First Mining Completes Sale of Non-Core Royalty Portfolio
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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NEWS RELEASE
First Mining Completes Sale of Non-Core Royalty Portfolio
February 21, 2023 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”)
(TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has completed the
previously announced sale of its non-core royalty portfolio (the “Transaction”) to Elemental Altus
Royalties Corp. (“Elemental Altus”) for total consideration of approximately C$6.7 million, comprised of
C$4.7 million in cash and 1,598,162 common shares of Elemental Altus (the “Consideration Shares”).
First Mining’s royalty portfolio sale to Elemental Altus comprised of 19 royalties across four countries, and
includes a 2.0% net smelter return (“ NSR”) royalty on the Pickle Crow Gold Project that is located in
Ontario and is being operated by Auteco Minerals Ltd., a 1.5% NSR royalty on the Hope Brook Gold Project
that is located in Newfoundland and is being operated by Big Ridge Gold Corp. , and a number of other
royalties on exploration and development projects.
Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and
a diversified portfolio of pre-production and discovery stage assets, and its common shares trade on the
TSX Venture Exchange under the symbol ELE.
The Consideration Shares are subject to a statutory hold period of four months and one day from the
issuance of the shares, expiring on June 22, 2023, along with a contractual restriction that expires six
months after the closing date of the Transaction, namely August 21, 2023.
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, Pitt and Duquesne Gold Projects in Quebec, a collection of adv anced-stage
development assets located on the Destor-Porcupine Fault 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 Auteco Minerals Ltd.), the Hope Brook Gold Project
(being advanced in partnership with Big Ridge Gold Corp.), and an equity interest in Treasury Metals Inc.
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]
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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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 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 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. 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, 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 mining (including environmental
hazards, industrial accidents, unus ual 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, 2021 filed
with the Canadian securities regulatory authorities under the Company’s SEDAR profile at www.sedar.com, 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 ot hers 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.