First Nordic Metals : Management’s Discussion and Analysis Q1 2024 (First Nordic MDA Q1 2024)

FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

MANAGEMENT DISCUSSION AND ANALYSIS ("MD&A")

FOR THE THREE MONTHS ENDED MARCH 31, 2024

Dated: May 30, 2024

Management's Responsibility for Financial Reporting:

The accompanying interim financial report for the three months ended March 31, 2024, has been prepared by management using accounting policies consistent with International Financial Reporting Standards ("IFRS"). Other information contained in this document has also been prepared by management and is consistent with the data contained in the annual financial report.

The Company's certifying officers, based on their knowledge, having exercised reasonable diligence, are also responsible to ensure that the interim financial report and interim MD&A (together the "filings") do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by these filings, and the interim financial report together with the other financial information included in these interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the Company, as of the date of and for the periods presented in these interim filings.

The Board of Directors approves the interim financial report together with the other financial information included in the filings and ensures that management has discharged its financial responsibilities. The Board's review is accomplished principally through the Audit Committee, which meets periodically to review all corporate filings prior to interim filing.

Certain statements in this report may constitute forward-looking statements that are subject to risks and uncertainties. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made.

In particular, forward looking comments regarding both the Company's plans and operations included in the "Description of Business" with respect to management's planned exploration and other activities, and in "Liquidity", and "Corporate Summary" regarding management's estimated ability to fund its projected costs of exploration work and general corporate costs of operations, and its ability to raise additional funding through placement of the Company's common shares, are plans and estimates of management only and actual results and outcomes could be materially different.

There are many external factors that can adversely affect general workforces, economies, and financial markets globally. Examples include, but are not limited to, the COVID-19 global pandemic and political conflict in other regions. It is not possible for the Company to predict the duration or magnitude of adverse results of such external factors and their effect on the Company's business or ability to raise funds.

Description of Business:

ACQUISITION OF GOLD LINE RESOURCES LTD

On February 23, 2024, the Company completed the acquisition of all the issued and outstanding common shares of Gold Line whereby each Gold Line shareholder received 0.7382 common shares of the Company in exchange for one common share of Gold Line (the "Arrangement"). Pursuant to the Arrangement, the Company issued 35,747,716 common shares with a fair value of $4,289,726. Gold Line was a Canadian exploration company listed on the TSX-V and OTC Exchange. On completion of the Arrangement, Gold Line's common shares were delisted from the TSX-V and OTC Exchange.

1

FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

ACQUISITION OF GOLD LINE RESOURCES LTD (cont'd…):

Description of Business (cont'd…):

The acquisition of Gold Line constitutes an asset acquisition and has been accounted for under the acquisition method in accordance with the guidance provided in IFRS 3, Business Combinations ("IFRS 3"). The assets acquired did not quality as a business according to the definition in IFRS 3, and therefore the acquisition did not constitute a business combination, but rather it is treated as a payment of equity consideration for the acquisition of Gold Line and its net assets. The value of the consideration paid after allocation to the other net assets acquired, was allocated to exploration and evaluation assets, which are located in Sweden and Finland and consist of the Gold Line Project, the Klippen Gold Project, and the Oijärvi Gold Project.

BARSELE, PROJECT SWEDEN:

The Barsele Property is located 40 km southeast of the town of Storuman in Västerbottens Län, a regional district of northern Sweden approximately 600 km due north of Stockholm. Exploration in the project area has been ongoing for 39 years. From 1985 to 2010, a total of 398 diamond drill holes (43,609 metres) were drilled and in 2006, Northland Resources S.A. ("Northland") completed a National Instrument 43-101 technical report which contained resource estimates of both indicated and inferred resources and was filed on SEDAR+ by Northland on April 13, 2006.

On October 27, 2010, Orex Minerals Inc. ("Orex") announced the terms of acquisition of the Barsele Project from Northland.

At Barsele, the main gold-bearing system remains open in all directions. The structurally linked gold mineralized "lodes" occur mainly within a granodiorite host and to a lesser extent, volcanic and sedimentary rocks. Multiple parallel to sub-parallel "lodes" that vary in width from 10 metres to 100 metres, combine for a maximum known thickness (including low grade-waste islands) of 425 metres. The Avan-Central-Skiråsen zones have a strike length approaching 3.6 kilometres and that same northwest trending structural corridor contains localized bodies with gold mineralization over an additional 4.4 kilometres. The drill tested depth of the mineralized system approaches 1.0 kilometre and remains open. Gold is generally associated with arsenopyrite and low base metal content and often occurs as native metal.

The Norra Zone is a small, massive sulphide deposit. At Norra, sulphide mineralization is exposed in two open trenches in the centre of the drilled mineralized trend. The main mineralized body is 300 metres in strike-length and 50 metres in width.

