First Mining Commences IN-Fill and Resource Expansion Drilling at Goldlund Project and Announces Acquisition of Claims IN Ontario and Quebec

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FIRST MINING COMMENCES IN-FILL AND RESOURCE EXPANSION DRILLING AT

GOLDLUND PROJECT AND ANNOUNCES ACQUISITION OF CLAIMS IN ONTARIO AND

QUEBEC

January 24, 2017

VANCOUVER, BC, CANADA – First Mi ning Finance Corp. (“First Mining” or the

“Company”) is pleased to announce that a 27,000 metre drilling campaign has commenced at

the Company’s wholly -owned Goldlund Gold Project (“Goldlund” or the “Project” ) in

northwestern Ontario. The program will focus on infill and resource expansion of Zone Seven,

which currently hosts a significant portion of the mineralized material at the project. Drilling has

started with two rigs and we expect to progress to three rigs as the campaign ramps up.

Earlier this month the Company released an initial r esource estimate for Goldlund (s ee the

Company’s press release dated January 9, 2017 for full details). The goal of the current drilling

campaign is to further enhance the existing resources at Goldlund, and to assist the Company

in advancing Goldlund to a preliminary economic assessment (PEA) level. The timing of any

PEA at Goldlund has not yet been determined.

First Mining is also pleased to announce that it has entered into definitive asset purchase

agreements to purchase certain mineral claims located in Ontario and Québec.

The first agreement is with GoldON Resources Ltd. (“GoldON”) and pursuant to this

agreement, First Mining has agreed to acquire GoldON’s five unpatented mining claims (the

“GoldON Transaction”) located near Pickle Lake, Ontario in exchange for 200,000 comm on

shares of First Mining (the “GoldON Transaction Shares”).

The second agreement is with a private individual (the “Duparquet Vendor”), and pursuant to

this agreement, First Mining has agreed to acquire eighteen mining claims located in the

Township of D uparquet, Québec (the “Central Duparquet Transaction”) in exchange for

$250,000 and 2,500,000 common shares of First Mining (the “Central Duparquet Transaction

Shares”).

Keith Neumeyer, Chairman of First Mining, stated “We are excited about the drilling campaign

that we have launched at our Goldlund project, and the prospects that it holds for resource

expansion. We believe our Goldlund project has the potential to be one of our core projects.

This initial drill campaign is expected to be a phase one of s everal campaigns in the coming

years to further advance this project to a PEA level. We are also very pleased to have acquired

the additional Pickle Lake and Central Duparquet claims as we believe the consolidation of

regions we are active in should be a continued process that benefits each of our projects.”

The parties to the GoldON Transaction and the Central Duparquet Tr ansaction are at arm’s

length, and pricing for each transaction was based on the 5-day VWAP of First Mining’s shares

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as of today’s date, being $0.8 4. The deemed value of the GoldON Transaction is

approximately $168,000, and the deemed value of the Central Duparquet Transaction is

approximately $2,350,000.

The GoldON Transaction Shares and the Central Duparquet Transaction Shares will be

subject to a statutory resale restriction in Canada for a four -month period from completion of

the GoldON Transaction and the Central Duparquet Transaction, respectively. In addition, the

Duparquet Vendor has agreed to further provisions limiting the number of shares he may sell

per month after the statutory resale restriction period has passed, unless the sale is in a single

block to a purchaser acceptable to First Mining.

Both transactions are subject to the receipt of applicable regulatory and stock exchange

approvals and the satisfaction of certain other closing conditions customary in transactions of

this nature. First Mining expects to complete both transactions by January 31st.

ABOUT FIRST MINING FINANCE CORP.

First Mining is a mineral property holding company whose principal business activity is to

acquire high quality mineral assets with a focus in the Americas. The Company currently holds

a portfolio of 25 mineral assets in Canada, Mexico and the United States with a focus on gold.

Ultimately, the goal is to continue to increase its portfolio of mineral assets through acquisitions

that are expected to be comprised of gold, silver, copper, lead, zinc and nickel.

For further information, please contact Patrick Donnelly, President at 604-639-8854, or Derek

Iwanaka, Vice President, Investor Relations at 604- 639-8824, or visit our websi te at

www.firstminingfinance.com.

ON BEHALF OF FIRST MINING FINANCE CORP.

“Keith Neumeyer”

Keith Neumeyer

Chairman

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward- looking information” and "forward- looking

statements”(collectively "forward- looking statements”) within the meaning of applicable

Canadian and United States securities legislation including the United States Private Securities

Litigation Reform Act of 1995. All statements, other than statements of historical fact, included

herein, without limitation, statements relating the future operating or financial performance of

the Company, are forward-looking statements.

Forward-looking statements are frequently, but not always, identifi ed by words such as

“expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar

expressions, or statements that events, conditions, or res ults “will”, “may”, “could”, or “should”

occur or be achieved. Forward-looking statements in this news release relate to, among other

things: commencement of expansion drilling at the Goldlund project and the potential results of

such drilling; any upgrade to, o r expansion of , the resources on the Goldlund project ; the

exploration potential and upside of the Goldlund project; the advancement of the Goldlund

project to a PEA level; and completion of the GoldON Transaction and the Central Duparquet

Transaction. Actual future results may differ materially. There can be no assurance that such

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statements will prove to be accurate, and actual results and future events could differ materially

from those anticipated in such statements. Forward -looking s tatements reflect the beliefs,

opinions and projections on the date the statements are made and are based upon a number of

assumptions and estimates that, while considered reasonable by the respective parties, are

inherently subject to significant business , economic, competitive, political and social

uncertainties and contingencies. Many factors, both known and unknown, could cause actual

results, performance or achievements to be materially different from the results, performance or

achievements that are or may be expressed or implied by such forward-looking statements and

the parties have made assumptions and estimates based on or related to many of these factors.

Such factors include, without limitation, the receipt of stock exchange or regulatory approval for

the GoldON Transaction and the Central Duparquet Transaction and satisfaction of the closing

conditions for each transaction; the results of future exploration efforts at the Goldlund project;

management’s discretion to refocus its exploration efforts; fluctuations in the spot and forward

price of gold, silver, base metals or certain other commodities; fluctuations in the currency

markets (such as the Canadian dollar versus the U.S. dollar); changes in national and local

government, legislation, taxation, controls, regulations and political or economic developments;

risks and hazards associated with the business of mineral exploration, development and mining

(including environmental hazards, industrial accidents, unusual or unexpected formations,

pressures, cave- ins and flooding); the presence of laws and regulations that may impose

restrictions on mining; employee relations; relationships with and claims by local communities

and indigenous populations; availability and increasing costs associated with mining inputs and

labour; the speculative nature of miner al exploration and development; and title to properties .

Readers should not place undue reliance on the forward- looking statements and information

contained in this news release concerning these times. Except as required by law, First Mining

does not assume any obligation to update the forward -looking statements of beliefs, opinions,

projections, or other factors, should they change, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is

defined in the policies of the TSX Venture Exchange) accepts responsibility for the

adequacy or accuracy of this release.