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First Mining Gold Corp.

Investor website: https://www.firstmininggold.com/

About

First Mining Gold Corp. is focused on the acquisition and development of gold projects in North America. The company owns two flagship development projects, the Springpole Gold Project in Ontario and the Duparquet Gold Project in Quebec, both of which are located in mining-friendly jurisdictions. First Mining aims to leverage its projects in a rising gold price environment, with a strong emphasis on responsible and sustainable operations.

Verified company data

Cash position
$10,102,000
Shares outstanding
1,080,236,818
Fully diluted shares
1,080,872,358
Mineral resource
Mineral Resource Statement Inclusive of Mineral Reserves (effective September 30, 2025) | | | | | | | | --- | --- | --- | --- | --- | --- | | **Category** | **Quantity**<br>**(Mt)** | **Grade**<br>**Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Metal**<br>**Au**<br>**(Moz)** | **Ag**<br>**(Moz)** | | **Open Pit** | | Indicated | 191 | 0.78 | 4.6 | 4.8 | 28.0 | | Inferred | 64 | 0.38 | 3.1 | 0.8 | 6.5 | The Mineral Reserves for the Springpole Gold Project are based on the conversion of Indicated Mineral Resources within the current pit design. The Springpole Gold Project Mineral Reserves are shown below: ###### Springpole Proven and Probable Reserves | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | **Category** | **COG**<br>**(g/t Au)** | **Tonnes**<br>**(Mt)** | **Grade**<br>**Au (g/t)** | **Grade**<br>**Ag (g/t)** | **Contained**<br>**Metal**<br>**Au (Moz)** | **Contained**<br>**Metal**<br>**Ag (Moz)** | | Proven | 0.27 | - | - | - | - | - | | Probable | 0.27 | 102.0 | 0.94 | 4.9 | 3.1 | 16.1 | | **Total** | **0.27** | **102.0** | **0.94** | **4.9** | **3.1** | **16.1** |
Projects
["##### Springpole Gold Project\n\nThe Springpole Gold Project is located in northwestern Ontario on an area of approximately 800 hectares. The broader project land package covers an area of 41,943 hectares and consists of 30 patented mining claims, 282 mining claims and thirteen mining leases. The project is located approximately 110 kilometres northeast of the Municipality of Red Lake in northwestern Ontario and is situated within the Birch-Uchi Greenstone Belt. The large, open pit resource is supported by significant infrastructure, including an onsite camp, winter road access, a logging road within 18 km of the camp, and nearby power lines within 40 km.\n\nWith 191 Mt at 0.78 g/t Au and 4.6 g/t Ag, totalling 4.8 million ounces of gold and 28 million ounces of silver in the Indicated Mineral Resource category, and 64 Mt at 0.38 g/t Au and 3.1 g/t Ag, totalling 0.8 million ounces of gold and 6.5 million ounces of silver in the Inferred Mineral Resource category, the Springpole Gold Project is one of the largest undeveloped gold projects in Ontario.\n\n##### Birch Uchi Greenstone Belt Project:\n\nThe Birch-Uchi Greenstone Belt Project (“BUGB Project”) represents regional scale exploration opportunities that have been consolidated by First Mining surrounding the Springpole Project. This land tenure coupled with the Springpole Project, also located in the Birch-Uchi Greenstone Belt, consists of >70,000 hectares and presents a strong opportunity for new discoveries in an area that is historically underexplored and has only seen a fraction of the exploration work that has been done in the neighbouring Red Lake and Pickle Lake greenstone belts that have been subject to earlier consolidation and discovery cycles.