First Mining Gold's Second Drill Rig, Advancing Two of Canada's Largest Gold Projects

• First Mining Gold is developing two of Canada's largest undeveloped gold projects: Springpole in Ontario (4.6M oz indicated) and Duparquet in Quebec (3.4M oz indicated, 2.6M oz inferred).
• The company has made significant progress at the Duparquet Gold Project, adding a second drill rig in April 2025 to advance its 18,000-meter exploration program.
• Springpole's PFS demonstrated robust economics with an after-tax NPV5% of US$995 million and IRR of 29.4% at US$1,600/oz gold.
• Duparquet's 2023 PEA showed strong potential with an after-tax NPV5% of US$588 million and IRR of 18.0% at US$1,800/oz gold.
• The company maintains a strong financial position with approximately C$10 million cash and no debt, plus future payments due from partnerships and joint ventures.

First Mining Gold (TSX:FF) is a Canadian gold developer advancing two of the largest undeveloped gold projects in Canada. Established in 2015 by Keith Neumeyer, founder of First Majestic Silver Corp., the company focuses on resource development in premier mining jurisdictions. First Mining's flagship projects include the Springpole Gold Project in northwestern Ontario, which is advancing through feasibility studies and permitting, and the Duparquet Gold Project in Quebec, a PEA-stage development located on the prolific Destor-Porcupine Fault Zone in the Abitibi region.

First Mining recently announced the addition of a second drill rig at its Duparquet Gold Project to accelerate progress on its previously announced 18,000-meter exploration drilling program. To date, the company has completed 10 holes totaling 3,100 meters targeting prospective growth areas planned for advancement in 2025.

Corporate Developments

First Mining recently provided an update on its ongoing 2025 exploration activities at the Duparquet Gold Project. The company has added a second drill rig during April 2025 to accelerate progress on its exploration drilling program. The campaign aims to further delineate and expand known mineralization, enhance resource confidence, and drill test priority regional targets.

The Duparquet project covers a 5,800-hectare consolidated land package, strategically located along a 19-kilometer strike length of the prolific Destor-Porcupine Fault Zone within the Abitibi Greenstone Belt—one of the world's most significant gold-producing regions. Assay results from the ongoing 2025 drill program are not yet available, and the company intends to disclose results as they are received.

Springpole Gold

The Springpole Gold Project represents one of the largest undeveloped open-pit gold projects in Canada. The project hosts a Probable Reserve of 121.6 million tonnes containing 3.8 million ounces of gold at 0.97 g/t and 20.5 million ounces of silver at 5.2 g/t.

According to the Pre-Feasibility Study (PFS) completed in January 2021, Springpole demonstrates robust economics with an after-tax NPV5% of US$995 million and an IRR of 29.4% at a gold price of US$1,600/oz. The project is expected to produce an average of 335,000 ounces of gold annually in years 1 through 9, with a total mine life of over 11 years.

"Springpole represents one of only a few projects in Canada capable of producing more than 300,000 ounces per year," said James Maxwell, VP of Exploration and Project Operations at First Mining. "With its significant scale and robust economics, Springpole has the potential to become a cornerstone gold producer in Ontario."

On the permitting front, First Mining has submitted a final Environmental Impact Statement/Environmental Assessment for the project in November 2024. The company has consolidated the EA process under WSP, a global environmental consultation firm responsible for permitting most of the major mining projects in Ontario.

The Springpole deposit is characterized as a low-sulphidation epithermal gold and silver deposit associated with an alkali trachyte intrusive complex. The mineralization system extends over a strike length of approximately 1.6 km, and 94% of the mineral resource is in the Indicated category.

Duparquet Gold

The Duparquet Gold Project, located in the heart of Quebec's Abitibi gold belt, represents First Mining's second major development asset. The project hosts an NI 43-101 compliant gold resource of 3.44 million ounces in the Measured & Indicated category at 1.55 g/t Au, and an additional 2.64 million ounces in the Inferred category at 1.62 g/t Au.

First Mining completed a Preliminary Economic Assessment (PEA) on the project in 2023, which demonstrated positive economics with an after-tax NPV5% of C$588 million and an IRR of 18.0% at a gold price of US$1,800/oz. The PEA outlined average annual gold production of 233,000 ounces over an 11-year mine life, with all-in sustaining costs of less than US$1,000 per ounce.