In May 2011, Orex initiated a 2,500 line-kilometre airborne geophysical survey of the entire Barsele Property. SkyTEM Surveys of Denmark carried out that work. That same year, Orex engaged Finland-based SuomenMalmiOy ("SMOY") and LeBel Geophysics of Canada to conduct ground follow-up induced polarization and electromagnetic surveys. In November of 2011, Orex commenced a 6,200-metre diamond drilling program which targeted the Central (12 holes) and Avan (4 holes) gold zones.

In October of 2013, Orex gained 100% ownership in the Barsele Project from Northland through work, cash and share offerings.

On February 23, 2015, Orex announced a Letter of Intent to joint venture the Barsele Project with Agnico Eagle Mines Ltd. of Canada. On August 6, 2015, Orex announced an arrangement agreement to spin out its interest in the Barsele Project to a wholly owned subsidiary named Barsele Minerals Corp. Orex would retain a 2% net smelter royalty on the Barsele Project.

2

FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

Description of Business (cont'd…):

BARSELE PROJECT, SWEDEN (cont'd…):

On June 11, 2015, Agnico Eagle Sweden acquired a 55% interest in the Barsele Project which included Gunnarn Mining AB and Gunnarn Exploration AB (collectively "Barsele JV") for cash payments and work considerations. The project became a joint venture between Agnico Eagle Mines Limited (55%) and Barsele Minerals Corp. (45%). As part of the joint venture arrangement, Agnico Eagle could earn an additional 15% interest in the project, through completion of a pre-feasibility study.

As of mid-October 2015, total drilling by all parties on the Barsele Project equaled 49,809 metres in 414 drill holes.

On October 28, 2015, a $US3.25 million exploration program was approved by Agnico Eagle and Barsele, with Agnico Eagle serving as operator, under the guidance of a joint venture technical committee. Diamond drilling of 12,300 metres was planned around the existing resource areas, including down-plunge extensions of gold mineralization. Additional trenching, structural mapping, till sampling, hyperspectral imaging, plus metallurgical and environmental studies were also undertaken.

At the end of April 2016, Agnico Eagle had drilled a total of 25 holes in the Central and Skiråsen zones totaling 13,264 metres. Highlight drilling results included: Central hole CNT-15016, with 112 metres grading 2.01 g/t gold. At Skiråsen hole SKI-15001, yielded 61 metres grading 1.61 g/t gold. During this time, it was recognized that the Central and Skiråsen gold zones are interconnected, with a combined strike length of approximately 1,400 metres, and extending to a depth of at least 540 metres, and ranging in width from 10 to 150 metres.

In October of 2016 Agnico Eagle announced an increase to the Barsele 2016 exploration budget of $US2.5 million dollars. Planned drill meterage increased from 19,000 to 36,000 metres and in November 2016 it was announced that Agnico Eagle had fulfilled its expenditure commitment of $US7.0 million dollars, ahead of the June 11, 2018, deadline.

Highlight drill results from the final six months of 2016 include: Skiråsen hole SKI-16006 with 69.8 meters grading 1.31 g/t gold, including 25.7 meters grading 2.17 g/t gold; SKI-16007 with 33.0 meters grading 4.08 g/t gold; Avan hole AVA-16005 intersected

6.0 meters grading 16.20 g/t gold and 26.00 meters grading 2.22 g/t gold; AVA-16007 intersected 33.40 meters grading 1.68 g/t gold and 8.00 meters grading 3.23 g/t gold; Central hole CNT-16001 intersected 27.00 meters grading 1.80 g/t gold and CNT-16002 intersected 134 meters grading 1.11 g/t gold, including 39.00 meters grading 2.41 g/t gold; with CNT-16011 yielding 23.0 meters grading 7.90 g/t gold at 559 meters depth.

During February 2017, the Company announced an updated mineral resource estimate for the Barsele Project, prepared internally by Agnico Eagle.

Highlight drill result releases from the first six months of 2017 include: Skiråsen hole SKI-16010 with 6.0 metres grading 33.46 g/t gold, plus 178.0 metres grading 1.68 g/t gold; SKI-16015 with 31.0 metres grading 2.29 g/t gold; SKI-17003 yielded 8 gold intercepts, including 4.0 metres grading 60.18 g/t gold and extending Skiråsen mineralization to 595 metres depth; SKI-16002 yielded 13.0 metres grading 2.15 g/t gold and extending Skiråsen mineralization an added 100 metres to 695 metres depth; Central hole CNT- 16017 yielded 31.0 metres grading 2.65 g/t gold; CNT-16032 yielded 92 metres grading 1.63 g/t gold; CNT-17006 yielded 25.0 metres grading 5.34 g/t gold. Avan hole AVA-16024 extended Avan mineralization 375 metres NW of the known Avan Zone.