\n\nThe BUGB Project hosts significant geologic elements, including historic production centres that are demonstrative of a strong gold endowment and affinity for new discovery. First Mining’s extensive BUGB property position is located within the Red Lake Mining District and is situated approximately 80 km east of the Red Lake Mines Complex of Evolution Mining and 75 km northeast of Kinross Gold’s Dixie Project (formerly owned by Great Bear Resources Ltd). The geology of the region is comprised of Archean Greenstone terranes that are endowed by significant gold mineralization inclusive of orogenic and alkaline intrusion related deposit styles. Initial data compilation and validation to date has indicated that the region demonstrates an underexplored and previously fragmented exploration immaturity that is well levered to the Company’s strategy of consolidation and district screening.\n\nFirst Mining has initiated district-scale screening of the Birch-Uchi Project area through a multi-phase commitment to explore and enhance mineral potential within the region.\n\n##### Project Highlights:\n\n###### One of the largest, undeveloped, open-pit gold deposits in Canada\n\n- Reserves of 3.1 million ounces gold at 0.94 g/t, 16 million ounces of silver at 4.9 g/t\n- Average annual gold production of 330,000 ounces in years 1 through 5\n\n###### Positive Economics\n\n- PFS announced November 2025, post-tax NPV5% of US$2.1 billion and post-tax IRR of 41%\n\n###### Tier 1 Mining Jurisdiction\n\n- Long history of gold production in the area\n\n###### Unique Strategic Gold Asset\n\n- One of the few projects in Canada able to produce more than 300,000 oz per year\n\n###### Existing Infrastructure in Place\n\n- 34-person exploration camp, winter road access, a logging road within 18 km of the camp, and nearby power lines within 40 km\n\n###### 2025 Pre-Feasibility Study (PFS) Highlights:\n\nThe PFS contemplates an open pit mine and milling operation, evaluating recovery of gold and silver from a 30,000 tonne-per-day operation.\n\nNote: Further details are in the “Springpole Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada ” dated December 19, 2025, prepared for First Mining by Ausenco Engineering Canada ULC and available under First Mining’s SEDAR+ profile at [www.sedarplus.ca](http://www.sedarplus.ca/ \"http://www.sedarplus.ca/\").\n\n###### Key 2025 PFS highlights include:\n\n- US$3.2 billion pre-tax net present value at a 5% discount rate ( **“NPV5%**”) at US$3,100/oz gold (“ **Au**”), increasing to US$5.6 billion at US$4,200/oz Au\n- US$2.1 billion after-tax NPV5% at US$3,100/oz Au, increasing to US$3.8 billion at US$4,200/oz Au\n- 54% pre-tax internal rate of return (“ **IRR**”); 41% after-tax IRR at US$3,100/oz Au increasing to 63% after-tax IRR at US$4,200/oz Au\n- Life of mine (“ **LOM**”) of 9.4 years\n- After-tax payback of 1.8 years and reducing to 1.2 years at US$4,200/oz Au\n- Initial capital costs estimated at US$1,104 million, sustaining capital costs estimated at US$323 million, plus US$40 million in closure costs (excluding plant closure)\n- Average annual payable gold production of 330 koz per year (Years 1 to 5); 281 koz per year LOM\n- Total net cash costs of US$742/oz (Years 1 to 5); and US$802/oz LOM\n- Net All-In Sustaining Costs (“ **AISC**”) of US$877/oz (Years 1 to 5), and AISC US$938/oz (LOM)\n\n###### Notes\n\n1. _Base case parameters assume a gold price of US$3,100/oz, silver price of US$35.50/oz, and an exchange rate (C$ to US$) of 0.74. All currencies are reported in U.S. dollars unless otherwise specified. NPV calculated as of the commencement of construction and excludes all pre-construction costs._\n2. _US$4,200/oz Au case also based on US$51/oz Ag and FX of 0.71_\n3. _Initial capital costs, total cash costs and all-in sustaining costs are non-IFRS measures widely used in the mining industry as a benchmark for performance, but do not have standardized meanings under the Company's financial reporting framework. The methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See “Non-IFRS Financial Measures” at the end of this news release for further details of these