First Mining Gold Corp. · TSX:FF
First Mining Gold — Investor Presentation (October 2026)
47 slides from First Mining Gold's investor presentation, October 2026
Slide 1: Corporate Presentation
TSX: FF OTCQX: FFMGF FRANKFURT: FMG www.firstmininggold.com Corporate Presentation October 2026 TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com |0
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation includes certain “forward-looking information” and “forward-looking statements” (collectively assumptions and estimates expressed above do not occur as forecast, but specifically include, without limitation: “forward-looking statements”) within the meanin
Slide 3: Building Tomorrow's Gold Producer
BUILDING TOMORROW’S GOLD PRODUCER Advancing two of the largest undeveloped gold projects in Canada – total gold resource base of 8.2 Moz Au M&I and 3.7 Moz Au Inferred Springpole Gold Project – large, robust, feasibility stage, advanced permitting; updated PFS released in December 2025 – FEDERAL EA
Slide 4: Overview of First Mining Assets
OVERVIEW OF FIRST MINING ASSETS Flagship Assets Flagship Assets PICKLE CROW (20%) Ontario, Canada Other Assets Springpole Gold Project in Joint Venture with Bellavista Resources (80%) Ontario, Canada Free carried to decision to mine Duparquet Gold Project in SPRINGPOLE GOLD PROJECT Quebec, Canada On
Slide 5: Corporate Overview
CORPORATE OVERVIEW SUMMARY DETAILS CURRENT OWNERSHIP Share Price (C$) – As at September 30, 2026 $0.79 MANAGEMENT Shares Issued & Outstanding (PF $58M Financing) 1,490 M & DIRECTORS 5.0% 70% Options and RSUs Outstanding 92 M 3.2% HNW / RETAIL Warrants Outstanding 139 M INSTITUTIONAL Fully Diluted Sh
Slide 6: Canada's Largest Gold Projects
CANADA’S LARGEST GOLD PROJECTS List of large developable gold projects is well defined FIRST MINING GOLD OWNS 2 OF THE LARGEST GOLD DEVELOPMENT PROJECTS IN CANADA SPRINGPOLE IS ONE OF THE FEW PROJECTS IN CANADA WITH FEDERAL EA APPROVAL Select Undeveloped Canadian Gold Projects 16 14 (Moz Au and AuEq
Slide 7: Springpole – A Unique Strategic Gold Asset
SPRINGPOLE – A UNIQUE STRATEGIC GOLD ASSET One of the largest, undeveloped open-pit gold deposits in Canada • Probable Reserves of 102 Mt totalling 3.1 million ounces gold at 0.94 g/t, 16.1 million ounces silver at 4.9 g/t(1) • Average annual gold production of 330,000 ounces in years 1 through 5(1)
Slide 8: Springpole 2025 PFS Highlights
SPRINGPOLE 2025 PFS HIGHLIGHTS Average Annual Yr 1-5: Initial Au Production Capital US$1.1 Bn Base Case Pricing: 330 koz Gold Price: US$3,100/oz Silver Price: $35.50/oz FX: 0.74 Total Gold After-Tax Production 2.6 Moz Au NPV @ 5% US$2.1 Bn Notes: • All currencies are reported in U.S. dollars unless
Slide 9: Springpole 2025 PFS Production Profile
SPRINGPOLE 2025 PFS PRODUCTION PROFILE Average annual payable gold production of 330 koz over first five years • Opportunities to increase mine life through resource expansion and feed from satellite deposits in our 75k Ha district scale Birch-Uchi land tenure Average open pit grade of 1.09 g/t Au f
Slide 10: Springpole 2025 PFS Summary
SPRINGPOLE 2025 PFS SUMMARY General Units LOM Total / Avg. Year 1 to 5 Operating Metrics LOM Total / Avg. Year 1 to 5 Gold Price US$/oz $3,100 Mine Life yr 9.4 5.0 Silver Price US$/oz $35.50 Mined Ore Mt 102 54 FX C$:US$ $0.74 Mined Waste Mt 310 217 Operating Costs per Ounce LOM Total / Avg. Year 1
Slide 11: Duparquet – An Advanced-Stage Asset
DUPARQUET – AN ADVANCED-STAGE ASSET One of the largest, undeveloped open-pit gold deposits in Canada • Duparquet NI 43-101 compliant mineral resource of 69 Mt totalling 3.4 million ounces of gold in the Indicated Mineral Resource category at 1.55 g/t, and 50.8 Mt totalling 2.6 million ounces of gold
