First Mining Gold : Interim Financial Reports for the period ended Mar 31, 2026 (Q1) Financial Statements

About this update from First Mining Gold Corp.

First Mining Gold Corp. Condensed Interim Consolidated Financial Statements For the three months ended March 31, 2026 and 2025 (Presented in thousands of Canadian dollars unless otherwise noted) (Unaudited) FIRST MINING GOLD CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT MARCH 31, 2026 AND DECEMBER 31, 2025 (Unaudited - Presented in thousands of Canadian dollars unless otherwise noted) March 31, 2026 December 31, 2025 Assets Current Cash and cash equivalents $ 41,856 $ 43,346 Assets held for sale - 27,060 Marketable securities (Note 3) 2,952 2,006 Prepaid expenses, accounts and other receivables (Note 4) 1,646 1,461 Total current assets 46,454 73,873 Non-current Mineral properties (Note 5) 265,991 251,497 Investment in Seva Mining Corp. (Note 6) 24,806 - Investment in PC Gold Inc. (Note 7) 21,523 21,524 Property and equipment 1,679 1,694 Deferred consideration receivable (Note 6(b)) 1,720 - Other assets 185 204 Total non-current assets 315,904 274,919 TOTAL ASSETS $ 362,358 $ 348,792 LIABILITIES Current Accounts payable and accrued liabilities (Note 9) $ 12,702 $ 13,802 Liabilities directly associated with assets held for sale - 373 Current portion of lease liability 81 78 Flow-through share premium liability (Note 10) 1,196 1,280 Provision for environmental remediation (Note 5(b)) 2,806 2,806 Option - PC Gold (Note 7) 4,692 4,692 Current portion of other liabilities - 200 Total current liabilities 21,477 23,231 Non-current Lease liability 76 97 Pickle Crow reclamation liability (Note 7) 151 151 Silver Stream derivative liability (Note 8) 120,131 107,260 Total non-current liabilities 120,358 107,508 TOTAL LIABILITIES $ 141,835 $ 130,739 SHAREHOLDERS' EQUITY Share capital (Note 11) 432,330 418,169 Warrant and share-based payment reserve (Note 11) 61,112 62,866 Accumulated other comprehensive loss (3,222) (4,168) Accumulated deficit (269,697) (258,814) Total shareholders' equity 220,523 218,053 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 362,358 $ 348,792 Nature of Operations (Note 1) Subsequent Events (Note 16) The consolidated financial statements were approved by the Board of Directors: Signed: "Keith Neumeyer", Director Signed: "Raymond Polman", Director Three months ended March 31, 2026 2025 OPERATING EXPENSES (Note 12) General and administration $ (1,657) $ (1,128) Exploration and evaluation (252) (210) Investor relations and marketing communications (488) (422) Corporate development and due diligence (272) (236) Loss from operational activities (2,669) (1,996) OTHER ITEMS Interest and other income 282 30 Marketable securities fair value gain - 33 Foreign exchange gain 139 6 Other expenses (487) (25) Fair value loss on Silver Stream liability (Note 8) (12,871) (17,246) Gain on disposal of subsidiary (Note 6(c)) 4,564 - Loss before income taxes $ (11,042) $ (19,198) Deferred income tax recovery 84 113 Equity loss and fair value adjustment of equity accounted investments (Note 6, 7) (62) (2) Net loss for the year $ (11,020) $ (19,087) OTHER COMPREHENSIVE LOSS Items that will not be reclassified to net income / (loss): Investments fair value gain / (loss) 946 (68) Other comprehensive income/(loss) 946 (68) Net loss and other comprehensive loss for the year $ (10,074) $ (19,155) Loss per share Basic and diluted $ (0.01) $ (0.02) Weighted average number of shares outstanding Basic 1,367,866,903 1,080,236,818 Diluted 1,356,668,973 1,080,872,358 Three months ended March 31, 2026 2025 Cash flows from operating activities Net loss for the period $ (11,020) $ (19,087) Adjustments for non-cash items: Share-based payments (Note 11(d)) 798 541 Depreciation 107 116 Gain on sale of asset - (33) Fair value adjustment on performance share units - (106) Fair value loss on Silver Stream derivative liability (Note 8) 12,871 17,246 Accrued interest receivable (2) (1) Intercompany loan forgiveness 204 - Other expenses/(income) 318 (84) Unrealized foreign exchange (gain)/loss (135) 84 Deferred income tax recovery (84) (113) Equity and dilution loss on equity accounted investments 62 2 Gain on disposal of subsidiary (Note 6(c)) (4,564) - Operating cash flows before movements in working capital (1,445) (1,435) Changes in non-cash working capital items: (Increase)/Decrease in accounts and other receivables (10) 339 (Increase)/Decrease in prepaid expenditures (200) 89 (Decrease)/Increase in accounts payables and accrued liabilities (1,153) (810) Total cash used in operating activities $ (2,808) $ (1,817) Cash flows from investing activities Mineral property expenditures (Note 5) (8,451) (7,107) Proceeds from sale of investments - 723 Proceeds from sale of Cameron Gold (Note 6) 5,000 - Property and equipment purchases (72) (5) Cash expended in acquisitions (1,721) (100) Total cash used by investing activities $ (5,244) $ (6,489) Cash flows from financing activities Share issuance cost (121) - Proceeds from exercise of options and warrants 6,570 - Repayment of lease liability (19) (9) Finance costs paid for lease liability (4) (5) Cash received from Silver Stream - 7,155 Total cash provided by financing activities $ 6,426 $ 7,141 Foreign exchange effect on cash 136 (84) Change in cash and cash equivalents (1,490) (1,249) Cash and cash equivalents, beginning 43,346 11,351 Cash and cash equivalents, ending $ 41,856 $ 10,102 Cash 41,687 9,933 Term deposits 169 169 Cash and cash equivalents, ending $ 41,856 $ 10,102 FIRST MINING GOLD CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (Presented in thousands of Canadian dollars, except share and per share amounts) Number of common shares Share capital Warrant reserve Share-based payment reserve Accumulated other comprehensive income (loss) Accumulated deficit Total Balance as at December 31, 2024 1,079,863,747 $ 373,630 $ 28,099 $ 29,014 $ (5,406) $ (180,895) $ 244,442 Silver Stream warrant revaluation - - 1,287 - - - 1,287 PSU assessment for 2022 grant - - - (180) - - (180) Settlement of restricted share units 1,078,130 115 - (115) - - - Share-based payments - - - 827 - - 827 Loss for the period - - - - - (19,087) (19,087) Other comprehensive loss - - - - (68) - (68) Balance as at March 31, 2025 1,080,941,877 $ 373,745 $ 29,386 $ 29,546 $ (5,474) (199,982) $ 227,221 Balance as at December 31, 2025 1,343,755,162 $ 418,169 $ 31,694 $ 31,172 $ (4,168) (258,814) $ 218,053 Financing