Slide 1: Corporate Presentation
TSX: FF OTCQX: FFMGF FRANKFURT: FMG www.firstmininggold.com Corporate Presentation MARCH 2023 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 “forward-looking statements”) the assumptions and estimates expressed above do not occur as forecast, but specifically include, without limitation: (i) the risk
Slide 3: Why First Mining?
WHY FIRST MINING? Ownership of Two World Class Multi-Million Ounce Gold Projects in the World’s Most Prolific and Friendly Mining Jurisdictions in Ontario and Quebec PFS Stage Springpole Gold Project located in Ontario is one of the Largest Gold Projects in Canada and Undergoing Permitting and Feasi
Slide 4: Overview of First Mining Assets
OVERVIEW OF FIRST MINING ASSETS Flagship Assets SPRINGPOLE GOLD PROJECT Ontario, Canada Springpole Gold Project in Ontario, Canada PFS Released in Q1 2021 PICKLE CROW (30%) Ontario, Canada Advancing through Feasibility and Permitting Joint Venture with Auteco Minerals Quebec Assets in Quebec Canada:
Slide 5: Corporate Overview
CORPORATE OVERVIEW SUMMARY DETAILS CURRENT OWNERSHIP Shares Issued & Outstanding 802 Million Options and RSUs Outstanding 51 Million MANAGEMENT & DIRECTORS Warrants Outstanding 50 Million 3.3% Fully Diluted Shares Outstanding 903 Million 2.2% 80% RETAIL Market Capitalization – Basic $148 Million 15%
Slide 6: Two World Class Development Projects
TWO WORLD CLASS DEVELOPMENT PROJECTS First Mining owns two of the largest undeveloped gold projects in Canada Select Undeveloped Canadian Gold Projects (Moz Au) Quebec Projects 19.1 Total Gold Resources (Moz Au) – M&I plus Inferred 11.9 10.2 9.2 9.1 8.9 7.1 6.8 5.9 5.8 5.6 5.1 5.1 4.9 Cote Blackwate
Slide 7: First Mining Is Significantly Undervalued
FIRST MINING IS SIGNIFICANTLY UNDERVALUED First Mining is significantly undervalued on a relative basis compared to peers First Mining trades at a discount to industry peers and has significant re-rating potential US$/oz vs. Peer Average P / NAV vs. Gold Industry Peers First Mining 0.10x Emerging Fi
Slide 8: Why Gold Developers?
WHY GOLD DEVELOPERS? First Mining is in the “orphan period” of the mineral discovery lifecycle Gold developers are typically the most discounted during this period and provides biggest upside potential to buyers First Mining has the near-term catalysts and milestones to advance through the developme
Slide 9: Management and Board
MANAGEMENT AND BOARD Management Board of Directors Dan Wilton Jeff Reinson Keith Neumeyer CEO and Director COO Chairman, Founder of First Mining; President and CEO of First Majestic Silver 30 years private equity and corporate +25 years project and engineering Founder of First Majestic Silver
Slide 10: ESG Is Central to Our Business
ESG IS CENTRAL TO OUR BUSINESS Released inaugural Sustainability and ESG Report in June 2022 Key Highlights from Report Performance Metrics and Priorities Environment $4.9M in 2021 (2020: $1.7M, since 2015: $9M) for environmental studies, including key wildlife and habitat studies focused on speci
Slide 11: Springpole – A Unique Strategic Gold Asset
SPRINGPOLE – A UNIQUE STRATEGIC GOLD ASSET One of the largest, undeveloped open-pit gold deposits in Canada • Reserves of 3.8 million ounces gold at 0.97 g/t, 20.5 million ounces silver at 5.2 g/t • Average annual gold production of 335,000 ounces in years 1 through 9 (1) Positive Economics, +11 yea
Slide 12: Birch-Uchi Greenstone Belt – A District Scale Project
BIRCH-UCHI GREENSTONE BELT – A DISTRICT SCALE PROJECT Strategic regional consolidation surrounding Springpole Advancement of district scale exploration opportunities spanning >70,000 ha Vixen North Birch Lake (Pelangio) • Favorable stratigraphy with a proven gold endowment Solstice Casummit • Excell
Slide 13: 2023 Springpole Exploration
2023 SPRINGPOLE EXPLORATION Springpole/BUGB Exploration Strategy – Greenfields -> Brownfields -> Resource = District Pipeline Mineral Reserves Greenfields 2+ Springpole and District Exploration Screening and Evaluation Mineral Resource Airbourne geophysics processing and targeting (3,843km survey 20
Slide 14: Springpole – Timelines & Upcoming Catalysts