Slide 12: Deep Value Opportunity vs. Peers
DEEP VALUE OPPORTUNITY VS. PEERS First Mining is significantly undervalued on a relative basis compared to other North America peers Opportunity to close to valuation gap with continued advancement and re-rating through the development cycle US$/oz vs. Peers P / NAV vs. Peers First Mining $64 First
Slide 13: Significant Value Re-Rating Potential with 2025 Springpole PFS Update
SIGNIFICANT VALUE RE-RATING POTENTIAL WITH 2025 SPRINGPOLE PFS UPDATE First Mining is trading at a significant discount to its peers and net asset value incorporating our 2025 PFS base case and spot case assumptions Trading Value vs. Net Asset Value (C$ Billion) Share Price Re-Rating Potential (C$ /
Slide 14: Project Economics Offers Significant Leverage to Gold Price
PROJECT ECONOMICS OFFERS SIGNIFICANT LEVERAGE TO GOLD PRICE Unparalleled fundamental value leverage to an increasing gold price DUPARQUET SPRINGPOLE DUPARQUET Economic Sensitivity to Gold Price based on PFS Economic Sensitivity to Gold Price based on PEA Pre-Tax Pre-Tax After-Tax After-Tax Pre-Tax P
Slide 15: Achievements and Upcoming Milestones
ACHIEVEMENTS AND UPCOMING MILESTONES Federal Environmental Assessment approval for Springpole Gold Project Final binding agreements with all key local Indigenous communities around Springpole Recent equity financing provides funding runway to hit key project milestones ☐ Provincial Environmental Ass
Slide 16: Global Mineral Reserves & Mineral Resources
GLOBAL MINERAL RESERVES & MINERAL RESOURCES Probable Reserves Project Tonnes Au Grade (g/t) Contained Au (oz) Ag Grade (g/t) Contained Ag (oz) Springpole 102,000,000 0.94 3,100,000 4.90 16,100,000 Note: This Mineral Reserve estimate is as of November 13, 2025 and is based on the new mineral resource
Slide 17: Springpole Project
Springpole Project TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 16
Slide 18: Springpole – A Unique Strategic Gold Asset
SPRINGPOLE – A UNIQUE STRATEGIC GOLD ASSET One of the largest, undeveloped open-pit gold deposits in Canada • Probable Reserves of 102 Mt totalling 3.1 million ounces gold at 0.94 g/t, 16.1 million ounces silver at 4.9 g/t(1) • Average annual gold production of 330,000 ounces in years 1 through 5(1)
Slide 19: Springpole – Conceptual Mine Site Layout (EA, 2024)
SPRINGPOLE – CONCEPTUAL MINE SITE LAYOUT (EA, 2024) TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 18
Slide 20: Springpole Permitting
SPRINGPOLE PERMITTING Coordinated Federal-Provincial EA Process for Springpole – FEDERAL EA APPROVAL GRANTED JUNE 2026 7 TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 19
Slide 21: Springpole Near Pit Expansion Opportunities
SPRINGPOLE NEAR PIT EXPANSION OPPORTUNITIES Extensions and Under Explored Areas Arc Zone Direct open mineralization trends and Arc Zone remains open along strike towards the opportunity for additional discovery for South and Southeast of the main Portage Zone both SW Extension, Arc & Crest Zones, an
Slide 22: Springpole - Birch-Uchi Exploration Strategy
SPRINGPOLE - BIRCH-UCHI EXPLORATION STRATEGY • Strategic regional consolidation surrounding Springpole • Advancement of district-scale exploration opportunities spanning >75,000 hectares of mineral tenure • Strong target catalogue evolvement and continuous integration and uplift Mineral Reserves 2+
Slide 23: Birch-Uchi Project – Exploration Targets