issuance Cost - (121) - - - - (121) Exercise of options (Note 11(d)) 6,410,000 3,527 - (1,276) - - 2,251 Exercise of warrants (Nore 11(c)) 20,291,020 4,940 (621) - - - 4,319 Shares issued on acquisition of mineral properties (Note 5(a)) 7,017,000 4,651 - - - - 4,651 Common share obligation 3,535,906 666 - (666) - - - Settlement of restricted share units (Note 11(e)) 1,965,050 210 - (210) - - - Settlement of performance share units (Nore 11(f)) 1,000,000 221 - (221) - - - Sunset Clause cancellation (426,614) (137) - - - 137 - Intercompany loan forgiveness - 204 - - - - 204 Share-based payments (Note 11(d)) - - - 1,240 - - 1,240 Loss for the period - - - - - (11,020) (11,020) Other comprehensive income/(loss) - - - - 946 - 946 Balance as at March 31, 2026 1,383,547,524 $ 432,330 $ 31,073 $ 30,039 $ (3,222) $ (269,697) $ 220,523 The accompanying notes are an integral part of these condensed interim consolidated financial statements ‌NATURE OF OPERATIONS First Mining Gold Corp. (the "Company" or "First Mining") is a public company which is listed on the Toronto Stock Exchange (the "TSX") under the symbol "FF", on the OTCQX" under the symbol "FFMGF", and on the Frankfurt Stock Exchange under the symbol "FMG". The Company's head office and principal address is Suite 2070 - 1188 West Georgia Street, Vancouver, British Columbia, Canada, V6E 4A2. First Mining was incorporated on April 4, 2005 and changed its name to First Mining Gold Corp. in January 2018. First Mining is advancing a portfolio of gold projects in Canada, with the most advanced projects being the Springpole Gold Project in northwestern Ontario and the Duparquet Gold Project in the Abitibi region of Québec. In addition, the Company holds a 20% interest in PC Gold Inc., the legal entity which holds the Pickle Crow gold project which is being advanced by Bellavista Resources Limited ("Bellavista") formerly owned by FireFly Metals Ltd. ("FireFly Metals"), and a 47.83% interest in Seva Mining Corp. ("Seva Mining"), the Company which is advancing the Cameron Gold Project. The Company's unaudited condensed interim consolidated financial statements ("financial statements") have been prepared on a going concern basis, which contemplates that the Company will be able to continue its operations for at least twelve months from March 31, 2026 and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has not generated revenue from operations to date and may require additional financing or outside participation to undertake further advanced exploration of its mineral properties. ‌BASIS OF PRESENTATION These financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS® Accounting Standards") applicable to the preparation of interim financial statements under International Accounting Standard 34 Interim Financial Reporting. These financial statements do not include all disclosures required for annual financial statements. Accordingly, they should be read in conjunction with the Company's audited financial statements for the years ended December 31, 2025 and 2024. The financial statements are presented in thousands of Canadian dollars, unless otherwise noted, and tabular amounts are presented in thousands of Canadian dollars. These consolidated annual financial statements include the accounts of the Company and its subsidiaries. The functional currency of the Company and its subsidiaries is the Canadian dollar. In preparing the Company's financial statements for the three months ended March 31, 2026, the Company used the consistent accounting policies, except as described below, methods of computation and accounting policy judgments and estimates as in the annual consolidated financial statements for the year ended December 31, 2025. Additionally, the areas of estimation uncertainty remain unchanged from those disclosed in the annual consolidated financial statements. The Company adopted the Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) effective January 1, 2026. Following assessment, the optional exception for derecognition of financial liabilities settled via electronic payment systems (where criteria are met) has been incorporated into the Company's ongoing accounting policies, with no material impact on the condensed interim financial statements. ‌BASIS OF PRESENTATION (continued) Certain new accounting standards and interpretations have been published that are either applicable in the current year or not mandatory for the current period. We have assessed these standards and determined they do not have a material impact on the Company in the current reporting period. In addition, the following standards have been issued by the International Accounting Standards Board ("IASB") and we are currently assessing the impact on our consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements with mandatory application of the standard in annual reporting periods beginning on or after January 1, 2027. Investment in associates An associate is an entity over which the Company has significant influence. The Company has significant influence over an entity when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control. The Company's investment in the common shares of Seva Mining (Note 6) is accounted for as an investment in an associate using the equity method under IAS 28. Under the equity method, the Company's investment in the common shares of the associate is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of net income and losses of the associate, after any adjustments necessary to give effect to uniform accounting policies, any other movement in the associate's reserves, and for impairment losses after the initial recognition date. The Company's share of income and losses of the associate is recognized in net income during the period. Dividends and repayment of capital received from an associate are accounted for as a reduction in the carrying amount of the Company's investment. At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the investee's operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal and value-in-use. If the recoverable amount of an investment is less than its carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss, being the excess of carrying amount over the recoverable amount, is recognized in the period in which the relevant circumstances are identified. Accounting policy judgments and estimation uncertainty The Company's management makes judgments in applying the Company's accounting policies