First Mining Gold Timeline 2023 - Progress on Major Gold Projects Towards Production

About First Mining Gold‍

First Mining Gold Corp. is a gold development company focused on advancing its portfolio of gold projects in Canada. Its two flagship assets are the Springpole Gold Project in northwestern Ontario, one of the largest undeveloped gold projects in Canada, and the recently acquired Duparquet Gold Project in Quebec.

First Mining also has a portfolio of partnership assets being advanced by other companies, including the Pickle Crow gold project with Auteco Minerals, the Hope Brook gold project in Newfoundland with Big Ridge Gold Corp., and the Goliath Gold Complex in Ontario. Led by CEO and Director Dan Wilton and a market capitalization ofover $100 million, First Mining Gold puts forward with developmental timeframe to further advance Springpole and Duparquet toward production decisions over the coming years.

What Happened in 2023?

December‍

High-Grade Gold at Birch-Uchi Project in Ontario‍

A high-grade gold mineralization was discovered at First Mining Gold’s Birch-Uchi Greenstone Belt Project located near the company’s flagship Springpole deposit in northwestern Ontario, Canada. Recent exploration efforts led to the identification and sampling of a new target area called the “Challenger” where grab samples from newly exposed bedrock returned exceptional grades up to 25.60 g/t gold.

This discovery is a significant advancement in the company's regional exploration efforts for the project, noting that Challenger represents an opportunity to further grow the exploration potential around the Saddle area. Next steps include additional mapping and sampling at Challenger and 5,000 meters of drilling to test priority regional targets.‍

First Mining Gold Closes $10.8 Million Financing‍

First Mining Gold closed an upsized $10.8 million equity financing which will be used to continue development activities including feasibility studies, permitting, and exploration at its flagship Springpole Gold Project. The project hosts one of the largest undeveloped open pit gold resources in Canada with over 5 million ounces. The funds will also support the company's wholly-owned Duparquet Gold Project in Quebec, which has an existing resource base of 1.5 million ounces of gold. With this influx of funding, the company aims to continue creating fundamental value across all levels of its gold project pipeline over the next 12 to 18 months to enhance project values and realize substantial returns for shareholders in the next gold market upswing.

‍Preliminary Base Shelf Prospectus And Registration Statement‍

A preliminary short form base shelf prospectus was filed by First Mining Gold with Canadian securities regulators and the U.S. Securities and Exchange Commission. The documents provide the company greater financial flexibility going forward. Once the final short form base shelf prospectus receipt is received from Canadian regulators and the registration statement is deemed effective by the SEC, First Mining may undertake offerings of up to $100 million in total of common shares, preferred shares, warrants, subscription receipts and units over the following 25 months. The specific details of any future offerings, including the use of proceeds, will be outlined in one or more prospectus supplements to be filed later on.‍

November‍

Advancing Multi-Million Gold Projects in Canada‍

First Mining Gold is advancing two advanced multi-million ounce gold development projects: its flagship Springpole project in northwestern Ontario and the Duparquet project in Quebec. The Springpole project hosts one of the largest undeveloped open-pittable gold deposits in Canada with a potential to produce 335,000 ounces per year over a 9-year mine life while the Duparquet project hosts measured, indicated and inferred resources totaling over 6 million ounces of gold.

First Mining is focused on securing sufficient funding to achieve key de-risking milestones at Springpole and Duparquet over the next 12-24 months, and to update the economic studies for both assets to demonstrate project robustness at higher gold prices.

Q3 2023 Financial Results And Operating Highlights‍

The company's third quarter 2023 financial results highlighted recent operating developments including the key achievement release of a positive Preliminary Economic Assessment (PEA) for the company's Duparquet Gold Project in Quebec showing potential to produce over 200,000 ounces of gold per year. The PEA outlined attractive economics with capital and operating costs positioning Duparquet as a meaningful development project. First Mining reported cash and investments balance of $6.7 million at quarter end, held equity stakes in other public gold companies valued at over $26 million, and remained active on the exploration front at both Duparquet and its flagship Springpole Gold Project during the quarter.‍

Upsize and Closing of First Tranch Equity Financing‍

First Mining Gold announced the closing of the first tranche of its upsized $10 million equity financing. Due to strong demand, the company increased the originally planned $5 million offering and has closed the first tranche by issuing gross proceeds of $8 million. Each unit consists of one common share and one-half warrant that entitles the holder to acquire additional shares at $0.20 over 36 months.