3

FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

Description of Business (cont'd…):

BARSELE PROJECT, SWEDEN (cont'd…):

During the summer of 2017, a regional surface till sampling program was completed. This work defined a broad area with anomalous precious and base metal responses within the northern third of the property, several kilometers to the north of existing drilling. As the Barsele Project was originally discovered using till sampling, these results were considered significant.

During October 2017 metallurgical testing results were announced by Agnico Eagle, stating approximately 92 percent gold recovery from core samples throughout the gold zones. Four diamond drilling machines were operational within the property.

Highlight drill results from the final six months of 2017 include: hole CNT-17012 that yielded 19.75 metres grading 5.07 g/t gold, indicating continuity along the 100-metre gap between the Central and Skiråsen zones; CNT-17020 yielding 21.0 metres grading

2.96 g/t gold; while drilling at the Risberget Zone, 3.7 kilometres to the east-southeast of Skiråsen, yielded four significant gold hits, with a best result of 15.3 metres grading 1.87 g/t gold.

On April 12, 2018, the Company filed on SEDAR+ an updated mineral resource estimate report entitled "NI 43-101 Technical Report and Mineral Resource Estimate on the Barsele Property" with an effective date of February 15, 2018 for the Avan-Central-Skiråsen gold zones at Barsele, and reported 15,279,000 tonnes grading 2.91 g/t gold, containing 1,427,000 Inferred ounces and 2,399,000 tonnes grading 2.50 g/t gold containing 193,000 Indicated ounces (all at a 1.75 g/t gold cut-off grade). Carl Pelletier, P. Geo., B.Sc., of InnovExplo Inc., of Val d'Or, Quebec undertook responsibility as Qualified Person for this mineral resource estimate.

As project operator, Agnico Eagle has developed a community relations program to engage the various stakeholders in the Barsele Project area. Basic environmental assessment and surface water characterization, species studies and hydrogeology studies are ongoing.

Highlight drill result releases from the first six months of 2018 include: hole RIS-17007 that yielded 32.0 metres grading 2.92 g/t gold and RIS-17005 that yielded 1.0-metre grading 248.0 g/t gold and expanding the Risberget gold potential zone from 250 meters to 1,300 meters. At the Norra VMS Zone, hole NOR-17007 yielded 9.5 metres grading 1.40 g/t gold, 10.54 g/t silver, 1.61% zinc. At Central, hole CNT-17028 yielded the deepest gold intersection to date, with 12.0 metres grading 3.61 g/t gold at a midpoint depth of 875 metres below surface; at Skiråsen, hole SKI-17009 yielded 95.0 metres grading 1.63 g/t gold, including 30.0 metres grading

2.10 g/t gold; SKI-17015 cut seven mineralized zones with highlight hits of 11.0 metres grading 4.18 g/t gold at a midpoint depth of

520 metres below surface plus 22.0 metres grading 1.88 g/t gold and 4.0 metres grading 3.96 g/t gold at a midpoint depth of 615 metres below surface. Hole SKI-17016 yielded 2.43 g/t gold, along a core length of 176.0 metres (333.00 metres to 509.00 metres

downhole). At Avan, hole AVA-17034 extended two gold lodes by 150 meters with a best intercept of 12.0 metres grading 2.37 g/t gold. Four diamond drills were operational at that time.

Highlight drill result releases from the final six months of 2018 include: Avan drill hole AVA-18003, that intersected 9.0 meters grading 35.72 g/t gold uncut (5.58 g/t gold cut) at a midpoint depth of 200 metres below surface; hole AVA-18006 cut 24 metres grading 3.76 g/t gold; AVA-18001 cut four gold zones with a best hit of 17.4 metres grading 2.54 g/t gold; AVA-18013 cut 21.0 metres grading 3.68 g/t gold, and AVA-18012 cut 16.0 metres grading 2.76 g/t gold. In the Norra area, NOR18-007 along the Stentjärnen trend, parallel to Avan-Central- Skiråsen zones, cut 3.2 metres grading 2.97 g/t gold. At Skiråsen hole, SKI-18003B yielded 27.0 metres grading 4.12 g/t gold, and SKI-18002 cut six gold zones with a best hit of 9.0 metres grading 3.76 g/t gold and SKI-18003 cut 2.0 metres grading 29.17 g/t gold; SKI-18004 cut nine mineralized intervals including 26.55 metres grading 2.43 g/t gold, plus 5.0 metres grading 4.0 g/t gold, plus 14.0 metres grading 4.97 g/t gold, while SKI-18005 cut 5.0 metres grading 3.35 g/t gold; SKI-18007 intersected five mineralized intervals, including a best intercept of 15.0 metres grading 3.74 g/t gold; SKI-18009 cut 22.0 metres of semi-massive sulphides. At Central, hole CNT-18006 cut 3.0 metres grading 11.12 g/t gold; CNT-18005 cut 5.0 metres grading 4.71 g/t gold, while CNT18007B cut nine mineralized intervals, including 11.0 metres grading 2.30 g/t gold; CNT- 18009, cut 57.0 metres grading 1.60 g/t gold and infill drill hole CNT-18008 intersected 58.1 metres grading 1.37 g/t gold; CNT- 18012 cut 25.0 metres grading 1.79 g/t gold. At Risberget, hole RIS-18002 cut 9.0 metres grading 1.98 g/t gold.

