First Mining Gold Corp. · TSX:FF
First Mining Gold — Investor Presentation (March 2025)
52 slides from First Mining Gold's investor presentation, March 2025
Slide 1: Corporate Presentation
TSX: FF OTCQX: FFMGF FRANKFURT: FMG www.firstmininggold.com Corporate Presentation MARCH 2025 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 beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such “forward-looking statements”) within the meaning
Slide 3: Why First Mining
WHY FIRST MINING Advancing two of the 10 largest undeveloped gold projects in Canada Springpole Gold Project – large, robust, feasibility stage, advanced permitting Positive PEA at the Duparquet Gold Project in the heart of the Abitibi gold belt in Quebec SPRINGPOLE Portfolio of other assets provide
Slide 4: Overview of First Mining Assets
OVERVIEW OF FIRST MINING ASSETS Flagship Assets Flagship Assets Other Assets PICKLE CROW (30%) Springpole Gold Ontario, Canada Project in Ontario, Joint Venture with FireFly Metals Canada FireFly Option to Earn-In to 80% SPRINGPOLE GOLD PROJECT Duparquet Gold Ontario, Canada Project in Quebec, PFS R
Slide 5: Corporate Overview
CORPORATE OVERVIEW SUMMARY DETAILS CURRENT OWNERSHIP Share Price (C$) – As at February 26, 2025 $0.13 Shares Issued & Outstanding 1,080 Million MANAGEMENT & DIRECTORS Options and RSUs Outstanding 81 Million 4.4% Warrants Outstanding 142 Million 1.7% 82% RETAIL Fully Diluted Shares Outstanding 1,302
Slide 6: Gold Price Has Moved, Equities Have Lagged
GOLD PRICE HAS MOVED, EQUITIES HAVE LAGGED Developers lagging and valuation gap with producers has widened – opportunity to buy now! Relative Performance Since 2022 80% 60% 58% 40% 20% 22% 15% 0% (20%) (40%) (36%) (60%) Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov
Slide 7: Unprecedented Value Gap Between Developers and Producers
UNPRECEDENTED VALUE GAP BETWEEN DEVELOPERS AND PRODUCERS First Mining is significantly undervalued on a relative basis compared to peers First Mining trades at a discount to industry peers and has significant re-rating potential US$/oz vs. Peer Average P / NAV vs. Gold Industry Peers First Mining $7
Slide 8: Large Canadian Gold Projects – Corporate Activity Accelerating
LARGE CANADIAN GOLD PROJECTS – CORPORATE ACTIVITY ACCELERATING! Strategic & JVs Dec 2022 May 2024 Cote Greenstone (40%) May 2023 US$340M US$995M Windfall C$600M for 50% 2020 2021 2022 2023 2024 50% 50% June 2020 Dec 2020 / Apr 2021 Dec 2021 Feb 2023 Nov 2023 Mar 2024 Aug 2024 Blackwater Greenstone G
Slide 9: Large Projects in Canada Remain the Most Strategic Assets
LARGE PROJECTS IN CANADA REMAIN THE MOST STRATEGIC ASSETS Large projects able to attract partners or buyers even in the toughest markets Select Undeveloped Canadian Gold Projects 20 Construction M&I Inferred 18 Gold Resources (Moz Au and AuEq, where applicable) 16 5.5 14 Construction 0.3 12 1.8 Cons
Slide 10: The Cupboard Is Getting Bare
THE CUPBOARD IS GETTING BARE List of large developable gold projects is well defined FIRST MINING GOLD OWNS 2 OF THE TOP 10 GOLD DEVELOPMENT PROJECTS IN CANADA Select Undeveloped Canadian Gold Projects 16 M&I Inferred 14 Gold Resources (Moz Au and AuEq, where 3.2 12 10 applicable) 8.3 1.7 8 1.6 6 3.