First Mining plans to use the net proceeds from the offering to advance its Springpole and Duparquet gold projects in Canada as well as for general working capital purposes.‍

Positive PEA, De-Risking Projects with Focus on Permits‍

The Preliminary Economic Assessment for Duparquet showed potential for over 200,000 ounces of annual gold production, for which First Mining Gold aims to have both Springpole and Duparquet "shovel-ready" in time to take advantage of an expected upswing in funding availability for developers in 2024-2026. The company raised $10 million from supportive shareholders despite tough market conditions and maintained momentum on permitting and exploration. Achieving milestones such as permits de-risks the projects positions the company for significant re-rating once sector appetite improves alongside the next gold bull cycle.‍

October‍

Unlocking Value Through Exploration and De-risking Assets‍

Advanced permitting and technical de-risking efforts for First Mining Gold’s Springpole are underway as recent metallurgical testing showed potential improvement on gold recoveries. The company continued exploration drilling with regional targets along the broader property to expand resources. Ongoing exploration has successfully confirmed resource growth potential and First Mining sees upside in consolidating past datasets across the large consolidated land package surrounding Duparquet. First Mining also advanced technical studies and exploration work on its earlier stage Cameron gold project in Ontario and continued de-risking more of its Canadian development portfolio to support construction decisions and attract partners/investors to leverage the gold price outlook.‍

Preliminary Economic Assessment Report on Duparquet Gold Project‍

A technical report for the positive Preliminary Economic Assessment (PEA) on First Mining Gold's 100%-owned Duparquet Gold Project in Quebec, Canada. Highlights include:

• Measured, indicated and inferred resources totaling 6 million ounces of gold. 
• Achievable open pit and underground mining operations over 11-year mine life on Duparquet to produce an average of 233,000 ounces of gold per year
• Robust economics with a pre-tax NPV of $1.07 billion and IRR of 24.9% at US$1,800 per ounce gold
• Initial capital costs estimated at C$706 million; sustaining and underground development capital costs estimated at C$738 million

Since acquiring Duparquet in September 2022, First Mining has prioritized community engagement to advance the project in a sustainable manner. This includes assessing opportunities to leverage the development by reclaiming historical tailings and enabling the collection and treatment of impacted groundwater. Ongoing exploration aims to continue expanding the resource base across the significantly underexplored, district-scale property to showcase the more potential of this strategic asset.‍

$5 Million Equity Financing Announced‍

First Mining Gold Corp announced plans for a $5 million equity financing by a non-brokered private placement of up to 40 million units priced at $0.125 per unit. Each unit will consist of one common share and one-half warrant, with each whole warrant entitling the holder to acquire one additional share at $0.20 over 36 months. This financing will provide funds to progress critical development work including exploration, technical studies and baseline environmental data collection to further advance Springpole and Duparquet toward potential production decisions over the coming years.‍

September‍

New High-Grade Gold Zone Discovery‍

Initial results from the Phase I exploration drilling program at its Duparquet Gold Project in Quebec confirmed a new high-grade gold zone called the “Buzz Zone” with intercepts of 6.52 g/t gold over 4.6 meters and 1.19 g/t over 10.4 meters. This discovery demonstrates exploration upside and growth potential remaining beyond Duparquet’s current 3.4 million ounce gold resource. Ongoing exploration will follow up on the Buzz Zone discovery and other initial drill results.‍

Duparquet Project Returns Robust PEA Results‍

Positive preliminary economic assessment (PEA) results for Duparquet Gold Project outlined an 11-year combined open pit and underground operation producing an average of 233,000 ounces of gold per year over the life-of-mine (LOM). Key results included an after-tax NPV at a 5% discount rate of C$588 million and internal rate of return of 18.0% at a base case gold price of $1,800 per oz. The LOM recovered gold production was projected at 2.5 million ounces with an average mill head grade of 1.51 g/t. 

