First Mining Gold Reports Strong Q2 2024: Advancing Key Projects and Bolstering Finances

• First Mining Gold reports successful Q2 2024 with oversubscribed flow-through financing of $7 million.
• The company reported significant progress at Duparquet project with high-grade gold zones identified in drilling results.
• The Springpole project advancing towards final Environmental Impact Statement submission by end of 2024.
• First Mining Gold holds a strong financial position with $13.2 million in cash and investments, plus $21.5 million equity interest in PC Gold Inc.
• The company's catalystsCompany expands footprint in Birch-Uchi region and publishes third annual ESG report

First Mining Gold Corp. (TSX:FF) has released its second quarter financial results for the period ended June 30, 2024, showcasing significant progress across its portfolio of Canadian gold projects. The company, established in 2015 by Keith Neumeyer, founding President and CEO of First Majestic Silver Corp., is rapidly advancing two of Canada's largest gold projects: the Springpole Gold Project in northwestern Ontario and the Duparquet Project in Quebec's prolific Abitibi region.

The company's portfolio includes the Springpole Gold Project in northwestern Ontario, where a Feasibility Study is underway and permitting activities are progressing with a draft Environmental Impact Statement (EIS) published in June 2022. Additionally, First Mining is developing the PEA-stage Duparquet Project in Quebec, strategically located on the Destor-Porcupine Fault Zone in the Abitibi region. The company also owns the Cameron Gold Project in Ontario and holds interests in other gold projects, including partnerships in the Pickle Crow Gold Project with Firefly Metals Ltd. and the Hope Brook Gold Project with Big Ridge Gold Corp.

Q2 2024 Financial Highlights and Balance Sheet Strength

First Mining Gold's second quarter of 2024 was marked by significant financial achievements. The company successfully closed an upsized flow-through financing in June, raising aggregate proceeds of approximately $7 million. This capital injection is earmarked for funding exploration programs in Ontario and Quebec, demonstrating investor confidence in First Mining's project pipeline and growth strategy.

As of June 30, 2024, First Mining reported a robust financial position:

• Cash and current investments balance of $13.2 million
• Equity interest in PC Gold Inc. (Pickle Crow Project) valued at $21.5 million
• Combined carrying value of $34.7 million

This strong balance sheet provides First Mining with the financial flexibility to advance its key projects and pursue strategic opportunities in the gold sector.

Springpole Gold Project: Advancing Towards Major Milestones

The Springpole Gold Project, one of Canada's largest undeveloped gold projects, continues to make steady progress towards development. Key highlights for the quarter include:

1. Environmental Assessment Progress: First Mining is in the final stages of preparing its environmental assessment, with plans to submit the final Environmental Impact Statement (EIS) to regulators before the end of 2024. This submission will mark a critical milestone in the project's development timeline.
2. Ongoing Engagement: The company continued its engagement efforts with local Indigenous rights holders and government regulators, emphasizing First Mining's commitment to responsible development and stakeholder collaboration.
3. Data Collection: Environmental baseline data collection continued throughout the quarter, supporting the robust environmental assessment work underway.

The advancement of Springpole towards the submission of its final EIS represents a significant de-risking event for the project and the company. Investors should view this progress as a positive indicator of First Mining's ability to navigate complex regulatory environments and move large-scale projects forward.

Duparquet Project: Unveiling High-Grade Potential

The Duparquet Project in Quebec's Abitibi region saw significant exploration activity during the second quarter, with promising results that underscore the project's potential:

1. Drilling Programs: First Mining completed its Phase 2 winter drilling program, totaling 2,856 meters, and immediately transitioned into a more extensive Phase 3 program planned for 9,000 meters.
2. High-Grade Discoveries: The company reported multiple high-grade gold zones from its 2024 Phase 2B winter diamond drilling program. Notably, drill hole DUP24-024 returned impressive intersections, including: 10.67 g/t Au over 5.3 m, 6.63 g/t Au over 9.0 m, 3.04 g/t Au over 33.5 m, 5.97 g/t Au over 33.0 m
3. New Geological Insights: These high-grade zones were identified in newly discovered mafic volcanic units that had not been previously modeled, suggesting potential for resource expansion and optimization.
4. 3D Modeling: A property-wide expanded 3D geological and target model is under development, which will enhance First Mining's understanding of the deposit and guide future exploration efforts.

