First Mining Gold Advancing Large-Scale Canadian Gold Projects Towards Production

• First Mining Gold, led by CEO Dan Wilton, is advancing two major gold deposits in Canada: the Springpole deposit in Ontario and the Duparquet gold project in Quebec.
• The Springpole deposit is currently in the feasibility and environmental assessment stages.
• The Duparquet project is gaining momentum, with drilling underway and results anticipated soon. Both Springpole and Duparquet are the largest undeveloped gold projects in Canada.
• First Mining Gold's strategic focus is on ensuring the projects are in prime position during an industry scarcity period, emphasizing the value of sizable deposits and their potential for acquisition by larger companies.

About First Mining Gold

First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) is a Canadian gold developer focused on advancing its 100% owned Springpole and Duparquet gold projects, both located in Canada. With approximately 4.7 million ounces of gold in the Measured and Indicated categories and another 2.7 million ounces of gold in the Inferred category between the two projects, First Mining is poised to become a major player in the Canadian gold mining space.

Interview with President & CEO, Dan Wilton

Update on Duparquet Project

In a recent interview at THE Mining Investment of the North in Quebec, First Mining's CEO Dan Wilton provided an update on the company’s permitting and development activities at its core projects. At the Duparquet project in Quebec, First Mining is currently drilling and expects to release results over the next couple months, while also working to complete a Preliminary Economic Assessment (PEA) by the end of summer 2023. Duparquet hosts a large open pitable gold deposit with an estimated 1.6 million ounces of Measured & Indicated resources at 1.52 g/t gold as well as 1.1 million Inferred ounces at 1.48 g/t gold. With continued exploration and resource delineation, Duparquet has the potential to substantially grow its current resource base.

Advancing the Springpole Project

The company’s flagship Springpole project in northwestern Ontario is considerably more advanced, with a Pre-Feasibility Study completed in 2021. Springpole contains approximately 4.7 million ounces of gold in the Measured and Indicated categories at an average grade of 0.97 g/t along with another 2.7 million Inferred ounces at 0.67 g/t gold. The PFS outlined an open pit mine producing over 300,000 ounces of gold per year over a 12 year mine life. First Mining has been actively engaged in the provincial and federal environmental assessment processes required to obtain permits for Springpole. After receiving and responding to over 1200 comments from regulators on a draft Environmental Assessment submitted in 2021, the company is on track to submit its final Environmental Assessment in mid-2024 with a potential construction decision by mid-2025.

Positioned for Production

With continued focus on timely permitting activities and parallel economic studies, First Mining Gold is positioned to become one of the few new mid-tier gold producers emerging in Canada over the next 3-5 years. The company’s large, high grade deposits have the potential for optimization and further growth through ongoing exploration activities. With major gold miners facing dwindling reserves and few new tier-one assets available globally, mid-size developer/producers like First Mining with construction-ready projects offer prime consolidation and acquisition targets. With approximately $30 million in cash and equivalents as of Q3 2022 plus ongoing cash flows from its non-core portfolio of royalty interests, First Mining appears well-funded through the final permitting stages.

5 Key Takeaways for Investors

1. Advancing two large-scale gold projects in Canada - Springpole and Duparquet with over 7 million ounces combined.
2. Springpole is further along with a completed PFS showing potential for 300koz annual production. Currently undergoing permitting.
3. Duparquet has 1.6M oz M&I resources with expansion potential. PEA study upcoming in 2023.
4. Positioned to be a new mid-tier Canadian gold producer in next 3-5 years as majors face declining reserves.
5. Approximately $30M cash on hand plus ongoing royalty cash flows fund path to production. Compelling leverage to rising gold prices.

Conclusion

For investors looking to gain leverage on rising gold prices over the next several years, First Mining Gold and its advanced Canadian gold projects represent a compelling investment opportunity. Interested investors are encouraged to conduct further due diligence and consider establishing a position ahead of near-term catalysts. With construction decisions pending, First Mining’s valuation disconnect relative to the quality of its gold assets may soon close.