First Mining Announces 2024 Third Quarter Financial Results and Operating Highlights
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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NEWS RELEASE
First Mining Announces 2024 Third Quarter Financial Results
and Operating Highlights
November 11, 2024 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”)
(TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) reports its third quarter financial results for the quarter
ended September 30 , 202 4. 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 want to thank our new and existing supportive shareholders for a positive third quarter where we
were able to successfully add more than $15 million to our balance sheet to continue advancing our
projects,” stated Dan Wilton, CEO of First Mining. “ We continue to demonstrate strong exploration
success at both Duparquet and our Birch- Uchi Greenstone Belt project and we look forward to more
exciting results to come. We are tremendously proud in our recent achievement of filing of our Final
Environmental Impact Statement / Environmental Assessment at our Springpole Gold Project, which has
the potential to deliver tremendous socio -economic and infrastructure benefits to an underserviced
region of Northwestern Ontario with a focus on environmental stewardship and sustainable
development.”
2024 Q3 Highlights:
• On November 5, 2024, the Company announced that it submitted the final Environmental Impact
Statement / Environmental Assessment (“ EIS/EA”) for the Springpole Project. The final EIS/EA
submission marks a significant procedural milestone in the advance of the Springpole Project and
follows over two and a half years of consultation and engagement on the draft EIS/EA submitted
in May 2022. The Project is being assessed by the Impact Assessment Agency of Canada in
accordance with the Canadian Environmental Assessment Act (CEAA, 2012) and by the Ministry
of Environment Conservation and Parks under Ontario’s Environmental Assessment Act.
• On October 31, 2024, the Company announced that it entered into a Process Agreement with Cat
Lake First Nation and Lac Seul First Nation which provides important capacity support for the
implementation of a community-based Anishinaabe-Led Impact Assessment (“ALIA”).
• As of September 30, 2024, the Company’s cash and current investments balance was $13.8 million
and the equity interest in PC Gold Inc. (Pickle Crow Project) was $21.5 million, resulting in a
combined carrying value of $35.3 million.
• On September 26, 2024, the Company completed a brokered bought deal public offering raising
aggregate gross proceeds of $8,050,023 which consisted of 59,629,800 units of the Company at a
price of $0.135 per unit and subsequent to the end of the third quart er, on October 10, 2024,
completed a non-brokered private placement for $7,352,600 in aggregate gross proceeds raised
through the issuance of 54,463,706 units of the Company at a price of $0.135 per unit. Each unit
consisted of one common share and one half of one common share purchase warrant with each
full common share purchase warrant being exercisable to acquire one additional common share
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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of the Company at an exercise price of $0.20 for a period of 36 months following the closing date
of each offering.
• On September 9, 2024, the Company announced four newly discovered gold mineralization
occurrences at the Challenger Target, including channel sample results grading up to 6.53g/t Au
over 3 m, and including grab samples grading up to 26.6 g/t, 20.3 g/t and 7.7 g/t Au . The new
occurrences were identified during their summer follow up mapping program in the Challenger
target area.
• On August 28, 2024, the Company announced further drilling results from the 2024 Phase 3
diamond drilling program at Duparquet. These results further defined resource expansion
opportunities at the Valentre target. The Phase 3 program was completed in Octo ber 2024,
comprising 24 holes over 9,564 m, and assay results are in progress.
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 final Environmental Impact Statement / Environmental Assessment for the project
submitted in November 2024 , and the Duparquet Gold 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
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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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, politic al and social uncertainties and contingencies. Such
factors include, without limitation the Company’s business, operations and financial condition potentially being
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 result 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 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, 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.