First Mining Gold's 2023 Exploration Results & Commencement of 2024 Drill Program at Duparquet Project

• First Mining has completed its 2023 exploration drilling at the Duparquet Gold Project in Quebec, consisting of 17 holes totaling 6,966 meters. All assays have now been received.
• Highlights from the latest results include 1.83 g/t gold over 7 meters at the Donchester South Shear Zone (DCD Zone), extending mineralization 200 meters along strike.
• The 2024 exploration program is now underway, with a focus on expanding known mineralization as well as testing new regional targets through drilling and geophysical surveys.
• Recent drilling has uncovered opportunities to grow resources at Duparquet, with extensions identified at multiple zones as well as new discoveries.
• First Mining sees significant potential for resource expansion and new discoveries across the 19 kilometer strike length at Duparquet within this productive gold district.

About First Mining Gold & the Duparquet Project

First Mining Gold Corp. is a Canadian gold developer focused on advancing its two main assets – the Springpole Gold Project in Ontario which is in the feasibility study stage and the Duparquet Gold Project in Quebec which was the subject of a positive Preliminary Economic Assessment in 2023.

The Duparquet Gold Project covers around 5,800 hectares along 19 kilometers of the prolific Destor-Porcupine Fault Zone in the Abitibi region of Quebec. Infrastructure is excellent, with road, rail and power access. Duparquet consists of several past producing mines and defined gold deposits that First Mining believes can be advanced into a centralized mining operation.

Recent Exploration Success Points to Resource Growth Potential

Drilling in 2023 has successfully extended mineralization at Duparquet outside of current resource pit shells, highlighting opportunities to continue growing the project’s resource base. Extensions were intersected at multiple zones, spanning up to 200 meters in strike length.

A highlight result was from the Donchester South Shear Zone area, with hole DUP23-010 cutting 1.83 g/t gold over 7 meters outside of the PEA pit shell. This extended the zone 200 meters to the east. Mineralization begins near surface and remains open for expansion.

At the North Zone and Central Duparquet, recent step out drilling revealed gold mineralized intercepts starting from surface that point to opportunities for expanding open pit resources.

First Mining also discovered a new zone called the Buzz Zone during last year’s drilling, with highlights including 6.52 g/t over 4.6 meters, showing the exploration upside that still exists along this highly prospective trend of gold deposits.

Poised for More Exploration Success in 2024

With the 2023 program validating targets and making new discoveries, First Mining is excited to follow up on these results. Drilling commenced in February at priority targets in the North Zone and surrounding area.

Phase 3 drilling slated to begin in Q2 2024 will test the depth and along strike extensions of known deposits based on the successful step out drilling completed last year. The thousands of meters planned will provide ample targets for potential resource growth.

At the regional scale, airborne geophysics and mapping surveys in 2024 will aid in defining additional grassroots targets near the Duparquet Main mineralized corridor. First Mining will drill test the best of these later in the year.

Significant Upside with Continued Exploration

The recent drill results have increased First Mining’s confidence that the Duparquet Project can continue growing through discovery and expansion of existing gold deposits. The 2024 program is set up to build on this success.

With only a portion of the 145,000 hectare land package explored so far, First Mining sees substantial potential for further exploration upside at Duparquet and on the surrounding regional targets. The displaced corridor hosting Duparquet extends for over 250 km with many opportunities left to explore.

The Company plans to continue advancing Duparquet in parallel with its Springpole Gold Project, as management believes both assets have potential to add significant shareholder value as they move along the development track towards production.

Recent Permitting Update

First Mining recently received permits from the Ontario Ministry of Natural Resources and Forestry to construct an 18 km temporary winter road to connect the existing forestry road to the Springpole exploration camp. This would provide overland access in order to reduce the safety and environmental risks associated with transporting supplies over ice roads.

However, the Cat Lake First Nation has challenged the issuance of these permits, resulting in an interim court order that has put the temporary winter road plans on pause for now. First Mining had engaged extensively with local Indigenous communities in developing these permits and continues to seek constructive dialogue to address concerns.

While this creates some short-term uncertainty, First Mining remains committed to advancing Springpole responsibly and addressing the priorities of stakeholders. The temporary winter road authorization aims to improve safety and sustainability while having minimal impacts on traditional land use. It does not change First Mining’s long-term development plans or permitting timeline at Springpole.

Conclusion

With advanced assets, continued exploration success, and management focused on value-creating milestones, First Mining offers investors an attractive leveraged play on the gold development space.

In the near-term, the uncertainty regarding the Springpole temporary winter road permitting needs to be monitored. However, permitting delays are common for large-scale mining projects, and First Mining has demonstrated its capability to navigate through these processes responsibly while maintaining steady progress on critical path activities.

The Company boasts robust economics at Springpole along with resource expansion potential at Duparquet. As these projects continue de-risking and advancing toward production, First Mining expects to unlock significant value for shareholders in the coming years. Investors with a reasonable risk tolerance and long-term outlook are well-positioned to benefit.

The legal challenges create a degree of short-term uncertainty. However, First Mining has a track record of constructively engaging with stakeholders, and the temporary winter road aims to improve safety and sustainability. With advanced assets and exploration upside, patient investors stand to benefit.