The Scarcity of Large-Scale Gold Development Projects in Canada Creates a Unique Opportunity for Investors

• Canada's gold development pipeline is shrinking, with only a handful of significant projects currently advancing toward production
• First Mining Gold holds a strategic advantage by controlling two of these top ten development assets - Springpole and Duparquet - representing over 8 million ounces of combined gold resources
• The top 10 development projects range from 4.1 to 11.2 million ounces in size, with grades varying from 0.69 g/t to 3.47 g/t gold
• These projects are significantly de-risked through extensive drilling, technical studies, and in many cases, historical mining data
• The scarcity of large-scale development projects in Canada suggests these assets will become increasingly strategic as gold demand continues to grow

A Look at Canada's Dwindling Gold Development Pipeline

The Canadian mining industry, often celebrated as a global leader in resource development, is confronting a significant moment of reckoning. Despite Canada’s long-standing reputation as a top-tier mining jurisdiction, the pipeline of new gold projects advancing toward production has thinned to a troubling degree over the past decade. This development threatens not just the future of gold production in Canada, but also the broader mining ecosystem that relies on a steady stream of new discoveries and advancements to sustain itself.

Among the few remaining advanced-stage gold deposits, an intriguing dynamic has emerged: First Mining Gold holds two of the top 10 undeveloped gold projects in the country. This dual ownership not only highlights the scarcity of high-quality gold assets but also underscores the strategic importance of consolidated ownership at a time when securing the capital to develop these projects is becoming increasingly difficult.

A Shrinking Pipeline, A Growing Challenge

For years, the Canadian gold sector was buoyed by robust exploration activity and a steady flow of projects advancing through the pipeline. But over the past decade, a combination of factors—soaring discovery costs, regulatory delays, and declining investor interest—has slowed the pace of development. Projects that once raced toward production now languish in what mining insiders grimly refer to as “the Valley of Death,” a multiyear phase where feasibility studies, permitting, and financing collide with the harsh realities of high costs and low investor patience.

“It’s a brutal period for any mining company,” says a Canadian mining executive. “You have a promising discovery, but the hurdles you face before you can even think about construction are almost insurmountable for many juniors today.”

Opportunities in Scarcity

For companies like First Mining Gold, which control rare, large-scale deposits like Springpole and Duparquet, the dwindling number of development-stage projects offers both a challenge and an opportunity. On one hand, their assets are increasingly valuable in a market where gold reserves are declining. On the other, moving these projects toward production requires navigating a daunting landscape of environmental assessments, Indigenous consultations, and significant capital requirements.

“This is a tough industry even in the best of times,” says one insider. “Right now, it feels like a war of attrition.”

The challenges are amplified by Canada’s evolving financing ecosystem. Raising funds through traditional equity markets has become far harder as institutional investors pull back from junior miners, and Ottawa’s restrictions on foreign investment, particularly from Chinese entities, have reduced access to global capital.

The Strategic Importance of Long-Term Players

In this environment, the significance of companies like First Mining Gold becomes clear. With their consolidated ownership of tier-one assets, they are positioned as critical players in a landscape where strategic consolidation is increasingly the norm. Investors, mining majors, and even end-users of gold—such as jewelry manufacturers and central banks—are eyeing these assets with growing interest.

But there’s no room for complacency. The timelines for mine development remain agonizingly long, stretching into decades, and the capital requirements are staggering. Springpole, for instance, is one of the largest undeveloped gold projects in North America, but advancing it requires substantial financial and regulatory momentum—a task made harder by shifting investor sentiment and a growing preference for short-term returns over long-term growth.

The Road Ahead

Canada’s gold sector stands at a crossroads. If companies like First Mining Gold can successfully bring their projects into production, they will not only fill a critical gap in the global gold supply chain but also reaffirm Canada’s status as a mining powerhouse. However, this will require a concerted effort from all stakeholders—miners, investors, and governments alike—to address the structural challenges that have plagued the industry for years.

Whether through innovative financing solutions, regulatory reforms, or strategic partnerships, the future of Canada’s gold development pipeline will depend on the industry’s ability to adapt and thrive in the face of mounting pressure. As the saying goes in mining, “You don’t survive on optimism alone, but you won’t make it without it either.”

Market Context & Supply Challenges

The shrinking pipeline of development projects presents a looming challenge for the global gold supply chain. Canada, historically one of the world's most prolific gold-producing regions, is seeing fewer large-scale projects advancing toward production. This trend can be attributed to several factors:

• Declining exploration success despite increased spending
• Higher hurdles for project economics due to inflation and rising costs
• More stringent permitting and environmental requirements
• Consolidation of existing operations by major producers
• Focus on brownfield expansion rather than new project development

Canada's Top Development Projects

Among Canada's gold development pipeline, ten projects stand out for their scale, advancement, and economic potential. These assets represent the next generation of potential gold mines, each having progressed beyond early exploration to demonstrate significant resources and development viability. From high-grade historical mines to newly discovered deposits, these projects showcase the diversity of Canada's remaining undeveloped gold resources.

Advanced Development Players Worth Investigating

Troilus Gold Project (Troilus Gold Corp)

• Location: Quebec, 170 km north of Chibougamau
• Resources: 11.2 Moz M&I at 0.69 g/t Au + 3.2 Moz Inferred at 0.69 g/t
• Project Highlights: Former producing mine (between the years 1996-2010) with significant copper credits which help to enhance economics. Excellent existing infrastructure with a feasibility study underway, Troilus Gold also has a focus on ESG with indigenous agreements in place.

