First Mining Closes First Tranche of Upsized Equity Financing

TSX: FF

OTCQX: FFMGF

FRANKFURT: FMG

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NEWS RELEASE

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

First Mining Closes First Tranche of Upsized Equity Financing

November 21 , 2023 – Vancouver, BC, Canada – First Mining Gold Corp. (“First Mining” or the

“Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that due to demand,

the Company has upsized its $5 million non-brokered private placement financing, previously announced

on October 26, 2023, to approximately $10 million (the “Offering”). The Company has closed the first

tranche of the Offering and issued 63,993,000 units of the Company (the “Units”) at a price of $0.125 per

Unit for aggregate gross proceeds of approximately $8 million (the “First Tranche”). First Mining expects

to close the remainder of the Offering on or about December 7, 2023.

Each Unit consists of one common share of the Company (each, a “Common Share”) and one-half of one

Common Share purchase warrant (each whole C ommon Share purchase warrant, a “ Warrant”). Each

Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.20 per

Common Share at any time prior to the date which is 36 months following the closing date of the First

Tranche.

The Company intends to use the net proceeds from the Offering to advance its Springpole and Duparquet

gold projects, as well as for general working capital and corporate purposes.

All of the securities issued under the First Tranche are subject to a statutory hold period of four months

and one day in accordance with applicable Canadian securities laws. The Offering remains subject to the

receipt of all necessary regulatory approvals, including the final approval of the Toronto Stock Exchange

(the “TSX”).

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities

in the United States. The securities have not been and will not be registered under the United States Act of

1933, as amended (the “U.S. Secur ities Act”) or any state securities laws and may not be offered or sold

within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities

Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption

from such registration is available.

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 O ntario and

a portfolio of gold project interests including the Pickle Crow Gold Project (being advanced in partnership

with Auteco Minerals Ltd.), the Hope Brook Gold Project (being advanced in partnership with Big Ridge

Gold Corp.), and a large equity interest in Treasury Metals Inc.

TSX: FF

OTCQX: FFMGF

FRANKFURT: FMG

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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 and include, but are not limited to, statements

with respect to: (i) the completion of the remainder of the Offering and the timing thereof; (ii) the total gross proceeds

to be raised under the Offering; (iii) the intended use of the net proceeds of the Offering; (i v) the receipt of all

regulatory and stock exchange approval s; (v) the Company’s plans with respect to advancing its portfolio of gold

projects; and (vi) Feasibility and permitting activities related to the Springpole Project. 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.

Many factors, both known and unknown, could cause actual results, performance or achievements to be materially

different from the results, perf ormance 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 final approval from the TSX; failure to close the

remainder of the Offering; the Company’s business, operations and financial condition potentially being materially

adversely affected by the outbreak of epidemics, pandemics or other health crises, such as COVID-19, 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, such as COVID -19, 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 mini ng (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

TSX: FF

OTCQX: FFMGF

FRANKFURT: FMG

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the Company’s Annual Information Form for the year ended December 31, 2022 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 U.S. Securities and Exchange Commission and 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.