First Mining Gold Announces Strong 2023 Results, Poised for Transformational Year Ahead

• First Mining Gold reported strong 2023 year-end financial results and operational highlights
• Advanced flagship projects at Springpole and Duparquet while maintaining financial strength
• Completed successful exploration programs and asset sales, generating non-dilutive proceeds
• Expecting a transformational year in 2024 with key milestones, including Springpole environmental assessment submission
• Well-positioned for growth with strong shareholder support and a diversified portfolio of gold projects

About First Mining Gold

First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is a gold developer focused on advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario and the Duparquet Project in Quebec. The company also owns a diverse portfolio of gold projects, including the Cameron Gold Project in Ontario and equity interests in several other promising gold projects across Canada.

Established in 2015 by Keith Neumeyer, the founding President and CEO of First Majestic Silver Corp., First Mining has quickly emerged as a prominent player in the Canadian gold mining industry. The company's strategy centers on acquiring and developing high-quality gold projects in top-tier mining jurisdictions, while leveraging its experienced management team and strong financial position to create value for shareholders.

2023 Operational Highlights

Springpole Gold Project

First Mining continued to make significant progress at its flagship Springpole Gold Project in 2023. The company collected environmental baseline data and advanced the environmental assessment work, with plans to submit a final Environmental Impact Statement (EIS) and Environmental Assessment (EA) in 2024. This critical de-risking milestone will bring Springpole closer to development and demonstrate the project's robust economic potential.

Duparquet Gold Project

At the Duparquet Project in Quebec, First Mining completed a successful exploration drilling program totaling 6,963 meters across Phase I and Phase II. The program focused on validating and expanding the existing mineral resource while testing new exploration targets. The company also completed the acquisition of the Porcupine East property from IAMGOLD Corporation, further consolidating its land package in the region.

Birch-Uchi Greenstone Belt

First Mining announced encouraging results from its 2023 winter drilling program in the Birch-Uchi Greenstone Belt, which comprised 2,760 meters across eleven drill holes. The program targeted three areas: Saddle, Horseshoe, and Atlantis, with hole SAT23-001 at Saddle returning impressive grades of 0.92 g/t Au over 114.0 meters.

Financial Strength & Strategic Transactions

Non-Core Asset Sales

First Mining completed several strategic transactions in 2023 to monetize non-core assets and generate non-dilutive capital. The company sold its non-core royalty portfolio to Elemental Altus Royalties Corp. for approximately $6.7 million in cash and shares, and also divested its Eagle Claims in Manitoba to Grid Metals Corp. for $300,000 in cash, shares, and a future contingent payment.

Successful Financings

The company completed two successful financings in 2023, demonstrating strong support from existing shareholders. In June, First Mining closed a $5 million non-brokered private placement of flow-through units, with each unit consisting of one common share and a half warrant. In December, the company raised an additional $10.8 million through a non-brokered private placement of units, each comprising one common share and a half warrant.

Strong Financial Position

As of December 31, 2023, First Mining had a cash and current investments balance of $12.5 million, with its equity interests in Treasury Metals, PC Gold Inc. (Pickle Crow Project), and Big Ridge Gold Corp. (Hope Brook Project) carrying a combined value of $26.2 million. This strong financial position provides the company with the flexibility to advance its key projects and pursue strategic growth opportunities.

ESG Commitment & Stakeholder Engagement

ESG Reporting

First Mining published its second annual Environmental, Social, and Governance (ESG) Report in 2023, highlighting its commitment to responsible mining practices and transparent communication with stakeholders. The report provided a comprehensive overview of the company's ESG practices and performance.

Community Engagement

In September 2023, First Mining hosted a collaborative information-sharing session with the citizens of the Municipality of Duparquet regarding the Duparquet Gold Project. The company's Board of Directors and Senior Leadership Team also visited the Duparquet site, underscoring First Mining's dedication to fostering strong community relationships and open dialogue.

Conclusion

First Mining Gold Corp. delivered strong results in 2023, advancing its flagship projects while maintaining financial flexibility through strategic asset sales and successful financings. With key milestones expected in 2024, including the submission of the final environmental assessment for the Springpole Gold Project, First Mining is well-positioned for transformational growth.

Investors looking at First Mining Gold Corp. can expect a company with a proven track record of value creation, a diversified portfolio of high-quality gold projects, and a strong commitment to responsible mining practices. As First Mining continues to advance its projects and unlock the value of its assets, the company presents a compelling investment opportunity for those seeking exposure to the gold mining sector in top-tier jurisdictions.