First Mining Gold Expands Duparquet Resource Exploration with Additional Rig After Promising Drill Results

• First Mining Gold's drilling at Valentre target intersects 3.98 g/t Au over 8.7m and 1.82 g/t Au over 14.35m.
• The results confirm mineralization continuity between Central Duparquet and Dumico pits, encouraging further exploration opportunities.
• Second drill rig to be added in September to accelerate exploration to simultaneously test regional exploration targets while advancing recent discoveries.
• Duparquet Project hosts 3.44 Moz M&I and 2.64 Moz Inferred gold resources, with significant resource growth potential after promising results.
• Ongoing exploration program aims to unlock further value at one of Canada's largest undeveloped gold projects

First Mining Gold Corp. (TSX:FF) is a Canadian 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. Established in 2015 by Keith Neumeyer, the founding President and CEO of First Majestic Silver Corp., First Mining has quickly built a portfolio of high-quality gold assets in mining-friendly jurisdictions. With a strong focus on responsible development and creating shareholder value, First Mining is positioned to capitalize on the growing global demand for gold.

Duparquet Drilling Program Yields Promising Results

First Mining Gold Corp. has announced encouraging results from its ongoing 2024 Phase 3 diamond drilling program at the Duparquet Gold Project in Quebec, Canada. The latest findings from the Valentre target area have further defined resource expansion opportunities and demonstrated the potential for continuity of mineralization between the Central Duparquet and Dumico pit areas.

Key Intersections at Valentre

The recent drilling at Valentre has returned significant gold intersections over a strike length of 175 meters, an area that was previously under-tested. Highlights from the program include 3.98 g/t Au over 8.70 m in hole DUP24-026 and 1.82 g/t Au over 14.35 m in hole DUP24-027.

These results not only showcase encouraging grades and widths but also point to an area of potential resource growth and further exploration opportunities.

First Mining's CEO, Dan Wilton, expressed enthusiasm about the results stating,

"We continue to execute on an exploration plan that clearly demonstrates the resource growth potential at Duparquet, already one of the largest undeveloped gold projects in Canada."

The success at Valentre is seen as a tangible result of the exploration team's efforts in understanding the geology at Duparquet over the past two years.

Phase 3 Drilling Program Progress

The Phase 3 drill program, which commenced in April, has completed approximately 5,700 meters to date. The program aims to test priority targets focusing on multiple potential resource expansion zones across the Duparquet Project. Initial results from the Valentre target are particularly promising, as they test an area between the Central Duparquet and Dumico resource pit shells that was previously undrilled due to historical property boundaries.

Future Drilling Plans at Valentre

To capitalize on the positive results and accelerate exploration efforts, First Mining plans to mobilize a second drill rig in September. This will allow the company to simultaneously test regional exploration targets while advancing recent discoveries at the North Zone, Buzz Zone, and Valentre target areas.

The mineralization encountered in the recent drilling at Valentre is associated with strong silica-altered syenite featuring dark grey quartz veining and up to 5% fine-grained disseminated pyrite. Higher-grade zones are consistently found along interpreted D2 structures, characterized by strong shearing and/or brecciation observed in the drill core.

Building on the success of the initial results, First Mining has planned an additional 12 holes at Valentre for the 2024 drilling campaign. These holes aim to further test the strike extension and depth expansion opportunities while advancing the characterization of the mineralization to delineate higher-grade trends. This drilling will provide crucial support for updating mineralization wireframes and potentially extending the current open pit and underground mineral resource.

Duparquet Project Overview

The Duparquet Gold Project is strategically located in the southern part of the Abitibi Greenstone Belt, approximately 50 km north of Rouyn-Noranda, Quebec. The project benefits from excellent infrastructure, including easy access to roads, rail, and hydroelectric power.

Current Resource Estimate

Duparquet currently hosts a substantial NI 43-101 compliant gold resource:

• Measured & Indicated: 3.44 million ounces, grading 1.55 g/t Au
• Inferred: 2.64 million ounces, grading 1.62 g/t Au

First Mining's exploration activities at Duparquet are set to continue throughout 2024, with ongoing drilling and regional fieldwork programs. The company's integrated geoscience exploration strategy has been bolstered by the recent completion of airborne geophysical magnetic and VLF-EM surveys, as well as a property-wide expansion of the 3D geological and target model.

