First Mining Closes Upsized $7.4 Million 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 Upsized $7.4 Million Equity Financing

October 10, 2024 – Vancouver, BC, Canada – First Mining Gold Corp. (“First Mining” or the “Company”)

(TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has upsized and closed its

previously announced non-brokered private placement financing raising total gross proceeds of

approximately $7.4 million (the “Offering”).

Pursuant to the Offering, the Company issued 54,463,706 units of the Company (the “Units”) at a price of

$0.135 per Unit. Each Unit consists of one common share of the Company (a “ Unit Share”) and one-half

of one common share purchase warrant (each whole common share purchase warrant, a “ Warrant”).

Each Warrant entitles the holder to acquire one common share of the Company (a “ Warrant Share”) at

an exercise price of $0.20 per Warrant Share at any time prior to the date which is 36 months following

the closing date of the Offering.

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 Offering 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.

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 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.

TSX: FF

OTCQX: FFMGF

FRANKFURT: FMG

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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 n ews 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 event s and include, but are not limited to: the use of

the net proceeds of the Offering; the receipt of all regulatory and stock exchange approvals; the Company’s plans

with respect to advancing its portfolio of gold projects; and feasibility and permitting activating related to the

Springpole Gold 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, whi le 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 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, 2023 filed

with the Canadian securities regulatory authorities under the Company’s SEDAR+ profile at www.sedarplus.ca.

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.