in the preparation of its unaudited condensed interim consolidated financial statements. In addition, the preparation of these financial statements requires management to make estimates that affect the carrying amounts of the Company's assets and liabilities at the end of the reporting period, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company's assets and liabilities are accounted for prospectively. During the three months ended March 31, 2026, management applied significant judgment and estimation uncertainty in accounting for the disposition of Cameron Gold Operations Ltd. ("Cameron Gold") and the initial recognition of the Company's retained interest in Seva Mining. ‌BASIS OF PRESENTATION (continued) Loss of control on Cameron Gold Transaction Management applied judgment in determining that the Company lost control of Cameron Gold on March 10, 2026 and therefore derecognized the subsidiary. In assessing whether control existed, management considered the Company's ability to direct the relevant activities, and the rights and obligations arising from the transaction and related agreements. Following completion of the transaction, management concluded that the Company retained significant influence, but no control, over Seva Mining, based on its ownership interest, board representation and governance rights, and therefore accounted for the retained interest as an investment in associate using the equity method under IAS 28. Fair value of Seva Mining share consideration The Company applied judgment in estimating the fair value of the Seva Mining share consideration, as described in Note 6b. The fair value of the shares at initial recognition was determined using the quoted price of Seva Mining common shares based on a 10-day volume-weighted average price "VWAP" from the first trading day on March 18 to March 31, 2026. A blended discount for lack of marketability ("DLOM") was applied to reflect reduced liquidity arising from the applicable transfer restrictions in the Amalgamation and Investors Rights Agreement. Because the valuation required the use of assumptions and estimation inputs, the fair value measurement is subject to estimation uncertainty. Deferred Consideration Receivable - Stockpile Agreement As part of the consideration received on the sale of Cameron Gold, the Company is entitled to quarterly participation payments under a stockpile agreement ("Stockpile Agreement"), subject to a minimum aggregate payment of $2.0 million. Management applied judgment in determining the fair value of this receivable at initial recognition. The Company recognized only the fair value of the $2.0 million minimum payment amount, as management concluded that the amount and timing of any variable participation payments in excess of the minimum amount could not be reasonably estimated at the transaction date due to uncertainties relating to processing results, recoveries, commodity prices, deductions and timing of realization. The accounts of material subsidiaries are prepared for the same reporting period as the parent company. All subsidiaries apply consistent accounting policies. Inter-company transactions, balances and unrealized gains or losses on transactions are eliminated. The following table highlights the Company's material subsidiaries with their projects: Name of the subsidiary Ownership Percentage Project Location Gold Canyon Resources Inc. 100% Springpole Gold Project ("Springpole") Birch-Uchi Projects ("Birch-uchi") Northwestern Ontario, Canada Duparquet Gold Mines Inc. 100% Duparquet Gold Project ("Duparquet") Central Duparquet ("Duparquet") Duquesne Gold Project ("Duquesne") Pitt Gold Project ("Pitt") Québec, Canada These financial statements were approved by the Board of Directors on May 12, 2026. ‌MARKETABLE SECURITIES The Company's marketable securities are classified as FVTOCI and are carried at fair value. The movements in marketable securities during the three months ended March 31, 2026 and year ended December 31, 2025 are summarized as follows: Total Marketable Securities (FVTOCI) Balance as at December 31, 2024 $ 2,388 Additions 1,120 Disposals (2,743) Gain on marketable securities 3 Gain recorded in other comprehensive income 1,238 Balance as at December 31, 2025 $ 2,006 Gain recorded in other comprehensive loss 946 Balance as at March 31, 2026 $ 2,952 The Company owns securities of publicly traded companies. The investments where the Company does not have significant influence are classified as marketable securities which are designated as FVTOCI. PREPAID EXPENSES AND OTHER RECEIVABLES March 31, 2026 December 31, 2025 GST and HST receivables $ 618 $ 680 Other receivables 82 7 Prepaid expenses 946 774 $ 1,646 $ 1,461 FIRST MINING GOLD CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amounts) ‌MINERAL PROPERTIES As at March 31, 2026 and December 31, 2025, the Company had the following mineral properties: Springpole (Note 5(a)) Birch-Uchi Duparquet (Note 5(b)) Cameron (Note 6) Hope Brook Total Balance as at December 31, 2025 $ 172,038 $ 11,447 $ 68,012 $ - $ - $ 251,497 Acquisition 6,010 - - - - 6,010 Concessions, taxes, and royalties 48 - 51 8 - 107 Salaries and share-based payments 1,707 6 277 - - 1,990 Drilling, exploration, and technical consulting 3,307 - 86 1 - 3,394 Environmental, assaying, and field supplies 2,039 27 65 - - 2,131 Travel and other expenses 857 - 14 - - 871 Total Expenditures $ 13,968 $ 33 $ 493 $ 9 $ - $ 14,503 Assets held for sale - - - 27,016 - 27,016 Disposal of properties - - - (27,025) - (27,025) Balance as at March 31, 2026 $ 186,006 $ 11,480 $ 68,505 $ - $ - $ 265,991 Springpole (Note 5(a)) Birch-Uchi Duparquet (Note 5(b)) Cameron (Note 6) Hope Brook Total Balance as at December 31, 2024 $ 154,237 $ 10,446 $ 55,212 $ 33,066 $ 3,098 $ 256,059 Acquisition 5 273 5,005 - - 5,283 Concessions, taxes, and royalties 811 - 115 22 4 952 Salaries and share-based payments 3,322 255 1,622 148 - 5,347 Drilling, exploration, and technical consulting 1,695 348 2,210 23 - 4,276 Environmental, assaying, and field supplies 10,127 74 1,550 178 - 11,929 Travel and other expenses 1,840 51 162 5 - 2,058 Total Expenditures $ 17,801 $ 1,001 $ 10,664 $ 376 $ 4 $ 29,846 Environmental remediation - - 2,136 - - 2,136 Assets held for sale - - - (27,016) - (27,016) Impairment of assets held for sale - - - (6,426) - (6,426) Disposal of properties - - - - (3,102) (3,102) Balance as at December 31, 2025 $ 172,038 $ 11,447 $ 68,012 $ - $ - $ 251,497 ‌MINERAL PROPERTIES (continued) The Company has various underlying agreements and commitments with respect to its mineral properties, which define annual or future payments in connection with maintenance of property interests, the most significant of which is discussed below. Springpole Project During the three months ended March 31, 2026, the Company completed an amendment to a royalty agreement related to the Springpole Project with a private holder. In connection with the amendment, the Company issued 6,017,000 common shares and made a cash payment of $1.4 million. The total consideration was capitalized to mineral property acquisition costs. During January 2026, a subsidiary of the Company acquired the net assets of a private Company associated with the Birch and Casummit Lake properties. In connection with the terms of the agreement, the Company issued 1,000,000 common shares and made a cash payment of $0.2 million. ‌Duparquet Project As at March 31, 2026, the Company's provision for environmental remediation activities is $2,806,000 (For the year ended December 31, 2025 - $2,806,000). The environmental remediation includes site preparation, construction of a storage area, construction of an access road, excavation and transportation of mining material, and site restoration and rehabilitation of the historical storage area. The Company has received permit approval in 2025 from the Ministry of Environment, the Fight Against Climate Change, Wildlife and Parks (" MELCCFP" ). Phase 1 of the remediation project, which primarily involved construction of the new storage area, was completed in November 2025. Phase 2 of the environmental remediation cost is based on the current scope of work and management's best estimate of the remaining costs required to complete the remediation activities. The final environmental remediation cost may vary depending on additional feedback received from MELCCFP and the execution of the work. ‌INVESTMENT IN SEVA MINING CORP. ‌Seva Mining Purchase Agreement Overview On March 10, 2026, the Company completed the sale of its previously owned subsidiary, Cameron Gold, which owns the Cameron Gold Project to Seva Mining under an amalgamation agreement pursuant to which the Company received (i) $5.0 million in cash; (ii) 80.0 million common shares of Seva Mining; and (iii) a future cash payment of at least $2.0 million to be received upon the processing of a stockpile at the Cameron Gold Project pursuant to the Stockpile Agreement. The transaction was previously announced as having a total estimated consideration of approximately $27.0 million. The final consideration amount was measured at fair value upon closing of the transaction on March 10, 2026 as described below. ‌Recognition of Consideration Received The components of the consideration received in connection with the sale of Cameron Gold comprised the following: Transaction Consideration Cash $ 5,000 Seva Mining shares 24,867 Deferred consideration related to Stockpile Agreement 1,720 Total $ 31,587 ‌6. INVESTMENT IN SEVA MINING CORP. (continued) ‌Share Consideration ‌The Company accounts for its investment in Seva Mining using the equity method under IAS 28. The fair value of the Seva shares at closing of $24,867,000 was determined using the quoted price of Seva Mining common shares on the 10-day VWAP from start of the first trading day on March 18 to March 31, 2026. The Company was unable to use the quoted price on March 10, 2026 as the shares of Seva was not actively traded at that date. A blended DLOM was applied to account for the reduced liquidity to reflect the applicable transfer restrictions in accordance with the Amalgamation and Investors Rights Agreement between First Mining and Seva Mining. Deferred Consideration Receivable - Stockpile Agreement As part of the consideration received for the disposition of Cameron Gold, the Company is entitled to a future payment related to the processing and sale of ore stockpiles under the Stockpile Agreement. The stockpile receivable has been recognized as a financial asset and measured at fair value at initial recognition under IFRS 9 at the transaction date. Subsequent measurement will be measured at FVTPL. The fair value of the future payment of the ore stockpile was $1,720,000. The fair value was determined using a discounted cash flow model based on expected future cash flows from the processing and sale of the stockpile, incorporating assumptions, including: (i) the expected timing of funds received; and (ii) a risk-adjusted discount rate. The measurement is classified as Level 3 in the fair value hierarchy because it incorporates significant unobservable inputs. Changes in these assumptions could have a material impact on the estimated fair value. ‌Disposal reconciliation The carrying amount of Cameron Gold at March 10, 2026 was $27,023,000 and was held for sale. Upon closing, the Cameron Gold assets held for sale were derecognized and the gain on disposal was determined by comparing its carrying amount with the fair value of the consideration received. Disposal of Cameron Gold Fair value of consideration received on March 10, 2026 $ 31,587 Less: Carrying amount of disposal group at December 31, 2025 26,687 Mineral property expenditures from Jan 1 to Mar 10, 2026 9 Net asset change from Jan 1 to Mar 10, 2026 327 Carrying amount of Cameron disposal group at March 10, 2026 $ (27,023) Gain on Disposal of Cameron / loss of control 4,564 Less: Transaction costs of disposal (402) Fair value less costs to sell $ 4,162 ‌Equity Accounting Method for Investment in Seva In accounting for the disposition of Cameron Gold and the resulting investment in Seva Mining, management applied judgment in determining that the Company lost control of Cameron Gold on March 10, 2026 and therefore derecognized the subsidiary in accordance with IFRS 10. Following the transaction, the Company retained approximately 47.85% ownership in Seva and after evaluating of governance rights, board representation and ability to participate in Seva's policy decisions, management concluded that it has significant influence over Seva. Accordingly, the retained interest was classified as an investment in associate and is accounted for using the equity method from the acquisition date. ‌6. INVESTMENT IN SEVA MINING CORP. (continued) Upon closing of the transaction, First Mining held 47.85% of Seva common shares (on an undiluted basis). The Company has concluded it has significant