First Mining Announces $20 Million Bought Deal Financing

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OTCQX: FFMGF

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NEWS RELEASE

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

First Mining Announces $20 Million Bought Deal Financing

August 17, 2020 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX:

FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has entered into an agreement

with Cormark Securities Inc., as lead underwriter, on behalf of a syndicate of underwriters (collectively,

the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis,

40,000,000 units of the Company (the “Units”) at a price of $0.50 per Unit (the “Offering Price”) for gross

proceeds to the Company of approximately $20 million (the “Offering”).

Each Unit will consist of one common share in the capital of the Company (each a “Common Share”) and

one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will

entitle the holder to acquire one additional Common Share at a price of $0.70 for a period of 24 months

following the closing of the Offering.

The Company has also granted the Underwriters an option (the “Over-Allotment Option”) to sell up to an

additional 6,000,000 Units at the Offering Price for additional gross proceeds of up to $3 million. The Over-

Allotment Option shall be exercisable in whole or in part at any time prior to the date that is 30 days after

the closing of the Offering, to cover over-allotments, if any, and for market stabilization purposes. In the

event that the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to

First Mining will be approximately $23 million.

The Company intends to use the net proceeds of the Offering for exploration, development and permitting

activities at its Canadian gold projects , potential acquisitions, as well as for working capital and general

corporate purposes.

The Units will be offered by way of a prospectus supplement (the “Prospectus Supplement”) to the

Company’s base shelf prospectus dated June 24, 2019. The Prospectus Supplement will be filed in all of

the provinces of Canada other than Québec and, together with the related Base Shelf Prospectus, will be

available on SEDAR at www.sedar.com.

The Offering is scheduled to close on or before August 2 6, 2020 and is subject to certain conditions

including, but not limited to, receipt of all regulatory approvals, in cluding the approval of the Toronto

Stock Exchange and the applicable securities regulatory authorities.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities

Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the

account or benefit of, United States persons absent registration or any applicable exemption from the

registration requirements of the U.S. Securities Act and applicable U.S. state securitie s laws. This news

release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United

States, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or

sale would be unlawful.

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OTCQX: FFMGF

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Qualified Person

Hazel Mullin, P.Geo., Director, Data Management and Technical Services of First Mining, is a “Qualified

Person” for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI

43-101”), and she has reviewed and approved the scientific and technical disclosure contained in this

news release.

About First Mining Gold Corp.

First Mining is a Canadian gold developer focused on the development and permitting of the Springpole

Gold Project in northwestern Ontario. Springpole is one of the largest undeveloped gold projects in

Canada, currently hosting a mineral resource base of 4.67 million ounces of gold in the Indicated category

and 0.23 million ounces of gold in the Inferred category 1. A Pre -Feasibility Study is underway, with

completion targeted in early 2021, and permitting is on -going with submission of the Environmental

Impact Statement targeted for 2021. The Company also hold s a large equity position in Treasury Metals

Inc. that is advancing the Goliath -Goldlund gold project towards construction. First Mining’s eastern

Canadian property portfolio also includes the Pickle Crow (being advanced in partnership with Auteco

Minerals Ltd.), Cameron, Hope Brook, Duparquet, Duquesne, and Pitt gold projects.

First Mining was created in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic

Silver Corp.

ON BEHALF OF FIRST MINING GOLD CORP.

Daniel W. Wilton

Chief Executive Officer and Director

For further information, please contact:

Spiros Cacos | Vice President, Investor Relations

Direct: +1 604 639 8825 | Toll Free: 1 844 306 8827 | Email: [email protected]

www.firstmininggold.com

Note:

1. These numbers are from the independent technical report titled “Preliminary Economic Assessment Update for

the Springpole Gold Project, Ontario, Canada”, dated November 5, 2019, which was prepared by SRK Consulting

(Canada) Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI

43-101”) and is available at www.sedar.com under First Mining’s SEDAR profile. Readers are cautioned th at the

PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative

geologically to have the economic considerations applied to them that would enable them to be categorized as

mineral reserves, and there is no certainty that the PEA will be realized.

