First Mining Gold Reports Multiple High-Grade Gold Intercepts at Duparquet, One of Canada's Largest Gold Deposits

• First Mining Gold's Duparquet explorationg drilling returns multiple high-grade gold zones, including 10.67 g/t Au over 5.3m and 5.97 g/t Au over 33.0m
• New gold zones discovered in previously unmodeled mafic volcanic units at Duparquet
• Results demonstrate significant exploration growth potential in one of the Abitibi Greenstone Belt's largest gold deposits
• Ongoing Phase 3 drill program aims to continue testing North Zone, Buzz Zone, Valentre Target, and regional opportunities
• First Mining well-funded to continue delivering exceptional results following recent flow-through financing

About First Mining Gold

First Mining Gold Corp. (TSX:FF) is a Canadian gold developer focused on advancing two of the largest gold projects in Canada. The company's flagship assets include the Springpole Gold Project in northwestern Ontario, where a Feasibility Study is underway and permitting activities are ongoing, and the Duparquet Project in Quebec, a PEA-stage development project located in the prolific Abitibi region. First Mining also owns the Cameron Gold Project in Ontario and holds interests in other gold projects, including partnerships on the Pickle Crow and Hope Brook Gold Projects.

Established in 2015 by Keith Neumeyer, the founding President and CEO of First Majestic Silver Corp., First Mining Gold Corp. has positioned itself as a key player in the Canadian gold mining sector. With a focus on large-scale projects and a strategic approach to exploration and development, the company aims to create significant value for shareholders through the advancement of its high-potential gold assets.

For investors looking at First Mining Gold Corp., the company presents an opportunity to gain exposure to a portfolio of advanced-stage gold projects in Canada, led by an experienced management team with a track record of success in the mining industry. The recent high-grade gold discoveries at the Duparquet Project underscore the company's exploration potential and ability to enhance the value of its assets through targeted drilling programs.

Duparquet Project Overview

The Duparquet Gold Project, located in Quebec, Canada, is one of First Mining's key assets and a focal point of the company's recent exploration efforts. Situated approximately 50 km north of Rouyn-Noranda, the project benefits from excellent infrastructure, including easy access to roads, rail, and hydroelectric power.

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

The project encompasses approximately 5,800 hectares along 19 km of strike length on the prolific Destor-Porcupine Fault Zone. It includes several past-producing mines and deposits, highlighting the area's rich mining history and potential for further discoveries.

Recent Drilling Results: Unveiling High-Grade Gold Zones

First Mining's 2024 Phase 2B winter diamond drilling program at Duparquet has yielded impressive results, particularly from drill hole DUP24-024. This hole returned multiple intervals of significant higher-grade mineralization over considerable widths, including:

1. 10.67 g/t Au over 5.3 m
2. 6.63 g/t Au over 9.0 m
3. 3.04 g/t Au over 33.5 m
4. 5.97 g/t Au over 33.0 m (including 9.63 g/t Au over 4.2 m and 14.43 g/t Au over 6.0 m)

These high-grade intersections are particularly significant as they are hosted in newly identified mafic volcanic units that were not previously modeled at Duparquet. This discovery opens up new exploration possibilities and demonstrates the potential for resource expansion at the project.

North Zone Exploration Success

The recent drilling focused on the North Zone of the Duparquet Project, targeting additional exploration trends and assessing the potential for higher-grade areas with extensional continuity. The results from multiple drill holes in this area have been highly encouraging:

1. DUP24-022: 2.47 g/t Au over 7.13 m
2. DUP24-023: 2.38 g/t Au over 18.45 m (including 5.58 g/t Au over 4.1 m)
3. DUP24-024: Multiple high-grade intersections as mentioned above

These results validate the company's geoscience approach and support further testing of the extensional opportunities within the North Zone. The success in this area has established it as a priority target for exploration optimization and potential extension of the current open pit and underground resource.

New Geological Insights

The recent drilling campaign has provided valuable new geological insights that could significantly impact future exploration at Duparquet. Key findings include:

1. Identification of a new higher-grade host lithology: The discovery of mineralized mafic volcanic units opens up new targeting opportunities for higher-grade trends.
2. Importance of contact zones: The exploration team has focused on building up target resolution through 3D modeling of contact zones between syenite-hosted gold mineralization and mafic volcanic stratigraphy, which appear to be favorable settings for higher-grade mineralization.
3. Integration of multiple data sources: The success of the drilling program is attributed to the integration of various geoscience data, including geochemistry, geophysics, oriented core, and magnetic susceptibility data, into the 3D modeling and target definition process.

