Good morning to all, and thank you for being here. I'm Taj Singh, President and CEO of First Nordic Metals, and we're going to be talking to you about our projects, which are in Sweden and in Finland. So just a high-level look at First Nordic Metals. We have two kinds of project portfolios. One is focused in Sweden, and we're focused around the Gold Line Belt, where we have four projects. And then the other one in Finland is the Oijärvi Belt, which focuses on one resource stage project and all the regional potential around it. The interesting thing about our projects is they're focused on greenstone belts, which I'll talk about a lot, which are very well known and prolific for long, large, very good-grade gold deposits worldwide.
We think we kind of have two greenstone belts that have very high potential that have been underexplored so far. I don't need to talk to you about the advantages you've heard all morning of the advantages of being in the Nordics. We are excited to be here. There's a long, long history of mining in the Nordics. Very good cost advantages, which I'll talk about in a few slides. Very good taxation, skilled labor. I think a lot of people around the world in North America and other parts of the world are not aware of the fact of the advantages of being in the Nordics, but we actually believe it to be one of the top jurisdictions in the world to do business in. It actually was ranked by the Fraser Institute to be one of the best jurisdictions.
So we'll move right into our first set of projects, which is on the Gold Line Belt in Sweden. We've got four main projects. And the interesting thing about this area, which makes it geologically very prospective, is it's the intersection of two major belts. The north-south belt is called the Gold Line Belt, and the east-west belt that comes across is called the Skellefteå VMS Belt. So it's known for gold-rich base metal deposits. There's been 25, 30 discoveries and deposits here, lots of historic and active mines on both belts. And Boliden has really built its company up based on the belt that runs east-west. But this belt that runs north-south, the Gold Line Belt, has had some gold production, but it's been actually very underexplored, and I'll talk about that in a second. The flagship project is the Barsele Gold Project right in the middle.
It is Sweden's largest undeveloped gold deposit. It is the second largest undeveloped gold deposit in Scandinavia and among the top three or four in Europe in terms of size, and actually one of the top in terms of grade. So I'll talk about that in a second. To the north, we have a set of projects called the Storjuktan Project, and there are several targets that look interesting there. And in the south, we have the Paubäcken Project, which we have some very interesting targets as well. And just to note, very close to the Paubäcken Project is the Svartliden Mine and Mill, operated by Dragon Mining. And Dragon also has the Fäboliden deposit in the south. So we are the largest claim holder in Sweden, a development stage company claim holder, 100 km of strike on this Gold Line Belt.
Now, kind of putting things into context, I talked about greenstone belts and the potential here. We take the Gold Line Belt and the fact that we own 100% of that belt, other than the fact that the Barsele Project is a JV, which I'll talk about in a second with Agnico Eagle. We are 100% owners of this 100 km trend. Same age of rocks, same rocks, essentially, in Ontario and Quebec, known as the Abitibi Greenstone Belt. Very prolific for gold production, the number one kind of location of gold production in the world. If you take the 100 km trend in Quebec, on that trend, you have about 12-14 different companies. Between just that part, it's probably about 100 million ounces of production. It really shows the potential of what the Gold Line Belt could be.
The fact that it's about 75 or 80 years behind Canada, because foreign investment wasn't really. Sweden was not open to foreign investment until kind of the late 1990s. So the exploration and modern exploration methods are behind about 75 or 80 years. So that is the real potential here to develop a gold camp at the Gold Line Belt, and we believe we're at the beginning of that. Looking at capital structure very quickly, we're about a CAD 80 million company. And if you look at our shareholders, I noted that Agnico Eagle is a partner at the project level, which I'll talk about in a second, but they are also a shareholder at the equity level. They own 13.3%. That recently happened. Retail and institutional account for 35%.