"Our exploration work at Duparquet continues to demonstrate the significant resource expansion potential of this project," said Dan Wilton, CEO and Director of First Mining. "The addition of a second drill rig reflects our confidence in the project and our commitment to advancing it rapidly."

The Duparquet Project totals approximately 5,800 hectares focused on an area of 19 km of strike length along the prolific Destor-Porcupine Fault Zone. The project includes the past-producing Beattie, Donchester, and Duquesne mines as well as the Central Duparquet, Dumico, and Pitt Gold deposits.

First Mining's 2024-2025 exploration program has identified several high-grade zones at Duparquet. The North Zone has returned impressive results, including 10.67 g/t Au over 5.3 m, 6.63 g/t Au over 9.0 m, and 5.97 g/t Au over 33.0 m. The Valentre target has shown mineralization continuity between the Central Duparquet and Dumico deposits, while the recent Miroir and Aiguille discoveries (3.12 g/t Au over 19.35 m and 8.99 g/t Au over 3.1 m, respectively) further demonstrate the project's exploration upside.

Portfolio Diversification & Optionality

Beyond its flagship assets, First Mining maintains a diverse portfolio of projects that provide optionality and financing flexibility. The company holds a 30% interest in the Pickle Crow Gold Project in Ontario, where FireFly Metals is advancing exploration with the right to earn up to an additional 10% interest for C$3 million in cash.

First Mining also retains a 20% interest in the Hope Brook Gold Project in Newfoundland, being advanced by Big Ridge Gold, and owns 100% of the Cameron Gold Project in Ontario, which hosts 464,000 ounces of Measured & Indicated resources and 533,000 ounces of Inferred resources.

This portfolio approach has allowed First Mining to focus capital and resources on its core assets while maintaining exposure to exploration upside across multiple projects. The company has successfully demonstrated this strategy through previous non-core asset sales and joint venture agreements.

Financial Position

As of April 30, 2025, First Mining maintains a strong financial position with approximately C$10 million in cash, no debt, and C$1.5 million in marketable securities. The company also expects to receive approximately C$10 million in future cash and share payments from its various partnerships and joint ventures.

With 1.083 billion shares outstanding, First Mining has a market capitalization of approximately C$179 million at its current share price of C$0.165. This valuation represents a significant discount to the company's net asset value, estimated at C$1.959 billion based on the NPVs of its Springpole and Duparquet projects plus other assets. The company trades at a P/NAV multiple of just 0.1x, compared to the developer average of 0.4x to 0.6x, suggesting considerable rerating potential as the company advances its projects and narrows the valuation gap with its peers.

Gold Market Outlook & Developer Opportunity

The gold price has increased by approximately 82% since 2022, while gold developers have lagged significantly, showing a weighted average decline of 19% over the same period. This divergence has created a substantial valuation gap, particularly for companies with advanced development projects like First Mining.

With gold recently breaking through all-time highs and increased mergers and acquisitions activity in the gold sector, development-stage companies with large, economic projects in Tier 1 jurisdictions are becoming increasingly attractive acquisition targets. Recent transactions involving Canadian gold projects include the C$204 million acquisition of Marban by O3 Mining in March 2025 and the C$2.2 billion acquisition of Windfall by Goldfields in August 2024.

First Mining's projects offer significant leverage to gold price increases. For Springpole, each US$100/oz increase in the gold price adds approximately US$150 million to the after-tax NPV5%. Similarly, at Duparquet, raising the gold price assumption from US$1,800/oz to US$2,000/oz increases the after-tax NPV5% from C$588 million to C$859 million.

For Investors

First Mining Gold represents a compelling investment opportunity in the gold development space, with two large-scale, advanced-stage gold projects in premier Canadian mining jurisdictions. The company's Springpole and Duparquet projects both demonstrate robust economics at current gold prices, with significant exploration upside and clear paths to development.

With experienced leadership, a strong financial position, and ongoing exploration success, First Mining is well-positioned to advance its projects toward production decisions. For investors seeking exposure to gold development stories in Tier 1 jurisdictions, First Mining offers an attractive entry point, trading at a significant discount to both its peers and the net asset value of its project portfolio.

As the company continues to advance permitting at Springpole and exploration at Duparquet, multiple catalysts could drive a revaluation of the shares, particularly in an environment of strong gold prices and increasing M&A activity in the sector.