Slide 11: First Mining Gold – Value Re-Rating Potential
FIRST MINING GOLD – VALUE RE-RATING POTENTIAL First Mining is trading at a significant discount to its peers and net asset value Market Value vs. Net Asset Value (C$M) Share Price Re-Rating Potential (C$ / FF share) Does NOT include any value for exploration Opportunity for Significant Market Value
Slide 12: 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 SPRINGPOLE 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
Slide 13: Springpole Project
Springpole Project TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 12
Slide 14: 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 121.6 Mt totalling 3.8 million ounces gold at 0.97 g/t, 20.5 million ounces silver at 5.2 g/t(1) • Average annual gold production of 335,000 ounces in years 1 through 9(
Slide 15: Springpole – Conceptual Mine Site Layout (EA, 2024)
SPRINGPOLE – CONCEPTUAL MINE SITE LAYOUT (EA, 2024) TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 14
Slide 16: Springpole - PFS Results
SPRINGPOLE - PFS RESULTS (1) Base Case Highlights: Production LOM Year 1 to 9 Mine Life yr 11.3 9.0 Au Price: Ag Price: FX: LOM Strip Ratio w:o 2.36 2.30 US$1,600/oz US$20/oz 0.75 Daily Throughput tpd 30,000 Gold After-Tax NPV5% After-Tax IRR Gold Head Grade g/t 0.97 1.12 US$995 million 29.4% Gold R
Slide 17: Springpole Permitting
SPRINGPOLE PERMITTING Coordinated Federal-Provincial EA Process for Springpole TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 16
Slide 18: Springpole: Exploration Update
SPRINGPOLE: EXPLORATION UPDATE 2024 Exploration drill program focused on the East Extension target East Zone Grade (Au Grade Camp Zone Phase 1 drill program comprised five Hole ID From (m) To (m) Length (m) g/t) (Ag g/t) drillholes totaling 2,293 m focused on SP24-007 73.00 119.50 46.50 0.61 4.66 SP
Slide 19: Springpole - Birch-Uchi: Exploration Strategy
SPRINGPOLE - BIRCH-UCHI: EXPLORATION STRATEGY • Strategic regional consolidation surrounding Springpole • Advancement of district-scale exploration opportunities spanning >70,000 hectares of mineral tenure • Focus on systematic data digestion, integration, and advancement • Understanding the geoscie
Slide 20: Birch-Uchi Project – 2024 Exploration Update
BIRCH-UCHI PROJECT – 2024 EXPLORATION UPDATE SADDLE DRILLING HIGHLIGHTS CHALLENGER DISCOVERY HIGHLIGHTS • Initial drilling campaign at Saddle target returned consistent gold 2023 Highlights: mineralization over meaningful widths that remains open for • Challenger Discovery: 25.6 g/t Au, 7.10 g/t Au
Slide 21: Duparquet Project
Duparquet Project TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 20
Slide 22: 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 23: 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 D
Slide 24: Duparquet PEA Highlights
DUPARQUET PEA HIGHLIGHTS Notes: LOM Annual 233 koz Au C$706 M • Base case parameters assume a gold price of Initial Capital US$1,800/oz and an exchange rate (C$ to US$) of Recovered Au 1.33. All currencies are reported in U.S. dollars unless otherwise specified. NPV calculated as of the commencement
Slide 25: Duparquet PEA Production Profile – vs Grade
DUPARQUET PEA PRODUCTION PROFILE – VS GRADE Average annual recovered gold production of 233 koz over 11-year mine life • Opportunities to increase mine through resource expansion, feed from satellite deposits and regional milling Average open pit grade of 1.36 g/t Au; average underground grade of 2.
Slide 26: Duparquet PEA Summary
DUPARQUET PEA SUMMARY Key Assumptions LOM Operating Costs (US$/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 27: Duparquet Project Mineral Resource
DUPARQUET PROJECT MINERAL RESOURCE Duparquet Mineral Resource Note: Further details on the mineral resources at the Duparquet Gold Project can be found in the technical report titled “NI 43-101 Technical Report: Preliminary Economic Assessment, Duparquet Project, Quebec, Canada”, dated October 20, 2
Slide 28: Duparquet Exploration Value Drivers
DUPARQUET EXPLORATION VALUE DRIVERS • Consolidated tenure (5,800 ha) with three NI 43-101 compliant resource centres located along 19 km strike length of the Destor-Porcupine Fault Zone • Proven gold endowment with historic mining validation as a base to build on • The deposit is underpinned by >270
Slide 29: Duparquet Exploration
DUPARQUET EXPLORATION Completion of Phase 2B & Commenced Phase 3 program North Zone returns multiple highlights: Initiates Phase 1 Drilling Completed 2023 programs 10.67 g/t Au over 5.3 m, 6.63 g/t Completed 2024 drilling program Drilled 4,881 m (10 holes) Drilled a total of 6,963 m for Au over 9.0