SPRINGPOLE – TIMELINES & UPCOMING CATALYSTS Q2 2022 Published Draft Environmental Assessment (“EA”) / Environmental H1 2023 H1 2024 H1 2025 Impact Statement (“EIS”) Springpole Technical and Submit Final EA/EIS Environmental Assessment Project Update document Approval Q4 2022 H2 2023 H2 2024 Springpo
Slide 15: Duparquet – An Advanced Stage Asset
DUPARQUET – AN ADVANCED STAGE ASSET Creates a New Quebec Gold District by Consolidating Ownership Structure at Duparquet Located on the Destor-Porcupine Fault – Only 50 km from Rouyn-Noranda • Consolidated Duparquet Gold Project: Advanced stage project, open pit and underground potential, tailings •
Slide 16: Duparquet Resource Profile
DUPARQUET RESOURCE PROFILE Duparquet open pit resource shows a high grade opportunity with an indicated resource greater than 2.0 g/t at 1.5 Moz Mineralized zones are open along strike in at depth with majority of historical drilling less than 500m from surface; typical high grade mineralized Abitib
Slide 17: Overview of Quebec Projects
OVERVIEW OF QUEBEC PROJECTS Announced acquisition of additional claims from IAMGOLD in February 2023 to consolidate strategic land package in between our Quebec projects TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 16
Slide 18: Duparquet Work Plan
DUPARQUET WORK PLAN Prioritize developing relationship with local municipalities andIndigenous Communities Environmental Baseline Collection • Substantial preliminary reclamation and environmental data collection already commenced including water testing, addressing existing legacy infrastructure on
Slide 19: 2023 Duparquet Exploration
2023 DUPARQUET EXPLORATION Duparquet Exploration Strategy : Foundation -> Optimization -> Expansion Foundation Modernization and Geoscience Ownership Lithology, structure and alteration models to be produced (Initial models Q1) Mineralization controls and paragenesis outline Drill core/pulp retentio
Slide 20: 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 upside and Cameron Market Value Net Asset
Slide 21: 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 Auteco Minerals (ASX:AUT) • 2.23 Moz Inferred Resource • First Mining JV interest free carried to decision • Located in
Slide 22: Additional Information
ADDITIONAL INFORMATION
Slide 23: First Mining - Mineral Reserve & Mineral Resources
FIRST MINING - MINERAL RESERVE & MINERAL RESOURCES Proven & 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
Slide 24: Board of Directors
BOARD OF DIRECTORS Mr. Neumeyer has worked in the investment community since 1984. He has an unparalleled track record which includes creating two world-class Keith Neumeyer mining companies: First Quantum Minerals Ltd. which has now grown into one of the world's largest copper producers, and First
Slide 25: 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 Management, a mining- Dan Wilton focused private equity investment firm with approximately $800 million under managemen
Slide 26: Appendix
APPENDIX TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 25
Slide 27: Springpole Gold Project
SPRINGPOLE GOLD PROJECT | 26
Slide 28: Springpole - 2021 PFS Results
SPRINGPOLE - 2021 PFS RESULTS (1) Production LOM Year 1 to 9 Base Case Highlights: 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 Gold Recovery % 85.7%
Slide 29: Springpole – Gold Asset with Size & Scale
SPRINGPOLE – GOLD ASSET WITH SIZE & SCALE Springpole is one of the largest undeveloped gold assets in North America • Producing mines of similar size and scale mostly held by senior gold producers • Peak production of 400,000 ounces of gold in year 3(1) 1,100 700 660 Producing Asset Development Asse
Slide 30: Springpole – Conceptual Mine Site Layout
SPRINGPOLE – CONCEPTUAL MINE SITE LAYOUT TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 29
Slide 31: Springpole Is a Unique Asset
SPRINGPOLE IS A UNIQUE ASSET Springpole is an increasingly rare gold development asset 4 million+ oz resource…capable of producing 300k+ oz per year…at AISC in the lowest quartile…in a Tier 1 jurisdiction…advancing beyond PFS-stage…with district-scale exploration upside…that you can build for less t
Slide 32: 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 33: District-Scale Exploration Opportunity – 100km from Red Lake