4

FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

Description of Business (cont'd…):

BARSELE PROJECT, SWEDEN (cont'd…):

Drilling during 2018 totalled 34,998 metres. Since drilling commenced by Agnico Eagle in late 2015, a total of 135,142 metres of drilling was completed.

On February 21, 2019, the Company announced an updated mineral resource estimate on the Barsele Property with an effective date of February 14, 2019. The study concluded that diamond drilling to date along the Avan-Central-Skiråsen gold zones at a 0.50 g/t gold cut-off for a pit constrained extraction mining method and a 1.50 g/t gold cut-off for a bulk underground extraction mining method and a 1.80 g/t gold cut-off for a selective underground extraction mining method, has in combination, outlined an Inferred Resource of 25,495,000 tonnes grading 2.54 g/t gold (2,086,000 ounces of contained gold) and an Indicated Resource of 5,578,000 tonnes grading 1.81 g/t gold (324,000 ounces of contained gold). Harold Brisson, P. Eng. and Carl Pelletier, P. Geo., B.Sc., both from InnovExplo Inc., of Val d'Or, Quebec assumed responsibility as Qualified Persons for this mineral resource estimate.

On April 2, 2019, the Company announced the filing of the Barsele Gold Project NI 43-101 Technical Report on SEDAR+. The report was prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 standards and a copy of the report may be found under the Company's profile at www.sedarplus.com. and on the Company's website at www.barseleminerals.com.

Highlight drill result releases from the first six months of 2019 include: VMS drill holes NOR-19006 cut 3.4 metres grading 9.96 g/t gold, 6.34% zinc, 1.72% copper, 94.61 g/t silver; NOR-19007 cut 5.0 metres grading 5.09 g/t gold, 41.85 g/t silver; NOR-19008 cut 12 metres grading 11.04 g/t gold, 1.44% zinc, 0.29% copper, 74.22 g/t silver; NOR-19009 cut 10.0 metres grading 8.86 g/t gold, 5.17% zinc, 1.51% copper, 78.63 g/t silver.

Highlight drill result releases from the final six months of 2019 include: hole AVA-19007 yielded 1.0-meter grading 6.57 g/t gold and extended the Avan-Central-Skiråsen gold zones, 600 metres to the northwest, for a known strike length approaching 3.6 kilometres. Regional VMS hole AVA-19005 yielded 21.55 metres grading 0.18% zinc, 2.50 g/t silver and Expansion VMS hole NOR19-022 yielded 0.80-meter grading 3.89 g/t gold, 0.12% zinc.

For the 2019-year, drilling at Barsele totaled 12,310 metres in 56 completed core holes. Since assuming management of the Project in 2015, Agnico Eagle has drilled 147,452 metres of overburden penetration and core collection from a total of 367 core holes.

The COVID-19 Pandemic was declared in March of 2020. Proposed plans for the annual exploration campaign were successfully approved by the local Saami Village and sent to the County Administration Board, the Mining Inspectorate, and affected landowners. Between January 1 and April 30, Agnico Eagle personnel and certain contractors performed office related and field specific exploration activities at several exploration sites. Base of till sampling by a contractor continued with 25 holes drilled before the end of June. Ground gravity surveying was carried out by a contractor. Ground magnetic surveying was carried out by Agnico Eagle-site personnel. Plans were made to initiate a large surface till sampling campaign. Recent drilling at the Avan Zone has outlined some new potential lodes that lie parallel and sub-parallel to the current resource. Stringent COVID-19 protocols were enforced to keep workers and people in the surrounding community safe.

5

FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

Description of Business (cont'd…):

BARSELE PROJECT, SWEDEN (cont'd…):

On July 14th, 2020, the Company announced the resumption of diamond drilling, with two machines. Drilling would test for the continuity and extensions of higher-grade intercepts within and between the Avan and Central zones. In addition, early-stage spectrographic Ore/Waste studies were initiated, with 87 samples collected from the Central Zone trench, as well as select core from the Avan and Skiråsen zones. Water sampling at 18 watercourses and three lakes, plus water flow measurements in 5 creeks is a continuous procedure year over year. Cumulative base of till sampling totaled 156 holes and yielded positive results up to 2.49 g/t gold. Extensive MEFFA surface till sampling combined with automated XRF scanning of 13,758 field samples yielded numerous anomalous responses warranting follow-up and locally yielded several anomalous gold values up to 33 ppb, in an area with strong anomalous arsenic response. A total of 741 gravity stations had measurements collected in 2020. A total of 765 kilometres of magnetic surveying was completed during 2020.

