First Mining Gold Secures $24.4 Million in Private Placement Financing to Propel Growth

Vancouver, BC - August 5, 2025 - First Mining Gold Corp., a notable player in Canada’s mining sector, has announced the successful closing of a significant upsized, non-brokered private placement financing, generating approximately $24.4 million in total gross proceeds. This initiative represents a crucial step in funding the company’s ongoing projects and enhancing its operational foundation.

Financial Overview

First Mining raised a substantial amount through this financing, which significantly bolstered the total capital raised this month to $36.4 million. This total includes proceeds from a previous public offering valued at $12.0 million, finalized on July 22, 2025. The recent offering involved issuing 95,000,000 units at a price of $0.18 each, totaling $17.1 million, alongside 33,350,000 flow-through units priced at $0.22, contributing further $7.3 million. Each unit comprises one common share and half of a common share purchase warrant, while the flow-through units permit investments in Canadian exploration expenses eligible under the Income Tax Act (Canada).

Strategic Use of Proceeds

The funds acquired from the private placement are earmarked primarily for advancing First Mining’s two major gold projects: the Springpole Gold Project located in northwestern Ontario and the Duparquet Gold Project in Quebec. This investment aims to cement and escalate the feasibility studies and environmental assessments already underway for these promising ventures. The focus on these key projects highlights First Mining's strategy to enhance its portfolio and develop impactful mining operations.

Importance of Flow-Through Shares

An interesting aspect of the financing involves the flow-through shares, which allow the company to incur eligible expenses classified as flow-through mining expenditures. This structure not only strengthens the company's financial standing but also offers potential tax benefits to investors under the Income Tax Act (Canada). All qualifying expenditures linked to the flow-through units must be realized by December 31, 2026, and will be renounced to the initial purchasers before December 31, 2025, thereby maximizing investment viability.

Looking Ahead

While the outlook remains optimistic, it’s essential to acknowledge that the securities issued in this private placement are subjected to a statutory hold period of four months plus one day, per Canadian securities laws. Furthermore, these offerings are not available to U.S investors as the securities have not been registered under the U.S. Securities Act or relevant state laws.

About First Mining Gold Corp.

First Mining Gold Corp., established in 2015 and led by CEO Daniel W. Wilton, is dedicated to advancing primarily two of Canada’s largest gold projects. The company has been instrumental in progressing towards sustainable operations and has garnered a solid reputation for its commitment to responsible mining. The Springpole Gold Project is currently navigating through feasibility assessments, aiming for an environmental impact statement by late 2024. Furthermore, the Duparquet Gold Project is situated within a prominent mining zone, promising exciting prospects for future growth.

In summary, First Mining Gold Corp.'s successful close of this private placement not only demonstrates a robust financial backing but also marks a pivotal moment for its growth strategy. The infusion of capital is set to drive the advancement of its notable projects, fostering further development in this thriving sector of Canadian mining. As the company continues on this path, investors and stakeholders are keenly observing its progress and potential outcomes moving forward.