First Mining Gold: Rare Canadian Late-Stage Developer Project Coveted by Reserve-Hungry Producers

• First Mining Gold is advancing its Springpole gold project in Ontario, one of the next projects slated to receive environmental assessment approval in Canada.
• The project is in the late stages of a 7+ year permitting process, with a federal decision expected by the end of 2025.
• First Mining is having success with exploration at its Duparquet gold project in Quebec.
• Major gold producers are looking to acquire late-stage development projects in Canada to replace depleting reserves, but options are scarce.
• Springpole represents a rare, sizable gold development opportunity in Canada that could be pouring gold by 2030.

As gold producers face depleting reserves and look to secure their next generation of mines, late-stage development projects in stable jurisdictions have become increasingly coveted. First Mining Gold (TSX:FF) is advancing one such project, the 5+ million ounce Springpole gold project in Ontario, Canada.

Having spent over 7 years advancing the project through the rigorous Canadian permitting process, First Mining expects to receive a critical federal approval decision by the end of 2025, positioning Springpole as one of the few sizable gold projects that could realistically commence production by the end of the decade.

Scarcity of Advanced Canadian Gold Projects

Major gold producers are actively seeking to acquire late-stage development projects in Canada to replace their depleting reserves. However, options are limited. In recent years, several advanced Canadian projects have been acquired, including Greenstone (Equinox/Orion), Magino (Argonaut, now Alamos), Valentine Lake (Calibre/Marathon), and Blackwater (Artemis).

According to First Mining CEO Dan Wilton, this scarcity is becoming increasingly recognized in the industry:

"If you're not finishing up an environmental assessment process in the next 12 months, you're probably not pouring gold before 2030. If you're a producer with a mine that's got a 10-year mine life, and you need to replace that and you're not going to be able to grow out of it around your existing project, you need to be starting now."

Springpole: A Rare Opportunity

First Mining's Springpole project represents a rare remaining opportunity, with more than 5 million ounce gold deposit in Ontario that is nearing the end of the permitting process. The company has been advancing the project through the environmental assessment (EA) process since 2018.

Springpole is now in the final stages of federal review. The deadline for a federal decision under the defined timeline is approaching, with about 241 days remaining on the "federal clock". First Mining expects this key milestone to be achieved by the end of 2025.

"We're at the point now where we're going to have a defined timeframe in which we are going to see that federal decision, which is very important."

While full permitting - including provincial - will extend into 2026, the federal EA approval represents a major de-risking milestone that puts Springpole on the path to a construction decision.

Interview with Chief Executive Officer, Dan Wilton

The Importance of Indigenous Community Engagement

A critical aspect of advancing any major project in Canada is meaningful engagement and partnership with local indigenous communities. First Mining has been working diligently to build collaborative relationships with the local communities around Springpole.

The communities are actively involved in the EA process, having retained technical, legal and business advisors to review the project. First Mining is working to address their questions and concerns through ongoing dialogue and information sharing.

Beyond managing risks, Wilton sees immense potential for the project to deliver meaningful long-term benefits to the local communities.

"It's an enormous opportunity for communities to find joint venture partners and actually understand how they can participate in some of that margin. The most important thing is giving a sense of hope to the youth in those communities to stay there, have an opportunity to have productive employment, build a career, build skills that can go well beyond this project."

The Investment Thesis for First Mining Gold

• One of the few late-stage, multi-million ounce gold development projects in Canada nearing construction
• Federal environmental assessment approval expected by end of 2025, representing a major de-risking milestone
• Strategic value to gold producers facing reserve depletion and seeking scarce development opportunities in Canada
• Potential to realize significant value through advancement to production or acquisition as permitting concludes
• Strong engagement with local Indigenous communities with potential for meaningful long-term partnerships and benefits
• Additional exploration upside from Duparquet project in Quebec

For gold producers facing depleting reserves and a scarcity of development opportunities, Springpole represents an increasingly attractive potential acquisition as it nears the end of the permitting process. With a growing recognition of this scarcity value, First Mining is well-positioned to realize the value of this rare Canadian gold development asset in the coming years.

Macro Thematic Analysis

The macroeconomic environment appears increasingly supportive for gold, driven by elevated inflation, economic uncertainty, and geopolitical tensions. Gold producers are generating strong cash flows at current prices, but face a longer-term challenge of depleting reserves and a scarcity of sizable development projects in attractive jurisdictions.

As Dan Wilton, CEO of First Mining Gold, stated:

"All these big projects have been funded or bought and what's left is a very short list when you actually dig into where a number of these other projects are in their permitting. If they're not as advanced as we are, having spent as much time as we have, it's not like there's a whole bunch of things that are just going to skip the queue and you're going to be able to build. That scarcity value is actually starting to get recognized in the industry."

In this environment, late-stage projects in top-tier jurisdictions like Canada are likely to command a premium. Producers will likely compete to secure scarce development opportunities in order to position themselves for longer-term growth and reserve replacement. This macro backdrop bodes well for First Mining Gold as it advances its Springpole project towards a construction decision.