Highlight drill result releases from the final six months of 2020 include: Avan hole AVA-20001 that cut 2.0 metres grading 3.41 g/t gold, plus 5.0 metres grading 2.39 g/t gold; AVA-20002 intersected 11.2 metres grading 5.36 g/t gold; AVA-18003 ext. intersected

5.0 metres grading 84.0 g/t gold, including 0.65 metre grading 647.30 g/t gold; AVA-18004 ext. yielded 11.6 metres grading 3.22 g/t gold, including 0.60 metre grading 30.30 g/t gold and 3.0 metres grading 8.30 g/t gold; AVA-20004 intersected 10.0 metres grading 2.43 g/t gold, including 3.0 metres grading 6.80 g/t gold; AVA-20008 cut 1.0 metre grading 7.80 g/t gold. At Avan, High- Grade (Bonanza-style)expansion drilling has been successful in probing for 'Fracture Sets" outside the current Wireframe Model and recent drilling has outlined some new Potential Lodes that lie parallel and sub-parallelto the current resource. At Central, hole CNT-20006 intersected 6.0 metres grading 4.69 g/t gold. At Risberget, RIS-20003 between Skiråsen and Risberget intersected 1.0 metre grading 4.10 g/t gold. Regional "VMS" hole SKL-20001intersected 0.50 metre grading 3.25% zinc, 0.15% lead and 10.96 g/t silver. Scout drilling at Bastuträsk in 2020 outlined a ~300 metre by ~300 metre area, roughly 4.8 kilometres east-northeast from the Avan-Central-Skiråsen zones requiring follow-up testing. Hole BAS-20007B intersected 0.70 metres grading 32.20 g/t gold, including 0.12% nickel, 0.08% copper and 0.05% cobalt. Hole BAS-20002 intersected 1.65 metres grading 5.80 g/t gold.

Since late 2015, the joint venture completed a total of 155,345 metres of overburden penetration and core collection from a total of 404 drill holes.

On December 16, 2020, the Company filed an amended technical report, entitled "NI 43-101 Technical Report and Mineral Resource Estimate (Amended) for the Barsele Property" (the "Amended Technical Report") and an annual information form, for the year ended December 31, 2019 (the "Amended AIF"). The Amended Technical Report and the Amended AIF address comments raised by the British Columbia Securities Commission (the "BCSC") during a review. The Amended Technical Report contains no material differences from the original technical report filed on April 2, 2019. The Amended AIF incorporates the executive summary from the Amended Technical Report and contains no material differences to the original annual information form for the year ended December 31, 2019, filed on October 28, 2020. The BCSC review is now complete. The report has been prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 and a copy of the report may be found under the Company's profile at www.sedarplus.com. and on the Company's website at www.barseleminerals.com

On March 12, 2021, the Company announced that it had executed a non-binding letter of intent ("LOI") with Agnico Eagle to acquire Agnico's indirect 55% interest in the Barsele Project (the "Proposed Transaction"). The Proposed transaction was subject to corporate and regulatory approvals including approval from the TSX Venture Exchange.

6

FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

Description of Business (cont'd…):

BARSELE PROJECT, SWEDEN (cont'd…):

The LOI provided that the Company and Agnico would negotiate and enter into a definitive purchase and sale agreement containing customary terms and conditions for a transaction of its nature, whereby the Company would acquire Agnico's 55% indirect interest in Gunnarn Mining AB. The purchase price payable by the Company to Agnico would consist of the following:

1. a cash payment of US$45,000,000 (the "Cash Amount"), with the option, at the Company's election, to settle a portion of the Cash Amount through a vendor-take-back note.
2. the issuance of common shares of the Company such that Agnico would hold 14.9% of the Company's common shares upon the closing of the Proposed Transaction (the "Consideration Shares")
3. the issuance of warrants exercisable into 6,000,000 common shares of the Company (the "Warrants"). Each Warrant would have a five-year term and would entitle Agnico to purchase one common share of the Company at an exercise price equal to the greater of:
4. 1. $1.25
   2. a 20% premium to the twenty-day volume weighted average price of the Company's common shares immediately prior to the date of issuance of the Warrant, and
   3. in the event that the Company issued convertible debt in connection with its financing of the Cash Amount, the conversion price of such convertible debt.
5. a 2% net smelter return royalty on all minerals produced from the Barsele Project (the "NSR"); and
6. a contingent value right with respect to future gold mineral reserves and mineral resources identified at the Barsele Project

On June 2, 2021, diamond drilling was resumed at Barsele. Targets tested would include; Orogenic Gold and Massive Sulphide targets, with target selection enhanced through use of geophysics and surface till and basal till sampling. The preliminary ore sorting studies indicated: Avan-weak, Central-medium,and Skiråsen-goodore sorting potential.

