First Mining Announces 2024 Second Quarter Financial Results and Operating Highlights
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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NEWS RELEASE
First Mining Announces 2024 Second Quarter Financial Results
and Operating Highlights
August 8, 2024 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX:
FF) (OTCQX: FFMGF) (FRANKFURT: FMG) reports its second quarter financial results for the quarter ended
June 30 , 2024 . The financial statements and management’s discussion and analysis (“MD&A”) are
available on First Mining’s website at www.firstmininggold.com/investors/reports-filings/financials/ and
have been posted under the Company’s profile on SEDAR + at www.sedarplus.ca and EDGAR at
www.sec.gov.
“We are pleased to announce a successful second quarter where we were able to bolster our balance
sheet with an oversubscribed flow-through financing,” stated Dan Wilton, CEO of First Mining. “ We
continue to demonstrate strong drilling results at Duparquet and with the recent financing completed, we
look forward to deliver ing more exciting exploration results at Duparquet. At Springpole, we are in the
final stages of our environmental ass essment preparation and look forward to having it submitted to
regulators before the end of the year.”
2024 Q2 Highlights:
• At Springpole, c ontinued collecting environmental baseline data and advancing environmental
assessment work, planning for submission of a final EIS/EA in 2024 , and continued engagement
with local Indigenous rights holders and government regulators
• In the Birch-Uchi, completed a 3-year option agreement with Whitefish Exploration Inc. on the
Swain Lake property, and 70% ownership of the property, which comprises 82 mining claims
over an area of 1,656 hectares
• In the Birch-Uchi, additional mapping and prospecting programs focusing on several prospective
areas commenced in June 2024 with corresponding drill target development underway
• At Duparquet, announced the completion of our Phase 2 winter drilling program totaling 2,856
metres with activities on our Phase 3, 9,000 metre drilling program underway; a property-wide
expanded 3D geological and target model is also being developed
• At Duparquet, reported drilling results from our 2024 Phase 2B winter diamond drilling program
at Duparquet with multiple high-grade gold zones that had not been previously modelled were
identified
• At Duparquet, provided an update on the final Phase 2B drilling results, which included drill hole
DUP24-024 which returned multiple gold zones including 10.67 g/t Au over 5.3 m, 6.63 g/t Au
over 9.0 m, 3.04 g/t Au over 33.5 m, and 5.97 g/t Au over 33.0 m in newly identified mafic
volcanic units not previously modelled
• In June, First Mining closed an upsized flow through financing, for aggregate proceeds of
approximately $7 million, to fund exploration programs in Ontario and Quebec
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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• In June, the Company published its third annual Environmental, Social and Governance (“ESG”)
Report for the 2023 year highlighting the Company’s ESG commitments, practices and
performance
• As of June 30, 2024, the Company’s cash and current investments balance was $13.2 million and
the equity interest in PC Gold Inc. (Pickle Crow Project) was $21.5 million, resulting in a
combined carrying value of $34.7 million
About First Mining Gold Corp.
First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold
Project in northwestern Ontario, where we have commenced a Feasibility Study and permitting activities
are on-going with a draft Environmental Impact Statement (“EIS”) for the project published in June 2022,
and the Duparquet Project in Quebec, a PEA-stage development project located on the Destor-Porcupine
Fault Zone in the prolific Abitibi region. First Mining also owns the Cameron Gold Project in Ontario and a
portfolio of gold project interests including the Pickle Crow Gold Project (being advanced in partnership
with Firefly Metals Ltd.) and the Hope Brook Gold Project (being advanced in partnership with Big Ridge
Gold Corp.).
First Mining was established 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:
Toll Free: 1 844 306 8827 | Email: [email protected]
Paul Morris | Director, Investor Relations | Email: [email protected]
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. 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”,
“potential”, “possible”, “strategy”, “goals”, “opportunities”, “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. 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 in 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. Such
factors include, without limitation the Company’s business, operations and financial condition potentially being
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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materially adversely affected by the outbreak of epidemics, pandemics or other health crises, and by reactions by
government and private actors to such outbreaks; risks to employee health and safety as a result of the outbreak of
epidemics, pandemics or other health crises, that may r esult in a slowdown or temporary suspension of operations
at some or all of the Company's mineral properties as well as its head office; 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 miner al
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 relati ons; 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, 202 3 filed with the Canadian securities regulatory authorities
under the Company’s SEDAR+ profile at www.sedarplus.ca, and in the Company’s Annual Report on Form 40 -F filed
with the SEC on EDGAR.
First Mining cautions that the foregoing 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.