#Canada #Vancouver #First Mining Gold #Springpole Gold Project #PC Gold

First Mining Gold Corp. Year-End 2024 Financial Results Report

In a recent announcement, First Mining Gold Corp. shared its financial performance for the year ending December 31, 2024, marking significant operational achievements and strategic advancements. With a clear focus on sustainable development, the company has been making strides with its key projects in Canada, particularly the Springpole Gold Project and the Duparquet Gold Project.

As of December 31, 2024, the company's cash and current investments totaled $13.7 million, alongside an equity interest in PC Gold Inc. valued at $21.5 million. This financial backbone illustrates First Mining's capacity to continue advancing its exploration and development initiatives within a robust framework.

Exploration and Regulatory Progress

2024 proved to be a pivotal year for First Mining with several key milestones achieved:

1. Federal Conformity Determination: On December 3, the company received a positive evaluation from the Impact Assessment Agency of Canada regarding the Springpole Gold Project's Final Environmental Impact Statement (EIS). This indicates progress towards both regulatory compliance and project execution.

2. Promising Drill Results: In November, results from exploration drilling at the Buzz and North Zone expansion targets revealed significant gold grades, including 1.55 g/t Au over 15.4 meters from hole DUP24-028 in the Buzz Zone, and 4.00 g/t Au over 5.7 meters from hole DUP24-032 in the North Zone. Such results underline the potential for resource growth in these areas, enhancing the company's strategic position.

3. New Resource Opportunities: The company announced an Eastern Extension resource growth opportunity at Springpole with initial results indicating promising gold and silver indices. The analyses revealed 0.83 g/t Au and 8.02 g/t Ag over 52.50 meters, indicating a significant prospect for further extraction efforts.

4. Environmental Considerations: The company reported the establishment of a best practice Independent Geotechnical and Tailings Review Board, demonstrating its commitment to adhering to high environmental and safety standards.

5. Community Engagement: As part of its commitment to local communities, First Mining announced a Process Agreement with Cat Lake First Nation and Lac Seul First Nation to facilitate community-led impact assessments and collaborative development.

Financial Activities

In terms of fundraising activities, First Mining successfully conducted two significant offerings in the latter part of 2024:

• - A non-brokered private placement raising $7.35 million, involving over 54 million units at $0.135 each.
• - A brokered bought deal public offering yielding $8.05 million, comprising approximately 59 million units, similarly priced.

These efforts are critical as they enhance the financial capacity and flexibility that First Mining requires as it embarks on further exploration and development activities.

Leadership Transition

As a noteworthy leadership update, the company’s Chief Financial Officer, Lisa Peterson, will begin her maternity leave in early April 2025. In her stead, Darren Prins has been appointed as the interim CFO, bringing substantial experience in capital markets and financial management to navigate through this transitional phase.

The Road Ahead

Looking forward, First Mining is poised for substantial growth and development in the gold sector. With key project advancements, sustainable practices, and enhanced community engagement, the company remains committed to creating value for its stakeholders while adhering to environmental and social governance (ESG) criteria.

As First Mining continues to optimize its project designs and enhance its resource profiles, stakeholders can anticipate further progress and a focus on sustainable gold production that can benefit both the economy and the environment.