First Mining Gold Starts 2025 Strong with Q1 Results & Enhanced Duparquet Discovery

• First Mining Gold completed a successful first quarter 2025 with a US$5 million payment from First Majestic Silver Corp under the Silver Stream Purchase Agreement for the Springpole Gold Project.
• The company achieved significant exploration success at its Duparquet Gold Project with new high-grade discoveries at the Miroir zone, including 2.77 g/t Au over 11.1 m and 4.36 g/t Au over 6.5 m.
• Drilling results confirmed continuity of mineralization at the Valentre target with impressive intercepts of 3.96 g/t Au over 9.3 m, including 5.71 g/t Au over 5.8 m at 335 meters depth.
• The company launched its largest exploration program at Duparquet since acquiring full ownership in 2022, targeting approximately 18,000 meters of drilling to unlock resource growth potential.
• First Mining maintains a solid financial position with $11.7 million in cash and marketable securities plus $21.5 million equity interest in PC Gold Inc. as of March 31, 2025.

First Mining Gold Corp is a Canadian gold developer advancing two of the largest gold projects in Canada. The company's flagship assets include the Springpole Gold Project in northwestern Ontario, and Duparquet Gold Project in Quebec. The Duparquet project is a PEA-stage development located on the prolific Destor-Porcupine Fault Zone in the Abitibi region.

First Mining also maintains ownership of the Cameron Gold Project in Ontario and a portfolio of gold project interests including partnerships on the Pickle Crow Gold Project with Firefly Metals Ltd. and the Hope Brook Gold Project with Big Ridge Gold Corp.

Financial Performance & Strategic Partnerships

First Mining's first quarter 2025 demonstrated the value of its strategic partnership with First Majestic Silver Corp. The company received the final US$5 million payment under an amended Silver Stream Purchase Agreement for the Springpole Gold Project.

"We are pleased to announce a successful start to the fiscal year where we were able to bring forward a US$5 million payment through the continued endorsement of First Majestic Silver," - Dan Wilton, CEO of First Mining.

The payment structure was modified through an amending agreement executed on March 13, 2025, allowing the final payment to be made entirely in cash rather than a combination of cash and equity. This cash infusion strengthened First Mining's balance sheet, contributing to the company's solid financial position of $11.7 million in cash and marketable securities as of March 31, 2025.

Duparquet Gold Project Exploration Success

The most significant development during the quarter was the continuation of exploration success at the Duparquet Gold Project. In January 2025, First Mining announced results from its 2024 Phase 3 diamond drilling program, which identified two new discovery gold zones during expansion drilling at the Valentre target.

The newly discovered "Miroir Zone," located north of the Valentre target, returned impressive results of 3.12 g/t Au over 19.35 meters, including 5.47 g/t Au over 9.6 meters. A second discovery, the "Aiguille Zone," occurred south of the Valentre target, returning 8.99 g/t Au over 3.1 meters.

Following up on these discoveries, First Mining's 2025 drilling program has delivered even more encouraging results. The Miroir target continues to demonstrate significant near-surface mineralization potential, with drill hole DUP25-052 returning 2.77 g/t Au over 11.1 meters, including 4.36 g/t Au over 6.5 meters at a depth of only 12.9 meters.

Expanding Resource Potential

The 2025 exploration program represents First Mining's most ambitious drilling campaign at Duparquet since acquiring full ownership in 2022. The company announced in March 2025 its intention to complete approximately 18,000 meters of exploration drilling, focusing on advancing priority targets aligned with resource growth potential.

"Our exploration drilling continues to demonstrate significant resource growth potential by delineating new discovery zones as well as demonstrating the continuity of mineralization along strike and at depth within underexplored areas of the Duparquet Gold Project," stated Wilton.

The results validate the company's systematic approach to expanding the known mineralization footprint. At the Valentre target, dual-purpose drilling successfully intersected mineralization at depth, with drill hole DUP25-054 returning 3.96 g/t Au over 9.3 meters from 409.7 to 419.0 meters, including 5.71 g/t Au over 5.8 meters. This intersection occurred at a vertical depth of approximately 335 meters below surface, confirming large-scale continuity of gold mineralization.

Technical & Geological Significance

The geological characteristics of the discoveries provide important insights into the Duparquet project's potential. The Miroir target is situated along the northern contact between mafic volcanic rocks and syenite, a geological setting that has historically demonstrated stronger affinity for higher-grade mineralization. This contact zone shares characteristics with the North Zone target area, located 1.5 kilometers to the west.

Mineralization at Miroir is associated with silica-altered, sheared and brecciated basalt and syenite, featuring dark smoky quartz veining and up to 5% very fine-grained disseminated pyrite mineralization. The mineralized intercepts are spatially correlated with D2 deformation zones, occurring at strikes of northeast to southwest and east-west along syenite-basalt contacts.

The Duparquet Project currently hosts an NI 43-101 compliant gold resource of 3.44 million ounces in the Measured & Indicated category, grading 1.55 g/t Au, with an additional 2.64 million ounces in the Inferred category, grading 1.62 g/t Au. The project totals approximately 5,800 hectares focused on 19 kilometers of strike length along the prolific Destor-Porcupine Fault Zone.

Springpole Gold Project Development

While exploration activities dominated the quarter's achievements, First Mining continued advancing its Springpole Gold Project through the development pipeline. In February 2025, the company announced drilling results from the 2024 East Extension Phase 1 diamond drilling program, comprising five holes totaling 2,293 meters.

The East Extension drilling program successfully returned significant widths of continuous mineralization in an underexplored area located within the current PFS open-pit development footprint. This work supports the project's feasibility study process, with permitting activities ongoing following the submission of the final Environmental Impact Statement in November 2024.

For Investors

First Mining Gold presents investors with exposure to two large-scale Canadian gold development projects at different stages of advancement. The company's strong first quarter 2025 results demonstrate both financial stability through strategic partnerships and exploration success that could significantly expand resource inventories. The $5 million payment from First Majestic validates the Springpole project's strategic value, while the expanding discoveries at Duparquet highlight the potential for substantial resource growth.

Market Position & Strategic Outlook

First Mining's strategic positioning benefits from its focus on large-scale, advanced-stage gold projects in stable Canadian jurisdictions. The company's projects are well-positioned to benefit from favorable gold price environments, with both Springpole and Duparquet offering significant scale and development optionality.

"With gold prices trending higher, we believe our key projects and asset portfolio are well-positioned to provide maximum leverage to a strong gold price environment," stated Wilton.

The company's exploration strategy emphasizes systematic resource expansion at Duparquet while advancing Springpole through feasibility and permitting processes. This dual-track approach provides multiple catalysts for value creation while maintaining operational flexibility.

Key Takeaway

With a solid balance sheet, proven management team, and two advanced projects in stable jurisdictions, First Mining offers investors leveraged exposure to gold price appreciation while maintaining multiple pathways to value creation through exploration success and development advancement.

"The confirmation of the continuity of near-surface mineralization in the Valentre and Miroir areas demonstrates that this well-established resource, already one of the largest in Quebec, can continue to grow. Duparquet is emerging as one of the largest gold development projects in Quebec and we are continuing to advance it through the development process," Wilton concluded.

The company's systematic approach to resource expansion and strategic partnerships positions it well for continued growth in the current gold market environment.