First Mining Gold Corp.

Agreed key terms of a project agreement with Slate Falls Nation for Springpole, a third community accord after those with Mishkeegogamang and with Cat Lake and Lac Seul.

regulatory community update

Reached agreement with Cat Lake First Nation on mobilising the Cat Lake all-season access road, the physical access Springpole needs.

regulatory community update

Cat Lake First Nation and Lac Seul First Nation completed their Anishinaabe-led impact assessment and authorised Springpole subject to 35 negotiated terms, with a term sheet agreed on benefits, environmental protection and conditions. The process begun with the October 2024 agreement has produced a consent decision.

regulatory community update

Closed the Cameron sale, now to Seva Mining, receiving C$5 million cash and 80 million Seva shares - about 48% of Seva - with two board seats. First Mining ends up owning nearly half the buyer rather than the mine.

asset acquisition disposition

Agreed to sell the Cameron gold project - the ground consolidated with the Metalore purchase in 2020 - to Oronova Energy for C$27 million: C$5 million cash, 80 million Oronova shares and at least C$2 million more later.

asset acquisition disposition

The updated Springpole study more than doubled the project's value: after-tax US$2.1 billion at a 5% discount with a 41% return, against US$995 million and 29% in the 2021 version, on the same 30,000 tonne-a-day pit. Average annual production of 330,000 ounces at US$877 an ounce in the first five years, against US$577 in 2021. The base-case gold price moved from US$1,600 an ounce in 2021 to US$3,100 here, which is where most of the extra value comes from.

resource reserve update

Signed a memorandum of understanding with the City of Duparquet on community development and collaboration around the project - the Quebec equivalent of the First Nations agreements built around Springpole.

material agreement

Closed an upsized $24.4 million private placement, taking the summer's raising to $36.4 million with the July public offering - by far the largest funding round in the cached record, and it comes as gold prices run.

capital raising announcement

Closed the over-subscribed public offering: 66,670,000 units at $0.18 for $12.0 million. A higher price than the $0.135 rounds of late 2024.

capital raising announcement

Upsized the public offering to $12 million as part of a combined raise of up to $27 million, through Haywood Securities and a syndicate.

capital raising announcement

Discovered another new zone at Duparquet, Minuit, positioned for immediate expansion drilling.

drilling result

Signed a long-term relationship agreement with the Mishkeegogamang First Nation covering development of Springpole.

regulatory community update

Agreed to sell its remaining 20% of the Hope Brook project to Big Ridge Gold for C$3 million cash and 7 million Big Ridge shares, letting the earn-in partner consolidate the asset. Another project exited rather than built.

asset acquisition disposition

Received the final US$5 million from First Majestic, completing the US$22.5 million silver stream signed in June 2020 - five years of non-dilutive funding for Springpole now fully drawn.

material agreement

Agreed with First Majestic to pull forward the final payment under the 2020 Springpole silver stream and to amend the terms of warrants held by First Majestic - cash sooner, in exchange for changing an instrument held by the company its chairman founded.

material agreement

Two new gold discoveries at Duparquet, led by the Miroir discovery at 3.12 g/t gold over 19.35 metres - the expansion drilling is finding new zones rather than just infilling the acquired resource.

drilling result

Signed a process agreement with Cat Lake First Nation and Lac Seul First Nation supporting an Anishinaabe-led impact assessment of Springpole - the communities run their own assessment process rather than only responding to the company's.

regulatory community update

Followed the bought deal two weeks later with an upsized $7.4 million private placement of 54,463,706 units at the same $0.135, adding another 54 million shares.

capital raising announcement

Closed a C$8.05 million bought deal of 59,629,800 units at $0.135 including the full over-allotment - nearly 60 million new shares, at a price close to the $0.125 of the December 2023 round and half the $0.27 the June 2023 flow-through fetched.

capital raising announcement

Duparquet hole DUP24-024 returned several gold zones - 10.67 g/t over 5.3 m, 6.63 g/t over 9.0 m, 3.04 g/t over 33.5 m and 5.97 g/t over 33.0 m - in mafic volcanic units that had never been modelled at Duparquet, so the acquired resource model was missing rock that carries gold.

drilling result

Closed the placement at an upsized $10.8 million across two tranches, priced at $0.125 a unit.

capital raising announcement

Announced a placement of up to 40,000,000 units at $0.125 for up to $5 million, with insiders including chairman Keith Neumeyer participating. The price is less than half the $0.27 of the June flow-through round four months earlier.

capital raising announcement

Duparquet's first economic study under First Mining: a 15,000 tonne-a-day operation worth C$588 million after tax at a 5% discount with an 18.0% return, averaging 233,000 ounces of gold a year at all-in sustaining costs of US$976 an ounce over an eleven-year life. A preliminary assessment, so no reserves.

resource reserve update

First drilling at Duparquet under First Mining defined a new gold zone with 6.52 g/t over 4.6 metres.