measures._","##### Duparquet Gold Project\n\nThe Duparquet Gold Project, located on the Destor-Porcupine Fault Zone in the Abitibi region of Quebec, Canada, is one of the largest undeveloped gold projects in North America. The Project is located immediately north of the town of Duparquet which is approximately 50 kilometres northwest of Rouyn-Noranda, Quebec, a major mining service centre and home to the only remaining copper smelter in Canada. Duparquet currently hosts 3.4 million ounces of gold in the Indicated Mineral Resource category and 2.6 million ounces of gold in the Inferred Mineral Resource category. The deposits and claim blocks that comprise of the project are:\n\n- Duparquet Deposit, which consists of the following claim groups:\n - Beattie\n - Donchester\n - Dumico\n - Central Duparquet\n- Duquesne Deposit\n- Pitt Gold Deposit\n- Porcupine East Property\n\nOn September 7, 2023, First Mining announced results of a Preliminary Economic Assessment at the Duparquet Gold Project (see [**news release**](https://firstmininggold.com/news/first-mining-announces-positive-preliminary-economic-assessment--for-the-duparquet-gold-project-quebec-canada))\n\n**Duparquet Gold Project - Mineral Resources:**\n\n**Duparquet Deposit Mineral Resource Estimate (Effective September 12, 2022)**\n\n| **Area**<br>**(mining method)** | **Cut-off**<br>**(g/t)** | **Measured resource** | **Indicated resource** | **Inferred resource** |\n| --- | --- | --- | --- | --- |\n| **Tonnage (t)** | **Au**<br>**(g/t)** | **Ounces** | **Tonnage (t)** | **Au**<br>**(g/t)** | **Ounces** | **Tonnage (t)** | **Au**<br>**(g/t)** | **Ounces** |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Potential<br> Open Pit | 0.40 | 163,700 | 1.37 | 7,200 | 59,410,600 | 1.52 | 2,909,600 | 28,333,000 | 1.07 | 970,400 |\n| Potential<br> UG Mining | 1.50 | - | - | - | 5,506,900 | 2.26 | 399,300 | 9,038,900 | 2.29 | 665,600 |\n| Tailings | 0.40 | 19,900 | 2.03 | 1,300 | 4,105,200 | 0.93 | 123,200 | - | - | - |\n| **Total** | | **183,600** | **1.43** | **8,500** | **69,022,700** | **1.55** | **3,432,100** | **37,371,900** | **1.36** | **1,636,000** |\n\n**Pitt Gold and Duquesne Deposits Mineral Resource Estimate (Effective September 15, 2023)**\n\n| **Area**<br>**(mining method)** | **Cut-off**<br>**(g/t)** | **Pitt Gold Inferred Resource** | **Duquesne Inferred resource** |\n| --- | --- | --- | --- |\n| **Tonnage (t)** | **Au**<br>**(g/t)** | **Ounces** | **Tonnage (t)** | **Au**<br>**(g/t)** | **Ounces** |\n| --- | --- | --- | --- | --- | --- |\n| | |\n| Potential<br> Open Pit | 0.50 | - | - | - | 6,300,000 | 1.56 | 316,000 |\n| Potential<br> UG Mining | 1.75 | 2,120,000 | 2.67 | 187,200 | 5,030,000 | 3.10 | 501,400 |\n| **Total** | | **2,120,000** | **2.67** | **187,200** | **11,330,000** | **2.24** | **817,400** |\n\n**Duparquet Gold Project Consolidated Mineral Resource Estimate (Effective September 15, 2023)\n\n| **Area** | **Total Measured Resource** | **Total Indicated Resource** | **Total Inferred Resource** |\n| --- | --- | --- | --- |\n| **(mining method)** | **Tonnage (t)** | **Au** | **Ounces** | **Tonnage (t)** | **Au** | **Ounces** | **Tonnage (t)** | **Au** | **Ounces** |\n| --- | --- | --- | --- |\n| Potential<br> Open Pit | 163,700 | 1.37 | 7,200 | 59,410,600 | 1.52 | 2,909,600 | 34,633,000 | 1.16 | 1,286,400 |\n| Potential<br> UG Mining | - | - | - | 5,506,900 | 2.26 | 399,300 | 16,189,000 | 2.60 | 1,354,100 |\n| Tailings | 19,900 | 2.03 | 1,300 | 4,105,200 | 0.93 | 123,200 | - | - | - |\n| **Total** | **183,600** | **1.43** | **8,500** | **69,022,700** | **1.55** | **3,432,100** | **50,822,000** | **1.62** | **2,640,500** |\n\n###### Notes\n\n01. The independent qualified persons for the Duparquet mineral resource estimate, as defined by NI 43-101, are Marina Iund, P.Geo., Carl Pelletier, P.Geo. and Simon Boudreau, P.Eng. from InnovExplo. The effective date of the estimate is September 12, 2022.