Retail is about 31%, and insiders own 21%, which is always a good thing to see that insiders are incentivized to grow the company and really drive value. You see our share price and kind of volume chart at the bottom and has moved up very nice in 2020 and 2024. Volume has been very good. So this stock trades a lot. It trades in Toronto. It also trades on the German Stock Exchange. And very soon, we will be listed on the Swedish Stock Exchange within three to four weeks. So that's an exciting event for us as well. And the share price performance has also been quite strong as we get out there and market how we are building Europe's next gold camp. Moving on to the Barsele Project, this is just a plan map of the overall project.
You can see the resource area shown in the red there, and there are three main zones. I'll talk about that in a second. The main points here, this is a joint venture between ourselves and Agnico. Agnico came in in 2015, and they are spending on the project. They are doing all the spending. We are fully carried. It's a 55%-45% joint venture partnership. The very important point to note is this area of Barsele is nationally designated for mining. So we are very far along, even in the permitting process, if you think about it. This means this project has priority to be a mine already locked in. This puts it quite far ahead in terms of moving ahead towards eventual production. The amount of data at this project is very high.
Already 165,000 m of drilling has been done, close to 500 holes if you go back and see the historical holes. $60 million has been invested by Agnico. And again, we are fully carried by Agnico up to a pre-feasibility study. This is a long section of the deposit, and you're not going to be able to see the numbers from there, but I do encourage you to look in your own time. This is a deposit that has very wide zones that are very amenable for bulk mining and very good grades with good widths as well. Two kind of things are noted here, some of the top kind of drill hits in terms of grade and width, but also the deepest intercepts. The big potential here at Barsele Project is the deposit only goes down to about 550 m, the average resource depth.
We believe that can go substantially more based on what we're seeing on other similar projects in similar rocks. And I'll talk about that in a second. Some of the key kind of characteristics of the Barsele Project. Number one, first, let's look at the resource that's shown up here. Again, I talked about it's an open pit project as well as underground. The bulk of the economics of this project are in the underground. And you look at our grade compared to other underground mines that are actually operating, and we fare extremely well. Several of these are Agnico deposits, which are bulk tonnage underground deposits. And also some of them I've also put as kind of a comparison as other Scandinavian projects that have the same mining method, a very typical mining method used in Scandinavia. I talked about the width of this deposit.
It is a huge lateral, huge extent along strike, 3.5 km. Some of the zones, at the minimum, they're around 10 m, which is still extremely wide. Sometimes you have zones that are 150 m wide, which again makes it very amenable to bulk underground mining, large tonnages, and low-cost mining, which really, I think, set the deposit apart. The metallurgy is about as simple and straightforward as you can get. The flow sheet is extremely simple. 93%-96% recovery is tested through metallurgy, and that's not even been optimized. I talked about the resource upside. The average resource depth here is 550 m. We've hit strong mineralization with strong grades at 925 m. We've also seen that this rock unit goes down to at least 2 km. That exact same rock unit, the same stratigraphy, extends to 2 km.
We believe there's very high potential for this deposit to extend well past 1 km, which would essentially mean it can double in depth right now. I also talked about it before, but the strike extent of this project is close to 8 km. Only 3.6 km is kind of what we're working with now. There's again potential to grow at strike. Then the last point here is that there's regional targets. It's a 25,000-hectare land package. The Barsele kind of resource area only takes up a small portion of that. There's several other very interesting targets that have some of them actually have small kind of internal resources done by Agnico on them, but they will continue to develop them, and hopefully there can be some other kind of deposits found just on this set of claims. I thought it'd be interesting to talk about costs.
I talk about the cost advantages of being in Scandinavia. We look at the Björkdal mine, which is about 200 km east of us. That's operated by Mandalay Resources, and they've been doing a great job. They've had a great 2024 in terms of cash flow generation. They've been operating since the 1980s, just to put it in context. Barsele has never had operation, but it shows the extent of these mine lives, right? 30, 40, 50 years. The electricity costs are a big driver here. I'll talk about it. $0.035/kWh in northern Sweden makes it probably among the best in the world. And they're all hydro as well, so it's green gold. If we look at the operating details, and these are all from Mandalay's public disclosure, the top portion gives operating details from their technical report, their costs.
