First Mining Gold Advancing Strategic Gold Assets in Mining-Friendly Canada

About

First Mining Gold is a Canadian gold development company advancing two large-scale, high-grade gold projects in Ontario and Quebec. With approximately 3.5 million ounces of gold in the measured and indicated mineral resource categories and 2.3 million ounces of gold in the inferred category, First Mining controls one of the largest undeveloped gold asset portfolios in Canada.

Interview with First Mining Gold

Springpole Gold Project

The company's flagship asset is the Springpole gold project located in northwestern Ontario, where permitting and a feasibility study are underway. Springpole is one of the largest undeveloped gold projects in Canada. The project currently hosts a mineral resource base of 4.67 million ounces of gold and 24.19 million ounces of silver in the measured and indicated categories, with an additional 0.23 million ounces of gold and 1.06 million ounces of silver in the inferred category.

A pre-feasibility study released in January 2021 outlined average annual production of 335,000 ounces of gold over the first 9 years of a 15-year open pit mine life. The project is now in the advanced stages of the environmental assessment process, with approval targeted for mid-2025.

Duparquet Gold Project

First Mining's second major asset is the Duparquet gold project in Quebec, where drilling is expanding resources. Duparquet hosts measured and indicated resources of 1.40 million ounces of gold and inferred resources of 2.69 million ounces. Drilling is underway with the goal of expanding resources ahead of a preliminary economic assessment expected in summer 2023.

Growth Potential

With advanced permitting at Springpole, First Mining is positioned as having one of the most viable "shovel-ready" large-scale gold projects in Canada at a time when reserves are declining industrywide. Between Springpole and Duparquet, First Mining controls over 8 million ounces of gold resources located in mining-friendly jurisdictions with access to power, roads and skilled workforces.

Through focused exploration, the company sees strong potential to significantly expand resources at both projects in the years ahead.

Risks and Opportunities

Risks

• Permitting delays - Environmental assessments and permitting processes could take longer than anticipated. However, Springpole is at an advanced stage in permitting.
• Construction delays and cost overruns - Large mining projects often face risks of delays and costs coming in higher than expected. The feasibility study will provide greater clarity on schedule and budgets.
• Fluctuating gold prices - As with any gold miner, First Mining's valuation is dependent on a favorable gold price environment. A declining gold price could negatively impact the value of the company's deposits.
• Financing risks - Bringing Springpole into production will require significant financing that may include debt, equity issuances, and streaming/royalty deals. Unfavorable market conditions could impact financing options.
• Exploration risks - Although there is resource expansion potential at both Springpole and Duparquet through additional drilling, there is no guarantee that exploration will be successful in growing resources.

Opportunities

• Resource expansion - With approximately 8 million ounces of resources defined and extensive land packages, there is strong potential to expand existing resources at both projects.
• High-grade deposits - The projects have higher grades relative to other recent projects, which enhances project economics.
• Takeout potential - As a large, advancing project permitted in a favorable Canadian jurisdiction, Springpole could be attractive for potential acquirers.
• Gold leverage - Advanced gold projects provide strong leverage to rising gold prices. If gold trends higher in coming years, the value of First Mining's deposits will increase.

5 Takeaways for Investors

1. Advanced gold projects in mining-friendly Canada - First Mining's Springpole and Duparquet projects are located in Ontario and Quebec, providing stable and well-established mining jurisdictions.
2. Significant gold resources - The company has approximately 8 million ounces of indicated and inferred gold resources between its two projects, providing a substantial resource base.
3. Springpole permitting advancing - Springpole is in the late stages of permitting with an environmental assessment decision possible by mid-2025, reducing this key risk.
4. Exploration upside potential - Both projects have significant land packages and potential to expand existing resources through additional drilling.
5. Takeout potential - As one of the most advanced large-scale gold projects in Canada, Springpole could attract takeover interest from a major gold mining company.

Conclusion

With advanced permitting underway at Springpole and exploration upside at both projects, First Mining offers investors quality gold assets in safe Canadian mining districts. As one of the only near-term development opportunities of scale in Canada, the company provides compelling leverage to the gold price alongside peers at later stages. Interested investors should contact First Mining to learn more about these strategic Canadian gold development projects.