\n02. The independent qualified persons for the Pitt Gold and Duquesne mineral resource estimates, as defined by NI 43 101, are Olivier Vadnais-Leblanc, P.Geo., Carl Pelletier, P.Geo., and Simon Boudreau, P.Eng. from InnovExplo. The effective date of the estimate is August 31, 2023.\n03. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The mineral resource estimate follows current CIM Definition Standards\n04. The results are presented in situ and undiluted and have reasonable prospects of eventual economical extraction.\n05. In-pit and Underground estimates encompass sixty (60) mineralized domains and one dilution envelop using the grade of the adjacent material when assayed or a value of zero when not assayed; The tailings estimate encompass four (4) zones.\n06. Duparquet: In-pit and Underground: High-grade capping of 25 g/t Au; Tailings: High-grade capping of 13.0 g/t Au for Zone 1, 3.5 g/t Au for Zone 2, 1.7 g/t Au for Zone 3 and 2.2 g/t Au for Zone 4. High-grade capping supported by statistical analysis was done on raw assay data before compositing.\n07. Pitt Gold: Underground: High-grade capping of 20 g/t Au. High-grade capping supported by statistical analysis was done on composited assays.\n08. Duquesne: In-pit and Underground: High-grade capping of 55 g/t Au. High-grade capping supported by statistical analysis was done on composited assays.\n09. In-pit and Underground: For Duparquet, the estimate used a sub-block model in GEOVIA SURPAC 2021 with a unit block size of 5m x 5m x 5m and a minimum block size of 1.25m x 1.25m x1.25m. For Pitt Gold and Duquesne, the estimates used a sub-block model in GEOVIA SURPAC 2023 with a unit block size of 6m x 6m x 6m and a minimum block size of 1.5m x 0.5m x0.5m. Grade interpolations were obtained by ID2 using hard boundaries. Duparquet Tailings: The estimate used a block model in GEOVIA GEMS with a block size of 5m x 5m x 1m. Grade interpolation was obtained by ID2 using hard boundaries.\n10. In-pit and Underground: For Duparquet, a density value of 2.73 g/cm3 was used for the mineralized domains and the envelope. For Pitt Gold and Duquesne, a density value of 2.7 g/cm3 was used for the mineralized domains and the envelope. A density value of 2.00 g/cm3 was used for the overburden. A density value of 1.00 g/cm3 was used for the excavation solids (drifts and stopes) assumed to be filled with water. Tailings: A fixed density of 1.45 g/cm3 was used in zones and waste.\n11. In-pit and Underground: For Duparquet, the mineral resource estimate is classified as Measured, Indicated and Inferred. The measured category is defined by blocks having a volume of at least 25% within an envelope built at a distance of 10 m around existing channel samples. The Indicated category is defined by blocks meeting at least one (1) of the following conditions: Blocks falling within a 15-m buffer surrounding existing stopes and/or blocks for which the average distance to composites is less than 45 m. A clipping polygon was generated to constrain Indicated resources for each of the sixty (60) mineralized domains. Only the blocks for which reasonable geological and grade continuity have been demonstrated were selected. All remaining interpolated blocks were classified as Inferred resources. Blocks interpolated in the envelope were all classified as Inferred resources. Tailings: The Measured and Indicated categories were defined based on the drill hole spacing (Measured: Zones 1 and 2 = 30m x 30m grid; Indicated: Zone 3 = 100m x 100m grid and Zone 4 = 200m x 200m grid). For Pitt Gold and Duquesne, the mineral resource estimate are completely classified as Inferred due to a lack of confidence in certain drill hole collar and underground development locations.