BIRCH-UCHI PROJECT – EXPLORATION TARGETS High-Priority Growth Opportunity | 12 km SW of Springpole SADDLE DRILLING HIGHLIGHTS • Initial drilling campaign at Saddle target returned consistent gold mineralization over meaningful widths that remains open for expansion Challenger • Drill highlights: • S
Slide 24: Duparquet Project
Duparquet Project TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 23
Slide 25: Duparquet – An Advanced-Stage Asset
DUPARQUET – AN ADVANCED-STAGE ASSET One of the largest, undeveloped open-pit gold deposits in Canada • Duparquet NI 43-101 compliant mineral resource of 69 Mt totalling 3.4 million ounces of gold in the Indicated Mineral Resource category at 1.55 g/t, and 50.8 Mt totalling 2.6 million ounces of gold
Slide 26: Duparquet | Located in the Prolific Abitibi Greenstone Belt
DUPARQUET | LOCATED IN THE PROLIFIC ABITIBI GREENSTONE BELT Casa Berardi Detour Lake +200 Moz Gold Produced in the Abitibi Destor Porcupine Fault Duparquet Project Operating Mine Deposit Macassa Historical Mine Timmins Gold Camp +70 Moz Young- Rouyn-Noranda Malartic Kirkland Lake Gold • Porcupine Da
Slide 27: Duparquet PEA Highlights
DUPARQUET PEA HIGHLIGHTS LOM Annual Base Case Pricing: Recovered Au 233 koz Au Initial Capital C$706 M Gold Price: US$1,800/oz FX: 0.75 Total Produced After-Tax NPV Au Oz 2.5 Moz Au @ 5% C$588 M Notes: • All currencies are reported in U.S. dollars unless otherwise specified. NPV calculated as of the
Slide 28: Duparquet PEA Production Profile – vs Grade
DUPARQUET PEA PRODUCTION PROFILE – VS GRADE Average annual recovered gold production of 233 koz over 11-year mine life • Opportunities to increase mine through resource expansion, feed from satellite deposits and regional milling Average open pit grade of 1.36 g/t Au; average underground grade of 2.
Slide 29: Duparquet PEA Summary
DUPARQUET PEA SUMMARY Key Assumptions LOM Operating Costs (US$/oz)(1) LOM Gold Price US$/oz US$1,800 Cash Costs (US$/oz) (2) US$/oz $751 Exchange Rate (C$:US$) 1.33 AISC (US$/oz) (3) US$/oz $976 Production Profile LOM Capital Expenditures LOM Total Open Pit Tonnage Mt 282 Initial Capital C$M $706 To
Slide 30: Duparquet Project Resource
DUPARQUET PROJECT RESOURCE Duparquet Resource Plan View 300m 600m Resource Pit Shell Resource Wireframe October 2023 MRE Wireframes Long Section View Looking North August 2025 Drilling to Date TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 29
Slide 31: Duparquet | Building Momentum Through Exploration
DUPARQUET | BUILDING MOMENTUM THROUGH EXPLORATION Progressive expansion of drilling, discoveries and confidence in key resource targets • 2023 | ESTABLISH Validated resource areas and opened new exploration space, including Buzz & Valentre Discoveries 17 holes | 6,966 m • 2024 | DISCOVER Two new dis
Slide 32: Duparquet | Shifting the Exploration Frontier
DUPARQUET | SHIFTING THE EXPLORATION FRONTIER Exploration success shifted focus toward a new emerging corridor (~500m width) CENTRAL DUPARQUET-VALENTRE-DUMICO (“CVD”) • Valentre Target has been advanced to demonstrate continuity in mineralization along 300m strike extension CENTRAL DUPARQUET DUMICO
Slide 33: Duparquet | Extending the System at Depth
DUPARQUET | EXTENDING THE SYSTEM AT DEPTH Drilling continues to expand mineralization along strike and down-plunge NORTH ZONE • Gold zones hosted in newly identified mafic volcanic units that represent a strong core for underground foundation, 2024 drilling highlighted down-plunge and eastward strik
Slide 34: Duparquet | Expanding the Exploration Frontier
DUPARQUET | EXPANDING THE EXPLORATION FRONTIER Exploration success towards the South MINUIT DISCOVERY ZONE BUZZ ZONE • Situated 75 m north of historical Donchester underground mine workings, discovery was • Discovery zone on South side of the Beattie Syenite & currently spans 300 m strike and encoun
