First Mining Gold's 2024 First Quarter Financial Results & Operating Highlights

• First Mining Gold holds strong financial position with $7.7M cash and investments valued at $24.6M to fund ongoing project development
• The company continues to generate non-dilutive funding by monetizing non-core assets
• Springpole Gold Project advancing permitting and environmental assessment work towards final EIS/EA submission in 2024
• Expanded land position in Birch-Uchi greenstone belt and now owns 100% of Swain Post property
• Duparquet Project 2024 drill program underway, with new mineralized zone identified at the Valentre target

About First Mining Gold

First Mining Gold Corp. (TSX:FF) is a Canadian gold development company focused on advancing two of the largest gold projects in Canada - the Springpole Gold Project in Ontario and the Duparquet Gold Project in Quebec. The company also owns the Cameron Gold Project in Ontario and a portfolio of gold project interests including Pickle Crow (Ontario), Hope Brook (Newfoundland), and a significant equity stake in Treasury Metals Inc.

First Mining was founded in 2015 by Keith Neumeyer, the founding CEO of First Majestic Silver Corp. The company's experienced leadership team and board have a proven track record of delivering shareholder value through the identification, acquisition and advancement of high-quality mineral assets.

Q1 2024 Operating Highlights and Catalysts

Springpole Gold Project

During the first quarter, First Mining continued to collect environmental baseline data and advance the environmental assessment work at its flagship Springpole Gold Project located in northwestern Ontario. The company is planning to submit the final Environmental Impact Statement (EIS) and Environmental Assessment (EA) to regulators in 2024, a key milestone in the permitting process. Importantly, First Mining continues to engage and negotiate with local indigenous rights holders and government agencies to ensure project plans have the support of all stakeholders.

A Feasibility Study is also underway at Springpole to further refine the economics and de-risk the project. Springpole is one of the largest undeveloped open pit gold projects in Canada, with Proven & Probable Mineral Reserves of 3.8 Moz gold and 20.5 Moz silver (121.6 Mt at 0.97 g/t Au, 5.23 g/t Ag).

Birch-Uchi Greenstone Belt

First Mining expanded its land position in the highly prospective Birch-Uchi Greenstone Belt of Ontario by completing a 3-year option agreement to acquire 100% of the Swain Post property. Swain Post comprises 237 mining claims covering 4,786 hectares and is located near First Mining's Springpole and Birch-Uchi properties. This strategic acquisition further consolidates First Mining's dominant land position in a district that has seen significant new gold discoveries in recent years.

Duparquet Gold ProjectIn Quebec, First Mining commenced its 2024 drill program at the Duparquet Gold Project, located on the prolific Destor-Porcupine Fault. The winter component of the Phase 2 program is now complete and has identified a new mineralized zone at the Valentre target, situated between the Central Duparquet and Dumico deposits. This drilling has demonstrated the potential continuity of mineralization in an area that had never been drill-tested prior to First Mining's 2023 campaign.

Duparquet hosts indicated resource of 3.4 Moz gold and an Inferred Resource of 2.6 Moz gold, making it the second largest undeveloped gold project in Quebec. A PEA study is underway to evaluate potential development scenarios for this brownfield asset.

Financial Position & Funding

As of March 31, 2024, First Mining had a strong balance sheet with $7.7 million in cash and cash equivalents. The company also owns equity interests in Treasury Metals and PC Gold Inc. (Pickle Crow) valued at $24.6 million, providing additional financial resources and flexibility.

In January, First Mining filed a Final Shelf Prospectus with Canadian and U.S. securities regulators to give the company the option to raise funding in the future if needed to support ongoing development activities. However, the company's current strategy is to fund its core assets in a non-dilutive manner by monetizing non-core holdings.

To that end, during Q1 First Mining sold 36.5 million shares of Big Ridge Gold Corp. for gross proceeds of $1.825 million. Big Ridge is advancing First Mining's Hope Brook Gold Project in Newfoundland, which the company retains a 20% interest in following Big Ridge's exercise of a stage 2 earn-in right in March.

Conclusion

First Mining Gold offers a unique investment opportunity - exposure to two of the largest undeveloped gold projects in Canada, both with multi-million ounce resources and significant exploration upside. The company continues to create value and advance its flagship assets at Springpole and Duparquet, with several key project catalysts expected over the next 12-18 months.

Springpole is steadily progressing through the permitting and environmental assessment process in Ontario. The company expects to deliver an updated resource estimate and Feasibility Study in the coming quarters ahead of submitting its final EIS/EA to regulators in 2024. At Duparquet, investors can look forward to an updated mineral resource estimate incorporating First Mining's recent drilling success, as well as a PEA study outlining potential development scenarios for this cornerstone asset.

Beyond its two flagship projects, First Mining has assembled a robust portfolio of gold assets across Tier-1 mining jurisdictions that provide additional value and optionality for shareholders. These include the Cameron Project in Ontario, Pickle Crow (operated by FireFly Metals), Hope Brook (operated by Big Ridge Gold), and a large equity interest in Treasury Metals, which is advancing the Goliath Gold Complex in Ontario.

Importantly, First Mining has a strong balance sheet to fund ongoing activities and a disciplined capital allocation strategy focused on non-dilutive funding sources. The company will continue to surface value from its non-core portfolio and maintain a tight share structure to minimize future dilution.

With approximately 11.8 million ounces of attributable gold resources (measured, indicated and inferred), a market capitalization of ~C$150 million, and an experienced management team and Board with a track record of value creation, First Mining Gold is well-positioned to deliver long-term shareholder value. The company offers exceptional leverage to a rising gold price and is an attractive opportunity for investors looking for exposure to high-quality gold assets in safe jurisdictions.