These new insights are expected to refine the geological model and guide future exploration efforts, potentially leading to further discoveries and resource expansion.

Ongoing Exploration & Future Plans

First Mining is maintaining strong momentum in its exploration activities at Duparquet throughout 2024. Key aspects of the ongoing and planned work include:

1. Continued drilling: The Phase 3 drill program is underway, focusing on further testing the North Zone, Buzz Zone, Valentre Target, and additional regional opportunities.
2. Regional field work: Programs commenced in early spring to expand the understanding of the property's potential beyond the known deposits.
3. Geophysical surveys: Recently acquired airborne magnetic and LiDAR survey data are being integrated into the exploration model.
4. 3D geological and target model: A property-wide expanded model is in development, leveraging the integration of multiple datasets to support a comprehensive exploration strategy.
5. Follow-up drilling: Planning is underway for additional step-out drilling to test open mineralization along strike and down-plunge in the North Zone.

These ongoing efforts demonstrate First Mining's commitment to unlocking the full potential of the Duparquet Project and potentially expanding its already substantial gold resource.

Financial Position and Market Implications

First Mining recently completed a flow-through financing, positioning the company with a strong financial foundation to continue its aggressive exploration program at Duparquet. This funding ensures that the company can maintain its momentum and deliver further results from its ongoing drilling campaigns.

For investors, the recent high-grade discoveries at Duparquet have several positive implications:

1. Resource growth potential: The identification of new high-grade zones and previously unmodeled mineralized units suggests significant potential for resource expansion at Duparquet.
2. Project economics: Higher-grade discoveries could positively impact the overall economics of the project, potentially leading to improved profitability in future mining scenarios.
3. Exploration upside: The success of the current exploration strategy validates the company's approach and suggests there may be further discoveries to be made across the extensive Duparquet land package.
4. Market re-rating potential: As First Mining continues to demonstrate the growth potential at Duparquet, there may be opportunity for market re-rating of the company's shares, reflecting the increasing value of its asset base.

Management Commentary

Dan Wilton, CEO of First Mining, expressed enthusiasm about the recent results, stating,

"The higher-grade zones at these exceptional widths at Duparquet clearly demonstrate the ongoing resource growth potential in what is already one of the largest established resources in the Abitibi Greenstone Belt."

James Maxwell, Vice President of Exploration and Project Operations, added:

“Our geoscience teams have created exceptional momentum and continue to deliver strong results with additional drilling... Recognition of a new higher-grade host lithology within the latest result setting greatly advances our ability to target this higher-grade trend and supports an opportunity for further characterization and discovery."

These comments from management underscore the significance of the recent discoveries and the optimism surrounding the future potential of the Duparquet Project.

Conclusion

First Mining Gold Corp.'s recent exploration success at the Duparquet Project presents a compelling opportunity for investors interested in the gold mining sector. The discovery of multiple high-grade gold zones, particularly within previously unmodeled geological units, demonstrates the significant untapped potential of this already substantial gold resource.

Key factors that make First Mining an attractive investment proposition include:

1. Large-scale projects: With Duparquet and Springpole, the company controls two of the largest undeveloped gold projects in Canada.
2. Exploration success: Recent drilling results showcase the company's ability to add value through targeted exploration.
3. Strategic location: The Duparquet Project's location in the prolific Abitibi Greenstone Belt provides excellent infrastructure and potential for further discoveries.
4. Experienced management: Led by industry veterans with a track record of success in the mining sector.
5. Strong financial position: Recent financing ensures the company is well-funded to continue its exploration and development activities.
6. Multiple catalysts: Ongoing drilling programs and the advancement of other projects in the portfolio provide numerous potential catalysts for share price appreciation.

As First Mining continues to advance its exploration and development activities at Duparquet and its other projects, investors have the opportunity to gain exposure to a company with significant growth potential in the gold mining sector. The recent high-grade discoveries at Duparquet may be just the beginning of a series of positive developments that could drive long-term value creation for shareholders.

While investing in exploration-stage mining companies carries inherent risks, First Mining's solid asset base, recent exploration success, and strategic approach to project advancement position it as an intriguing option for investors seeking exposure to the gold market with substantial upside potential.