On November 1, 2021, the Company announced the termination of the LOI in accordance with its terms. The termination of the LOI was the result of difficult market conditions at that time.

On November 10, 2021, the Company announced that effective September 30, 2021, the Swedish Geological Survey has designated the land area hosting the Avan-Central-Skiråsen "Orogenic Gold" system, as well as the land area surrounding the Norra "VMS" deposit, a land and water area of National Interest under Chapter 3, Section 7 of the Swedish Environmental Code (MB). This National Interest area comprises 685 hectares. The National Interest designation of valuable substances or materials serves as a planning instrument and provides guidance to the public and relevant planning authorities that valuable substances or materials of National Importance occur in the area, and consequently must be protected against significant encroachment or restrictions for future mining activities. This is a positive step in an evolving permitting process, with more work to be done.

Highlight drill result releases from the 2021 drilling campaign within the 34,533-hectareproperty include: Bastuträsk hole BAS- 21001 intersected basalt with a 0.90 metre interval grading 1.66% zinc, 0.12% lead; BAS-21004intersected mainly brecciated basalt and yielded a 0.45 meter intercept grading 1.60 g/t gold; BAS-21005cut 0.60 metre core length of sphalerite-bearingcarbonate breccia, grading 2.93% zinc; BAS-21006yielded arsenopyrite rich vein material with visible gold and contained a 0.45 metre core length grading 8.20 g/t gold; BAS-21007cut a zone logged as a mafic dyke, that yielded 0.80 metre core length grading 6.20 g/t gold; BAS-20007Bcut massive sulphide/meta gabbro, that yielded 4.00 metres core length grading 0.29 g/t gold, 0.07% nickel, 0.12% copper, plus an andesitic dyke that assayed 1.0 metre grading 1.61 g/t gold. At Norra, NOR-21003,intersected volcanics with banded iron formation at the beginning of the hole, followed by mafic intrusive. Narrow zones of arsenopyrite-bearingmineralization yielded 1.00 metre core length grading 1.03 g/t gold, plus 0.90 metre core length grading 6.10 g/t gold; NOR-21005cut 1.00 metre

7

FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

Description of Business (cont'd…):

BARSELE PROJECT, SWEDEN (cont'd…):

grading 0.75 g/t gold, 22.3 g/t silver, and 0.18% copper, plus anomalous zinc. At Sjöliden, SJO-21001, cut 1.0 metre grading 1.64 g/t gold. At Risberget, RIS-21001 cut 2.0 metres of graphite breccia grading 0.93 g/t gold.

In January 2022, the Company announced that regional exploration at Barsele led to the discovery of a new high-grade gold bearing boulder. A mineralized boulder trail discovered in 2016 and lying to the southeast of the trend of the Avan-Central-Skiråsenzones was followed up by additional work, including MEFFA soil sampling and boulder prospecting in late 2021. Another high-gradeboulder assaying 90.8 g/t gold was found about 150 meters up-iceto the northwest of previous boulder discoveries. This new boulder was over one meter in diameter and was subrounded to rounded and composed of quartz-sulphide(mainly pyrrhotite with some arsenopyrite) breccia in fine-grainedgranodioritic host rock. Preliminary multi element fine fraction analysis of soils indicates discontinuous arsenic anomalies in the area. The possible sources of the boulders could be either the area of the disappearance of the arsenic anomaly approximately 100 meters northwest from the high-gradeboulder, or the Barsele gold deposit itself.

On June 3, 2022, the Company announced initiation of what became a 4,252-meter drill campaign in 14 holes. Various targets to be tested included both Orogenic Gold and Massive Sulphide, with target selection enhanced through use of surface mapping and sampling, geophysics, and surface till and basal till sampling. Drilling was planned for Risberget, Avan, Skiråsen, Bastuträsk, and Södra Sundträsket. Drilling was terminated on September 19th.

In mid-January 2023, the Company announced the analytical results from the 2022 diamond drilling campaign. Best results include: Avan Expansion hole AVA-22002 that yielded 8.0 metres grading 2.24 g/t gold, within 11.0 metres grading 1.78 g/t gold. Expansion hole AVA-22003 intersected 3.0 metres grading 1.95 g/t gold. Expansion hole AVA-22004 yielded 1.0 metre grading 10.10 g/t gold, plus 1.0 metre grading 4.70 g/t gold, plus 1.0 metre grading 4.20 g/t gold. At Risberget, Regional hole RIS-22002 cut 3.0 metres grading 2.75 g/t gold.

