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First Mining Files Preliminary Base Shelf Prospectus and Registration Statement

Financings

TSX: FF

OTCQX: FFMGF

FRANKFURT: FMG

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NEWS RELEASE

First Mining Files Preliminary Base Shelf Prospectus and

Registration Statement

December 21, 2023 – Vancouver, BC – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX:

FF) (OTCQX: FFMGF) (FRANKFURT: FMG) announces that it has filed a preliminary short form base shelf

prospectus (the “Preliminary Shelf Prospectus”) with the securities regulatory authorities in each of the

provinces of Canada (the “Commissions”), and a corresponding registration statement on Form F-10 (the

“Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”) under

the U.S./Canada Multijurisdictional Disclosure System.

First Mining has filed th e Preliminary Shelf Prospectus and the Registration Statement to provide the

Company with greater financial flexibility going forward but has not entered into any agreements or

arrangements to authorize or offer any Securities (as defined below) at this time.

The Preliminary Shelf Prospectus and the Registration Statement remain subject to completion or

amendment. Once a receipt for a final short form base shelf prospectus ( the “Final Shelf Prospectus”) is

received from the Commissions and the corresponding Registration Statement is deemed effective by the

SEC, First Mining may undertake offerings of common shares (including common shares issued on a “flow-

through” basis), preferred shares, warrants, subscription receipts and units (collectively, the “Securities”),

or any combination thereof, up to an aggregate total of C$100 million from time to time during the 25 -

month period that such Final Shelf Prospectus remains effective. The Securities may be offered in

amounts, at prices and on terms to be determined at the time of sale and, subject to applicable

regulations, may include “at-the-market” transactions, public offerings or strategic investments. The

specific terms of any offering of Securities, including the use of proceeds from any offering, will be set

forth in one or more shelf prospectus supplement(s) to be filed with applicable securities regulators.

Copies of the Preliminary Shelf Prospectus and the Registration Statement can be found, respectively,

under the Company’s SEDAR + profile at www.sedarplus.ca and on EDGAR at www.sec.gov , or may be

obtained by request to Richard Huang, Vice President, Corporate Development, Suite 2070 – 1188 West

Georgia Street, Vancouver, British Columbia V6E 4A2, Canada (tel: 1 -844-306-8827), or to

[email protected].

No securities regulatory authority has either approved or disapproved the contents of this news release.

The Registration Statement filed today with the SEC has not yet become effective. No Securities may be

sold, nor may offers to buy be accepted, until a receipt for a Final Shelf Prospectus has been issued by

the Commissions and the Registration Statement become s effective. This news release does not

constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any

jurisdiction in which such offer, solicitation or sale would be unlawful.

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

TSX: FF

OTCQX: FFMGF

FRANKFURT: FMG

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

with FireFly Metals Ltd), the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold

Corp.), and a large 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]

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 Pri vate 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”, “targeted”, “advancing”, “proving” 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 filing of and receipt of the Final Shelf Prospectus and the effectiveness of the corresponding

Registration Statement ; (ii) the filing and effectiveness of any potential prospectus supplement ; (iii) the Company

undertaking any offering of Securities under the Final Shelf Prospectus and corresponding Registration Statement,

including the amount and terms of any Securities to be offered; (iv) the Company’s plans with respect to advancing

its portfolio of gold projects ; (v) feasibility and permitting activities related to the Springpole Gold Project ; and (vi)

realizing the value of the Company’s gold projects f or the Company’s shareholders. 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, performance 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: the timing and filing of a Final Shelf Prospectus and corresponding

Registration Statement; the potential offering of any S ecurities by the Company ; uncertainty with respect to the

completion of any future offering; the ability to obtain applicable regulatory approval for any contemplated offerings;

the ability of the Company to negotiate and complete future funding transactions ; 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

TSX: FF

OTCQX: FFMGF

FRANKFURT: FMG

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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, 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 SEC 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.