While the World Burns, This Could Be the Most Undervalued Gold Story in Canada.

The Man Who Built First Quantum Minerals and First Majestic Silver Is Back. He Now Controls Two of Canada's Largest Undeveloped Gold Projects. And the Market Is Pricing Them at Less Than $40 an Ounce.

On behalf of First Mining Gold Corp.

Something has fundamentally changed.

This is not just another gold bull run.

This is not an inflation hedge or a Fed pivot trade. This is a structural reallocation of global capital driven by a world that no longer trusts its institutions, its currencies, or its leadership.

Russia’s war in Ukraine enters its fifth year. Iran and the United States are trading threats of direct military conflict. Venezuela’s government collapsed in American hands. China and Taiwan are locked in an escalating confrontation that has no clear resolution. The UK and European Union are fracturing under forces that policy cannot easily contain.

The world’s most sophisticated investors are reacting accordingly.

Gold climbed more than 30% in the last year.¹ It crossed $4,000 per ounce for the first time in history. It crossed $5,000. It touched $5,595 in January 2026.²

Although it has come down from recent highs, JPMorgan sees gold climbing to $6,000 per ounce by the end of 2026.³ Bank of America also expects it to reach $6,000 over the next 12 months.⁴ The World Bank says new all-time highs are coming.⁵ Central banks have been buying more than 1,000 tonnes per year since 2022, more than double their historical average.

This is not a trade. This is a generational realignment of global capital.

Breaking News

First Mining Receives Federal Approval for the Springpole Gold Project Environmental Assessment

The Most Important Financial Fact in Mining Today

Major gold producers are budgeting their operations at $3,000 per ounce gold.⁷

They are selling that gold at over $5,000 per ounce.

The difference is pure, unplanned, extraordinary free cash flow.

"We have never seen free cash flow like this in the mining sector. And I mean ever. You go back to 2010, 2011, costs were almost escalating as quickly as the gold price was. So you had a little bit of margin expansion, but nothing like we've seen in the last two years. Talk to gold producers. Most of them are budgeting at like $3,000 an ounce. And they're selling gold today at $5,400. Which is all free cash flow."

— Dan Wilton, CEO, First Mining Gold, PDAC 20268

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In 2025, Newmont brought in a record $7.3 billion in free cash flow.⁹ Agnico Eagle generated $4.4 billion.¹⁰ Barrick delivered $3.87 billion.¹¹ AngloGold Ashanti tripled its 2024 total with $2.9 billion.¹² Gold Fields brought in $3 billion.¹³ Kinross clocked in $2.5 billion.¹⁴

The world’s six largest gold producers brought in a total of nearly $24 billion in free cash flow in a single year.

Read that again.

Six companies. One year. Twenty-four billion dollars in free cash flow.

And every single one of them has the same existential problem. Their reserves are depleting. Their mine pipelines are running dry. And the list of large, advanced, acquisition-ready gold projects in safe, stable jurisdictions is extraordinarily short.

So they are buying. Great Bear: C$1.8 billion. Back River: C$1.1 billion. Windfall: C$2.2 billion.

In January 2026, Fresnillo paid a 39% premium to acquire Probe Gold for C$780 million. ¹⁵

The message is unmistakable: high-quality Canadian gold development assets are being priced aggressively by buyers who know exactly what they are worth.

Every deal closes another door. The question is what is still standing when the next buyer shows up.

The Man Who Has Done This Before Is Doing It Again

There is one name in Canadian mining that repeatedly turns undervalued resource assets into billion-dollar companies.

Keith Neumeyer co-founded First Quantum Minerals, now one of the world’s largest copper producers. He then founded First Majestic Silver Corp., one of the world’s largest primary silver producers.

Two world-class mining companies built from scratch. The same playbook, executed twice.

Now, he is doing it a third time.

Neumeyer is Chairman and Founder of First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF), a Canadian gold developer that controls two of the largest undeveloped gold projects in Canada.

And the company he built into a world-class silver producer, First Majestic Silver Corp., holds a silver stream on Springpole and 32 million warrants in First Mining. ¹⁶

That is not an arm’s-length relationship. That is the company that knows this asset best choosing to stay directly exposed to its upside.