As of mid-April 2023, ongoing activities by Agnico Eagle personnel included evaluation of the 2022 MEFFA sampling results, plus tabulation of analytical results from the base of till (BOT) winter sampling campaign and firming up plans for the spring BOT campaign, plus ongoing geophysical surveying. All this work was preparatory to a future drilling campaign. In addition, the Barsele personnel have undergone training in fire suppression, first aid, and safe work practises. QA/QC reporting in process with results expected by the end of April.

On June 14th, 2023, the company announced the start what would become a 3,245.5 mtere-17-hole drilling campaign. The drill would probe Intrusive-hosted "Orogenic Gold" and "Volcanogenic Massive Sulphides." At Risberget, altered and mineralized zones were encountered in each hole. Subsequently the drill was moved to the Skiråsen area to test a ground magnetic anomaly-a possible source of a high-grade boulder. Results were inconclusive. Drilling was paused for a summer break and resumed on July 24th. The next target tested was the Stentjärn Lake VMS target, hosting strong MEFFA arsenic anomalies in an area of folding of strata, with the drill testing the downward plunge of a potential mineral lineation, like Norra. Subsequently three holes were drilled southeast of Norra. Subsequently, the drill tested the area along the northwesterly trend of the Avan Zone with three holes planned in areas where high-grade gold values have been encountered in prior holes. The Risberget area would next be tested. Drilling terminated September 8th.

On October 4, 2023, the Company provided a preliminary summary of drilling activities. Diamond drilling since 2015 within the 33,466-hectare property totals 165,936.52 metres from 453 drill holes. Drilling was carried out by NTK Drilling of Finland. Five target areas were tested: namely Risberget (4), Skiråsen (1), Norra SE Extension (3), Norra NW Extension (Stentjärn) (2), Avan (4), Risberget North Quarry (3). One Avan hole was abandoned short of target depth.

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FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

Description of Business (cont'd…):

BARSELE PROJECT, SWEDEN (cont'd…):

The 2023 drill results outline an extensive, highly significant, volume of altered and mineralized rock that occurs between 2.0 and

2.5 kilometres southeastward, along the same structural corridor as the Avan-Central-Skiråsen gold zones. Hole RIS-23001 intersected strongly albitized andesite, containing gold and arsenopyrite mineralization between 66 and 152 metres down hole. This hole extends the anomalous gold mineralized trend over 250 metres along a north-easterly projection. Assay results include 8.2 metres grading 0.39 g/t Au, 1.0-meter grading 1.49 g/t Au, 4.0 metres grading 0.55 g/t Au, 3.0 metres grading 0.44 g/t Au and 1.0 metre grading 1.21 g/t Au. Hole RIS-23002 intersected a broader and stronger zone of albitized and gold and arsenopyrite mineralized andesite. Gold mineralization occurs between 46 and 97 metres down hole and includes anomalous zones of 12 metres grading 0.40 g/t Au, including 1.0 metre grading 1.24 g/t Au, plus 2.95 metres grading 0.30 g/t Au, plus 2.4 metres grading 0.39 g/t Au plus 5.0 metres grading 0.38 g/t Au. Hole RIS-23003 intersected the strongly altered zone of albitized and gold and arsenopyrite mineralized andesite between 37 and 178 metres down hole. This drill hole tested rock approximately 50 metres beneath hole RIS-23002. The hole cut a discrete zone of arsenopyrite mineralization and quartz veining related to regionally important D-3 brittle ductile deformation. Analysis of the core yielded 4.0 metres grading 0.68 g/t Au, plus 11.0 metres grading 1.12 g/t Au, including 6.0 metres grading 1.8 g/t Au, plus 10.1 metres grading 0.51 g/t Au, plus 1.0 metre grading 1.62 g/t Au. RIS-23004 cut 3.0 metres grading 0.60 g/t gold. RIS-23005 cut 3.0 metres grading 0.57 g/t Au. RIS-23006 cut 0.50 metres grading 0.59 g/t Au. At Skiråsen, hole SKI-23001 cut 4.0 metres grading 5.08 g/t silver, 0.38% zinc, plus 6.8 metres grading 4.2 g/t Ag, 0.12% zinc. At Norra, Holes NOR-23001,NOR-23002,NOR-23003,NOR-23004 and NOR 23-005 did not intersect any anomalous gold or base metals.

