First Mining Gold - Major Gold Projects in Canada Primed for Development

• First Mining Gold has two major gold projects in Canada - the Springpole project in NW Ontario and the Duparquet project in Quebec. They recently released a Preliminary Economic Assessment (PEA) for Duparquet showing potential for 230,000+ ounces per year production.
• The projects are attracting increased interest from major mining companies looking to fill project pipelines 3-5 years out. Majors have lots of cash but limited development projects in safe jurisdictions like Canada.
• At conferences, First Mining is focused on getting the word out about the Duparquet PEA results and advancing Springpole through the environmental assessment process towards construction.
• The projects offer leverage to higher gold prices. For every $100 increase in gold price, Duparquet NPV increases by $250 million pre-tax. Springpole NPV increases by $250 million pre-tax per $100 gold increase.
• Next steps are continuing exploration at Duparquet to grow resources and find higher grade areas, and investigating potential interim solutions like toll milling at existing mills nearby to accelerate production and cash flow.

About First Mining Gold

First Mining Gold Corp. (TSX: FF) is a Canadian gold development company focused on advancing its two major gold projects in Canada - the Springpole project in northwestern Ontario and the Duparquet project in Quebec's prolific Abitibi gold belt.

First Mining is led by CEO Dan Wilton and has a portfolio of gold projects in Canada totaling over 8 million ounces of gold in measured and indicated resources. The company's strategy is to advance its projects to construction-ready status at a time when the gold industry will need new major projects to come into production. First Mining believes it is 2-3 years away from reaching key permitting milestones at Springpole and completing feasibility studies for both projects, positioning its assets as some of the most advanced large-scale, undeveloped gold projects in Canada.

Interview with Chief Executive Officer, Dan Wilton

Springpole Project - One of Canada's Largest Undeveloped Gold Projects

The Springpole gold project is one of the largest undeveloped gold projects in Canada with approximately 7 million ounces of gold in measured and indicated resources. The project is located in northwestern Ontario, a stable mining jurisdiction, and has district-scale exploration potential around the deposit.

First Mining is advancing Springpole through the environmental assessment process and permitting, with the project expected to enter into construction around 2026/2027. At a base case $1,600/oz gold price, Springpole demonstrates robust economics with an after-tax NPV of nearly $1 billion and IRR of 25% over a 22 year mine life producing an average of 287,000 oz gold per year. Importantly, there is significant upside leverage to the gold price - for every $100 increase, the NPV grows by around $150 million after-tax.

With permitting progressing well, Springpole is positioned to be one of the top 10 largest undeveloped gold projects in Canada by the time construction starts in 2-3 years. The project’s scale, location and exploration upside are attracting interest from major gold miners looking to add Tier I assets in mining-friendly jurisdictions to their project pipelines 5+ years out.

Duparquet Project – New PEA Outlines Large-Scale Production Potential

First Mining recently released a Preliminary Economic Assessment on its 100% owned Duparquet gold project, located in the prolific Abitibi region of Quebec. The PEA outlines a 10,000 tonne per day open pit and underground mining operation with average annual gold production of 236,000 oz over the first 10 years of a 16 year mine life.

At a base case $1,800/oz gold price, Duparquet demonstrates robust economics with a pre-tax NPV of $1 billion, IRR of 17% and low initial capex of $305 million. As with Springpole, there is significant leverage to the gold price – the NPV grows by around $250 million pre-tax for every $100 increase in gold price above the base case.

The Duparquet PEA serves as a starting point to demonstrate the large-scale production potential of the project. With 500 meters of drilling, the deposit hosts a sizable resource base of 5.5 million ounces of gold in measured and indicated resources with strong continuity demonstrated to date. First Mining believes there is strong potential to significantly grow the resource base through further exploration and drilling.

The company is also investigating potential strategic partnerships as well as options to accelerate early cash flow generation, such as leveraging underutilized regional mills to enable an interim production scenario while the full-scale project advances through permitting.

Conclusion

With two advanced stage, multi-million ounce gold projects located in top-tier mining jurisdictions, First Mining Gold represents a compelling leveraged gold investment opportunity:

• Springpole and Duparquet rank among the largest undeveloped gold projects in Canada with significant production potential.
• The projects have robust economics at base case gold prices of $1,600-$1,800/oz and tremendous upside leverage to higher gold prices.
• Key permitting milestones are targeted over the next 2-3 years, positioning the assets to be among the most advanced large-scale development projects in Canada.
• The size, location and exploration upside of the projects are attracting interest from major miners looking to fill project pipelines 5+ years out.
• First Mining is focused on prudent, non-dilutive advancement while maintaining a strong cash position during the down market.

With gold projected to enter its next bull cycle within the next 2 years, First Mining’s advanced development projects have compelling re-rating potential and offer maximum leverage for investors looking gold sector exposure.