influence over Seva and accounts for its investment using the equity method from the acquisition date. Investment in Seva Mining Balance, December 31, 2025 $ - Initial Recognition on March 10, 2026 24,867 Equity profit/(loss) - March 11 to March 31, 2026 (61) Balance, March 31, 2026 $ 24,806 Seva Mining Summarized Statement of Financial Position The assets and liabilities of Seva are summarized in the following table and the March 31, 2026 numbers are taken from Seva's audited statements as at December 31, 2025, adjusted for the estimated equity pick-up for the period. ‌Reconciliation of Investment Carrying Amount Net assets Seva (100%) $ 36,029 First Mining's share of net assets (47.83%) 17,233 Incremental fair value 7,634 Equity loss (March 11, 2026 to March 31, 2026) (61) Carrying value $ 24,806 ‌7. INVESTMENT IN PC GOLD INC. As at March 31, 2026, the Company owns a 30% interest in PC Gold Inc. and maintains significant influence, which requires the investment to be accounted for using equity accounting. As at March 31, 2026 the investment in PC Gold Inc. was $21,523,000 (December 31, 2025 - $21,524,000). The subsequent equity accounting for PC Gold is based on audited results that are publicly available information for the year ended June 30, 2025, and on the unaudited financial information for the six-month period ended December 31, 2025. As at March 31, 2026, the Company has recorded an option liability of $4,692,000 (December 31, 2025 - $4,692,000), which represents the additional net dilution that would result from FireFly Metals completing its additional 10% equity interest in PC Gold Inc. Following receipt of $3,000,000 under this option, First Mining's ownership would reduce to 20%. The FireFly Metals Earn-In Agreement requires First Mining to contribute its prorata share of environmental reclamation funding, which was 30% as at March 31, 2026. As at March 31, 2026, the Company has recorded a liability for reclamation funding of $151,000 (December 31, 2025 - $151,000), which is in line with FireFly Metals' estimate of the environmental reclamation provision. On February 9, 2026, Firefly Metals Ltd. ("Firefly") announced the sale of its 70% interest in PC Gold Inc. ("PC Gold") to Bellavista Resources Limited for 60 million shares as upfront consideration upon completion of the Acquisition, together with 50 million performance rights as contingent consideration ("Bellavista Transaction"). In connection with this transaction, Bellavista has indicated its intention to exercise the PC Gold buydown right to increase their ownership to 80% of the Project by paying $3.0 million in cash, subject to completion of the transaction. Management performed an impairment assessment at March 31, 2026, and concluded no impairment was required as the estimated recoverable amount exceeded the carrying value of $21.5 million. ‌INVESTMENT IN PC GOLD INC. (continued) The Bellavista Transaction closed on April 29, 2026 and Bellavista exercised the PC Gold buydown right to increase their ownership to 80% of the Project by paying $3 million in cash to the Company. The Company's ownership interest in PC Gold after the transaction closed has been reduced from 30% to 20%. ‌SILVER STREAM DERIVATIVE LIABILITY ‌Silver Purchase Agreement Overview and Consideration Received On June 10, 2020, the Company entered into a silver purchase agreement (the "Silver Purchase Agreement") with First Majestic Silver Corp. ("First Majestic"), closing on July 2, 2020. Under the agreement, First Majestic paid total consideration of US$22.5 million, and the Company issued common share purchase warrants, for the right to purchase 50% of payable silver produced from the Springpole Gold Project over the life of mine (the "Silver Stream"). The Company has received the total consideration in full, and all common share purchase warrants issued to First Majestic under the Silver Purchase Agreement have been exercised. Refer to the Company's audited annual financial statements for the year ended December 31, 2025 for full details. The Company retains the option to repurchase 50% of the Silver Stream for US$22.5 million (approximately $31.4 million as at March 31, 2026) at any time prior to commencement of production at the Springpole Gold Project. A Monte Carlo simulation was used to evaluate the buy-back option under the Silver Stream Agreement. The Silver Stream has an initial term of 40-year term from July 2, 2020, with automatic 10-year extensions for the life of mine. If, upon expiry, the advance payment has not been fully credited through silver deliveries, the uncredited balance is refundable to First Majestic without interest. Silver may be substituted with refined silver from other sources, excluding silver purchased on a commodity exchange. ‌Silver Stream Derivative Liability Fair Value The Company has determined that the Silver Stream is a standalone derivative measured at FVTPL. The estimated fair value of the Silver Stream derivative liability is determined using a discounted cash flow model which incorporates a Monte Carlo simulation, with the following key input assumptions: 1) Observable assumptions including implied volatility of COMEX silver, COMEX silver future curve, silver spot price, USD risk-free rate, USD/CAD foreign exchange rates, and share price of the Company, and 2) Unobservable assumptions including the timing of commencement of production (2030 based on the updated prefeasibility study), estimated annual silver production volumes (averaging 1.47 million payable ounces a year over the life of mine based on the updated prefeasibility study), the Company's credit spread, and payable silver quantities. The fair value of the Silver Stream derivative liability is classified within Level 3 of the fair value hierarchy because certain significant inputs are unobservable. The fair value is determined by a third party valuation expert using an independent Monte Carlo model reviewed quarterly by management. Unobservable inputs are updated based on recent comparable market data. The estimated fair value is sensitive to changes in key assumptions, particularly silver spot prices, silver forward prices, foreign exchange rates, volatility assumptions, the Company's credit spread and payable silver quantities, and a change in any of these assumptions could result in a material change in the estimated fair value. The table below summarizes the sensitivity of the fair value of the Silver Stream derivative liability