First Nordic Metals (TSXV: FNM), backed by Agnico Eagle Mines (TSX, NYSE: AEM), has announced an all-share acquisition of Mawson Finland to create NordCo Gold, a new gold exploration and development company focused on Sweden and Finland. The combined entity will have a market capitalization of about C$259 million ($187 million), positioning it among the most significant junior gold companies in Scandinavia.
The move underscores a growing trend of consolidation in the gold sector, as companies seek greater scale and de-risked projects to attract capital in a competitive exploration environment. Investors are demanding larger, development-ready portfolios, and NordCo aims to meet that demand.
First Nordic brings its 45–55% joint venture with Agnico Eagle at Sweden’s Barsele project, which hosts 324,000 indicated ounces and 2.1 million inferred ounces of gold. It also owns Finland’s Oijärvi project, with 143,000 indicated ounces of gold and 1.2 million ounces of silver. Mawson adds its Rajapalot project in Finland, holding 867,000 inferred ounces of gold with cobalt credits, and supported by a 2023 PEA outlining a 10-year mine life with 1 million ounces of recovered gold, an NPV (5%) of $211 million, and a 27% IRR at $1,700/oz.
“This combination is about scale, quality and execution,” said First Nordic CEO Taj Singh. “Mawson’s Rajapalot project adds resource growth and development visibility across our expanded portfolio.” Mawson CEO Noora Ahola called the merger “the optimal path forward” for shareholders, citing improved capital markets access and technical expertise.
The new company will control over 1,230 sq. km of ground across the Nordic region. A concurrent non-brokered financing aims to raise up to C$30 million at C$0.38 per subscription receipt, earmarked for exploration, transaction costs, and working capital.
Under the deal, Mawson shareholders will receive 1.7884 shares of NordCo for each Mawson share. The merger follows a four-for-one consolidation of First Nordic shares, reducing the count to about 79.6 million. Post-merger and financing, NordCo is expected to have around 139 million shares outstanding. The transaction is subject to shareholder, court, and TSX Venture Exchange approval, with closing expected shortly after Mawson’s December shareholder vote.
The Barsele joint venture offers exposure to multimillion-ounce resources, Rajapalot brings strong project economics and cobalt credits, while Oijärvi and Paubäcken add silver and exploration upside. Combined, NordCo aims to establish itself as the leading Nordic-focused gold developer.
