First Mining Announces Agreement with First Majestic Silver to Accelerate Final Springpole Silver Stream Payment and Amend Warrant Terms
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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NEWS RELEASE
First Mining Announces Agreement with First Majestic Silver to Accelerate Final
Springpole Silver Stream Payment and Amend Warrant Terms
March 14, 2025 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (T SX:
FF) (OTCQX: FFMGF) (FRANKFURT: FMG) announces that it has entered into an amending agreement (the
“Amending Agreement”) with First Majestic Silver Corp. (“First Majestic ”) to the silver purchase agreement
dated June 10, 202 0, among First Majestic, First Mining and Gold Canyon Resources Inc., a wholly -owned
subsidiary of First Mining (the “Silver Purchase Agreement ”). Pursuant to the Amending Agreement, t he
Company and First Majestic have agreed to amend the terms of the final tranche payment (“ Tranche 3”)
under the Silver Purchase Agreement, such that it will now be a cash-only payment of US$5 million, and it will
be payable by First Majestic by March 31, 2025.
As consideration for entering into the Amending Agreement, First Mining has agreed to amend the terms of
the common share purchase warrants (the “ Warrants”) that were issued to First Majestic on July 2, 2020
under the terms of the Silver Purchase Agreement . The 32,050,228 Warrants that were issued to First
Majestic, which have an exercise price of $0.374 per Warrant, were set to expire on July 2, 2025. Pursuant to
the Amending Agreement, the exercise price of the Warrants will be revised to $0.20, and the Warrants wil l
now expire on March 31, 2028 . In addition, if the closing price of the Company’s common shares on the
Toronto Stock Exchange (the “ TSX”) equals or exceeds $0. 30 for 45 consecutive trading days, First Mining
may accelerate the expiry date of the Warrants to the date which is 30 days following the dissemination of a
news release announcing the acceleration. All other terms and conditions of the Warrants remain
unchanged.
First Mining has received conditional approval from the Toronto Stock Exchange (the “ TSX”) to make the
above amendments to the exercise price and the expiry date of the 32,050,228 Warrants held by First
Majestic, and the amended terms of the Warrants will become effective on the date that is ten business days
after the date of this news release. None of the Warrants being extended are held by insiders of the Company.
“We are very pleased to have the vote of confidence from First Majestic at this advanced stage of the
Springpole Gold P roject’s development. This final payment solidifies First Majestic’s interest in the
Springpole Gold Project, securing the over 20-million-ounce silver stream with a Canadian-based and highly
experienced silver mining company ,” stated Dan Wilton, CEO of First Mining. “ When in production, the
Springpole Gold Project would be Ontario’s largest silver producer securing a domestic supply of a key metal
required for various clean energy applications including electric vehicles. First Mining c ontinues to mak e
positive steps in advancing the Springpole Gold Project through the final stages of the Environmental
Assessment process, with the project being one of the most advanced mining projects in the process in
Canada. In light of all of the destabilizing threats of US tariffs and other macro -economic factors, the
Springpole Gold Project will support Ontario and national stability by providing thousands of jobs ,
government revenue generation, benefits for local and Indigenous communities and bring critical
infrastructure to northwestern Ontario, while delivering economic growth and diversification to help offset
the potential impact that tariffs and other uncertainty will have on our economy.”
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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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 ar e
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” (collective ly
“forward-looking statements”) within the meaning of applicable Canadian and United States securities legisla tion
including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are m a de
as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words suc h
as “expects”, “anticipates”, “believes”, “plans”, “proje cts”, “intends”, “estimates”, “envisages”, “potentia l”,
“possible”, “strategy”, “goals”, “opportunities”, “objectives”, or variations thereof or stating that certain actions, ev e nts
or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these te rm s
and similar expressions.
Forward-looking statem ents in this news release, including, without limitation, statements proposed extension of the
expiry dates of the Warrants , 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 the m .
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 a nd
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, competitiv e ,
political and social uncertainties and contingencies. Such factors include, without limitation the Company’s busine ss,
operations and financial condition potentially being materially adversely affected by the outbreak of ep idemic s,
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 epidem ics, 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 a s its
head office; fluctuations in the spot and forward price of gold, silver, base metals or certain other commoditie s;
fluctuations in the currency markets (such as the Canadian dollar versus the U.S. dollar); changes in national and loc a l
government, legislation, taxation, controls, regulations and political or economic developments; risks and haza rds
associated with the business of mineral exploration, develo pment and mining (including environm ental hazards,
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OTCQX: FFMGF
FRANKFURT: FMG
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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 loca l
communities, indigenous populations and other stakeholders; availability and increasing costs associated with m ining
inputs and labour; the speculative nature of mineral exploration and development; title to properties.; and the additiona l
risks described in the Company’s Annual Infor mation Form for the year ended December 31, 2023 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 upda te
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.