First Mining Gold's Q3 2024 Advancement on Key Ontario & Quebec Gold Projects

• First Mining Gold submitted the final Environmental Impact Statement / Environmental Assessment (EIS/EA) for its wholly-owned Springpole Gold Project in Ontario, marking a significant milestone in the permitting process.
• The company entered into a Process Agreement with Cat Lake First Nation and Lac Seul First Nation for the Springpole Project, providing capacity support for an Anishinaabe-Led Impact Assessment.
• As of September 2024, First Mining had a strong financial position with a combined cash and investments balance of $35.3 million where the company successfully raised over $15 million through a public bought deal offering and a non-brokered private placement subsequent to quarter-end.
• Exploration efforts at First Mining's Birch-Uchi Greenstone Belt Project in Ontario yielded positive results with the discovery of new gold mineralization at the Challenger target, including high-grade channel and grab samples.

Third Quarter Financial & Operational Updates

First Mining Gold Corp. (TSX:FF) is a gold developer advancing two of the largest gold projects in Canada - the Springpole Gold Project in northwestern Ontario and the Duparquet Gold Project in Quebec. The company, founded in 2015 by Keith Neumeyer who also founded First Majestic Silver Corp, additionally owns the Cameron Gold Project in Ontario and a portfolio of other gold project interests. First Mining is focused on permitting and feasibility study activities at its advanced-stage Springpole project.

Springpole Gold Project Achieves Permitting Milestone

First Mining achieved a significant milestone in the advancement of its wholly-owned Springpole Gold Project in Ontario with the submission of the final EIS/EA in early November 2024. This marks the culmination of over two and a half years of consultation and engagement since the draft EIS/EA was submitted in May 2022.

The Springpole Project is being assessed under the Canadian Environmental Assessment Act as well as Ontario's Environmental Assessment Act. Springpole hosts 4.6 million ounces of Proven and Probable Reserves and has the potential to become one of Canada's largest gold mines, delivering significant economic benefits to the region.

Addressing Indigenous Community Interests

As part of its environmental assessment process, First Mining entered into a Process Agreement with Cat Lake First Nation and Lac Seul First Nation which provides important capacity support for the implementation of an Anishinaabe-Led Impact Assessment ("ALIA").

Engaging with local indigenous communities is a key priority for First Mining as it advances Springpole through the permitting process. The company is committed to sustainable development with a focus on environmental stewardship.

Solid Financial Position

At the end of the third quarter, First Mining had a combined cash and investments balance of $35.3 million, including $13.8 million in cash and current investments. The company also holds an equity interest in PC Gold Inc., the Pickle Crow Gold Project, valued at $21.5 million.

Subsequent to quarter-end, First Mining further strengthened its balance sheet, raising over $15 million through a public bought deal offering of $8.1 million and a non-brokered private placement of $7.4 million. This provides the company with the financial flexibility to continue advancing its project pipeline.

New Gold Discovery at Birch-Uchi Project

First Mining's exploration efforts at its Birch-Uchi Greenstone Belt project in Ontario yielded positive results in the third quarter. The company discovered four new gold occurrences at the Challenger target, with channel sampling returning grades up to 6.53 g/t gold over 3 meters and grab samples as high as 26.6 g/t gold.

These results highlight the prospectivity of First Mining's exploration projects to deliver new discoveries and add value beyond the company's core development assets.

Advancing Duparquet in the Abitibi

At the Duparquet Gold Project in Quebec, First Mining continued its diamond drilling program, announcing results from the Phase 3 program at the Valentre target. These results further defined resource expansion opportunities at this PEA-stage project located in the prolific Abitibi region. The company completed over 9,500 meters of drilling in 24 holes with assays in progress.

Duparquet provides First Mining with a second cornerstone development asset to complement Springpole. With a number of past-producing mines and proximity to existing infrastructure in the Abitibi, Duparquet is an attractive development opportunity.

Validation on Springpole's Tailings Facility Design

First Mining Gold announced that an Independent Geotechnical and Tailings Review Board (IGTRB) has been formally established for its Springpole Gold Project in Ontario. The IGTRB, consisting of three world-class experts each with over 40 years of experience, was formed to provide independent expert advice on key engineering components, including the project's Co-Disposal Facility (CDF) for tailings and mine rock management.

The IGTRB was initiated in 2023 and formalized in 2024, meeting to review the updated Pre-Feasibility Study design for the CDF. The board reviewed all design materials produced by First Mining's engineering team to date and provided feedback on the work completed and planned next steps.

Positive Findings

The IGTRB expressed support for the design advancements made since the Pre-Feasibility Study, noting that the work completed meets their expectations. The IGTRB consists three independent, internationally recognized experts in tailings management and geotechnical engineering:

• Peter Lighthall, P.Eng: An independent geotechnical consultant with over 50 years of experience specializing in tailings dams, impoundments, and mine waste management.
• Ward Wilson, Ph.D, P.Eng: Professor of Geotechnical and GeoEnvironmental Engineering at the University of Alberta with more than 40 years of industrial experience in advanced mine rock and tailings management.
• John Lupo, Ph.D, P.E: With 40 years of global experience in geotechnical and geomechanics with the mining industry. He has authored over 65 technical articles and been the lead designer or reviewer for over 90 tailings and mine rock facilities.

Having this calibre of independent experts reviewing Springpole's designs from an early stage demonstrates First Mining's commitment to developing the project following leading industry practices.

Key findings include support on the design advancements made since the Pre-Feasibility Study, confirmation that the work completed to date on the CDF meets expectations and highlight on the favourable geotechnical foundation conditions at the CDF location.

These positive findings build confidence in First Mining's work to date and plans going forward. The full IGTRB reports and First Mining's responses are publicly available in the final Environmental Impact Statement / Environmental Assessment for the project.

Optimizing Design, Informing Next Steps

Feedback from the IGTRB has already helped First Mining optimize the CDF design to improve operational and environmental performance. It is also informing supplemental studies planned for detailed engineering. CEO Dan Wilton stated:

"Their work has already helped inform optimizations to the CDF design improving operational and environmental performance and to inform the supplemental studies planned for detailed engineering."

Establishing the IGTRB is part of First Mining's commitment to sustainability and aligns with best practices for tailings management both in Canada and internationally. The board will remain an important component of the Springpole project throughout the life of the mine, informing all aspects of the CDF from detailed engineering and construction through to operations and closure.

Conclusion

First Mining has delivered a solid third quarter, achieving key milestones at its advanced-stage development projects while generating value through exploration success. With the submission of the final EIS/EA at Springpole, First Mining is now well-positioned to advance the permitting process for this potentially significant new Canadian gold mine.

As a well-funded developer with a diverse asset base and a strong focus on ESG principles, First Mining offers investors an attractive opportunity for exposure to gold development in safe mining jurisdictions. The company's experienced management team, led by CEO Dan Wilton, has a track record of successfully permitting and developing gold projects.

With $35 million in cash and investments, and a further $15 million raised subsequent to quarter-end, First Mining is well capitalized to deliver on its plans through 2024 and beyond. The Birch-Uchi project demonstrates the potential for the company to organically add value through exploration on its earlier-stage properties.

As First Mining continues to advance Springpole and Duparquet, the company is well-positioned to re-rate towards the valuations of other single-asset developers. Positive drill results from Duparquet and the Cameron project could provide additional catalysts for the stock. With several projects now being advanced with partners, First Mining has multiple paths to value creation.

For investors seeking exposure to gold through a company with a strong asset base, experienced management, and a commitment to sustainability and indigenous community engagement, First Mining Gold presents a compelling opportunity.