He has seen this movie before. He knows exactly what a world-class asset in a stable jurisdiction is worth when the cycle turns. The fact that he is here, now, at this stage of First Mining Gold‘s development, is the signal.

Behind him is a management team built for exactly this moment. CEO Dan Wilton brings 30 years of mining finance experience, including his time as Partner at Pacific Road Capital Management, one of the sector’s most respected private equity firms.

VP of Sustainability Steve Lines personally led the Hardrock Gold Project Environmental Assessment through full federal and provincial approvals, a process that resulted in construction starting in 2021 and commercial gold production being declared in November 2024. The same team is now running the same playbook at Springpole.

This is not a promotional management team. This is a team that has built mines and obtained permits at the most complex level in Canadian mining.

Two of Canada’s Largest Undeveloped Gold Projects. One Compelling Share Price

Of all the large, developable gold projects in Canada, First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) controls two of them.

Not one. Two.

Springpole in northwestern Ontario and Duparquet in Quebec, sitting among the most significant undeveloped gold assets on the planet, in two of the most politically stable, mining-friendly jurisdictions in the world.

Together, Springpole and Duparquet represent a combined M&I gold resource of 8.2 million ounces plus 3.8 million ounces Inferred. A resource base that major gold producers would go to war over in today’s supply-starved environment.¹⁷

And the market is pricing all of it at at less than $40 per ounce.

Advanced developer peers trade at $374 per ounce. Junior producers command $445 per ounce.

First Mining is trading at less than one-tenth of what comparable assets command in the open market. That is not a reflection of asset quality. That is a valuation gap created by a single pending catalyst, one that is expected to close in Q2 2026.

Gaps like this do not persist forever. And when they close, they tend to close fast.

Springpole: The Crown Jewel

Springpole is First Mining Gold’s (TSX:FF) (OTCQX:FFMGF) flagship. It sits in northwestern Ontario, 110 kilometres northeast of Red Lake, and it is one of the largest undeveloped open-pit gold projects in North America.

The numbers are not subtle. 4.8 million ounces of Indicated gold at 0.78 g/t. 28 million ounces of silver.¹⁸ The November 2025 Pre-Feasibility Study, prepared by Ausenco Engineering, envisions a 30,000 tonne-per-day operation producing 330,000 ounces of gold per year for the first five years of the mine’s life.

At a $3,100 per ounce gold price, the after-tax NPV is $2.1 billion with a 40.8% IRR and a payback period of 1.8 years.²⁰ At the $4,200 per ounce spot scenario: $3.8 billion NPV, 62.6% IRR, 1.2-year payback.

And gold is currently at $4,675 per ounce.

Every $100 per ounce increase in gold adds approximately $150 million in net asset value to First Mining Gold’s (TSX:FF) (OTCQX:FFMGF) combined projects.

The cost structure is equally compelling.

At $802 per ounce life-of-mine cash costs and $938 per ounce AISC, the implied gross margin at today’s gold price exceeds $3,700 per ounce. Over 2.6 million ounces of mine life production, that kind of margin transforms balance sheets. And financiers.

Springpole’s environmental footprint is also dramatically smaller than comparable Canadian approved mines. The design affects only 6% of Springpole Lake vs. 36% for Meadowbank and over 70% for Gahcho Kue. The counterargument has been preempted. First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) built a mine plan specifically designed to win EA approval.

The Catalyst That Changes Everything Is Weeks Away

Here is what makes this moment specific.

First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) submitted the Final Environmental Impact Statement and Environmental Assessment for Springpole to federal and provincial regulators in November 2024.²¹ The federal government issued a positive conformity determination in December 2024,²² advancing the project to full review. The EA decision is now expected by June 30, 2026.²³

That decision is the line between what this stock is and what it becomes.

"I think it becomes institutionally investable. There's a lot of larger funds that have repeatedly told us, look, it looks great, but the deposit's in the bay of a lake and I'll just wait and see once you get the EA approval and someone says that you can actually mine that. So I think that provides a catalyst for this to become broadly institutionally investable. And if you look at our peers, most of them would have between 50 and 70% institutional shareholdings."

