Financial Statements Q1 2025 & Management’s Discussion and Analysis Q1 2025

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# Financial Statements Q1 2025 & Management’s Discussion and Analysis Q1 2025

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# Financial Statements Q1 2025 & Management’s Discussion and Analysis Q1 2025
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian Dollars-Unaudited)
MARCH 31, 2025
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian Dollars-Unaudited)
As at
March 31, December 31,
2025 2024
ASSETS
Current
Cash $ 6,893,364 $ 9,568,671
Deferred financing cost 106,539 213,742
Receivables 428,992 304,664
Prepaid expenses 1,329,338 1,013,880
8,758,233 11,100,957
Equity investment - exploration and evaluation assets (Note 5) 1 1
Exploration and evaluation assets (Note 6) 15,441,163 15,441,163
$ 24,199,397 $ 26,542,121
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 10) $$ 2,578,772
2,392,014 $$ 3,342,671
190,687
Accounts payable and accrued liabilities (Note 10)
2,578,772 3,342,671
Shareholders’ equity
Share capital (Note 7) 45,030,513 43,044,348
Reserves (Note 7) 12,046,302 9,468,862
Deficit (35,456,190) (29,313,760)
21,620,625 23,199,450
$ 24,199,397 $ 26,542,121
Nature and continuance of operations (Note 1)
Subsequent events (Note 13)
Approved and authorized by the board on May 30, 2025
/s/ Toby Pierce Director /s/ Taj Singh Director
Toby Pierce Taj Singh
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
6
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in Canadian Dollars-Unaudited)
Three months Three months
ended March 31, ended March 31,
2025 2024
OPERATING EXPENSES
Consulting and support services (Note 10) 536,258 44,500
Exploration expenditures (Note 5, 10) 1,610,465 123,777
Foreign exchange loss (gain) 84,927 (10,405)
Interest income (66,569) -
Investor relations (Note 10) 487,226 61,367
Management fees (Note 10) 129,630 204,873
Office and administrative (Note 10) 479,245 72,716
Professional fees 82,899 17,186
Share-based payments (Note 7, 10) 2,718,095 -
Transfer agent and filing fees 80,254 12,976
6,142,430 526,990
Loss and comprehensive loss for the period $ (6,142,430) $ (526,990)
Basic and diluted loss per common share $ (0.02) $ (0.00)
Weighted average number of common shares outstanding – basic and 267,077,558 160,295,891
diluted
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
7
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Expressed in Canadian Dollars-Unaudited)
Total
Common Shareholders’
Shares Share Capital Reserves Deficit Equity
Balance, December 31, 2023 139,583,827 $ 11,674,926 $ 6,819,430 $ (18,449,445) $ 44,911
Shares issued for:
Acquisition 35,747,716 4,289,726 - - 4,289,726
Private placement 8,082,399 1,212,360 - - 1,212,360
Share issuance costs - (79,625) 18,625 - (61,000)
Acquisition - options - - 126,020 - 126,020
Acquisition - warrants - - 237,655 - 237,655
Loss and comprehensive loss - - - (526,990) (526,990)
Balance, March 31, 2024 183,413,942 $ 17,097,387 $ 7,201,730 $ (18,976,436) $ 5,322,682
Balance, December 31, 2024 264,047,199 $ 43,044,348 $ 9,468,862 $ (29,313,760) $ 23,199,450
Shares issued for:
Private placement 3,105,591 1,397,516 - - 1,397,516
Share issuance costs - (773,424) - - (773,424)
Stock options exercised 1,010,730 362,265 (140,655) - 221,610
Warrants exercised 3,525,986 999,808 - - 999,808
Share-based payments - - 2,718,095 - 2,718,095
Loss and comprehensive loss - - - (6,142,430) (6,142,430)
Balance, March 31, 2025 271,689,506 $ 45,030,513 $ 12,046,302 $ (35,456,190) $ 21,620,625
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
8
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Expressed in Canadian Dollars-Unaudited)
Three months ended Three months ended
March 31, 2025 March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period $ (6,142,430) $ (526,990)
Items not affecting cash:
Share-based payments 2,718,095 -
Changes in non-cash working capital items:
Receivables (124,328) 59,210
Prepaid expenses (315,458) (24,702)
Accounts payable and accrued liabilities (822,400) (122,732)
Cash used in operating activities (4,686,521) (615,214)
CASH FLOWS FROM INVESTING ACTIVITY
Cash acquired on acquisition of Gold Line Resources Ltd. - 14,126
- 14,126
CASH FLOWS FROM FINANCING ACTIVITY
Private placements 1,397,516 1,212,360
Share issuance costs (607,720) (61,000)
Proceeds from options exercised 221,610 -
Proceeds from warrants exercised 999,808 -
Cash provided by financing activities 2,011,214 1,151,360
Change in cash during the period (2,675,307) 550,272
Cash, beginning of period 9,568,671 128,236
Cash, end of period $ 6,893,364 $ 678,508
Supplemental disclosure with respect to cash flows (Note 9)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
9
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2025
(Expressed in Canadian Dollars-Unaudited)
1. NATURE AND CONTINUANCE OF OPERATIONS
First Nordic Metals Corp. (formerly Barsele Minerals Corp.) (the “Company”) was incorporated under the laws of the Province
of British Columbia, Canada on February 20, 2013. The Company’s principal business activities include the acquisition and
exploration of mineral properties in Sweden and Finland. The Company’s shares trade on the TSX Venture Exchange under
the trading symbol FNM. On March 21, 2025, the Company’s SDR’s commenced trading on Nasdaq First North under the