The measured and indicated resources totaled 3.44 million ounces of gold grading 1.55 g/t, while inferred resources were 2.68 million ounces grading 1.68 g/t. Test work results showed average LOM recoveries of 89.5% could be achieved through a straightforward flotation concentration process, leveraging existing regional infrastructure like power and roads. The positive economics and long projected mine life reflected Duparquet’s potential to be a core asset for First Mining.‍

Primed for Development‍

With two major gold projects in advanced stages, First Mining Gold continued to attract increased interest from major mining companies looking to add projects to their development pipelines 3-5 years out. At $1,600/oz gold, Springpole demonstrated robust after-tax economics including nearly $1 billion NPV and 25% IRR over a 22-year mine life averaging 287,000 oz per year. Duparquet outlined large-scale production potential from open pit and underground operations, with 236,000 oz annual production over the first 10 years. Both projects offer significant NPV leverage to higher gold prices. Next steps were to continue exploration and investigate potential interim solutions like toll milling for early cash flow generation.

August‍

Q2 2023 Financial Results‍

First Mining Gold released its 2023  second quarter financial results, highlighting progresses inits two flagship gold projects.

Springpole Project:

• Continued collection of environmental baseline data and advancing environmental assessment work, planning for submission of a final EIS/EA in 2024
• Delivered results from winter drilling at Birch Uchi, including significant intersections at the Saddle (0.92 g/t over 114m) and Horseshoe (0.54 g/t over 57m) targets

Duparquet Project:

• Commenced 5,000 meter initial exploration drill program
• Filed initial management plan with Quebec for historic mine by-product material
• Completed $5M non-brokered private placement to fund exploration

In addition, First Mining Gold published its second annual ESG report highlighting sustainability commitments and progress, and monetized non-core assets, completing the sale of its Eagle claims in Manitoba for $300k cash plus shares.

sale of its Eagle claims in Manitoba for $300k cash plus shares.‍

July

Gold Intersects at Saddle Target in BUGB Project

Promising results from First Mining Gold’s 2023 drilling program at the Saddle target within the Birch-Uchi Greenstone Belt Project (BUGB) in Springpole was announced. The winter 2023 drilling at BUGB comprised 11 drill holes focused on three target areas - Saddle, Horseshoe and Atlantis. Initial drilling at the Saddle target included 5 drill holes totaling 842 meters which intersected significant gold mineralization, including 0.92 g/t gold over 114.0 meters and 0.75 g/t gold over 57.7 meters. 

The newly discovered robust mineralization at Saddle occurs along interpreted shear structures and remains open. Moving forward, First Mining has planned summer field programs to advance mapping and sampling around Saddle to refine the geology model. Further drill results from Horseshoe and Atlantis were still pending. With early success, First Mining’s regional exploration strategy showed promise for unlocking the district's potential.‍

Gold Mineralization at Horsehow Target and More at Birch-Uchi‍

First Mining's winter drilling comprised 11 holes totaling 2,760 meters across three target areas – Saddle, Horseshoe and Atlantis. Drilling at the Horseshoe target intersected significant gold mineralization over a 260 meter strike length, with highlights of 0.48 g/t over 48.5 meters and 0.54 g/t over 57 meters. Earlier drilling at the Saddle target intersected 0.92 g/t gold over 114 meters, demonstrating the significant gold endowment of the Birch-Uchi greenstone belt. With its vast land package and strategic location, First Mining is positioned for further discoveries as it continues to advance mapping, sampling and target generation across the broader property. As the company continues to de-risk its portfolio of assets, successful exploration at Birch-Uchi could serve as a positive catalyst for the stock.‍

June‍

Advancing Gold Projects Towards Production‍

First Mining had been actively engaged in permitting processes for Springpole and was on track to submit its final Environmental Assessment in mid-2024 while working to complete a Preliminary Economic Assessment (PEA) at the Duparquet project. With approximately $30 million cash on hand plus ongoing royalty cash flows, First Mining appeared well-funded through final permitting stages for these compelling, de-risked gold assets.‍

First Mining Gold’s Strategic Canadian Gold Development Projects‍

The company's flagship Springpole gold project in northwestern Ontario is one of the largest undeveloped gold projects in Canada, currently hosting over 4.6 million ounces of measured and indicated gold resources with a potential average annual production of 335,000 ounces of gold over a 15-year mine life. 