Then the second part, where it says Q2 2024, is their kind of revenue and financial figures that came from their last quarter. If we look at the top part, we see that their kind of what their underground mining cost is, what their processing cost is. Barsele does not have a PEA yet, but we put our own information in because this is a very similar deposit. It's the exact same mining method that would be used at Björkdal, similar kinds of dimensions and geometry. You can see our grade is much higher, and obviously, it's a fresh deposit. Björkdal has been mined for quite a while. Also the recovery, this is test work versus actual recoveries, but it shows you we've got good potential to even prove on recovery. Our flow sheet is simpler, whereas you would need concentrates and smelting in the Björkdal situation.
Ours is going directly to gold bars. You can see there's some potential for even some upside with our situation. And then if you then translate that into cash costs, you'll see that they were producing gold at about $1,200 cash costs. And if you think of gold at $2,700, that's $1,500 an ounce of margin, right? So it's kind of putting things into perspective of where we could be and where Barsele could go. I talked about greenstone belt deposits. Very simply, this shows a few greenstone belt deposits that we showed previously on the Abitibi. 1,500 m, 2,000 m, 3 km even is typical. At Barsele, we've scratched the surface, really, 550 m. We think there's huge potential to grow that. And now we're going to talk about what's next. So we've underpinned the value with Barsele.
I'm going to show you three targets that I think all have the potential to be the next Barsele that are all close to us. And what it eventually sets up is a vision of a gold camp in Europe, all on one belt, one central processing facility, three, four deposits feeding it. So our first target is called the Aida target. It's about 30 km south of the Barsele project on the Paubäcken set of claims. And it's a 4-km target right now that's been identified. Barsele, again, is 3.5 km, the resource area. So already you've ticked the box of size potential. The grades that we're seeing, this has only been drilled six holes, 1,100 m. Barsele is 160,000 m. So we're only starting here, and already the grades look very similar to Barsele.
In fact, in some cases from the base of till drilling we're doing, those are shallow holes, just to test the top parts of the bedrock, we're having higher grades than Barsele. This is a project that's very high priority. We'll be drilling this with an extensive program in 2025. Our vision is for this to become Barsele 2. Now let's look at the next kind of high-priority target. This again is on the Paubäcken set of claims. It's called the Harpsund target or the Harpsund corridor. It is strategically, it's about 4 km or so south, sorry, north of what I showed before, the Aida target. It's coming off the main structure. So all these deposits are kind of centered on or splays coming off of that main first-order structure right in the middle of that black line.
We have a 5.5 km footprint that's been tested with over close to 7,000 samples of geochemistry, till samples. And the geochemical signatures of these deposits are very similar. Gold obviously should be anomalous, but arsenic, copper, zinc, and moly are those high that leads you to the gold. Those are the pathfinders. Extremely intense anomaly, 5.5 km long. This lines up exactly with what we saw at Barsele. So this now is a second target with very good size potential that needs to be drilled in 2025. Now we move north of Barsele. Target three, our high-priority target number three. It's the Storjuktan set of claims, and there's a target called the Nippas target. Almost over 4,000 till samples were taken. Extremely intense anomaly was located that has the exact same geochemical signature as Barsele. This now needs to be BOT drilled.
BOT drilling, base of till drilling, helps you to hone in on where you want to diamond drill. So BOT drilling campaign will be done on that footprint, and then this will move to diamond drilling. So that will be in 2025 as well. So now I've shown you three targets that all have the potential to become Barsele-like. And this is a very interesting slide. It shows you at the exact same scale the Barsele project, which we already know is 2.5 million ounces and hopefully growing much beyond that. And then our other two targets, Aida is not shown here because it's already being drilled, but the other geochemical anomalies on the belt, the Harpsund and Nippas targets are larger actually than the Barsele footprint with very similar geochemical signatures and very intense geochemical signatures versus what we're seeing at Barsele.