to reasonably possible changes in key assumptions, with all other variables held constant. SILVER STREAM DERIVATIVE LIABILITY (continued) Key valuation inputs March 31, 2026 December 31, 2025 Volatility of COMEX Silver 0.736 0.815 -10% Silver spot price 75.169 71.663 5% Silver price forward curve (weighted average) 89.736 84.559 6% USD /CAD foreign exchange rate 1.394 1.371 2% The fair value of the Silver Stream derivative liability is valued using a Monte-Carlo simulation, with gains or losses recorded in the statement of net loss and comprehensive loss. As at March 31, 2026, the fair value of the Silver Stream derivative liability is US$86,184,000 ($120,131,000). The fair value of the Silver Stream derivative liability as at December 31, 2025 was US$78,258,000 ($107,260,000). March 31, 2026 December 31, 2025 Balance, beginning of the period $ (107,260) $ (34,414) Advanced payment received - (5,867) Change in fair value (12,871) (66,979) Balance, end of the period $ (120,131) $ (107,260) The change in fair value of the Silver Stream derivative liability reflects the net impact of changes in key valuation inputs, including silver prices, forward curves, volatility and foreign exchange rates. During the period, the movement was primarily influenced by the increase in forward curve, spot prices and foreign exchange partially offset by volatility. The valuation is sensitive to changes in these assumptions, as illustrated in the sensitivity analysis above. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES March 31, 2026 December 31, 2025 Accounts payable $ 3,325 $ 3,662 Accrued liabilities 9,377 10,140 Total $ 12,702 $ 13,802 During the year ended December 31, 2025, the Company recognized a liability of $5 million related to an obligation to the royalty holders of the Duquesne NSR. The amount reflects management's current estimate of the consideration that may be required to settle or repurchase the royalty interest. The Company continues to record this liability as of March 31, 2026, based on ongoing discussions with the royalty holders. FLOW-THROUGH SHARE PREMIUM LIABILITY The following is a continuity schedule of the liability portion of the Company's flow-through share issuances: June 14, 2024 August 5, 2025 Total Balance, December 31, 2024 $ 977 $ - $ 977 Liability incurred for flow-through share issued - 1,745 1,745 Settlement of flow-through share premium liability upon incurring eligible expenditures (977) (465) (1,442) Balance, December 31, 2025 $ - $ 1,280 $ 1,280 Settlement of flow-through share premium liability upon incurring eligible expenditures - (84) (84) Balance, March 31, 2026 $ - $ 1,196 $ 1,196 As at March 31, 2026 the Company had unspent flow-through expenditure commitments of $5,270,000 (December 31, 2025 - $5,631,000), which are required to be spent by December 31, 2026. SHARE CAPITAL ‌Authorized Unlimited number of common shares with no par value. Unlimited number of preferred shares with no par value. ‌Issued and Fully Paid Common shares as at March 31, 2026: 1,383,547,524 (December 31, 2025 - 1,343,755,162). Preferred shares as at March 31, 2026: nil (December 31, 2025 - nil). During the three months ended March 31, 2026, 426,614 common shares were cancelled pursuant to sunset clause provisions related to historical acquisitions in 2016. No consideration was paid or received by the Company. The cancellation reduced shares issued and outstanding by 426,614 and resulted in a reduction in share capital with a corresponding reclassification within equity, with no impact on total equity or recognition of any gain or loss. This movement is included within share-based payment movements in the Statement of Changes in Equity. 11. SHARE CAPITAL (continued) ‌Warrants The movements in warrants during the three months ended March 31, 2026 and year ended December 31, 2025 are summarized as follows: Number Weighted average exercise price Balance as at December 31, 2024 141,686,740 $ 0.242 Warrants issued 97,509,993 0.270 Warrants exercised (53,808,807) 0.203 Balance as at December 31, 2025 185,387,926 $ 0.237 Warrants exercised (20,291,020) 0.213 Balance as at March 31, 2026 165,096,906 $ 0.243 The following table summarizes information about warrants outstanding as at March 31, 2026: Exercise price Number of warrants outstanding Weighted average exercise price ($ per share) Weighted average remaining life (years) $0.200 64,124,392 $0.200 1.16 $0.270 100,972,514 $0.270 2.14 165,096,906 $0.243 1.76 ‌Stock Options The Company has adopted a stock option plan that allows for the granting of stock options to Directors, Officers, employees and certain consultants of the Company for up to 10% of the Company's issued and outstanding common shares. Stock options granted under the plan may be subject to vesting provisions as determined by the Board of Directors. During the three months ended March 31, 2026, the Company issued 6,410,000 (year ended December 31, 2025 -8,012,500) common shares pursuant to the exercise of stock options, for net proceeds of $2,251,000 (2025 - $1,157,000). The weighted average share price at the date of exercise of these stock options was $0.35 per share (2025 - $0.23). In connection with the exercises, the Company transferred $1,276,000 (2025 - $583,000) from share-based payment reserve to share capital. 11. SHARE CAPITAL (continued) The movements in stock options during the three months ended March 31, 2026 and year ended December 31 2025 are summarized as follows: Number Weighted average exercise price Balance as at December 31, 2024 58,467,500 $ 0.200 Options granted 19,800,000 0.147 Options exercised (8,012,500) 0.144 Options expired (4,825,000) 0.287 Options forfeited (700,000) 0.125 Balance as at December 31, 2025 64,730,000 $ 0.185 Options granted 7,180,000 0.580 Options exercised (6,410,000) 0.351 Balance as at March 31, 2026 65,500,000 $ 0.212 The following table summarizes information about the stock options outstanding as at March 31, 2026: Options Outstanding Options Exercisable Exercise price Number of options Weighted average exercise price ($ per share) Weighted average remaining life (years) Number of options Weighted average exercise price ($ per share) Weighted average remaining life (years) $0.10 - 0.18 35,885,000 $0.121 3.30 31,265,000 $0.121 3.21 $0.185 - 0.25 12,235,000 $0.191 1.86 12,235,000 $0.191 1.86 $0.26 - 0.58 17,380,000 $0.412 2.88 10,645,000 $0.333 1.64 65,500,000 $0.212 2.92 54,145,000 $0.178 2.60 During