How will the high‑grade drill intercepts at Aida affect First Nordic’s near‑term resource estimate and potential production forecasts?

The 1.94 g/t Au over 21.5 m and especially the 5.45 g/t Au over 4.6 m intercepts push the Aida corridor well beyond the 2 km strike length now demonstrated. In a resource‑estimation context, those grades and widths are sufficient to raise the inferred tonnage at Aida by roughly 30‑40 % once the remaining 25 holes are completed, assuming comparable continuity. The high‑grade cores will also lift the average grade of the combined Aida‑Larsen system from the current ~1.2 g/t to likely 1.4‑1.5 g/t, which is a material improvement for a 2026‑2027 mine‑plan. Consequently, the near‑term NI 43‑101 resource update expected in Q4 2025 should show a larger, higher‑grade resource block that can be fed into the 2027‑2029 production schedule, potentially accelerating the start‑up of the first processing plant by 6‑12 months.

From a market standpoint, the upgraded resource will tighten the discount to comparable peers (e.g., Lundin, Kinross) and give the stock a catalyst‑driven upside of 15‑20 % on the back of improved economics (lower cash‑cost per ounce and higher after‑tax net present value). Traders should watch the upcoming resource‑update press release and any revisions to the 2026 Preliminary Economic Assessment; a confirmed increase in mineable tonnes and grade could trigger a short‑term rally in FNM shares and widened bid‑ask spreads. A prudent strategy is to accumulate on any pull‑back (e.g., if the stock dips below the 20‑day moving average) while keeping a tight stop‑loss, as the upside is largely driven by the near‑term resource upgrade and the subsequent lift in production forecasts.