First Mining Gold's $5M Flow-Through Financing to Advance Canadian Gold Projects

• First Mining Gold is conducting a non-brokered private placement to raise up to $5 million
• The offering consists of National and Quebec flow-through common shares at $0.165 and $0.18 per share respectively
• Proceeds will fund exploration that qualifies as "Canadian exploration expenses" and "flow-through mining expenditures"
• First Mining is advancing the Springpole and Duparquet gold projects in Ontario and Quebec
• The company also owns the Cameron project and has partnerships to advance Pickle Crow and Hope Brook

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 company was established in 2015 by Keith Neumeyer, the founding President and CEO of First Majestic Silver Corp. First Mining is currently conducting a Feasibility Study and permitting activities at its flagship Springpole Gold Project in northwestern Ontario. A draft Environmental Impact Statement (EIS) for Springpole was published in June 2022.

The company's other key asset is the Duparquet Gold Project in the Abitibi region of Quebec, which is currently at the PEA stage. First Mining also owns 100% of the Cameron Gold Project in Ontario and has formed partnerships to advance the Pickle Crow Gold Project in Ontario (with Firefly Metals Ltd.) and the Hope Brook Gold Project in Newfoundland (with Big Ridge Gold Corp.).

$5 Million Flow-Through Financing

To fund continued exploration and development across its project portfolio, First Mining has announced a non-brokered private placement to raise aggregate gross proceeds of up to $5 million. The flow-through financing will consist of up to 24,242,424 National flow-through common shares priced at $0.165 per share and 11,111,111 Quebec flow-through shares priced at $0.18 per share.

The proceeds will be used to incur eligible "Canadian exploration expenses" and "flow-through mining expenditures" as defined under the Income Tax Act (Canada). The Quebec flow-through share proceeds will additionally qualify for inclusion in the "exploration base relating to certain Quebec exploration expenses" and the "exploration base relating to certain Quebec surface mining exploration expenses" under the Taxation Act (Quebec). This will provide tax incentives to the investors while allowing First Mining to advance exploration activities across its Canadian projects.

The flow-through financing is expected to close on or before June 14, 2024, subject to completion of formal documentation and receipt of regulatory approvals, including approval from the Toronto Stock Exchange (TSX). The shares issued under the financing will be subject to a four month and one day statutory hold period from the closing date.

Advancing the Springpole Gold Project

First Mining's primary focus is the advancement of its 100%-owned Springpole Gold Project located in northwestern Ontario. Springpole is one of the largest undeveloped gold projects in Canada, with 4.6 million ounces of Indicated gold resources and an additional 0.3 million ounces Inferred (see First Mining news release from January 20, 2021).

The company is currently in the midst of conducting a Feasibility Study on Springpole to refine the economics and advance the project towards a construction decision. Alongside this engineering work, First Mining is continuing to progress the permitting process. The company published a draft EIS for the project in June 2022 and is in the process of preparing the final EIS for submission.

Proceeds from the current flow-through financing will help to support the ongoing exploration, permitting, environmental and community engagement activities at Springpole as the project advances through Feasibility and permitting.

The Path Forward at Duparquet

First Mining is also conducting work to advance its Duparquet Gold Project located in the Abitibi region of Quebec. A PEA was completed on the project in 2014 outlining a 10-year mine life with average annual gold production of 97,000 ounces. The company is now conducting exploration and technical studies to prepare Duparquet for a Pre-Feasibility Study.

Drilling at Duparquet in 2021 returned several high-grade gold intercepts and extended the mineralized zones at the Pitt and Beattie deposits (see First Mining news release from September 1, 2021). The current flow-through financing will enable First Mining to follow up on these results and further explore the resource expansion potential at Duparquet in preparation for the eventual PFS. A portion of the flow-through proceeds are specifically allocated as qualifying Quebec exploration expenditures, providing an additional tax incentive for investment in the province.

Additional Projects & Partnerships

First Mining has interests in several other Canadian gold projects outside of Springpole and Duparquet, providing additional opportunities for value creation. These include the 100%-owned Cameron Gold Project in Ontario along with partnership interests in the Pickle Crow and Hope Brook projects.

The company owns a 20% interest in the Pickle Crow Project in partnership with Firefly Metals Ltd. and a 20% interest in the Hope Brook Project in partnership with Big Ridge Gold Corp. These holdings give First Mining exposure to exploration upside while allowing the company to focus the majority of its resources on its core Springpole and Duparquet assets.

Key Takeaways for Investors

First Mining Gold offers investors exposure to two of the largest undeveloped gold projects in Canada with significant resource growth and optimization potential. The Springpole and Duparquet projects have the potential to support long-life mining operations in established mining jurisdictions. Through the current $5 million flow-through financing, First Mining is leveraging the flow-through tax benefits available to Canadian resource companies to raise funds for exploration while providing tax incentives to investors.

Springpole is the company's flagship asset and is steadily advancing through Feasibility and permitting, making it one of the few gold development projects of scale in Canada that could realistically reach a construction decision within the next few years. Renewed exploration at Duparquet is demonstrating the potential to grow the existing gold resource and advance the project to the next level of economic studies.

First Mining also provides additional upside potential through its 100% ownership of the earlier-stage Cameron Project and its partnership interests in the Pickle Crow and Hope Brook projects. These assets offer exposure to potential exploration success and development with less direct capital requirements from First Mining.

Overall, the company has a strong portfolio of Canadian gold assets anchored by two advanced-stage development projects with multi-million ounce potential. With a leadership team that has a proven track record of creating shareholder value in the mining sector, First Mining is well positioned to continue advancing its projects and delivering returns to investors.

The current $5 million flow-through financing will enable First Mining to maintain momentum at Springpole and Duparquet by funding exploration programs that will increase geological understanding, grow the resources, and prepare the projects for the next stages of engineering and economic evaluation on the path to potential production. For investors looking to gain exposure to a diversified Canadian gold developer with major catalysts on the horizon, First Mining Gold presents a compelling opportunity.