Financial Statements Q2 2025 & Management’s Discussion and Analysis Q2 2025

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# Financial Statements Q2 2025 & Management’s Discussion and Analysis Q2 2025

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# Financial Statements Q2 2025 & Management’s Discussion and Analysis Q2 2025
INTERIM Q2 FINANCIAL
STATEMENTS AND
MANAGEMENT
DISCUSSION & ANALYSIS
(FORMELY BARSELE MINERALS CORP.)
CONDENSED
CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(EXPRESSED IN CANADIAN DOLLARS - UNAUDITED)
ENDED JUNE 30, 2025
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian Dollars - Unaudited)
As at
June 30, December 31,
2025 2024
ASSETS
Current
Cash $ 2,652,832 $ 9,568,671
Deferred financing cost 106,539 213,742
Receivables 492,317 304,664
Prepaid expenses 1,057,626 1,013,880
4,309,314 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
$ 19,750,478 $ 26,542,121
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 10) $ 3,080,646 $ 3,342,671
Subscriptions received in advance (Note 7) 484,840 -
3,565,486 3,342,671
Shareholders’ equity
Share capital (Note 7) 46,940,306 43,044,348
Reserves (Note 7) 12,242,398 9,468,862
Deficit (42,997,712) (29,313,760)
16,184,992 23,199,450
$ 19,750,478 $ 26,542,121
Nature and continuance of operations (Note 1)
Subsequent event (Note 13)
Approved and authorized by the board on August 28, 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.
2
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in Canadian Dollars - Unaudited)
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
OPERATING EXPENSES
Consulting and support services (Note 10) 926,861 397,045 1,463,119 441,545
Exploration expenditures (Note 5, 10) 4,257,055 260,254 5,867,520 384,031
Foreign exchange loss (gain) 127,113 165,451 212,040 155,046
Interest income (34,091) (75) (100,660) (75)
Investor relations (Note 10) 436,955 220,616 924,181 281,983
Management fees (Note 10) 239,100 100,934 368,730 305,807
Office and administrative (Note 10) 489,125 66,341 968,370 139,057
Professional fees 152,159 82,286 235,058 99,472
Share - based payments (Note 7, 10) 891,796 1,880,619 3,609,891 1,880,619
Transfer agent and filing fees 55,449 26,216 135,703 39,192
7,541,522 3,199,687 13,683,952 3,726,677
Loss and comprehensive loss for the period $ (7,541,522) $ (3,199,687) $ (13,683,952) $ (3,726,677)
Basic and diluted loss per common share $ (0.03) $ (0.02) $ (0.05) $ (0.02)
Weighted average number of common 273,844,866 184,562,607 270,497,663 172,422,938
shares outstanding – basic and diluted
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
3
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
Stock options exercised 2,250,000 772,226 (323,726) - 448,500
Warrants exercised 2,270,291 641,795 - - 641,795
Share-based payments - - 1,880,619 - 1,880,619
Loss and comprehensive loss - - - (3,726,677) (3,726,677)
Balance, June 30, 2024 187,934,233 $ 18,511,408 $ 8,758,623 $ (22,176,122) $ 5,093,909
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 4,325,483 2,080,197 (836,355) - 1,243,842
Warrants exercised 4,200,540 1,185,729 - - 1,185,729
Exercise of compensatory options 18,000 5,940 5,940
Share-based payments
options - - 3,609,891 - 3,609,891
Loss and comprehensive loss - - - (13,683,952) (13,683,952)
275,696,813 46,940,306 12,242,398 (42,997,712) 16,184,992
Balance, June 30, 2025
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
4
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Expressed in Canadian Dollars - Unaudited)
Six months ended Six months ended
June 30, 2025 June 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period $ (13,683,952) $ (3,726,677)
Items not affecting cash:
Share-based payments 3,609,891 1,880,619
Changes in non-cash working capital items:
Receivables (187,653) 24,301
Prepaid expenses (43,746) (110,573)
Accounts payable and accrued liabilities (320,526) 117,080
Cash used in operating activities (10,625,986) (1,815,250)
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)
Subscription for shares 484,840 -
Proceeds from options exercised 1,243,842 448,500
Proceeds from warrants exercised 1,185,729 641,795
Proceeds from compensatory options exercised 5,940 -
Cash provided by financing activities 3,710,147 2,241,655
Change in cash during the period (6,915,839) 440,531
Cash, beginning of period 9,568,671 128,236
Cash, end of period $ 2,652,832 $ 568,767
Supplemental disclosure with respect to cash flows (Note 9)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
5
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 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 $13,683,952 for the six months ended June 30, 2025, and accumulated
losses of $42,997,712 as of June 30, 2025. As at June 30, 2025, the Company has a working capital of $743,828. The Company
raised additional funds after the period ended June 30, 2025 (Note 13). 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).
6
FIRST NORDIC METALS CORP. (FORMERLY BARSELE MINERALS CORP.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2025
(Expressed in Canadian Dollars - Unaudited)
2. BASIS OF PREPARATION (cont’d…)
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.
Critical accounting estimates
The preparation of these condensed consolidated interim financial statements in accordance with IFRS 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 expense 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 miner

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