Tower Gold Project (STLLR Mining)

• Location: Timmins Gold Camp, Ontario
• Resources: 4.5 Moz M&I at 0.90 g/t + 8.3 Moz Inferred at 0.92 g/t
• Project Highlights: Located in one of Canada's most prolific gold districts, STLLR Gold consolidated multiple historical mining areas. The project has excellent infrastructure and skilled local workforce, with open pit and underground potential.

Horne 5 Project (Falco Resources)

• Location: Rouyn-Noranda, Quebec
• Resources: 7.6 Moz M&I at 2.25 g/t + 1.7 Moz Inferred at 2.23 g/t
• Project Highlights: Underground project with high grade gold and significant base metal credits (copper & zinc) located in an established mininh district. Complex but valuable polymetallic deposit.

Novador Project (Probe Gold)

• Location: Val-d'Or, Quebec
• Resources: 6.4 Moz M&I at 1.50 g/t + 1.6 Moz Inferred at 2.03 g/t
• Project Highlights: Located in the heart of the Abitibi greenstone belt with multiple deposits within the project area. Strong institutional backing with excellent exploration upside.

Valley Gold Project (Snowline Gold)

• Location: Yukon Territory
• Resources: 4.1 Moz M&I at 1.66 g/t + 3.3 Moz Inferred at 1.25 g/t
• Project Highlights: New discovery with significant expansion potential, located in emerging gold district which is year-round accessible with a strong geological team‍

Duparquet Gold Project (First Mining Gold)

• Location: Quebec, Abitibi region
• Resources: 3.4 Moz M&I at 1.55 g/t + 2.6 Moz Inferred at 1.62 g/t
• Project Highlights: Located in a historical mining district with a recent positive PEA, excellent infrastructure, multiple optimization opportunities and significant exploration upside.

Hammond Reef (Agnico Eagle)

• Location: Ontario
• Resources: 5.6 Moz M&I at 0.72 g/t
• Project Highlights: Large-tonnage, low-grade deposit, owned by major producer with excellent infrastructure and significantly advanced into its permitting process

Eskay Creek (Skeena Resources)

• Location: Golden Triangle, British Columbia
• Resources: 5.6 Moz M&I at 3.47 g/t + 0.4 Moz Inferred at 1.92 g/t
• Project Highlights: Former high-grade underground mine with strong economics shown in its feasibility study. High-grade open pit potential and strong institutional support

Spanish Mountain (Spanish Mountain Gold)

• Location: British Columbia
• Resources: 4.7 Moz M&I at 0.79 g/t + 0.4 Moz Inferred at 0.74 g/t
• Project Highlights: Large-tonnage deposit with good infrastructure access, advanced environmental studies and a clear development pathway

Springpole Project (First Mining Gold)

• Location: Northwestern Ontario
• Resources: 4.6 Moz M&I at 1.00 g/t + 0.3 Moz Inferred at 0.57 g/t
• Project Highlights: One of Canada's largest undeveloped open pit deposits with a positive PFS now complete and advanced in its permits. The project also shows district-scale exploration potential

Strategic Implications for First Mining Gold

What stands out in this list is First Mining's ownership of both Springpole and Duparquet. They both represent a unique position in the Canadian gold development landscape. Combined, these projects contain over 8 million ounces of gold resources, establishing the company as potenitally a significant player in the development space.

Portfolio Diversification

First Mining benefits from geographic diversity with Springpole in Ontario and Duparquet in Quebec, two of Canada's premier mining jurisdictions. The projects operate on different development timelines, allowing for staged advancement and efficient capital allocation. Additionally, the portfolio offers a mix of open pit and underground potential, providing operational flexibility and diverse mining scenarios that can adapt to changing market conditions.

The company's dual-project portfolio creates multiple development pathways that can be pursued based on market conditions and corporate strategy. This includes the potential for strategic partnerships, such as the successful streaming deal already executed at Springpole. The projects also offer district consolidation potential, with both Springpole and Duparquet controlling significant land packages in their respective regions. This provides First Mining with opportunities for resource expansion and regional exploration success.

Market Leverage

Having exposure to two major mining jurisdictions gives First Mining significant leverage to gold price movements. The combined resource base of over 8 million ounces provides substantial optionality and scale that appeals to both institutional investors and potential strategic partners. Furthermore, the company has multiple value catalysts across both projects, including ongoing exploration programs, technical studies, and permitting milestones, providing regular news flow and opportunities for value creation.

The Development Advantage

These ten projects represent the cream of Canada's development-stage gold assets. They share several important characteristics that make them particularly attractive to investors:

De-risked Nature

• Extensive drilling and technical studies completed
• Located in established mining jurisdictions
• Clear pathway to development

Infrastructure Advantage

• Most projects have existing road access
• Power and water availability
• Skilled local workforce

Permitting Progress

• Advanced environmental studies
• Indigenous agreements in place or in progress
• Strong community relations

The scarcity of large-scale gold development projects in Canada creates a unique opportunity for investors.

These ten projects represent some of the most advanced and de-risked opportunities in the development pipeline, with First Mining Gold holding an advantage through its ownership of two such assets.

For investors seeking exposure to gold development stories, these projects offer a compelling combination of scale, jurisdiction, and advancement. First Mining's dual-project portfolio provides particularly attractive optionality and leverage to rising gold prices, while benefiting from project diversification across two of Canada's premier mining jurisdictions.

As global demand for gold continues to grow and new discoveries become increasingly rare, these development-stage assets are likely to become even more strategic. First Mining's position with two of the top ten projects puts it at the forefront of this opportunity, potentially offering superior value creation potential as these projects advance toward production.