Slide 1: Corporate Presentation
TSX: FF OTCQX: FFMGF FRANKFURT: FMG www.firstmininggold.com Corporate Presentation March 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 8.7 Moz Au M&I and 4.3 Moz Au Inferred Springpole Gold Project – large, robust, feasibility stage, advanced permitting; updated PFS released in November 2025 Duparquet Gol
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 23, 2026 $0.63 MANAGEMENT Shares Issued & Outstanding 1,382 Million & DIRECTORS 4.7% 70% Options and RSUs Outstanding 95 Million 3.5% HNW / Warrants Outstanding 166 Million RETAIL 22% INSTITUTIONAL Fully Diluted S
Slide 6: Unprecedented Value Gap Between Developers and Producers
UNPRECEDENTED VALUE GAP BETWEEN DEVELOPERS AND PRODUCERS First Mining is significantly undervalued on a relative basis compared to peers First Mining trades at a discount to industry peers and has significant re-rating potential US$/oz vs. Peer Average P / NAV vs. Gold Industry Peers First Mining $4
Slide 7: Large Canadian Gold Projects – Corporate Activity Accelerating
LARGE CANADIAN GOLD PROJECTS – CORPORATE ACTIVITY ACCELERATING Strategic & JVs Dec 2022 May 2024 March 2025 Cote Greenstone (40%) Marban May 2023 US$340M US$995M C$204M Windfall C$600M for 50% 2020 2021 2022 2023 2024 2025 50% 50% June 2020 Dec 2020 / Apr 2021 Dec 2021 Feb 2023 Nov 2023 Mar 2024 Aug
Slide 8: 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 Select Undeveloped Canadian Gold Projects 16 M&I Inferred 14 Gold Resources (Moz Au and AuEq, where 3.2 12 10 applicable) 1.7 0.9 8 7.0 1
Slide 9: 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$2.1 Bn Notes: • All currencies are reported in U.S. dollars unless
Slide 10: Springpole 2025 PFS Production Profile
SPRINGPOLE 2025 PFS PRODUCTION PROFILE Average annual payable gold production of 330 koz over first five years • Opportunities to increase mine life through resource expansion and feed from satellite deposits in our 75k Ha district scale Birch-Uchi land tenure Average open pit grade of 1.09 g/t Au f
Slide 11: Springpole 2025 PFS Summary
SPRINGPOLE 2025 PFS SUMMARY General Units LOM Total / Avg. Year 1 to 5 Operating Metrics LOM Total / Avg. Year 1 to 5 Gold Price US$/oz $3,100 Mine Life yr 9.4 5.0 Silver Price US$/oz $35.50 Mined Ore Mt 102 54 FX C$:US$ $0.74 Mined Waste Mt 310 217 Operating Costs per Ounce LOM Total / Avg. Year 1
Slide 12: Significant Value Re-Rating Potential with 2025 PFS Update
SIGNIFICANT VALUE RE-RATING POTENTIAL WITH 2025 PFS UPDATE First Mining is trading at a significant discount to its peers and net asset value incorporating our 2025 PFS base case and spot case assumptions Trading Value vs. Net Asset Value (C$ Billion) Share Price Re-Rating Potential (C$ / FF share)
Slide 13: 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 14: 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 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
Slide 15: Springpole Project
Springpole Project TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 14
Slide 16: 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 17: Springpole – Conceptual Mine Site Layout (EA, 2024)
SPRINGPOLE – CONCEPTUAL MINE SITE LAYOUT (EA, 2024) TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 16
Slide 18: Springpole Permitting
SPRINGPOLE PERMITTING Coordinated Federal-Provincial EA Process for Springpole 7 TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 17
Slide 19: Springpole: Near Pit Expansion Opportunities
SPRINGPOLE: NEAR PIT EXPANSION OPPORTUNITIES Existing Expansion Opportunity at the East and Southeast Extension Targets • East Extension target remains open along strike towards the South and Southeast of the main Portage Zone • Phase I drilling program completed in 2024 intersected significant widt
Slide 20: 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 21: Birch-Uchi Project – Exploration Update
BIRCH-UCHI PROJECT – EXPLORATION UPDATE SADDLE DRILLING HIGHLIGHTS • Initial drilling campaign at Saddle target returned consistent gold mineralization over meaningful widths that remains open for expansion • Drill highlights: • SAT23-001: 0.92 g/t Au over 114.0 m Challenger • SAT23-002: 0.75 g/t Au
Slide 22: Duparquet Project
Duparquet Project TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 21
Slide 23: 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 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 Da
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$) of Recovered Au 1.33. All currencies are reported in U.S. dollars unless otherwise specified. NPV calculated as of the commencement
Slide 26: Duparquet PEA Production Profile – vs Grade
DUPARQUET PEA PRODUCTION PROFILE – VS GRADE Average annual recovered gold production of 233 koz over 11-year mine life • Opportunities to increase mine through resource expansion, feed from satellite deposits and regional milling Average open pit grade of 1.36 g/t Au; average underground grade of 2.
Slide 27: Duparquet PEA Summary
DUPARQUET PEA SUMMARY Key Assumptions LOM Operating Costs (US$/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 To
Slide 28: 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 | 27
Slide 29: Duparquet Exploration Update
DUPARQUET EXPLORATION UPDATE 2023: Completed 7,000m drilling program Drilling highlights: Drilling highlights: Drilling Highlights: Minuit Discovery, 75m north of Donchester mine: DUP25-059 Miroir Discovery: 3.12 g/t Au over 19.35 m occurring 225 returns 2.25 g/t Au over 12.8 m, including 4.08 g/t A
Slide 30: Duparquet Exploration Highlights
DUPARQUET EXPLORATION HIGHLIGHTS VALENTRE • Results aim to establish mineralization continuity within a key area of the project between the Central Duparquet and the Dumico deposits, with opportunity to follow higher-grade zones down plunge • Zone continuity supported by 142+ Au mineralized intercep
Slide 31: Duparquet Exploration Highlights
DUPARQUET EXPLORATION HIGHLIGHTS MIROIR • Near surface target, located 225 m north of the Valentre target • 2024 Discovery hole DUP24-048 returned 3.12 g/t Au over 19.35 m occurring at surface • 2025 drilling (20 holes, 5,075 m) targeted gold mineralization along an interpreted, openly folded geophy
Slide 32: Duparquet Exploration Highlights
DUPARQUET EXPLORATION HIGHLIGHTS BUZZ NORTH ZONE MINUIT DISCOVERY • New gold zone with down-plunge and strike • Gold zones hosted in newly identified mafic volcanic units not previously • Located 75 m north of the past-producing Donchester continuity upside for meaningful growth modelled at Duparque
Slide 33: 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 34: 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 35: 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 36: Additional Information
ADDITIONAL INFORMATION
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 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 39: Appendix
APPENDIX TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com | 38
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: 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