drilling result

Sold a 19-royalty portfolio spanning four countries to Elemental Altus for about C$6.7 million - C$4.7 million cash and 1,598,162 Elemental Altus shares. Another non-core disposal turning legacy paper into cash.

asset acquisition disposition

Agreed to sell its 1.5% royalty over Goldlund - the project sold to Treasury Metals in 2020 - to an affiliate of Sprott Resource Streaming for about C$9.5 million in cash. Selling a residual interest for money rather than issuing shares.

asset acquisition disposition

Closed the acquisition of the Beattie Gold Mines shares it did not already own, along with two related companies, giving First Mining control of the multi-million ounce Duparquet project in Quebec.

business combination

Updated resource for Duparquet: 69.0 million tonnes measured and indicated at 1.55 g/t for about 3.43 million ounces of gold, with roughly 1.6 million more inferred, drawn from a database of 904 holes and 270,119 metres. A multi-million ounce project acquired rather than discovered.

resource reserve update

Bought 286,904 shares of Beattie Gold Mines, the private company holding much of the ground of the Duparquet gold project in Quebec, paying C$4.44 cash and 26.62 First Mining shares per Beattie share. The opening move on what becomes First Mining's Quebec asset.

business combination

Auteco completed stage two at Pickle Crow, having spent $5 million on exploration and paid First Mining $1 million in cash, and granted First Mining a 2% net smelter royalty.

joint venture update

Signed an exploration agreement with the Animakee Wa Zhing #37 First Nation covering the Cameron gold project - the first of a series of First Nations agreements that come to dominate this company's critical path.

regulatory community update

The British Columbia court approved the arrangement letting First Mining hand 23,333,333 Treasury Metals shares and 11,666,666 warrants straight to its own shareholders, by reducing its capital. Shareholders keep the Goldlund exposure directly rather than through First Mining's balance sheet.

business combination

Auteco completed stage one of its Pickle Crow earn-in and issued First Mining 100,000,000 Auteco shares - the first hard consideration from the January 2020 deal.

joint venture update

Springpole's first prefeasibility study: a 30,000 tonne-a-day open pit worth US$995 million after tax at a 5% discount with a 29% return, producing an average 335,000 ounces of gold a year at all-in sustaining costs of US$577 an ounce in years one to nine. The first study-grade number on the asset First Mining has held since its early days.

resource reserve update

Closed the First Majestic silver stream: US$22.5 million payable in three stages for half of Springpole's payable silver production.

capital raising announcement

Agreed to sell First Majestic Silver a stream over 50% of Springpole's payable silver for US$22.5 million in staged payments - money for the project that does not dilute shareholders, from a company chaired by First Mining's own chairman Keith Neumeyer.

asset acquisition disposition

Agreed to sell Tamaka Gold, the subsidiary holding Goldlund, to Treasury Metals, which would combine it with its adjacent Goliath project; First Mining becomes Treasury's largest shareholder and plans to pass most of the Treasury shares and warrants straight to its own shareholders. The second of the two priority assets is being handed to someone else to develop.

material agreement

Demobilised staff and contractors at Springpole and Goldlund as a precaution against covid-19; no cases had occurred at the camps or the Vancouver office.

other material event

Closed the placement at $8.5 million across three tranches, with management and insiders adding to their positions, to fund Springpole permitting and the prefeasibility study.

capital raising announcement

Signed a binding term sheet letting Australia's Auteco Minerals earn up to 80% of the Pickle Crow gold project by spending $10 million on exploration over five years, paying First Mining $4.1 million in cash and issuing it 125 million Auteco shares; First Mining keeps a 2% net smelter royalty. Someone else funds the drilling and First Mining keeps a share of the outcome.

joint venture update

Hired Ausenco to take Springpole from an economic assessment to a prefeasibility study, with Ausenco taking restricted First Mining shares instead of cash and becoming a shareholder. Engineering paid for in equity rather than money the company did not have.

material agreement

Set up an at-the-market program allowing up to $15 million of shares to be sold into the market at the company's discretion - a standing dilution tap alongside the placements.

capital raising announcement

Raised $7.41 million in an upsized non-brokered placement: 20,412,995 units at $0.27 and 5,277,777 flow-through units at $0.36. A penny-stock price for a company holding several million ounces of gold in the ground.

capital raising announcement

Rebuilt two of Goldlund's seven resource domains with the 2018 infill drilling: Zone 1 indicated resources gained 37,950 ounces as tonnage fell and grade rose from 1.65 to 2.16 g/t, while Zone 1 inferred resources lost 219,800 ounces, tonnage dropping from 17.8 to 11.3 million tonnes. Infill drilling firmed up what was there and deleted a chunk of what had only been inferred.

resource reserve update

Jeff Swinoga left as President and chief executive with immediate effect; director David Shaw took over as interim CEO while a search ran. Chairman Keith Neumeyer, who also chairs First Majestic Silver, made the announcement.

director officer appointment