\n12. The Mineral Resource Estimate for Duquesne and Pitt Gold was prepared using 3D block modelling and the inverse distance squared (\"ID2\") interpolation method.\n13. The mineral resources are categorized as Inferred based on drill spacing, as well as geological and grade continuity. A maximum distance to the closest composite of 75 m for Inferred in all zones for Duquesne of 210 m for Inferred in all zones for Pitt Gold.\n14. The reasonable prospect for an eventual economical extraction is met by having used reasonable cut-off grades both for a potential open pit and underground extraction scenarios (minimum mining width of 2m) and constraining volumes (Deswik optimized shapes and Whittle optimized pit-shells).\n15. In-pit and Underground: The mineral resource estimate is locally pit-constrained with a bedrock slope angle of 50° and an overburden slope angle of 30°. The out-pit mineral resource met the reasonable prospect for eventual economic extraction by having constraining volumes applied to any blocks (potential underground extraction scenario) using DSO. Duparquet resources is reported at a rounded cut-off grade of 0.4 g/t Au (in-pit and tailings) and 1.5 g/t Au (UG). The cut-off grades were calculated using the following parameters: mining cost = CA$70.00 (UG); processing cost = CA$11.9 (tailing) to CA$17.0 (pit& UG); G&A = CA$8.75; refining and selling costs = CA$ 5.00; gold price = US$ 1,650/oz; USD:CAD exchange rate = 1.31; and mill recovery = 93.9%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.). Duquesne resources are reported at a rounded cut-off grade of 0.5 g/t Au (in-pit) and Pitt Gold and Duquesne resources are reported at a rounded cut-off grade of 1.75 g/t Au (UG). The cut-off grades were calculated using the following parameters: mining cost = CA$84.86 (UG); processing cost = CA$21.010; G&A = CA$11.75; refining and selling costs = CA$ 5.00; gold price = US$ 1,800/oz; USD:CAD exchange rate = 1.3; and mill recovery = 90%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).\n16. The number of metric tons was rounded to the nearest thousand and ounces were rounded to the nearest hundred, following the recommendations in NI 43 101. Any discrepancies in the totals are due to rounding effects.\n17. The PEA is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.\n18. The qualified persons are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported herein, that could materially affect the Mineral Resource Estimate.","##### Pickle Crow Project (20% Interest)\n\nIn February 2026, FireFly Metals Ltd agreed to sell its 70% interest in PC Gold Inc. (“ **PC Gold**”), the entity that holds the Pickle Crow Gold Project, to Bellavista Resources Limited (ASX:BVR) (“ **Bellavista**”).  Bellavista completed the acquisition in April 2026 and exercised the project buy-down right from First Mining and now own 80% of PC Gold.  First Mining currently owns 20% of PC Gold and is free carried to a decision to mine.\n\nFirst Mining holds a 20% interest in the Pickle Crow Gold Project in northwestern Ontario, which is being advanced in partnership with Bellavista Resources Limited.\n\nThe Project is located approximately 400 km north of Thunder Bay and 11 km east of the town of Pickle Lake.  There is year-round, paved road access to the project, and grid power less than 5 km away. The property covers approximately 50,000 hectares of mineral tenure within a major gold province. It hosts an NI 43-101 Inferred Mineral Resource of 9.4 Mt grading 4.1 g/t gold, containing 1.23 million ounces of gold.\n\nThe Pickle Crow gold deposit is a high-grade, shear-hosted, mesothermal Archean lode gold deposit. The deposit occurs primarily within mafic volcanics and banded iron formation (BIF) units in the Pickle Crow assemblage of the Pickle Lake Greenstone belt located in the Uchi Lake Sub-province of the Superior Craton of the Canadian Shield.