related management’s discussion and analysis for the financial year ended December 31, 2022 and its interim financial reports and related management’s discussion and analysis for the period ended September 30, 2023 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Gold Line has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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.