First Mining Advances Major Gold Projects in Canada, Reports Q3 2023 Results

• Positive PEA announced for Duparquet Gold Project in Quebec, with +200koz annual production potential
• Drilling at Duparquet returns encouraging results; environmental work progresses at Springpole
• $6.7M cash balance; $26.3M in equity holdings provides financial flexibility
• Company positioned to advance development of two core Canadian gold assets
• Duparquet and Springpole present attractive opportunities for investors seeking exposure to large-scale, North American gold development projects

About First Mining Gold

First Mining is a Canadian gold developer focused on advancing two of the largest undeveloped gold projects in Canada - the Springpole Gold Project in northwestern Ontario and the Duparquet Gold Project in Quebec. At Springpole, the company has commenced a Feasibility Study and is in the midst of permitting activities, with a draft Environmental Impact Statement published in June 2022. The Duparquet Project is located in the prolific Abitibi region and is currently at a PEA stage.

In addition to these two core assets, First Mining owns the Cameron Gold Project in Ontario and has a portfolio of other gold project interests. This includes the Pickle Crow Gold Project being advanced in partnership with Auteco Minerals Ltd., the Hope Brook Gold Project in partnership with Big Ridge Gold Corp., and a large equity interest in Treasury Metals Inc.

The company announced its third quarter 2023 financial results on November 13, 2023, highlighting progress made on its core assets:

• The Duparquet Gold Project in Quebec, where a positive Preliminary Economic Assessment (PEA) was released in September 2023
• The Springpole Gold Project in northwestern Ontario, where permitting activities are ongoing to support submission of a final Environmental Impact Statement (EIS) in 2024

Additionally, First Mining maintains a strong financial position with over $33 million in cash and equity holdings as of September 30, 2023. This provides the funding needed to continue advancing and de-risking these multi-million ounce gold development projects in Canada.

Advancing the Duparquet Gold Project Towards Production

The headline development during Q3 2023 was the release of a positive PEA for the Duparquet Gold Project located on the prolific Destor-Porcupine Fault in Quebec’s Abitibi region. The PEA outlines a combined open pit and underground mining operation with average annual gold production of 218,000 ounces over a 10 year mine life.

The project encompasses the Duparquet, Pitt and Duquesne deposits which contain combined open pit measured and indicated resources of 5.41 million tonnes grading 1.52 g/t Au for 264,100 ounces of gold. Additionally, there are underground measured and indicated resources of 1.22 million tonnes grading 5.10 g/t Au for 199,100 ounces.

First Mining has moved quickly to advance Duparquet after consolidating 100% ownership of the project in October 2022 through acquisition of Clifton Star Resources' remaining 25% joint venture interest.

The PEA envisions a 10,000 tonne per day processing operation producing gold doré on site. Major infrastructure is already in place, with Duparquet located just 25 km north of the mining community of Rouyn-Noranda. This allows access to skilled labour and suppliers crucial for building and operating a modern mining project.

Initial capital costs are estimated at $305 million over a 2 year construction period. The after-tax NPV at a 5% discount rate is projected at $453 million with a 25% IRR at $1,700/oz gold. Life of mine sustaining capital costs are forecast at $222 million.

The PEA demonstrates Duparquet’s potential to become a long-life gold mining operation with attractive economics at current gold prices. Furthermore, with total Measured and Indicated resources of over 3 million ounces of gold, there remains opportunity to significantly expand production beyond the 10 year scope contemplated in this economic study.

First Mining is also actively exploring at Duparquet, having completed an initial 5,000 metre Phase I drilling program at the end of Q3 2023. This drilling focused on evaluating and expanding known deposits and testing new target areas identified through data compilation and reconnaissance work.

Initial results have been encouraging, with drill hole DQ-22-22 intersecting 30.2 metres grading 1.10 g/t gold, indicating resource expansion potential near surface at the Central Duparquet deposit. Ongoing exploration success can provide incremental resource growth to further improve Duparquet’s production profile outlined in the PEA.

Permitting Progress at the Springpole Gold Project

First Mining’s second major asset is the Springpole Gold Project, located approximately 110 km northeast of Red Lake in northwestern Ontario. Springpole is one of the largest undeveloped gold projects in Canada, with Indicated Resources of 139.1 million tonnes grading 1.04 g/t gold and 5.4 g/t silver for 4.67 million ounces of gold and 24.19 million ounces of silver.

During Q3 2023, the company continued collecting environmental baseline data and undertaking studies required to support the federal and provincial permitting process at Springpole. First Mining is working towards submission of the final Environmental Impact Statement (EIS) in 2024 under the Impact Assessment Act in Canada.

The company maintains ongoing engagement with local Indigenous communities and regulators regarding assessment of the project. In June 2022, First Mining published the draft EIS which will be updated to reflect ongoing study work before submitting the final report.

In addition to the core Springpole deposit, First Mining holds a large land package covering the surrounding Birch-Uchi greenstone belt. During the quarter, the company announced results from a successful winter 2023 drill program in the Birch-Uchi consisting of 11 holes totaling 2,760 metres.

Drilling focused on three target areas called Saddle, Horseshoe and Atlantis. Results substantiated the presence of new mineralized structures and zones outside of the known Springpole resource area. Highlights include 1.7 g/t gold over 16.0 metres at Saddle, 1.4 g/t gold over 13.5 metres at Horseshoe, and 1.6 g/t gold over 16.0 metres at Atlantis.

This early-stage exploration demonstrates the potential for satellite deposits that could provide incremental mineralization to complement the established Springpole resource base.

Prudently Managing Financial Resources

First Mining maintains a prudent financial strategy, ending Q3 2023 with cash and short-term investments of $6.7 million. This provides funding to advance Springpole through the permitting process and continue exploration, economic studies and basic engineering at Duparquet.

Furthermore, First Mining holds equity positions in other publicly listed gold developers which carried a combined value of $26.3 million as of September 30, 2023. This includes a 9.6% stake in Treasury Metals (TSX: TML) which is advancing the Goliath-Goldlund project towards a construction decision.

First Mining also has a 19.4% interest in PC Gold Inc. (TSXV: PKG) which is exploring and developing the past-producing Pickle Crow Gold Project in Ontario, and a 10.8% equity stake in Big Ridge Gold Corp. (TSXV: BRAU) which recently released a positive PEA on the Hope Brook Gold Project in Newfoundland.

These strategic equity holdings provide additional financial flexibility for First Mining, while also offering shareholders exposure to the upside potential of these emerging gold developers. The company can monetize components of its portfolio if desired to fund its core growth projects.

Advancing Major Gold Assets in Top Canadian Mining Jurisdictions

With a focus on advancing Springpole and Duparquet, First Mining is positioned among the ranks of emerging gold developers in Canada. These projects benefit from robust economics at current gold prices, established infrastructure, and locations in productive mining regions.

For investors seeking leverage to the gold price and new production growth, First Mining presents an attractive opportunity. The company’s shares are currently trading at a market valuation of under $100 million as of November 2023. This represents a discounted value relative to the after-tax NPVs for both Springpole and Duparquet highlighted in economic studies.

As First Mining continues derisking these assets through permitting, exploration, and engineering work, the market value should begin reflecting the inherent value of constructing and operating modern, large-scale gold mines in Canada. With experienced management and a strong technical team, First Mining appears capable of unlocking this value for shareholders in a rising gold price environment.