\n\nMineralization is focused around steeply north-west dipping, regional scale shear zones. Multiple mineralization styles have been identified on the property, including quartz-gold-tungsten (+/-tourmaline) shear veins and banded iron formation mineralization (BIF-style).\n\nThe Pickle Crow Mine is one of Canada’s highest-grade historical gold mines. It operated from 1935 until 1966, during which time it reportedly produced around 1.5 million ounces of gold at an average grade of 16.14 g/t.\n\n##### Project Highlights:\n\n- Long history of producing high-grade gold - former operating mine from 1930s to 1960s\n- Located in a stable Tier 1 mining jurisdiction in a prolific mineral belt\n\n##### High-grade underground and open pit resources:\n\n- Inferred Resource: 9.5 Mt at **4.1 g/t Au** containing **1,230,500 ounces of gold**\n\n###### Extensive infrastructure in-place or proximal to project including:\n\n- 200 tonnes per day (tpd) gravity mill onsite\n- Year round access\n- Paved road access to property\n- Within 10 km of paved airport at Pickle Lake\n\n##### Pickle Crow Mineral Resources\n\n| **Inferred Resource** | **Tonnes** | **Au Grade (g/t)** | **Cut-off**<br>**Au Grade (g/t)** | **Contained**<br>**Au (oz)** |\n| --- | --- | --- | --- | --- |\n| Underground | 7,565,000 | 4.7 | 2.00/ 2.60\\* | 1,150,700 |\n| Open Pit | 1,877,000 | 1.3 | 0.50 | 79,800 |\n| **Total** | **9,452,000** | **4.1** | | **1** **,230,500** |\n\n###### Notes\n\n\\* Cut-off grade for bulk underground resource is 2.00 g/t Au; cut-off grade for underground vein resource is 2.60 g/t Au\n\n- First Mining owns 20% of the Pickle Crow Gold Project, and 80% is owned by Bellavista.\n- Based on the technical report titled “An Updated Mineral Resource Estimate for the Pickle Crow Property, Patricia Mining Division, Northwestern Ontario, Canada” dated June 15, 2018 and available at [www.sedar.com](http://www.sedar.com/) under First Mining Gold.’s SEDAR profile.\n- Diluted to a minimum 1.0 metre width.\n- The mineral resource estimate is entirely classified as an inferred mineral resource.\n- Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is currently insufficient exploration to define these Inferred mineral resources as Indicated or Measured mineral resources.\n- High-grade assays have been capped. Each domain was capped with respect to their unique geology and statistics\n- The narrow-vein, selective underground component of the mineral resource has been estimated at a cut-off grade of 2.6 g/t Au.\n- The long-hole bulk underground (moderate-grade) component of the mineral resource has been estimated at a cut-off grade of 2.0 g/t Au.\n- The open pit (low-grade) component of the mineral resource has been estimated at a pit discard cut-off grade of approximately 0.5 g/t Au, using a preliminary Whittle pit shell to constrain the resource estimate and other assumed pit parameters.\n- The mineral resource has been estimated using a gold price of US$1,300/oz."]
Leadership
Dan Wilton (CEO and Director, Over 30 years of experience in M&A, corporate finance, and principal investing in the mining sector. Previously a Partner at Pacific Road Capital Management.), Lisa Peterson (Chief Financial Officer, Over 15 years' experience in mining and renewable energy, previously CFO of TSX-V listed mineral exploration companies.), Steve Lines (Vice President, Sustainability, Over 20 years of experience in environmental assessment and permitting for major mining projects.), James Maxwell (Vice President, Exploration and Project Operations, Professional geoscientist with over 20 years of experience in exploration and development of gold discoveries.), Richard Huang (Vice President, Corporate Development and Corporate Secretary, Nearly two decades of experience in mining, corporate finance, and capital markets.)

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