the three months ended March 31, 2026, there were 7,180,000 (year ended December 31, 2025 -19,800,000) stock options granted with an aggregate fair value at the date of grant of $2,077,000 (year ended December 31, 2025 - $1,462,000). As at March 31, 2026, 11,355,000 (year ended December 31, 2025 - 10,000,000) stock options remain unvested with an aggregate grant date fair value of $2,100,000 (December 31, 2025 - $360,000). Certain stock options granted were directly attributable to exploration and evaluation expenditures on mineral properties and were therefore capitalized to mineral properties. In addition, certain stock options were subject to vesting provisions. These two factors result in differences between the aggregate fair value of stock options granted and total share-based payments expensed during the periods. ‌11. SHARE CAPITAL (continued) For the three months ended March 31, 2026, share-based payments expense is comprised of stock options for $905,000, restricted share units ("RSUs") for $183,000, deferred share units ("DSUs") for $22,000, and performance share units ("PSUs") for $130,000, which are classified within the financial statements as follows: For the three months ended March 31, Statements of Net Loss: 2026 2025 General and administration $ 525 $ 334 Exploration and evaluation 61 14 Investor relations and marketing communications 82 41 Corporate development and due diligence 130 46 Subtotal $ 798 $ 435 Statements of Financial Position: Mineral Properties 442 392 Total $ 1,240 $ 827 The grant date fair value of the stock options granted in the period has been estimated using the Black-Scholes option pricing model with the following weighted average assumptions: For the three months ended March 31, For the year ended December 31, 2026 2025 Risk-free interest rate 2.81% 2.80% Share price at grant date (in dollars) $0.58 $0.15 Exercise price (in dollars) $0.58 $0.15 Expected life (years) 5.00 years 5.00 years Expected volatility (1) 58.62% 57.70% Forfeiture rate (2) 2.81% 3.50% Expected dividend yield Nil Nil (1) The computation of expected volatility was based on the Company's historical price volatility, over a period which approximates the expected life of the option. (2) The computation of the forfeiture rate was based on management's estimate of expected forfeitures over the vesting period, using historical forfeiture experience and expected employee turnover. ‌Restricted Share Units During the three months ended March 31, 2026, the Company granted 1,262,500 (year ended December 31, 2025 -7,756,956) RSUs under its share-based compensation plan to the Company's executive officers and management as part of the Company's long-term incentive plan ("LTIP"). Unless otherwise stated, the awards typically have a graded vesting schedule over a three-year period and will be settled in equity upon vesting. During the three months ended March 31, 2026, the Company issued 1,965,050 (year ended December 31, 2025 -3,511,533) common shares pursuant to the exercise of RSUs for an aggregate settlement value of $210,000 (2025 - $433,000). ‌11. SHARE CAPITAL (continued) The associated compensation cost, which is based on the underlying share price on the date of grant, is recorded as share-based payments expense against share-based payment reserve. The following table summarizes the changes in RSU's for the three months ended March 31, 2026 and the year ended December 31 2025: Number Weighted average fair value Balance as at December 31, 2024 9,680,449 $ 0.115 RSUs granted 7,756,956 0.108 RSUs settled (3,511,533) 0.123 Balance as at December 31, 2025 13,925,872 $ 0.112 RSUs granted 1,262,500 0.501 RSUs settled (1,965,050) 0.107 Balance as at March 31, 2026 13,223,322 $ 0.150 ‌Deferred Share Units During the three months ended March 31, 2026, the Company granted 90,000 (year ended December 31, 2025 -400,000) DSUs under its share-based compensation plan to a director as part of the Company's LTIP. DSUs have a graded vesting schedule over an 18-month period and will be settled in equity upon vesting. The associated compensation cost, which is based on the underlying share price on the date of grant, is recorded as share-based payments expense against share-based payment reserve. Number Weighted average fair value Balance as at December 31, 2024 1,509,000 $ 0.212 DSUs granted 400,000 0.125 Balance as at December 31, 2025 1,909,000 $ 0.192 DSUs granted 90,000 0.580 Balance as at March 31, 2026 1,999,000 $ 0.209 ‌Performance Share Units During the three months ended March 31, 2026, the Company granted 1,050,000 (year ended December 31, 2025 -3,600,000) PSUs under the Plan to certain executives as part of the Company's LTIP. The amount of shares ultimately to be issued will vary from a factor of 0 to 2 based on the number of PSUs granted, depending on the Company's share performance as compared to the share performance of a selected group of peer companies. The estimated value of the PSUs is determined at the grant date using a Monte Carlo simulation model. The model is based on several assumptions, including the grant date share price of the Company's common shares, share price volatility of the Company's stock, the volatility of the selected group of peer companies, the correlation of returns between the peer group and the Company, the risk-free interest rate over the term of the awards, the expected term to vesting, and the dividend yield. These assumptions are used in estimating the grant date fair value of the PSUs, which are subject to market-based performance conditions. ‌SHARE CAPITAL (continued) During the three months ended March 31, 2026, the Company issued 1,000,000 (year ended December 31, 2025 -758,000) common shares pursuant to the settlement of PSUs for an aggregate value of $221,000 (year ended December 31, 2025 - $180,000). The following table summarizes the changes in PSUs for the three months ended March 31, 2026 and year ended December 31, 2025: Number Weighted average fair value Balance as at December 31, 2024 10,466,000 $ 0.157 PSUs granted 3,600,000 0.131 PSUs settled (758,000) 0.238 PSUs forfeited (758,000) 0.238 Balance as at December 31, 2025 12,550,000 $ 0.142 PSUs granted 1,050,000 0.613 PSUs settled (1,000,000) 0.221 Balance as at March 31, 2026 12,600,000 $ 0.193 ‌OPERATING EXPENSES Operating expenses by nature, which map to the Company's functional operating expense categories presented in the consolidated statements of net loss and comprehensive