First Mining Gold's 2024 Project Milestones, Gold Project Silver Stream & Partnerships

• First Mining Gold has received the final US$5 million payment from First Majestic Silver Corp. related to the Springpole Gold Project silver stream agreement.
• The company amended the terms of 32 million warrants held by First Majestic, reducing the exercise price and extending the expiry date to March 2028.
• First Mining reported a cash and investments balance of $13.7 million as of December 2024, plus a $21.5 million equity interest in PC Gold Inc.
• The company has submitted its final Environmental Impact Statement for the Springpole Gold Project marking a significant permitting milestone.
• First Mining completed multiple financings in 2024, raising over $22 million through various private placements and public offerings.

First Mining Gold is a Canadian gold developer focused on advancing two of the largest gold projects in Canada. The company's flagship Springpole Gold Project in northwestern Ontario has progressed to the Feasibility Study stage with significant permitting milestones achieved in 2024. Its Duparquet Gold Project in Quebec represents a second major development asset, situated in the prolific Abitibi region. First Mining also maintains ownership of the Cameron Gold Project in Ontario and holds interests in additional gold projects including Pickle Crow and Hope Brook.

The company reported several significant developments on 2024 year progress on multiple fronts. Most notably, First Mining has received the final US$5 million payment from First Majestic Silver Corp. related to a silver stream agreement on the Springpole Project and has published its 2024 year-end financial results highlighting key operational achievements and its current financial position.

Financial Position & 2024 Year-End Results

First Mining reported its financial results for the year ended December 2024. Key financial highlights include Cash and current investments balance of $13.7 million as of December 2024, and equity interest in PC Gold Inc. (Pickle Crow Project) valued at $21.5 million. The company strengthened its treasury throughout 2024 through several successful capital raises.

Silver Stream Final Payment

First Mining announced the receipt of the final US$5 million payment from First Majestic Silver related to their silver stream agreement for the Springpole Gold Project.The silver purchase agreement was originally established on June 2020, granting First Majestic a stream over silver production from the Springpole Project in exchange for cash and share payments. The recent amending agreement revised the terms of the final payment (Tranche 3 Payment) to stipulate a US$5 million cash payment by March 2025.

The exercise price of these warrants was reduced from $0.374 to $0.20 per warrant, and the expiry date was extended from July 2, 2025, to March 31, 2028. Additionally, the agreement includes an acceleration clause that allows First Mining to accelerate the expiry date if the company's share price equals or exceeds $0.30 for 45 consecutive trading days. The Toronto Stock Exchange approved these warrant amendments, with First Mining noting that none of the warrants being extended are held by company insiders.

Springpole Gold Project Advancement

First Mining has made substantial progress advancing its flagship Springpole Gold Project in northwestern Ontario during 2024, with several notable achievements highlighted in the company's year-end report:

Environmental Assessment Progress

First Mining announced the submission of the Final Environmental Impact Statement/Environmental Assessment (EIS/EA) for the Springpole Gold Project in November 2024. This submission represents a significant milestone in the project's permitting process, incorporating over 14 years of research and data collection. The company noted that the final EIS/EA includes several optimizations completed since the Pre-Feasibility Study was released.

The document addresses key environmental considerations including fish habitat offsetting and water quality management to meet Canadian Water Quality Guidelines during all project phases. The company stated that the analysis shows all regulatory requirements will be met by the project.

First Mining received a positive Federal Conformity Determination from the Impact Assessment Agency of Canada for the Springpole Gold Project Final EIS on December 2024, indicating the assessment process is advancing as planned.

Project Developments & Resource Expansion

The company announced several technical developments at Springpole:

• First Mining established an Independent Geotechnical and Tailings Review Board for the Springpole Gold Project, which provided a positive initial review.
• A potential Eastern Extension resource growth opportunity with initial results from the 2024 East Extension diamond drilling program, including intercepts of 0.83 g/t Au and 8.02 g/t Ag over 52.50 m, and 0.61 g/t Au and 4.66 g/t Ag over 46.50 m from drill hole SP24-007.
• The company entered into a Process Agreement with Cat Lake First Nation and Lac Seul First Nation, providing capacity support for implementing a community-based Anishinaabe-Led Impact Assessment. This agreement represents an important step in fostering cooperative relationships with local Indigenous communities as the project advances.

Duparquet Gold Project Exploration

Beyond Springpole, First Mining has been actively advancing exploration at its Duparquet Gold Project in Quebec. The company announced exploration results in November 2024 from the Buzz and North Zone expansion targets:

• Hole DUP24-028 from the Buzz Zone returned 1.55 g/t Au over 15.4 m, including 3.08 g/t Au over 5.3 m
• Hole DUP24-032 from the North Zone returned 4.00 g/t Au over 5.7 m, including 6.65 g/t Au over 2.0 m

These results highlight the exploration potential at Duparquet, which is located on the Destor-Porcupine Fault Zone in Quebec's prolific Abitibi region.

Birch-Uchi Greenstone Belt Exploration

First Mining has also been conducting exploration at its Birch-Uchi Greenstone Belt Exploration Project, with a focus on the Challenger high-grade gold discovery. The company announced that the Challenger target area, located 12 km southwest of the Springpole Gold Project, has become one of several high-priority exploration targets.

This exploration work demonstrates First Mining's commitment to enhancing value through discovery beyond its main development projects.

Conclusion: Investment Considerations

For investors considering First Mining Gold Corp., the recent developments present several key factors to evaluate:

• Project Advancement: The company has made significant progress on permitting its flagship Springpole Project, an essential step toward potential development. The submission of the final Environmental Impact Statement marks a critical milestone in derisking the project.

• Financial Position: With $13.7 million in cash and investments as of December 31, 2024, plus a $21.5 million equity interest in PC Gold Inc., First Mining has strengthened its financial position through multiple successful capital raises totaling over $22 million in 2024.

• Resource Growth Potential: Exploration results at Springpole (Eastern Extension), Duparquet, and the Birch-Uchi Greenstone Belt demonstrate potential for resource expansion across the company's portfolio.

• Silver Stream Monetization: The completion of the silver stream agreement with First Majestic through the final $5 million payment provides additional non-dilutive capital while maintaining the strategic relationship through the amended warrant terms.

• ESG Focus: The company's emphasis on environmental assessment, Indigenous engagement, and annual ESG reporting reflects awareness of the importance of these factors in modern mining development.

First Mining represents an opportunity for investors interested in gold development projects in established Canadian mining jurisdictions. The company's focus on advancing its two flagship projects while maintaining exploration activities and a solid financial position provides multiple potential catalysts as it progresses toward its development objectives. The successful completion of permitting milestones and continued exploration success will be key factors to monitor for investors evaluating the company's prospects going forward.