The impressive drill results at Duparquet demonstrate the project's untapped potential and First Mining's ability to add value through strategic exploration. Investors should take note of these high-grade intersections, as they could positively impact future resource estimates and project economics.

Expanding Footprint in the Birch-Uchi Region

First Mining continues to strengthen its position in the prospective Birch-Uchi region of Ontario:

1. Swain Lake Acquisition: The company completed a 3-year option agreement with Whitefish Exploration Inc. on the Swain Lake property, securing 70% ownership of 82 mining claims covering 1,656 hectares.
2. Exploration Activities: Additional mapping and prospecting programs focusing on several prospective areas commenced in June 2024, with corresponding drill target development underway.

This strategic expansion in the Birch-Uchi region diversifies First Mining's portfolio and provides additional exploration upside. The company's proactive approach to securing and exploring prospective land packages demonstrates its commitment to long-term growth and value creation.

Commitment to ESG Principles

In June 2024, First Mining published its third annual Environmental, Social, and Governance (ESG) Report, highlighting the company's commitments, practices, and performance in these critical areas. This publication underscores First Mining's dedication to sustainable and responsible mining practices, which are increasingly important to investors and stakeholders in the mining sector.

The consistent publication of ESG reports demonstrates transparency and accountability, potentially enhancing First Mining's appeal to environmentally and socially conscious investors.

Looking Ahead: Catalysts and Opportunities

As First Mining Gold moves into the second half of 2024 and beyond, several key catalysts and opportunities stand out for investors:

1. Springpole EIS Submission: The anticipated submission of the final Environmental Impact Statement for Springpole before year-end could serve as a significant de-risking event and potentially re-rate the company's valuation.
2. Duparquet Exploration Results: Ongoing drilling at Duparquet, particularly the 9,000-meter Phase 3 program, may yield further high-grade results and expand the known resource base.
3. Resource Updates: With successful drilling programs, investors should watch for potential resource updates at key projects, which could enhance overall project economics.
4. Strategic Partnerships: First Mining's partnerships on projects like Pickle Crow and Hope Brook demonstrate the company's ability to create value through strategic alliances. Future partnerships or joint ventures could unlock additional value across the portfolio.
5. Market Conditions: As a gold-focused company, First Mining stands to benefit from favorable gold price movements, which could amplify the value of its projects and exploration successes.

Conclusion for Investors

First Mining Gold Corp. presents a compelling investment opportunity for those looking to gain exposure to the gold sector through a well-funded developer with a portfolio of advanced-stage projects in tier-one jurisdictions. The company's second quarter results for 2024 demonstrate its ability to advance multiple projects simultaneously, secure necessary funding, and make significant exploration discoveries.

With a strong balance sheet, progress towards major permitting milestones at Springpole, exciting high-grade discoveries at Duparquet, and a clear commitment to ESG principles, First Mining is well-positioned to create substantial shareholder value. The company's diverse portfolio, which includes two of Canada's largest undeveloped gold projects, provides investors with exposure to both near-term catalysts and long-term growth potential.

As the global demand for gold continues and the need for new, large-scale deposits in stable jurisdictions grows, First Mining's strategic focus on Canadian assets could prove increasingly valuable. Investors looking for a gold-focused company with a blend of advanced development projects and exploration upside should closely monitor First Mining Gold's progress in the coming quarters.

The combination of advancing permitting at Springpole, expanding high-grade zones at Duparquet, and maintaining a strong financial position sets the stage for potential re-rating opportunities as these projects move closer to production. With multiple catalysts on the horizon and a proven ability to execute on its strategic objectives, First Mining Gold represents an attractive option for investors seeking exposure to the dynamic gold mining sector.