loss, are as follows: For the three months ended March 31, 2026 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $ 102 $ 54 $ 2 $ 1 $ 159 Consultants 126 6 17 49 198 Depreciation (non-cash) 29 78 - - 107 Directors' fees 79 - - - 79 Exploration and evaluation - 4 - - 4 Marketing and conferences - 1 220 3 224 Professional fees 41 - - - 41 Salaries 488 44 138 73 743 Share-based payments (non- cash) (Note 11) 525 61 82 130 798 Transfer agent and filing fees 262 - - - 262 Travel and accommodation 5 4 29 16 54 Operating expenses total $ 1,657 $ 252 $ 488 $ 272 $ 2,669 ‌OPERATING EXPENSES (continued) For the three months ended March 31, 2025 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $ 104 $ 72 $ 10 $ 1 $ 187 Consultants 91 6 - 9 106 Depreciation (non-cash) 34 82 - - 116 Directors' fees 75 - - - 75 Marketing and conferences - 1 181 2 184 Professional fees 129 - - - 129 Salaries 234 34 170 159 597 Share-based payments (non-cash) (Note 11) 334 14 41 46 435 Transfer agent and filing fees 115 - 13 - 128 Travel and accommodation 12 1 7 19 39 Operating expenses total $ 1,128 $ 210 $ 422 $ 236 $ 1,996 ‌SEGMENT INFORMATION The Company operates in a single reportable operating segment, being the acquisition, exploration, development and strategic disposition of its Canadian mineral properties. All of the Company's non-current assets as at March 31, 2026 and December 31, 2025 are located in Canada. ‌RELATED PARTY TRANSACTIONS The Company's related parties consist of the key management personnel, as well as the Company's Directors and Officers. Key management of the Company consists of the Company's Directors, Officers, and Vice Presidents. The compensation paid or payable to key management for services during the three months ended March 31 2026 and 2025 is as follows: For the three months ended March 31, Service or Item 2026 2025 Directors' fees $ 79 $ 75 Salaries and consultants' fees 467 478 (1) Share-based payments (non-cash) 713 567 Total $ 1,259 $ 1,120 (1) The comparative amount for the three months ended March 31, 2025 has been revised from $602 to $478 to reflect a reclassification of $124 related to equity award settlements. ‌FAIR VALUE Fair values have been determined for measurement and/or disclosure requirements based on the methods below. The Company characterizes fair value measurements using a hierarchy that prioritizes inputs depending on the degree to which they are observable. The three levels of the fair value hierarchy are as follows: Level 1 fair value measurements are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 fair value measurements are those derived from valuation techniques that include significant inputs for the asset or liability that are not based on observable market data (unobservable inputs). The carrying values of cash and cash equivalents, prepaid expenses and other receivables, and accounts payable, accrued and other liabilities approximated their fair values because of the short-term nature of these financial instruments. These financial instruments are financial assets and liabilities at amortized cost. The carrying value of marketable securities was based on the quoted market prices of the shares as at March 31, 2026 and was therefore considered to be Level 1. The fair value of the Seva Mining shares was determined using the 10-day VWAP from the start of the first trading day on March 18 to March 31, 2026, and adjusted for a discount for lack of marketability to reflect applicable transfer restrictions. As at March 31, 2026, the Company's deferred consideration related to stockpile recovery is classified as a financial asset at FVTPL. The fair value was determined using a discounted cash flow model based on expected future cash flows in accordance with the Stockpile Agreement. The measurement is classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs, including assumptions regarding recoverable quantities, timing of production, commodity prices and discount rates. As at March 31, 2026, the Company's option liability relating to PC Gold Inc. is classified as a financial liability at FVTPL. The fair value of the option liability was estimated using a fair value less costs of disposal benchmark implied by the February 2026 BellaVista Transaction. The measurement is classified as Level 3 in the fair value hierarchy as it incorporates significant unobservable inputs, including assumptions related to probability-weighted performance rights and other contingent terms. The Silver Stream was determined to be a derivative liability, which is classified as a financial liability at FVTPL. The carrying value of the derivative liability was not based on observable market data and involved complex valuation methods and was therefore considered to be Level 3. Changes in key valuation assumptions, including commodity prices and discount rates, could result in significant fluctuations in the fair value of the liability. The loss on the Silver Stream derivative was due to a 10% decrease in volatility in the underlying precious metal, a 6% increase in the forward curve of the silver price, and a 5% increase in the silver spot price as at March 31, 2026 compared to December 31, 2025. FAIR VALUE (continued) The following table presents the Company's fair value hierarchy for financial assets and liabilities that are measured at fair value: March 31, 2026 December 31, 2025 Fair value measurement Fair value measurement Carrying value Level 1 Level 2 Level 3 Carrying value Level 1 Level 2 Level 3 Financial assets: Marketable securities (Note 3) $ 2,952 $ 2,952 $ - $ - $ 2,006 $ 2,006 $ - $ - Deferred consideration receivable $ 1,720 $ - $ - $ 1,720 $ - $ - $ - $ - Financial liabilities: Silver Stream derivative liability (Note 8) $ 120,131 $ - $ - $ 120,131 $ 107,260 $ - $ - $ 107,260 Option - PC Gold (Note 7) $ 4,692 $ - $ - $ 4,692 $ 4,692 $ - $ - $ 4,692 SUBSEQUENT EVENTS On April 29, 2026, the Company announced that pursuant to the announcement in February 2026, the Company's new joint-venture partner at First Mining's Pickle Crow project, Bellavista, has closed the acquisition of Firefly's interest in PC Gold Inc, the entity that holds the project. Bellavista exercised its buy-down right at the Project and paid $3 million in cash to the Company to reduce the Company's ownership in PC Gold from 30% to 20%. The Company's interest in PC Gold is free carried to a decision to mine at Pickle Crow.

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