Project Scale and Historical Significance

The Duparquet Project covers approximately 5,800 hectares, with 19 km of strike length along the prolific Destor-Porcupine Fault Zone. The property includes several past-producing mines (Beattie, Donchester, and Duquesne) as well as the Central Duparquet, Dumico, and Pitt Gold deposits, underscoring the area's rich mining history and potential for future production.

In 2023, First Mining completed a Preliminary Economic Assessment (PEA) for the Duparquet Project, further demonstrating the economic potential of the asset. The PEA provides a foundation for ongoing exploration and development efforts, with the aim of enhancing the project's overall value.

Quality Assurance and Quality Control

First Mining maintains rigorous quality control and quality assurance (QA/QC) protocols for all sampling within its exploration programs. Core samples from the 2024 drilling program at Duparquet were analyzed by AGAT Laboratories, with sample preparation in Val d'Or and analysis in Thunder Bay. The laboratory's systems conform to ISO/IEC Standard 17025 guidelines and meet assay requirements outlined for NI 43-101.

The exploration program at Duparquet is overseen by Louis Martin, P.Geo., Senior Geologic Consultant of First Mining, who serves as the Qualified Person for the purposes of NI 43-101. This ensures that all scientific and technical disclosure meets the highest industry standards.

First Mining's Broader Portfolio

While the Duparquet Project is a key focus, First Mining also continues to advance its flagship Springpole Gold Project in northwestern Ontario. The company has commenced a Feasibility Study and is progressing with permitting activities, including the publication of a draft Environmental Impact Statement (EIS) in June 2022.

In addition to Springpole and Duparquet, First Mining owns the Cameron Gold Project in Ontario and holds interests in other gold projects, including:

• Pickle Crow Gold Project (advanced in partnership with Firefly Metals Ltd.)
• Hope Brook Gold Project (advanced in partnership with Big Ridge Gold Corp.)

This diverse portfolio provides investors with exposure to multiple high-potential gold assets across Canada.

As one of the largest undeveloped gold projects in Canada, the Duparquet Project positions First Mining as a significant player in the gold development space. The ongoing exploration success and resource expansion potential at Duparquet, combined with the advancement of the Springpole Project, underscore the company's growth trajectory.

Conclusion for Investors

For investors looking at First Mining Gold, the latest drilling results from the Duparquet Project present a compelling narrative of resource expansion and exploration success. The company's focus on advancing two of Canada's largest gold projects, coupled with its strategic approach to exploration and development, offers significant upside potential.

Key investment considerations include:

• Resource Growth: The positive drill results at Valentre demonstrate the potential for expanding the already substantial gold resource at Duparquet.
• Strategic Location: Duparquet's location in the prolific Abitibi Greenstone Belt, with excellent infrastructure, enhances the project's economic viability.
• Experienced Management: First Mining's team, led by industry veterans, brings a wealth of experience in developing and operating successful mining projects.
• Diversified Portfolio: While Duparquet and Springpole are the flagship projects, First Mining's broader portfolio provides additional avenues for value creation.
• Exploration Momentum: The addition of a second drill rig and ongoing exploration activities suggest a steady flow of news and potential catalysts in the coming months.
• Undervalued Potential: As one of the largest undeveloped gold projects in Canada, Duparquet may represent an undervalued asset in First Mining's portfolio, especially as exploration continues to yield positive results.

However, investors should also be aware of the risks inherent in mineral exploration and development, including the volatility of gold prices, potential permitting challenges, and the capital-intensive nature of bringing a mine into production.

Overall, First Mining Gold Corp. presents an interesting opportunity for investors seeking exposure to advanced-stage gold exploration and development in Canada. The company's focus on expanding resources at Duparquet, combined with its progress at Springpole, positions it well to capitalize on the growing global demand for gold. As First Mining continues to unlock value from its asset portfolio, it may offer significant long-term potential for investors willing to participate in the junior gold mining sector.