First Nordic: “We initiate coverage with a Buy rating and C$1.35 price target.”

“FNM.V: Scandinavia’s Next Major Gold Camp; Initiate with a Buy Rating; PT of C$1.35 We believe that FNM is advancing what could be the world’s next major gold camps in Scandinavia. While the Barsele and Kylmäkangas deposits underpin value, based on 0.45x NAV of our estimated value, the nearly 100% ownership of two greenstone belts in a Tier 1 jurisdiction presents a rare exploration opportunity. As any one of a dozen Barselle-like pathfinder anomalies could eclipse the existing deposits, FNM has the potential for making multiple discoveries. We initiate coverage with a Buy rating and C$1.35 price target.”