Slide 1: Corporate Presentation
TSX: FF OTCQX: FFMGF FRANKFURT: FMG www.firstmininggold.com Corporate Presentation MAY 2024 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 could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, statements”) within the m
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 Shares Issued & Outstanding 919 Million Options and RSUs Outstanding 83 Million MANAGEMENT & DIRECTORS Warrants Outstanding 85 Million 4.4% 1.7% Fully Diluted Shares Outstanding 1,087 Million 82% RETAIL Market Capitalization – Basic $138 Million 1
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 40% 30% 20% 10% 3% 0% (20%) (40%) (46%) (60%) (80%) Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23
Slide 7: Exploration Will Not Solve the Problem of Declining Reserves
EXPLORATION WILL NOT SOLVE THE PROBLEM OF DECLINING RESERVES Global gold discoveries have diminished significantly in the last decade Exploration budgets near peak levels with very little demonstrable success Gold Discoveries & Exploration Budgets Since 1990 250 $12 $10 200 Exploration Budgets (US$B
Slide 8: 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 0.
Slide 9: 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$600M for 50% 2020 2021 2022 2023 2024 50% 50% June 2020 Dec 2020 / Apr 2021 Dec 2021 Feb 2023 Nov 2023 Mar 2024 Blackwater Greenstone Great Bear
Slide 10: Large Projects in Canada Remain the Most Strategic Assets
LARGE PROJECTS IN CANADA REMAIN THE MOST STRATEGIC ASSETS Large projects able to attract partners or buyers even in the toughest markets Select Undeveloped Canadian Gold Projects Construction 20 M&I Inferred 18 Gold Resources (Moz Au and AuEq, where applicable) 16 5.5 14 Quebec Construction 0.3 12 1
Slide 11: The Cupboard Is Getting Bare
THE CUPBOARD IS GETTING BARE List of large developable gold projects is well defined FIRST MINING GOLD OWNS 2 OF THE TOP 10 GOLD DEVELOPMENT PROJECTS IN CANADA Select Undeveloped Canadian Gold Projects 16 Quebec M&I Inferred 14 Gold Resources (Moz Au and AuEq, where 3.2 12 10 Quebec applicable) 8.3
Slide 12: First Mining Gold – Value Re-Rating Potential
FIRST MINING GOLD – VALUE RE-RATING POTENTIAL First Mining is trading at a significant discount to its peers and net asset value Market Value vs. Net Asset Value (C$M) Share Price Re-Rating Potential (C$ / FF share) Does NOT include any value for exploration Opportunity for Significant Market Value
Slide 13: Project Economics Offers Significant Leverage to Gold Price
PROJECT ECONOMICS OFFERS SIGNIFINCANT LEVERAGE TO GOLD PRICE Unparalleled fundamental value leverage to an increasing gold price 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 Pre-Tax Af
Slide 14: Looking Ahead to 2024
LOOKING AHEAD TO 2024 Submission of final EA/EIS for the Springpole Gold Project targeted in summer 2024 Continue 20,000m+ drilling program at Duparquet Gold Project to build on discovery success in 2023 Results from the exploration program at the Birch Uchi Greenstone Belt project (Springpole regio
Slide 15: 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 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,
Slide 16: 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 17: Springpole – Conceptual Mine Site Layout
SPRINGPOLE – CONCEPTUAL MINE SITE LAYOUT TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 16
Slide 18: Coordinated Federal – Provincial EA Process for Springpole
COORDINATED FEDERAL – PROVINCIAL EA PROCESS FOR SPRINGPOLE 2018 2019 2020 2021 2022-2024 2024 - 2025 Determine if EA is required (federal) and Plan EA Post EA Evaluate project, gather info and Make EA Review the EA / EIS Approvals/ (federal-provincial) study effects decision Permits Ongoing opportun
Slide 19: Springpole Resource & Exploration Potential
SPRINGPOLE RESOURCE & EXPLORATION POTENTIAL RESOURCE CONVERSION, GROWTH, AND CONFIDENCE SOUTHWEST & EAST EXTENSION ZONE Advancing prospectivity in and around current pit with focus on opportunities for conversion, extension and additional discovery CONVERSION Springpole Inferred resources opportunit
Slide 20: Birch-Uchi Project - Exploration Potential
BIRCH-UCHI PROJECT - EXPLORATION POTENTIAL Strategic Regional Consolidation Surrounding Springpole Advancement of district scale exploration opportunities spanning >70,000 hectares of land tenure • Brownfields: Targeting areas for potential satellite resources and large scale discovery • Greenfields
Slide 21: Birch-Uchi Project - Exploration Highlights
BIRCH-UCHI PROJECT - EXPLORATION HIGHLIGHTS Successfully Drill Tested 4 Exploration Targets 2023 Discovery highlights Swain • Exploration assay results have identified a new near-surface and high priority •Identification of key exploration elements in the Grace Deformation structural setting for gol