symbol FNMC SDB with the ISIN SE0023847785.
The head office of the Company is located at Suite 300 - 1055 West Hastings Street, Vancouver, BC, Canada, V6C 2E9. The
registered address and records office of the Company is located at Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC,
Canada, V6C 2X8.
These condensed consolidated interim financial statements have been prepared on a going concern basis which assumes that
the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than through
a process of forced liquidation. The Company has no source of operating cash flow. While the Company has been successful
in obtaining certain funding from 2022 to 2025, there is no assurance that such future financing will be available or be available
on favourable terms. The Company had incurred a loss of $6,142,430 for the three months ended March 31, 2025, and
accumulated losses of $35,456,190 as of March 31, 2025. As at March 31, 2025, the Company has a working capital of
$6,179,461. The Company anticipates that it has sufficient capital to meet its current obligations for the next twelve months.
2. BASIS OF PREPARATION
a) Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with accounting policies
consistent with International Accounting Standards (“IAS”) 34, Interim Financial Reporting using the Principles of IFRS
Accounting Standards as issued by the International Accounting Standards Board (IASB).
These condensed consolidated interim financial statements do not include all the information required for full annual
financial statements and, accordingly, should be read in conjunction with the Company’s annual consolidated financial
statements for the year ended December 31, 2024.
b) Basis of measurement
These condensed consolidated interim financial statements have been prepared on a historical cost basis, except for
financial instruments measured at fair value. In addition, these financial statements have been prepared using the accrual
basis of accounting except for cash flow information.
c) Basis of consolidation
These condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned
subsidiaries, being Gold Line Resources Ltd. (British Columbia, Canada), Gold Line Resources Holdings Ltd. (British
Columbia, Canada), Gold Line Resources Sweden AB (Sweden), GLR Finland Oy (Finland), Solvik Gold OB (Sweden),
Nordic Route Explorations Ltd. (British Columbia, Canada), and Nordic Route Explorations AB (Sweden).
Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of
an entity so as to obtain benefits from its activities. The financial statements of subsidiaries, including entities which the
Company controls, are included in the consolidated financial statements from the date that control commences until the
date that control ceases. All intercompany transactions and balances have been eliminated.
10
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2025
(Expressed in Canadian Dollars-Unaudited)
2. BASIS OF PREPARATION (cont’d…)
Critical accounting estimates
The preparation of these condensed consolidated interim financial statements in accordance with IFRS Accounting Standards
requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported expenses during the period. Actual results could differ from
these estimates.
Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of
the reporting period, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that
actual results differ from assumptions made, relate to, but are not limited to, the following:
a) The inputs used in calculating the fair value for share-based payments included in profit or loss and share-based share
issuance costs included in shareholders’ equity. The share-based payments expense is estimated using the Black-Scholes
option pricing model as measured on the grant date to estimate the fair value of stock options. This model involves the
input of highly subjective assumptions, including the expected price volatility of the Company’s common shares, the
expected life of the options, and an estimated forfeiture rate.
b) Management has determined that acquisition costs related to its exploration and evaluation assets which were capitalized
may have future economic benefits and may be economically recoverable. Management uses several criteria in its
assessments of economic recoverability and probability of future economic benefits including, geologic and other technical
information, a history of conversion of mineral deposits with similar characteristics to its own properties to proven and
probable mineral reserves, the quality and capacity of existing infrastructure facilities, evaluation of permitting and
environmental issues and local support for the project.
c) Management had to apply judgement with respect to whether the acquisition of Gold Line Resources Ltd. (“Gold Line”)
was an asset acquisition or business combination. The assessments required management to assess the inputs, processes
and outputs of the company acquired at the time of acquisition. Pursuant to the assessment, the acquisition of Gold Line
was considered to be an asset acquisition (Note 4).
3. MATERIAL ACCOUNTING POLICY INFORMATION
The accounting policies applied by the Company in these condensed consolidated inter

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