First Mining Announces Receipt of $6 Million in Proceeds from Warrants Exercise
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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NEWS RELEASE
First Mining Announces Receipt of $6 Million in Proceeds from Warrants Exercise
December 16, 2025 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”)
(TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has received total proceeds of
C$6,410,045 from the exercise by First Majestic Silver Corp. (“First Majestic”) of 32,050,228 common share
purchase warrants of the Company (the " Warrants") at a price of $0.20 per Warrant. The Warrants were
issued in relation to amending the terms of a silver purchase agreement among First Majestic, First Mining
and Gold Canyon Resources Inc., a wholly-owned subsidiary of First Mining.
The Company intends to use the proceeds from the exercise of the se Warrants to advance First Mining’s
Springpole and Duparquet gold projects, as well as for general working capital and corporate purposes.
Following the exercise of the Warrants, First Majestic’s ownership in First Mining increases to 47,379,944
common shares representing 3.5% of the total common shares of the Company outstanding.
About First Mining Gold Corp.
First Mining is a gold developer advancing two of the largest gold projects in Canada, th e 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 30% project interest in the Pickle Crow Gold Project.
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”, “plan s”, “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.
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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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, the use of
proceeds for the Warrants exercise, and First Mining’s plans related to its Springpole, Duparquet and other projects . 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 th e date the statements are made and are
based upon a number of assumpt ions 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
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 a nd 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 floodin g); 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, 2024 filed with the Canadian securities reg ulatory 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 for egoing 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.