Now, for a couple of the last slides, I'll move to our project in Finland. I mean, our thrust and our focus right now is Sweden, but the Finland-Finnish project is very interesting. This was a discovery that was made by Agnico, and now it's 100% owned by us. This is a project that's about 200 km or so south of the Rupert project, south of Ikkari, south of the Kittilä mine owned by Agnico. It's on a greenstone belt itself, so we own the entire greenstone belt Oijärvi. It's about 20,000 hectares. And there's a resource area that's already been identified called the Kylmäkangas deposit. And this area looks very prospective, but I'll give some highlights of the resource area. This is a project that only in the main resource area has been drilled about 15,000 m. So really, we're just starting here.
There's a maiden resource, a little bit over 300,000 oz, and it is the highest grade gold deposit right now undeveloped in Finland. The indicated grade is close to four and a half grams per ton. And actually, we've noticed as you drill from inferred, the indicated grade comes up. So this is the highest grade, albeit small right now, gold deposit in Finland. And we believe there's high potential for regional targets as well as expansion of the resource. The resource only covers a kilometer and a half of strike. We've already seen 2.5 km away, same mineralization, same grades. So potentially that one and a half can grow. And we've only tested this deposit down to 200 m. And again, we talked about greenstone belts. 200 m is just the surface. We expect this to continue to grow well past 500 m at least.
And so there's very good and obvious potential to grow the deposit at depth. This gives just a quick kind of plan view of the deposit and where we think it can grow. It's open at depth and down plunge, and we believe there's room for additional down dip zones. So it's a project that we think potentially could be spun out into its own company. I think it merits almost its own company. And we're so busy with Sweden that that might be the best plan for this, but we do believe it is a very exciting high-grade project in a very exciting area that needs kind of its own team to really move it forward aggressively because it does have potential. And very quickly, a background on the management. You try to follow teams that have had success. I was previously president CEO of Discovery Silver.
Some of you may know we took that from IPO and grew it to about 800 million in market cap, raised about $200 million, and that project is now moving towards construction in Mexico as the world's largest silver deposit. I was also one of the founding directors of GT Gold, which we took public in late 2016 and sold in 2020 to Newmont for $450 million, and then prior to that, I worked in Mexico, Timmins Gold, six years as a gold producer. The assets then went to Argonaut and then obviously now to Alamos, and then prior to that, I was an analyst at Macquarie working as a sell-side analyst for several years, and prior to that, how I originally got started was I spent 10 years at Vale working at operations all over the world.
I was part of several major expansions and mine builds, so I got to get into the game that way. My background is I'm a metallurgist and an engineer. We also have Adam Cegielski, who was the founder of the predecessor company, Gold Line, who he obviously has been in this country, in this region for quite a while, but he was previously with Cayden Resources and also part of the Keegan Resources team. Our VP Exploration is Ben Gelber, who previously was also with Keegan Resources and part of the discovery there, which is a big greenstone belt, part of a greenstone belt package in Africa. And Ben also worked with greenstone belts with Barrick Gold. And we have a very good board of directors. Toby Pierce is currently the CEO of TAG Oil. He was head of research for GMP Securities in London for over 10 years.
Marc Legault, 35-year veteran of Agnico. He's a key board member that we recently brought on. He knows our projects well. He's been on them, has done work on them, and he's very closely connected with our joint venture partner and one of our large shareholders, obviously, Agnico. So it's great to have him on. And Gary Cope was previously the founder of Orco Silver, which sold to Coeur Mining, I believe, for $250 million. So he's had a success. That was an asset in Mexico. And Ross Wilmot has also come along with the Barsele group. He's a legacy board member that's come along. So that kind of wraps it up. I finished up just in time, 10 seconds to go. And thank you very much for your time. And again, we are very excited to be here in Stockholm. This is our home country.
We are going to be listed on the Swedish Stock Exchange. I'm very excited about that. I think getting behind Sweden's largest gold deposit should be an easy thing to do. I think we're going to build Europe's next gold camp.
Excellent. Thank you very much.
Thank you.
Basically, you will be listed in Sweden with Sweden's largest gold asset.
Correct, exactly.
So that would be the key takeaway. Thank you very much.