First Nordic Metals (TSXV: FNM), which includes Agnico Eagle Mines (TSX, NYSE: AEM) among its backers, has agreed to acquire Mawson Finland in an all-share deal that will bring together some of the most advanced gold properties in Scandinavia.
The transaction declared on Monday creates new gold exploration and development company NordCo Gold focused on Sweden and Finland with a combined market capitalization of about C$259 million ($187 million). It highlights a broader trend in the junior sector as companies consolidate to gain scale and attract capital in a tight gold exploration market. With fewer discoveries being made and investors demanding larger, de-risked projects, NordCo aims to lead in the region.
First Nordic operates a 45-55% joint venture with Agnico Eagle at northern Sweden’s Barsele project, which hosts 324,000 indicated oz. gold and 2.1 million inferred oz., according to a 2019 resource update. The company also controls the Oijärvi project in Finland with 143,000 indicated oz. gold and 1.2 million oz. silver. Mawson adds the Rajapalot project in Finland, which hosts 9.8 million inferred tonnes grading 2.8 grams gold for 867,000 oz., along with cobalt credits.
“This combination is about scale, quality and execution,” First Nordic CEO Taj Singh said in a news release. “The addition of Mawson’s development-stage Rajapalot project and its prospective exploration package provides our shareholders with scale and balance, adding resource growth and development visibility across our expanded portfolio.”
Capital raising
Shares in First Nordic dropped 11% on Monday morning in Toronto to C$0.42 apiece, valuing the company at about C$133 million.
The combined entity will control more than 1,230 sq. km across the Nordic region. The companies also announced a non-brokered subscription receipt financing to raise up to C$30 million at a price of C$0.38 per receipt. The proceeds are earmarked for exploration programs across the combined portfolio, transaction expenses and general working capital.
“This transaction strategically positions Mawson shareholders to benefit from an improved Nordic gold development company with the necessary capital markets support and technical expertise to advance both projects,” Mawson President and CEO Noora Ahola said in the same release. “This merger is the optimal path forward.”
Under the arrangement, Mawson shareholders will receive 1.7884 shares of the newly branded company for each Mawson share held. The transaction follows a four-for-one consolidation of First Nordic shares, reducing its 318 million outstanding shares to about 79.6 million. Following the merger and the concurrent financing, the new company will have about 139 million shares issued and outstanding.
The companies expect to close the merger shortly after a Mawson shareholder vote in December. The deal is also subject to court approval and clearance from the TSX Venture Exchange.
Barsele
Barsele holds 5.5 million indicated tonnes grading 1.8 grams gold for 324,000 contained oz., and 25.5 million inferred tonnes at 2.5 grams gold for 2.1 million oz., according to the resource update. The Oijärvi project contains 1.07 million indicated tonnes grading 4.1 grams gold for 143,000 oz. and 35.4 grams silver for 1.2 million oz., according to a 2011 technical report. It also has 1.63 million inferred tonnes at 2.7 grams gold and 15.2 grams silver for 142,000 oz. gold and 795,000 oz. silver.
At Rajapalot, a preliminary economic assessment in 2023 outlined a mine plan producing 1 million oz. of recovered gold over a 10-year life. It has an after-tax net present value of $211 million at a 5% discount rate and an internal rate of return of 27%, assuming a gold price of $1,700 per ounce.
First Nordic also holds the Paubäcken project in northern Sweden, where last month it reported an assay of 21.5 metres grading 1.94 grams gold from 317 metres depth at the Aida target. Agnico bought a 13% stake in First Nordic last year after it acquired Agnico’s Oijärvi project in 2023.
The Barsele joint venture, with its multimillion-ounce resource, offers potential leverage to higher gold prices, while Rajapalot’s favourable economics and cobalt by-product credits provide optionality. Oijärvi, though smaller, adds silver exposure and upside exploration targets.
Commodity News 
September 2025 