Slide 22: Duparquet Project
Duparquet Project TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com
Slide 23: Duparquet – An Advanced Stage Asset
DUPARQUET – AN ADVANCED STAGE ASSET Released Positive PEA in September 2023 Duparquet Gold Project • Revitalizes a historical past-producing Quebec gold district • Located on the Destor-Porcupine Fault Zone – only 50 km from Rouyn- Duquesne Noranda • 233 koz Au annual LOM recovered at AISC less than
Slide 24: 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 25: 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$) of Recovered Au 1.33. All currencies are reported in U.S. dollars unless otherwise specified. NPV calculated as of the commencement
Slide 26: Duparquet PEA Production Profile – vs Grade
DUPARQUET PEA PRODUCTION PROFILE – VS GRADE Average annual recovered gold production of 233 koz over 11-year mine life • Opportunities to increase mine through resource expansion, feed from satellite deposits and regional milling Average OP grade of 1.36 g/t Au; average UG grade of 2.25 g/t Au Dupar
Slide 27: Duparquet PEA Summary
DUPARQUET PEA SUMMARY Key Assumptions LOM Operating Costs (US$/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 Tota
Slide 28: Duparquet Resource Profile
DUPARQUET RESOURCE PROFILE Duparquet open pit resource shows a potential higher grade opportunity with an Indicated resource of 1.5 Moz at 2.1 g/t Au, at a cut-off of 0.7 g/t (see Table 2) Mineralized zones are open along strike and at depth, with majority of historical drilling less than 500 m from
Slide 29: Updated Duparquet Resource – September 2023 PEA
UPDATED DUPARQUET RESOURCE – SEPTEMBER 2023 PEA Duparquet deposit mineral resource estimated Duparquet Deposit Mineral Resource Estimate (Sept 2022) updated in Sept 2022 Measured Resource Indicated Resource Inferred Resource First Mining’s 100% owned Pitt Gold and Duquesne Area (Mining Cut- off Au A
Slide 30: 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 legacy
Slide 31: Duparquet Exploration Opportunities
DUPARQUET EXPLORATION OPPORTUNITIES District Discovery – THE ABITIBI OPPORTUNITY • Modelling expansion of regional district targeting on over 19km of the DPFZ – a prolific gold affinity • Leverage to consolidated land tenure of ~6000 hectares • Discovery opportunity for new Au hosted deposits in maf
Slide 32: Duparquet Exploration Update
DUPARQUET EXPLORATION UPDATE 2023 UPDATE • First Mining has completed 17 exploration drill holes totaling 6,966 m in its 2023 exploration drilling campaign which focused on initial drill testing of key targets across the project • First Mining commenced a foundational drilling program in May 2023 wi
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 • Located in
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 Reserve & Mineral Resources
FIRST MINING - MINERAL RESERVE & 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 r
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 Chairman & mining 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 Dan Wilton Capital 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 | 39
Slide 41: 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 42: Combined First Mining & Wood EA Experience
COMBINED FIRST MINING & WOOD 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 2
Slide 43: Mines d'Or Duparquet
MINES D’OR DUPARQUET TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 42
Slide 44: Duparquet Exploration Strategy
DUPARQUET EXPLORATION STRATEGY Foundational Modernization and Geoscience Ownership EXPLORATION TARGETING STRATEGIES FOR MEANINGFUL GROWTH • Data centralization and validation for completeness, confidence and leverage • Foundation lithology, structure and alteration models (phase I complete) • Minera
Slide 45: Duparquet Exploration Highlights
DUPARQUET EXPLORATION HIGHLIGHTS BUZZ ZONE Drilling highlights: “Buzz Zone” 6.52g/t Au over 4.6m • Confirmation of a new gold zone • Consolidation targets between the First Mining/IAMGOLD property boundary • Targeting new zone potential based on strong historic endowment; large scale opportunity to
Slide 46: Project Location
PROJECT LOCATION Duparquet Gold Project Duquesne Town of Duparquet Pitt Gold Glory Hole Beattie Mine Tailings Tailings Rouyn-Noranda Airport Lac Duparquet Source: Google Maps TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 45
Slide 47: 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 48: 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 49: 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 50: 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 51: 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 52: Other Assets
OTHER ASSETS Sees re say
Slide 53: 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