Slide 35: Duparquet Work Plan
DUPARQUET WORK PLAN Prioritize advancing relationship with local municipalities, Indigenous communities and regulators • Signed memorandum of understanding (MOU) with the Town of Duparquet in September 2025 • Ongoing discussions with town and indigenous communities • Working in partnership with Queb
Slide 36: Board of Directors
BOARD OF DIRECTORS Keith Neumeyer Mr. Neumeyer has worked in the investment community since 1984. He has an unparalleled track record which includes creating two world-class mining Chairman & companies: First Quantum Minerals Ltd. which has now grown into one of the world's largest copper producers,
Slide 37: Management Team
MANAGEMENT TEAM Dan joined First Mining in 2019 as CEO and has 30+ years of experience in M&A, corporate finance and principal investing in the mining sector. He was most recently a Dan Wilton Partner at Pacific Road Capital Management, a mining-focused private equity investment firm with approximat
Slide 38: For more information
For more information: info@firstmininggold.com +1 604 639 8824 TF: 1 844 306 8827 www.firstmininggold.com A picture containing clipart Description automatically generated
Slide 39: Appendix
APPENDIX
Slide 40: Springpole Gold Project
SPRINGPOLE GOLD PROJECT
Slide 41: Springpole Mineral Resource
SPRINGPOLE MINERAL RESOURCE Springpole Gold Project is one of the largest undeveloped gold projects in Ontario, Canada Tonnage Gold Silver Reserve (Mt) Grade (g/t) Ounces Grade (g/t) Ounces Probable 102 0.94 3,100,000 4.9 16,100,000 Gold Silver Resource Tonnage Grade (g/t) Ounces Grade (g/t) Ounces
Slide 42: Comparable Canadian Open Pit Developments
COMPARABLE CANADIAN OPEN PIT DEVELOPMENTS Springpole Meadowbank Gahcho Kué Attribute Springpole Meadowbank Gahcho Kué Permanent Lake Loss (ha) 23 149 159 Altered Habitat (ha) 60 91 84 Disrupted Habitat (ha) 109 254 429 Total (ha) 192 494 672 % of Host Lake Affected Springpole (6%) 3%, 36%, >70% Kenn
Slide 43: Mines d'Or Duparquet
MINES D’OR DUPARQUET TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 42
Slide 44: Project History
PROJECT HISTORY Gold discovered in the 1930s 1933 – 1956: Construction of a roaster and gold production 1956: Mining operation ceases 1970s: Roaster is operational – used for custom roasting of molybdenum concentrate 1980 – 2007: Limited exploration activity 2009 – 2013: Clifton Star options to acqu
Slide 45: Duparquet Mineral Resource
DUPARQUET MINERAL RESOURCE Duparquet Gold Project is one of the largest undeveloped gold projects Consolidated Tonnage Gold in Quebec, Canada Resource (2023) Grade (g/t) Ounces Long Section looking South with Resource and Engineering Designs Measured 183,600 1.43 8,500 Indicated Resource 69,022,700
Slide 46: Duparquet PEA – Sensitivity Analysis
DUPARQUET PEA – SENSITIVITY ANALYSIS Gold Price Gold Price (US$/oz) $1,400 $1,600 $1,800 $2,000 $2,200 Pre-Tax NPV5% C$168 million C$621 million C$1.07 billion C$1.53 billion C$1.98 billion Pre-Tax IRR 8.5% 17.1% 24.9% 32.0% 38.6% After-Tax NPV5% C$20 million C$310 million C$588 million C$859 millio
Slide 47: Duparquet PEA Production Profile – vs AISC
DUPARQUET PEA PRODUCTION PROFILE – VS AISC Average annual recovered gold production of 233 koz over 11-year mine life • Opportunities to increase mine through resource expansion, feed from satellite deposits and regional milling LOM average annual AISC of less than US$1,000/oz Au Duparquet PEA Produ
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