Slide 30: Duparquet Exploration Highlights
DUPARQUET EXPLORATION HIGHLIGHTS BUZZ VALENTRE NORTH ZONE • New Gold Zone with down-plunge and strike • Results aim to establish mineralization continuity within • Gold zones hosted in newly identified mafic volcanic units not previously continuity upside for meaningful growth a key area of the proj
Slide 31: Duparquet Exploration Highlights
DUPARQUET EXPLORATION HIGHLIGHTS Expansion Target Drilling Identifies Two New Gold Discoveries • Miroir Discovery: 3.12 g/t Au over 19.35 m occurring 225 m north of the Valentre target • Aiguille Discovery: 8.99 g/t Au over 3.1 m occurring 150 m south of the Valentre target • Valentre Target: 142 Au
Slide 32: Duparquet Work Plan
DUPARQUET WORK PLAN Prioritize developing relationship with local municipalities, Indigenous communities and regulators Environmental baseline data collection • Substantial preliminary reclamation and environmental data collection already commenced, including water testing, addressing existing legac
Slide 33: Other Assets Provide Optionality
OTHER ASSETS PROVIDE OPTIONALITY First Mining owns several wholly-owned and joint venture projects that provide optionality Description Resource Profile Other Details • Operated by FireFly Metals (ASX:FFM) • 1.23 Moz Inferred Resource • First Mining JV interest free carried to decision to • Located
Slide 34: For more information
For more information: info@firstmininggold.com +1 604 639 8824 TF: 1 844 306 8827 www.firstmininggold.com
Slide 35: Additional Information
ADDITIONAL INFORMATION
Slide 36: First Mining - Mineral Reserves & Mineral Resources
FIRST MINING - MINERAL RESERVES & MINERAL RESOURCES Probable Reserves Project Tonnes Au Grade (g/t) Contained Au (oz) Ag Grade (g/t) Contained Ag (oz) Springpole 121,600,000 0.97 3,800,000 5.23 20,500,000 Note: This mineral reserve estimate is as of December 30, 2020 and is based on the new mineral
Slide 37: 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 38: Management Team
MANAGEMENT TEAM Dan Wilton has 25 years of experience in M&A, corporate finance and principal investing in the mining sector. He was most recently a Partner at Pacific Road Capital Dan Wilton Management, a mining-focused private equity investment firm with approximately $800 million under management
Slide 39: Appendix
APPENDIX TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 38
Slide 40: Springpole Gold Project
SPRINGPOLE GOLD PROJECT A(X’
Slide 41: Springpole Mineral Resource
SPRINGPOLE MINERAL RESOURCE Springpole Gold Project is one of the largest undeveloped gold projects in Ontario, Canada Gold Silver Reserve Tonnage Grade (g/t) Ounces Grade (g/t) Ounces Probable 121,600,000 0.97 3,800,000 5.23 20,500,000 Gold Silver Resource Tonnage Grade (g/t) Ounces Grade (g/t) Oun
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: Combined First Mining & WSP EA Experience
COMBINED FIRST MINING & WSP EA EXPERIENCE First Mining has consolidated the EA process under WSP, a global environmental consultation firm responsible for permitting most of the major mining projects in Ontario Completed CEAA Projects Echo Bay 2000 Porcupine Joint Venture 2005 Victor Diamond Mine 20
Slide 44: Mines d'Or Duparquet
MINES D’OR DUPARQUET TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 43
Slide 45: 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 46: 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 47: 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 48: 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
Slide 49: Duparquet PEA Cash Flow Profile
DUPARQUET PEA CASH FLOW PROFILE Strong free cash flow generation at US$1,800/oz Au Over C$1.1 billion net free cash flow generated during LOM Duparquet Cash Flow Profile $300 $200 $100 $220 $203 $184 $152 $150 $167 $163 $102 $114 $117 $85 $57 $0 Cash Flow (C$M) ($99) ($100) ($200) ($490) ($300) ($40
Slide 50: Greenstone Gold Mines – Hardrock Project Case Study
GREENSTONE GOLD MINES – HARDROCK PROJECT CASE STUDY Hardrock Project located in Geraldton, Ontario had very similar situation to the Duparquet Project Past-producing mine Legacy arsenic issue Deposit located near/in town, beside an important recreational lake Greenstone Gold Mines took the pro
Slide 51: Other Assets
OTHER ASSETS
Slide 52: Cameron Gold Project
CAMERON GOLD PROJECT Excellent infrastructure with year-round highway access; camp, powerline within 20 km; 88 km from Rainy River mine Recent acquisition of East Cedartree claims consolidates strategic part of Cameron Gold Project and increases resource opportunity Acquisition adds over 32,200 hect
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