First Mining Gold Closes Upsized $7.4 Million Equity Financing

• First Mining Gold successfully closed an upsized non-brokered private placement raising $7.4 million
• The company issued 54,463,706 units at $0.135 per unit
• Each unit includes one common share and half a warrant, with warrants exercisable at $0.20 for 36 months
• Proceeds will advance the Springpole and Duparquet gold projects and support working capital
• Securities are subject to a four-month hold period and TSX final approval

First Mining Gold Corp. (TSX: FF, OTCQX: FFMGF, FRANKFURT: FMG) stands as a prominent gold developer established in 2015 by Keith Neumeyer, the founding President and CEO of First Majestic Silver Corp. The company's portfolio is anchored by two flagship Canadian gold projects: the Springpole Gold Project in northwestern Ontario and the Duparquet Project in Quebec's prolific Abitibi region. The company also holds significant interests in other gold projects, including the Cameron Gold Project in Ontario, and strategic partnerships on the Pickle Crow Gold Project with Firefly Metals Ltd. and the Hope Brook Gold Project with Big Ridge Gold Corp.

Recent Financing Details

The recently closed financing represents a significant milestone for First Mining Gold, with the company successfully upsizing its previously announced non-brokered private placement to raise approximately $7.4 million. The structure of the financing included units priced at $0.135, with each unit comprising one common share and a half warrant. The warrant feature provides additional upside potential for investors, with each whole warrant exercisable at $0.20 for a period of 36 months following the closing date.

Strategic Use of Proceeds

The timing of this financing is particularly strategic as First Mining Gold aims to advance its two cornerstone assets. The net proceeds are earmarked for the advancement of both the Springpole and Duparquet gold projects, along with general working capital and corporate purposes. This capital injection comes at a crucial time as the company progresses through key development milestones at Springpole, where a Feasibility Study is underway and permitting activities continue following the publication of a draft Environmental Impact Statement (EIS) in June 2022.

Project Portfolio Analysis

First Mining's project portfolio is strategically positioned in mining-friendly jurisdictions across Canada. The Springpole Gold Project represents one of the largest undeveloped gold projects in Canada, with the company actively advancing both technical studies and environmental permitting.

The Duparquet Project, situated along the strategic Destor-Porcupine Fault Zone in Quebec's Abitibi region, provides the company with exposure to one of the world's premier gold mining districts.

Market Position & Development Timeline

The successful completion of this financing strengthens First Mining's position in the market as it continues to advance its project portfolio. The company's focus on two major Canadian gold projects, combined with its partnership approach to other assets, demonstrates a balanced strategy of core project development while maintaining exposure to additional upside through strategic partnerships.

The Investment Thesis for First Mining Gold

Quality Assets in Premier Jurisdictions:

• Portfolio centered in mining-friendly Canada
• Projects located in established gold mining regions
• Significant resource base with expansion potential

Advanced-Stage Development:

• Springpole progressing through Feasibility Study
• Environmental permitting underway
• Clear pathway to development decisions

Strategic Management:

• Founded by Keith Neumeyer, a proven mining entrepreneur
• Track record of creating shareholder value
• Experienced technical and management team

Financial Position:

• Recently strengthened treasury through $7.4M financing
• Warrant coverage provides potential future funding
• Strategic partnerships reducing carrying costs on secondary assets

Market Opportunity:

• Gold sector experiencing renewed interest
• Scarcity of large, advanced gold projects in tier-one jurisdictions
• Potential for revaluation as development milestones are achieved

The successful closing of this upsized financing demonstrates market confidence in First Mining Gold's strategy and asset base. The company has secured the necessary capital to continue advancing its core projects while maintaining a strong working capital position. The warrant structure provides potential for additional future funding at a premium to current prices, while the four-month hold period helps maintain stability in the share structure. As the company progresses through key development milestones at Springpole and Duparquet, this financing positions First Mining Gold to potentially capture value from the current positive momentum in the gold sector while advancing toward critical development decisions on its flagship assets.