First Nordic Closes C$68 Million Upsized Non-Brokered Private Placement and C$12 Million Brokered Private Placement

Toronto, Ontario--(Newsfile Corp. - October 15, 2025) - First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQX: FNMCF) (FSE: HEG0) ("First Nordic") is pleased to announce the closing of its previously announced non-brokered private placement (the "Non-Brokered Private Placement") and its "best efforts" brokered private placement (the "Brokered Private Placement" and together with the Non-Brokered Private Placement, the "Offerings") of subscription receipts raising aggregate gross proceeds of approximately C$80 million.

Pursuant to the Non-Brokered Private Placement, First Nordic issued 178,947,368 subscription receipts (the "Non-Brokered Subscription Receipts") at a price of C$0.38 per Non-Brokered Subscription Receipt (the "Offering Price"), for aggregate gross proceeds of approximately C$68,000,000.

The Brokered Private Placement was led by Desjardins Capital Markets ("Desjardins"), as lead agent and sole bookrunner, for and on behalf of a syndicate of agents including H&P Advisory Limited and Haywood Securities Inc. (collectively, the "Agents"). Pursuant to the Brokered Private Placement, First Nordic issued a total of 31,578,947 subscription receipts (the "Brokered Subscription Receipts") at the Offering Price, for aggregate gross proceeds of approximately C$12,000,000.

On September 14, 2025, First Nordic and Mawson Finland Limited ("Mawson") entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which First Nordic agreed to acquire all the issued and outstanding common shares of Mawson by way of a plan of arrangement (the "Transaction", with First Nordic following completion of the Transaction referred to herein as "NordCo Gold"). Refer to the press release of First Nordic and Mawson dated September 15, 2025 for further details on the Transaction.

Each Brokered Subscription Receipt and Non-Brokered Subscription Receipt (together, the "Subscription Receipts") entitle the holders thereof to receive, for no additional consideration and without further action on part of the holder thereof, at the effective time of the Transaction, one (1) common share of NordCo Gold (to be adjusted to reflect a 4:1 consolidation to be completed by First Nordic prior to completion of the Transaction (the "Consolidation"), such shares being, the "NordCo Gold Shares"). The Subscription Receipts are subject to a statutory four-month hold period; however, the underlying NordCo Gold Shares will not be subject to a statutory hold period under applicable Canadian securities laws once issued in connection with the completion of the Transaction.