At Avan, four holes were drilled to test the northwestward extension of the known wireframed lodes. The drilling partially tested an extension area of 400 metres east-west, by 250 metres north-south. Hole AVA-23001 was drilled southwesterly and hit the favourable granodiorite unit GD-II at 58.0 metres. Visible gold was observed at 142.6 metres, 185.2 metres and 213.2 metres down hole. Favourable quartz veining and arsenopyrite mineralization were observed throughout the entire GD II portion of the hole. This drilling extends the gold mineralized Avan Zone, 300 metres to the northwest from the end of the Avan resource wireframes. Hole AVA-23002 was drilled in a southwesterly direction and intersected massive sulphide rock, in the form of 5-15 percent sulphide mud rock (pyrrhotite) that locally contains 0.5% to 2% sphalerite and/or chalcopyrite, between near surface and 192 metres down hole. Beyond this, the favourable Orogenic Gold GD II granodiorite rock was encountered, and observed to include multiple zones with quartz/arsenopyrite mineralization, with a visible gold occurrence at 267.65 metres. Hole AVA-23003 drilled southwesterly, intersected basalt and dyke rock to 142 metres depth. Beyond this, the hole cut favourable GD II granodiorite, polymetallic breccia with quartz, arsenopyrite, sphalerite and galena to 200 metres down hole. Of the first three Avan holes, this drill hole lies nearest at 75-100 metres from the Avan resource wireframes. Hole AVA-23004 intercepted a strongly sericitized zone containing six intervals with sulphide mineralization and quartz veining, with visible gold and scheelite (often associated with gold) at 12.5 metres depth. The hole was lost at 183 metres, short of the planned depth of 300 metres. At Avan holeAVA-23001 cut 9 gold bearing intervals between 64.0 metres and 215.0 metres with a best hit of 4.0 metres grading 1.52 g/t gold. AVA-23002 cut 13 distinct precious/base metal zones between 29.0 metres and 268 metres, with a best gold hit of 1.0-meter grading 2.03 g/t Au, 8.15 metres grading 0.19% zinc, 3.0 metres grading 0.14% copper. AVA-23003 cut four gold bearing intervals between 169.0 and 218.0 metres with a best hit of 1.0-meter grading 0.92 g/t Au and AVA-23004 cut four gold bearing intervals between 4.0 metres and 180.0 metres with a best hit 1.0-meter grading 2.15 g/t Au.

In early 2024, Agnico Eagle has continued project work at Barsele, preparatory to a summer diamond drilling campaign.

9

FIRST NORDIC METALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Three Months Ended March 31, 2024

(Expressed in Canadian Dollars - Unaudited)

Description of Business (cont'd…):

BARSELE and GOLD LINE COMBINED PROJECTS, SWEDEN/FINLAND:

On December 13, 2023, Barsele Minerals Corp., and Gold Line., announced entry into a plan of arrangement agreement dated December 12, 2023, pursuant to which Barsele would acquire all the issued and outstanding common shares of Gold Line in exchange for common shares of Barsele.

The Transaction would create a company with a leading precious and base metal portfolio of projects underpinned by the advanced stage Barsele gold project, a joint venture with Agnico Eagle Mines Limited.

The Transaction would consolidate a large and prospective gold exploration portfolio in Sweden and Finland that includes a district- scale property package situated along the prolific Gold Line Mineral Belt in Sweden, as well as the Oijärvi gold project located in the Oijärvi Greenstone Belt of Finland. The combined exploration portfolio totals over 104,000 hectares across 41 semi-contiguous exploration permits and will be one of the largest land holdings in Scandinavia.

The Barsele Project lies in the heart of the district with an open pit and underground Indicated Resource of 324 koz gold and an Inferred resource of 2.086 Moz gold. Gold Line's flagship projects, Paubäcken and Storjuktan are located to the immediate south and immediate north of the Barsele Project, and the combined total belt position exceeds 100 kilometres.

The commanding land position will cover the majority of the underexplored and highly prospective Paleoproterozoic Gold Line greenstone belt. This belt is host to the development stage +1 Moz Faboliden deposit, and past-producing Svartliden and Blaiken deposits. Exploration work undertaken by Gold Line on the 100%-owned Paubäcken and Storjuktan projects has continued to demonstrate the potential of the belt, yielding positive drill results. At Paubäcken recent drill results include 22.5 metres of 2.4g/t gold at 45 metres depth and 14.6 metres of 2.5 g/t gold at 142 metres depth. At Paubäcken only 600 metres of a 5.0-kilometre structure has been tested.

In addition, the high grade Oijärvi Project located in the Oijärvi Greenstone Belt of Finland presents a stand-alonebelt-scale opportunity for First Nordic Metals Corp. The Oijärvi Project includes the Kylmäkangas gold-silver underground deposit with an Indicated Resource of 159,000 ounces grading 4.6 g/t AuEq and an Inferred Resource of 152,000 ounces grading 2.9 g/t AuEq. (see Appendix, Table 2 for Kylmäkangas 2022 NI 43-101 Mineral Resource). The Oijärvi Project was purchased from Agnico Eagle in 2021 and a significant opportunity exists for resource expansion and additional regional discoveries.

This corporate combination will deliver cost efficiencies and will eliminate cost duplication by optimizing resources and providing for more efficient advancement of the combined companies assets as a single portfolio, with a focus on delivering maximum value for shareholders.

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