First Mining Gold Closes $10.8 Million Financing to Advance Major Gold Projects

• First Mining Gold closed an upsized $10.8 million equity financing across two tranches to advance its Springpole and Duparquet gold projects
• The company intends to use the proceeds to continue development activities including feasibility studies, permitting, and exploration
• First Mining is a gold developer advancing Springpole in Ontario, one of the largest undeveloped gold projects in Canada
• The company also owns the Duparquet gold project in Quebec and a portfolio of other gold assets
• For investors, First Mining offers exposure to major, advanced-stage gold projects in mining-friendly jurisdictions at a potentially attractive valuation

About First Mining Gold Corp.

First Mining Gold Corp. 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. The company's goal is to develop these assets into low-cost, long-life mining operations to create value for shareholders.

In addition to Springpole and Duparquet, First Mining has a portfolio of other gold project interests including Cameron in Ontario, Hope Brook in Newfoundland, and a large equity interest in Treasury Metals. The company was founded in 2015 by Keith Neumeyer, founding CEO of First Majestic Silver.

Springpole Gold Project

The Springpole Gold Project is First Mining’s flagship asset. This past June, the company published a draft Environmental Impact Statement (“EIS”) for the project – a major permitting milestone. Springpole currently hosts one of the largest undeveloped open pit gold resources in Canada with over 5 million ounces in the Measured and Indicated resource categories.

Metallurgical studies have shown that the project could produce over 300,000 ounces of gold per year in the first nine years of operations at cash costs potentially under $700 per ounce. At recent gold prices, this makes Springpole a highly economic project with strong operating margins.

First Mining recently commenced a Feasibility Study that will advance and de-risk this asset significantly. The company is also continuing permitting activities to ready Springpole for a potential construction decision over the coming years.

Use of Financing Proceeds

With the closing of an upsized $10.8 million equity financing, First Mining is well-funded to continue advancing Springpole and its broader portfolio over the next 12 to 18 months.

The company successfully raised $10.8 million by issuing over 90 million units priced at $0.125 per unit. Each unit consists of one First Mining share plus one-half of a warrant that allows the holder to acquire additional shares at $0.20 over the next three years.

First Mining plans to put this influx of cash to work by:

• Continuing Feasibility Study and permitting activities at Springpole
• Advancing exploration and development at the Duparquet Gold Project to realize value from this asset
• Funding ongoing exploration and technical work across the broader project portfolio
• General working capital and administrative costs

With a tight capital structure and this new funding secured, First Mining now has a strong cash position to continue creating fundamental value across all levels of the business.

Duparquet Gold Project

In addition to the cornerstone Springpole asset, First Mining also wholly owns the past-producing Duparquet Gold Project located on a major gold-bearing structure in Quebec. Duparquet already hosts a large open pit and underground resource base of over 1.5 million ounces of gold.

The company completed a favorable Preliminary Economic Assessment for the project in 2022 that outlined a 10,000 tonne per day operation over a 14 year mine life. Total projected gold production exceeded 1.4 million ounces.

First Mining is now looking to further de-risk and enhance the Duparquet project. The company plans additional drilling and technical studies in the coming year. Duparquet represents a key second development asset in First Mining’s pipeline of projects.

Additional Portfolio Assets

Beyond Springpole and Duparquet, First Mining has assembled a diverse portfolio of other gold assets mostly located in Canada. This includes:

• The Cameron Gold Project - A near-term "shovel ready" project in Ontario that could potentially support a small scale start-up operation through additional exploration and confirmatory drilling
• A large equity interest currently valued at over $25 million in Treasury Metals Inc., which is advancing the gold-focused Goliath-Goldlund Project towards a construction decision
• The right to earn-in a 100% interest in the past-producing Hope Brook Gold Project in Newfoundland in partnership with Big Ridge Gold Corp (TSXV: BRAU)
• A silver-focused earn-in option on the Pickle Crow Gold Project in Ontario operated by Auteco Minerals Ltd (ASX: AUT)

First Mining continues to review strategic options to best realize the value of these non-core assets. This could include further partnerships, joint ventures, spin-outs, or outright sales. Monetizing parts of this wider portfolio would provide additional non-dilutive funding for advancing Springpole.

Conclusion

With a strengthened balance sheet and clear plans to continue creating fundamental value across its project portfolio, First Mining offers investors excellent exposure to two of Canada’s largest undeveloped gold projects in mining-friendly jurisdictions with rule of law.

As these assets progress towards construction decisions over the next several years, there remains meaningful upside potential from a re-rating and significantly greater interest from a broader institutional shareholder base. Trading below comparable developer peers on a relative basis, First Mining arguably has an attractive risk-reward profile at current levels for investors with a 3 to 5 year time horizon.

The recent $10.8 million financing provides validation of management’s vision. First Mining now has sufficient capital to continue executing and unlocking the immense underlying value of Springpole, Duparquet and other portfolio assets.