First Mining Provides Update on Pickle Crow Gold Project
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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NEWS RELEASE
First Mining Provides Update on Pickle Crow Gold Project
February 3, 2026 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX:
FF) (OTCQX: FFMGF) (FRANKFURT: FMG) announces that its joint -venture partner at First Mining’s Pickle
Crow Gold Project (“Pickle Crow” or the “Project”), FireFly Metals Ltd (“FireFly”) has agreed to sell its 70%
interest in PC Gold Inc. (“ PC Gold ”), the entity that hol ds the Project, to Bellavista Resources Limited
(ASX:BVR) (“Bellavista”), for 60 million Bellavista shares valued at A$45 million based on the concurrent
financing price (see below) to be distributed to FireFly shareholders and A$37.5 million in Bellavista
performance rights (the “Transaction”). In addition, Bellavista is seeking to raise A$25 million at a price of
A$0.75 per Bellavista share.
The Bellavista team is led by Glenn Jardine as Managing Director and Peter Canterbury as Finance Director.
Mr. Jardine and Mr. Canterbury are both experienced executives who led De Grey Mining until its successful
US$3.3 billion sale to Northern Star Resources Ltd. In May 2025.
“This is a transformative transaction for the Pickle Crow Gold Project,” stated Dan Wilton, CEO of First Mining.
“We would like to thank the FireFly team for all the years of hard work put into the Project and are very excited
to work with the Bellavista team going forward. The Bellavista team have been one of the most successful
groups in Australia advancing late-stage gold projects through the development cycle, having sold De Grey
for more than US$3 billion in 2025. We look forward to seeing the Pickle Crow Gold Project, one of the largest
high grade gold resources in any Tier 1 jurisdiction, advanced with the significant funding that Bellavista will
raise."
The Transaction is expected to close in Q2 2026 and Bellavista has indicated its intention to exercise the PC
Gold buydown right to increase their ownership to 80% of the Project by paying C$3 million in cash to First
Mining. Upon the exercise, First Mining’s ownership interest in PC Gold will be reduced from 30% to 20% and
its interest in PC Gold is free carried to a decision to mine at Pickle Crow.
Please see Bellavista’s news release for more information:
https://wcsecure.weblink.com.au/clients/bellavistaresources/v2/headline.aspx?headlineid=61310001
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.
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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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.
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 exercise of the buydown right by Bellavista ; (ii) the value of the Bellavista shares; (iii) the timing
and closing of the Transaction ; (iv) the Company’s plans with respect to advancing its portfolio of gold projects; and (v)
feasibility and permitting activities 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 th e date the statement s 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, and by reactions by government and private act ors 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 unexp ected 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; availab ility 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 Decembe r 31, 2024 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 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.