First Mining's second major asset is the Duparquet gold project in Quebec, hosting 1.4 million ounces of measured and indicated resources and 2.69 million ounces inferred. Drilling aimed to expand resources ahead of a preliminary economic assessment expected in summer 2023. Between the two projects, the company controlled over 8 million ounces of resources in mining-friendly jurisdictions. Both projects also held potential for significant resource expansion through additional focused exploration and drilling.‍

May‍

Q1 2023 Financial Results

During the first quarter of 2023, First Mining embarked on a district-scale exploration program in the Birch-Uchi Greenstone Belt near Springpole and began preparations for exploration drilling at Duparquet. The company consolidated a strategic regional property package at Duparquet to connect its land position and raised $6.7 million selling its non-core royalties. First Mining continued advancing feasibility study work including metallurgical testing, mine design, and infrastructure studies at the flagship Springpole project and commenced an initial 5,000 meter exploration drilling program and a Preliminary Economic Assessment expected by year-end at Duparquet. With activity focused on exploration, development and permitting at its key Canadian gold projects, First Mining continues on a path to surface value for shareholders.‍

April‍

2022 Springpole Diamond Drilling Results

First Mining Gold’s 2022 drilling campaign comprised 62 drill holes totaling 5,834 metres and was focused on geotechnical, hydrogeological, and geochemical studies related to metal leaching and acid rock drainage. Highlights included 1.08 g/t Au over 30.0 m in hole SG22-008 and 0.98 g/t Au over 33.0 m in SG22-021, representing an area of opportunity for resource growth potential. Assay highlights also included 1.17 g/t Au over 19.0 m in drill hole SP22-ARD-010 and 1.75 g/t Au over 16.0 m in drill hole SP22-ARD-012. The discovery of the SW Extension Zone through 2022 drilling delineated additional mineralization over approximately 150 m southwesterly and 550 m along strike, with mineralization remaining open for further testing.

First Mining Gold Initiates Exploration Drilling Program At Duparquet

The 5,000 meter exploration drilling program at its Duparquet Gold Project in Abitibi Region of Quebec has commenced mobilization. The drilling will focus on advancing newly developed exploration targets as well as resource growth and optimization opportunities. The Duparquet Project currently hosts a Mineral Resource Estimate of 3.4 million ounces of indicated gold grading 1.55 g/t. Through recent consolidation of significant land tenure at Duparquet, First Mining identified 25 initial exploration target areas using 3D geoscience modelling. The company took a phased drilling approach and will commence activities in Q2 2023 that will further develop geoscience data to unveil the project's exploration potential.

First Mining expects to deliver a Preliminary Economic Assessment in the second half of 2023 to complement over 270,000 metres of historical drilling completed on the prolific gold project located along the Destor-Porcupine fault zone.

First Mining Gold Positions for “Slum Dunk” 

Several prominent forecasters predicted significantly higher gold prices, with one calling $2,500/oz gold a "slam dunk" by year-end and further upside potential from there. This bullish outlook was based on fundamental valuation analysis and considerations of the macroeconomic climate driving currency devaluation versus gold. First Mining aims to position itself to benefit by advancing its flagship assets by targeting feasibility and preliminary economic assessments before year-end 2024 and make them attractive acquisition targets amid an environment of scarce quality projects industrywide.‍

Sale of Eagle Claims in Manitoba to Grid Metals Corp

First Mining Gold has sold non-core mining claims in Manitoba called the Eagle Claims to Grid Metals Corp. for consideration of C$300,000 cash, 250,000 common shares of Grid Metals, a future contingent payment of C$350,000, and a 2% net smelter return royalty. First Mining acquired the Eagle Claims last September 2022 as part of the Duparquet transaction but deemed them non-core assets. 

First Mining views the transaction as demonstrating value in its asset portfolio while retaining upside through shares in an emerging growth company and the royalty, as the company continues to advance its core gold assets including the Springpole Gold Project and its consolidated Duparquet, Pitt Gold, Duquesne and Porcupine East Gold Projects located in Quebec along the prolific Destor-Porcupine fault zone.‍

March‍

PFS on Track for H2 2023‍

First Mining foresees industry consolidation resulting in potential mid-tier asset reshaping, presenting consolidation opportunities as it develops large-cap project pipelines through advancing its Springpole and newly acquired Duparquet gold projects. Regarding Springpole, 75% of the feasibility study is complete and on schedule, with the company targeting completion by late 2023. The final environmental impact assessment submission is slated for mid-2024. First Mining also highlighted progress on indigenous agreements, partnerships at other assets, its royalty portfolio monetization, and a current cash position of $15 million plus marketable securities leveraging its portfolio of projects at an advantageous point in the cycle to create shareholder value.‍