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 Pri vate Securities Litigation Reform Act of 1995. These forward- looking statements are

made as of the date of this news release. Forward -looking statements are frequently, but not always, identified by

words such as "expects”, "anticipates”, "believes”, “plans”, “projects”, "intends”, "estimates”, “envisages”,

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"potential”, "possible”, “strategy”, “goals”, “objectives”, or variations thereof or stating that certain actions, events

or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these

terms and similar expressions.

Forward-looking statements in this news release relate to future events or future performance and reflect current

estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements

with respect to: (i) the closing of the Offering and timing for the closing of the Offering; (ii) the use proceeds from the

Offering; (iii) the receipt of all necessary regulatory approvals; (iv) the exercise of the Over -Allotment Option; (v)

timing for the completion of a Pre-Feasibility Study for Springpole; (vi) timing for the submission of an Environmental

Impact Statement for Springpole; (vii) the Company holding a large equity position in Treasury Metals Inc .; (viii) the

Company’s focus on advancing its assets towards production; and ( ix) realizing the value of the Company’s gold

projects for the Company’s shareholders. All forward -looking statements are based on First Mining's or its

consultants' current beliefs as well as various assumptions made by them and information currently available to

them. There can be no assurance that such statements will prove to be accurate, and actual results and future events

could differ materially from those anticipated i n such statements. Forward- looking statements 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: failure to obtain regulatory approval; demand for the Units; 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 nation al 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, indigenous populations and other

stakeholders; availability and increasing costs associated with mining inputs and labour; the speculative nature of

mineral exploration and development; title to properties.; and the additional risks described in the Company’s Annual

Information Form for the year ended December 31, 201 9 filed with the Canadian securities regulatory authorities

under the Company’s SEDAR profile at www.sedar.com, and in the Company’s Annual Report on Form 40-F filed with

the SEC on EDGAR.

First Mining cautions that the foregoi ng list of factors that may affect future results is not exhaustive. When relying

on our forward -looking statements to make decisions with respect to First Mining, investors and others should

carefully consider the foregoing factors and other uncertainties and potential events. First Mining does not undertake

to update any forward- looking statement, whether written or oral, that may be made from time to time by the

Company or on our behalf, except as required by law.

Cautionary Note to United States Investors

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada,

which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve

estimates included in this news release have been prepared in accordance with NI 43-101 and the Canadian Institute

of Mining, Metallurgy, and Petroleum 2014 Definition Standards on Mineral Resources and Mineral Reserves. NI 43 -

101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure

an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including

NI 43- 101, differ significantly from the requirements of the SEC, and mineral resource and reserve information

contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and

without limiting the generality of the foregoing, the term "resource” does not equate to the term "reserves”. Under

U.S. standards, mineralization may not be classified as a "reserve” unless the determination has been made that the

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mineralization could be economically and legally produced or extracted at the time the reserve determination is

made. The SEC's disc losure standards normally do not permit the inclusion of information concerning "measured

mineral resources”, "indicated mineral resources” or "inferred mineral resources” or other descriptions of the amount

of mineralization in mineral deposits that do no t constitute "reserves” by U.S. standards in documents filed with the

SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be

converted into reserves. U.S. investors should also understand that "inferred mineral resources” have a great amount

of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be

assumed that all or any part of an "inferred mineral resource” will ever be upgraded to a hi gher category. Under

Canadian rules, estimated "inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies

except in rare cases. Investors are cautioned not to assume that all or any part of an "inferred mineral resource”

exists or is economically or legally mineable. Disclosure of "contained ounces” in a resource is permitted disclosure

under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not

constitute "reserves” by SEC standards as in- place tonnage and grade without reference to unit measures. The

requirements of NI 43 -101 for identification of "reserves” are also not the same as those of the SEC, and reserves

reported by the Company in compliance with NI 43 -101 may not qualify as "reserves” under SEC standards.

Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made

public by companies that report in accordance with U.S. standards.