DISTRICT-SCALE EXPLORATION OPPORTUNITY – 100KM FROM RED LAKE First Mining has significantly increased land package in 2021 and 2022 through acquisitions and option agreements bringing total controlled area to more than 70,000 hectares • Continuing to evaluate additional consolidation opportunities •
Slide 34: Combined First Mining & Wood EA Experience
COMBINED FIRST MINING & WOOD EA EXPERIENCE First Mining has consolidated the EA process under Wood plc, 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 M
Slide 35: Mines d'Or Duparquet
MINES D’OR DUPARQUET TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 34
Slide 36: Overview of Duparquet Project
OVERVIEW OF DUPARQUET PROJECT The Duparquet Project consists of four properties – Beattie, Donchester, Dumico and Central Duparquet, and the historical Beattie mine tailings First Mining, through its subsidiary Clifton Star acquired in 2016, currently owns 100% of Central Duparquet, 25% of Beattie a
Slide 37: Project Location
PROJECT LOCATION Duparquet Gold Project Duquesne Town of Duparquet Pitt Gold Glory Hole Beattie Mine Tailings Tailings Rouyn-Noranda Lac Duparquet Airport Source: Google Maps TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 36
Slide 38: 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 39: Duparquet Is Located on the Prolific Abitibi Greenstone Belt
DUPARQUET IS LOCATED ON THE PROLIFIC ABITIBI GREENSTONE BELT Casa Berardi Detour Lake Duparquet Project Destor Porcupine Fault Operating Mine Deposit Macassa Historical Mine Timmins Gold Camp +70 Moz Rouyn-Noranda Malartic • Porcupine Young- Kirkland Lake • Kidd Davidson Val d’or • Bell Creek / Timm
Slide 40: Duparquet Resource Update
DUPARUQET RESOURCE UPDATE Released updated resource estimate in September 2022 The updated resource estimate contains 904 holes totaling 270,119m and 173,831 sampled intervals Updated resource includes 57 drill holes totaling 9,548m not included in the previous estimate with drilling occurring after
Slide 41: Updated Duparquet Resource Estimate – September 2022
UPDATED DUPARQUET RESOURCE ESTIMATE – UPDATED September 2022 Area Cut-off Measured resource Indicated resource Inferred resource (1) Notes to accompany the Duparquet Gold Project Mineral Resource Estimate: (mining • The independent and qualified persons for the mineral resource estimate, as defined
Slide 42: Significant Resource Growth
SIGNIFICANT RESOURCE GROWTH Significantly increases First Mining’s presence in Quebec with meaningful resource growth Duparquet Gold Project updated resource estimate of 3.4 Moz Au M&I and 1.6 Moz Au Inferred Quebec Resource Base (Moz Au) Total First Mining Resources (Moz Au) Resource from new 100%
Slide 43: Project Layout
PROJECT LAYOUT TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 42
Slide 44: 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 theDuparquet project Past producing mine Legacy arsenic issue Deposit located near/in town, beside an important recreational lake Greenstone Gold Mines took the proj
Slide 45: Other Assets
OTHER ASSETS Sees re say
Slide 46: 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
Slide 47: Pickle Crow Gold Project - Auteco Partnership
PICKLE CROW GOLD PROJECT - AUTECO PARTNERSHIP Earn-In Details (1) Partnered with Auteco Minerals Ltd (ASX: AUT), who can earn up to an 80% interest Upfront Consideration (Complete) in Pickle Crow over five years • Auteco currently JV operator at 70%; First Mining at 30% • $100,000 cash upon signing
Slide 48: Hope Brook – Big Ridge Partnership
HOPE BROOK – BIG RIDGE PARTNERSHIP Partnered with Big Ridge Gold (TSXV: BRAU) earning up to an 80% interest Earn-In Details (1) in Hope Brook over five years Upfront Consideration (Complete) • First Mining retains meaningful exposure via project interest, equity • • $500,000 cash upon closing 11.5 m
Slide 49: Treasury Metals – Goliath Gold Complex
TREASURY METALS – GOLIATH GOLD COMPLEX First Mining is Treasury’s largest shareholder with 20 million shares representing Reserves & Resources a 14% basic share ownership Goliath (50 km2) - Open Pit & Underground (1) Measured & Indicated: 1.13 Moz @ 1.13 g/t Au Completed combination of Goliath (TML)
Slide 50: For more information
For more information: info@firstmininggold.com +1 604 639 8824 TF: 1 844 306 8827 www.firstmininggold.com