Year-End 2022 Financial Results and Operating Highlights

Key milestones by First Mining Gold were announced in its financial results and highlights for the year 2022 which included:

• Published a draft of the Environmental Impact Statement for the Springpole project
• Completed a $5.3 million flow-through equity financing
• Acquired the Duparquet Gold Project in Quebec for $24 million
• Divesting its non-core Goldlund royalty for $7 million
• Released its first Sustainability and ESG Report

As catalysts in 2023, the company continues Springpole feasibility and environmental assessment work and expects to release exploration results from its winter drill program at Birch-Uchi. First Mining also initiated a Preliminary Economic Assessment for Duparquet to be completed in H2 2023

February‍

C$6.7 Million Sale of Non-Core Royalty Portfolio‍

First Mining Gold entered into a definitive agreement to sell its non-core royalty portfolio to Elemental Altus Royalties Corp. for total consideration of approximately C$6.7 million. Highlights were a 2.0% net smelter return royalty on the Pickle Crow Gold Project operated by Auteco Minerals Ltd. and a 1.5% net smelter return royalty on the Hope Brook Gold Project operated by Big Ridge Gold Corp.

First Mining stated that the sale of its remaining non-core royalty portfolio would provide near-term liquidity while also retaining upside exposure to a premier emerging royalty company in Elemental Altus. The proceeds were expected to give First Mining financial flexibility as it continued advancing its two flagship assets.‍

Completion of Non-Core Royalty Portfolio Sale‍

Previously announced sale of its non-core royalty portfolio to Elemental Altus Royalties Corpwas was completed the. The total consideration was approximately C$6.7 million, comprised of C$4.7 million in cash and 1,598,162 common shares of Elemental Altus. First Mining stated that the sale of its remaining non-core royalty portfolio had provided near-term liquidity while also retaining upside exposure to a premier emerging royalty company in Elemental Altus. The proceeds were expected to give First Mining financial flexibility as it continued advancing its two flagship assets, the Springpole Gold Project and the Duparquet Gold Project.‍

January‍

Springpole Exploration Update on Birch-Uchi Greenstone Belt‍

First Mining had commenced a district-scale exploration program as part of a multi-year strategy to unlock the exploration potential on the +70,000-hectare BUGB property position. Highlights were district rock sampling programs returning grades up to 42.4 g/t Au, favourable soil geochemistry anomalies and the completion of a 3,843 line-kilometre regional airborne geophysical survey. Upcoming plans included integrating datasets for analysis and target evolvement, focusing on the Swain – Sol D’Or, Horseshoe, Sirius, and Canamer target areas to develop an integrated approach for exploration target assessment and building out a pipeline of targets ranging from grassroots to drill ready discovery level.‍

Indications of Growth Ahead‍

In 2022, First Mining advanced permitting at its Springpole Gold Project where a draft Environmental Impact Statement was published. The company also acquired the Duparquet Gold Project in Quebec and planned to advance it alongside the nearby Pitt and Duquesne projects. Work is underway to potentially expand Springpole’s 5 million ounce gold resource through regional exploration and to reach a construction decision in around 2.5 years after achieving feasibility and permits. 

First Mining believes achieving these de-risking steps for both projects can substantially increase the valuation of the company by the end of 2023 compared to its current market valuation of around $200 million.

Consolidation of Strategic Duparquet Property Package

First Mining Gold entered into an agreement with IAMGOLD Corp. to acquire the Porcupine East property located adjacent to First Mining's Duparquet Gold Project in Quebec. The total consideration was 2.5 million First Mining shares, a 1.5% net smelter return royalty on the property granted to IAMGOLD, and two contingent payments - $500,000 on declaration of a minimum 350,000 ounce gold resource on the property and $1 million within 12 months of commercial production at Duparquet if major infrastructure is built on the property. 

With the 1,868 hectare Porcupine East property, First Mining increased its total land package in Quebec by 50% to over 5,800 hectares. The property also added 7 km of exposure along the Destor-Porcupine Fault Zone and provided a contiguous property package covering favorable structures to demonstrate the highly prospective nature of the consolidated land package.