First Mining Gold's Q2 2023 Financial Results

First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is a Canadian gold developer focused on advancing its two flagship assets - the Springpole Gold Project in northwestern Ontario and the Duparquet Gold Project in Quebec. With robust economics and strong potential to grow resources, First Mining offers investors exposure to significant upside in the gold market.

Q2 2023 Highlights

• Continued collecting environmental baseline data and advancing environmental assessment work at Springpole, planning for submission of a final EIS/EA in 2024
• Delivered results from winter drilling at Birch Uchi, including significant intersections at the Saddle (0.92 g/t over 114m) and Horseshoe (0.54 g/t over 57m) targets
• Commenced 5,000 metre initial exploration drill program at Duparquet
• Filed initial management plan with Quebec for historic mine by-product material at Duparquet
• Completed $5M non-brokered private placement to fund exploration at Duparquet
• Published second annual ESG report highlighting sustainability commitments and progress
• Completed sale of Eagle Claims in Manitoba to Grid Metals Corp. for $300k cash plus shares

Springpole Permitting and Development Activities On Track

In their latest quarterly results, First Mining has delivered encouraging progress across both core projects. Most notably, the company continues to advance permitting and development activities at Springpole while exploration at Duparquet has commenced with positive early drilling results. First Mining also strengthened its balance sheet with a $5 million private placement to support ongoing work.

Duparquet Exploration Delivers Strong Initial Drill Results

Meanwhile, Duparquet saw the launch of a 5,000 meter initial exploration program targeting resource growth and discovery of new zones. Strong drill results reported in Q2 include intersections of 0.92 g/t gold over 114 metres and 0.54 g/t gold over 57 metres. Situated in the prolific Abitibi region, Duparquet’s sizable resource base, existing infrastructure and extensive land package offer numerous avenues for value creation.

Monetizing Non-Core Assets to Support Development

Beyond advancing its core assets, First Mining continues to monetize non-core portfolio projects to support development. The recent sale of its Manitoba claims generated $300,000 cash plus shares of Grid Metals Corp. This successful deal exemplifies the company’s ability to surface value across its broad portfolio.

Investment Highlights

With two robust, de-risked gold projects located in tier one mining jurisdictions, First Mining presents a compelling investment opportunity:

• Large, high-grade resources supporting low cost, scalable operations with exploration upside
• Streamlined focus on rapidly advancing Springpole and Duparquet to production
• Proven mine development and permitting team with track record of success
• Strong balance sheet and cash position sufficient to reach major milestones
• Attractive valuation relative to peer gold developers

For current shareholders and investors considering an investment in First Mining Gold, the second quarter results showcase the company's meaningful progress and future growth potential.

The continued advancement of Springpole and Duparquet highlights First Mining's focus on surfacing value at these core assets. With Springpole rapidly de-risking and Duparquet delivering encouraging exploration results, First Mining has multiple avenues to deliver significant returns for investors as these projects move closer to production.

Supported by a strengthened balance sheet and prudent monetization of non-core holdings, First Mining has the financial capacity to continue advancing and de-risking these key assets. Led by a proven technical team, First Mining is executing well, as shown by the milestones achieved across its portfolio.

For prospective investors, First Mining offers excellent exposure and leverage to the upside in gold prices, with key assets located in top-tier mining jurisdictions. For current shareholders, the second quarter results validate the significant upside and shareholder returns achievable as First Mining continues on the path to unlocking value from its portfolio of high-quality Canadian gold projects.