First Mining Gold - Undervalued Developer Advancing Two Significant Canadian Gold Projects

• First Mining Gold has two significant gold projects in Canada - Springpole and Duparquet - that could each produce over 200,000 oz per year at low costs
• Springpole's feasibility study is 90% complete, showing potential for a large open-pit mine. Duparquet has exploration upside to expand its 6.5M oz resource
• First Mining is advancing permitting, Indigenous agreements and strategic options to maximize value as gold project scarcity increases
• Regional exploration around Springpole offers district-scale upside. Duparquet's location enables potential toll milling options
• CEO believes First Mining is undervalued based on its project quality and ounces, providing multiple avenues for share price appreciation

About First Mining Gold

First Mining Gold Corp. is a Canadian gold developer advancing two high-quality, sizeable gold projects: Springpole in Ontario and Duparquet in Quebec. Led by CEO Dan Wilton, First Mining has a supportive shareholder base, including Keith Neumeyer. The company focuses on de-risking and growing the value of its key projects to maximize shareholder returns.

Springpole: A Large-Scale Development Opportunity

The flagship Springpole project offers a rare development opportunity in Canada. The ongoing feasibility study, already 90% complete, builds upon a robust 2021 pre-feasibility study (PFS). The PFS outlines a large open-pit operation producing over 300,000 ounces annually at an attractive all-in-sustaining cost (AISC) below $1000/oz.

While capital costs have increased about 25% from the $718M initial capex in the PFS due to inflation, Springpole's economics remain compelling, especially at a gold price above $1800/oz. CEO Dan Wilton highlighted the significant leverage to gold prices, with every $100 increase adding $150M to after-tax NPV.

Springpole benefits from its large, disseminated resource which can be mined efficiently from an open pit. Grades average 1 g/t gold and 5 g/t silver, with a low strip ratio and access to grid power helping to keep costs down. The feasibility study is on track for completion in late 2025, aligning with anticipated environmental assessment approvals.

Duparquet: Exploration Upside in the Abitibi

First Mining's Duparquet project in Quebec provides additional value and optionality. The 2022 PEA scoped a 200,000 oz per year operation with a low AISC below $1000/oz. However, the real upside lies in exploration potential, with the project located on 19 km of the prolific Porcupine-Destor Fault.

Historic mining and drilling at Duparquet has delineated 3.5M oz in M&I resources plus 1.5M oz inferred, all within 500 m of surface. As Wilton explained, "We honestly think this project has barely been drilled below 500 meters. And with every other deposit in the Abitibi, the real deposits start a kilometer down." Deeper drilling and on-strike extension of known zones could significantly grow Duparquet, with Wilton seeing "a very clear path for this project to be 10 million ounces plus."

The project's location in the heart of the Abitibi also enables potential toll milling opportunities. With 14 mills within 200 km, a higher-grade open pit operation at Duparquet could be an attractive feed source. This could allow for a faster route to production while larger-scale development is permitted.

Organic Growth & Strategic Optionality

First Mining is actively advancing permitting, Indigenous community agreements, and exploration to grow and de-risk both assets. Springpole's environmental assessment approval is expected in late 2025. The company is working diligently with local Indigenous communities, listening to their input and priorities to establish productive long-term relationships.

Springpole's district-scale land package provides a "wild card" in the form of regional exploration upside. The company has identified over 80 targets, with initial drilling confirming the potential for additional discoveries in the same greenstone belt that hosts the world-class Red Lake mines.

On the corporate front, First Mining's strong shareholder base and asset quality provide strategic optionality. The scarcity of sizeable, developable gold projects in Canada is attracting attention from larger producers. First Mining is open to partnerships or other transactions to maximize value, potentially bringing in a partner to help fund and fast-track development.

The Investment Thesis for First Mining Gold

• First Mining Gold offers a compelling investment opportunity based on its two advanced, sizeable Canadian gold development projects - Springpole and Duparquet
• Both projects have robust economics with the potential to produce over 200,000 oz per year at low costs, with exploration upside to further grow resources and value
• The company is significantly undervalued based on its project quality and gold ounces in the ground, trading at less than $10/oz versus historic M&A valuations of $100-200/oz
• Upcoming catalysts include Springpole feasibility study completion, Indigenous agreements, permitting milestones, and ongoing exploration results
• Strategic optionality for partnerships, project-level deals or corporate M&A provides additional avenues for value creation
• Experienced management team and supportive shareholder base focused on maximizing returns

Conclusion

First Mining Gold presents a unique opportunity to gain exposure to two high-quality, advanced-stage Canadian gold projects. With a clear path to growing resources and production, the company is well-positioned to benefit from rising gold prices and increasing scarcity of developable ounces.

As CEO Dan Wilton affirmed, "These projects in good markets have sold for $100 to $200 an ounce. And I think that's kind of the trajectory that we can see here." Active exploration and permitting progress, combined with strategic optionality, provide multiple avenues for value creation. For investors seeking gold development exposure in a top-tier jurisdiction, First Mining Gold stands out as an undervalued opportunity with significant upside potential.