#Canada #Ontario #Mining Investment #First Mining #Springpole Gold

First Mining Gold's Springpole Project Pre-Feasibility Study

On December 23, 2025, First Mining Gold Corp. proudly announced the submission of the technical report for the Pre-Feasibility Study (PFS) regarding its 100%-owned Springpole Gold Project, situated in Ontario, Canada. The report, which is titled "Springpole Gold Project NI 43-101 Technical Report and Pre-Feasibility Study," was skillfully prepared by Ausenco Engineering Canada ULC from Vancouver. This document aligns with the National Instrument 43-101 Standards of Disclosure for Mineral Projects and has a report date of December 1, 2025.

The results from the 2025 PFS offer a promising outlook for the project, indicating the potential for a 30,000 tonnes-per-day (tpd) open pit mining operation. Here are some key highlights:

Financial Highlights

• - Net Present Value: A remarkable US$3.2 billion pre-tax net present value (NPV) at a gold price of US$3,100/oz (increasing to US$5.6 billion at US$4,200/oz).
• - After-Tax NPV: Estimated at US$2.1 billion with the same gold price assumptions, increasing to US$3.8 billion at higher gold prices.
• - Internal Rate of Return (IRR): Impressive pre-tax IRR of 54% at US$3,100/oz, climbing to 82% with higher gold pricing; after-tax IRR stands at 41% and 63% for the respective prices.
• - Mine Life: The project is anticipated to have a Life of Mine (LOM) of 9.4 years, alongside an after-tax payback period of 1.8 years, which shortens to 1.2 years at higher gold prices.
• - Capital Costs: Initial capital costs are estimated at US$1.104 billion, with sustaining costs projected at US$323 million plus US$40 million in closure costs.
• - Output: Production levels forecast 330,000 ounces of gold per year in the first five years, tapering to an average of 281,000 ounces annually during the project's lifespan.
• - Costs: Net cash costs are pegged at US$742/oz for initial years, with an overall LOM average of US$802/oz. In addition, the All-In Sustaining Costs (AISC) are estimated at US$877/oz over the first five years and US$938/oz across the lifespan.

Qualified Validation

The study was reviewed by Hazel Mullin, P.Geo., Director of Data Management and Technical Services at First Mining, ensuring compliance with the NI 43-101 standards. This adds a layer of reliability to the encouraging statistics presented in the report.

First Mining Gold has established a strong position in the mining industry, focusing on notable projects such as Springpole and the Duparquet Gold Project in Quebec. As they proceed with the feasibility studies and necessary permitting, including a recently submitted Environmental Impact Statement in November 2024, the prospects for the Springpole Gold Project appear increasingly promising.

Upon its establishment in 2015 by Keith Neumeyer, First Mining has consistently aimed to advance major gold projects within Canada. It currently holds a range of interests in various mining projects, including the Cameron Gold Project in Ontario and a 30% stake in the Pickle Crow Gold Project.

Conclusion

As First Mining Gold progresses with its development plans, investors and industry stakeholders are closely monitoring the developments surrounding the Springpole Gold Project. The financial projections made in the Pre-Feasibility Study outline a strong case for investment in the gold sector, particularly given the rising trends in gold prices and the company's strategic operational tactics.

This report highlights significant opportunities for First Mining in their quest to capitalize on gold production, cementing their roles as essential players in the resource sector. The robust metrics laid out in the PFS illustrate both the potential and commitment First Mining has towards sustainable mining practices and economic growth within the region.