— Dan Wilton, CEO, First Mining Gold, PDAC 202624

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First Mining Gold (TSX:FF) (OTCQX:FFMGF) has approximately 22% institutional ownership today. Its advanced developer peers average 50 to 70%. Large funds have told management directly they are waiting for the EA before building positions.²⁵

That is not a small gap. That is a re-rating waiting for a single regulatory event to unlock it.

But the EA is only part of the story. What separates Springpole from every other large Canadian gold project at a similar stage is the depth of community relationships First Mining has built around it. In an era where Indigenous consent is increasingly central to whether a mine gets built regardless of regulatory approval, First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) has made this a foundational priority from day one.

In July 2025, First Mining Gold signed a Long Term Relationship Agreement with Mishkeegogamang First Nation covering equity participation, employment, environmental monitoring, and financial benefit sharing over the full life of the mine.

That agreement was the product of a five-year consultation process. It is not a checkbox. It is a genuine partnership, negotiated over years, built on shared economic interest. In April 2026, Cat Lake and Lac Seul First Nations completed their own independent Anishinaabe Led Impact Assessment on the Springpole Project, supported by First Mining, and prepared to vote on the project’s findings.²⁶Process agreements with Cat Lake First Nation and Lac Seul First Nation are also in place, with active engagement continuing across the region.^²⁷

This commitment to meaningful Indigenous partnership is not accidental. It is structural. First Mining‘s Board includes Leanne Hall, a nationally recognized leader in Indigenous relations and former National Leader of the Deloitte Indigenous practice, who has worked with more than 275 Indigenous communities across Canada.

Having that expertise embedded at the Board level, not just at the project level, signals how seriously First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) takes reconciliation as a business imperative and not just a regulatory requirement.

The January 2026 socio-economic analysis projects $15 billion in Canadian GDP contribution, $7 billion in government tax revenue, and 67,000 person-years of employment.^2⁸ This project has regional champions at every level.

Why are investors looking at First Mining Gold?

There is one name in Canadian mining that repeatedly turns undervalued resource assets into billion-dollar companies.Keith Neumeyer co-founded First Quantum Minerals, now one of the world's largest copper producers. He then founded First Majestic Silver Corp., one of the world's largest primary silver producers. Now, he is doing it a third time with First Mining Gold, a Canadian gold developer that controls two of the largest undeveloped gold projects in Canada.

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Duparquet: The Free Asset the Market Has Forgotten

Here is the part of this story that most investors have completely missed. While the market focuses on Springpole and the EA catalyst, First Mining Gold’s. (TSX:FF) (OTCQX:FFMGF) Duparquet Gold Project in Quebec is sitting in the portfolio at essentially zero value.

CEO Dan Wilton said it plainly: “I don’t think people appreciate how much work has been done there. This is a project that was taken to pre-feasibility study in 2014. The metallurgy is very well done. The resource is very very well drilled: 300,000 metres of drilling in 4 kilometres of strike.”^2⁹

Duparquet sits on the Destor-Porcupine Fault Zone in Quebec’s Abitibi Greenstone Belt, a geological address that has produced more than 200 million ounces of gold. Canadian Malartic, Detour Lake, LaRonde, Porcupine, Macassa. All within the same belt. Duparquet is 50 kilometres from Rouyn-Noranda.

The 2023 PEA outlined 233,000 ounces per year over an 11-year mine life at a post-tax NPV of C$588 million at just $1,800 per ounce gold.^³⁰ At $2,200 per ounce: C$1.12 billion. At $4,000 per ounce, First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) CEO Dan Wilton estimates C$3 billion in NPV.³¹ None of that is in the share price.

And Duparquet is not waiting around. The company completed 16,577 metres of drilling in 2025.^³² Results from March 2026 extended the Miroir target to 250 metres vertical depth with drill hole DUP25-085 returning 7.18 g/t gold over 8 metres, including 30.58 g/t over 1.65 metres. The 2025 drill program delivered its most compelling results yet. The North Zone returned 15.14 g/t gold over 5.0 metres, including a stunning 73.40 g/t over 1.0 metre. For context, most commercial gold mines operate at grades below 3 g/t. The newly discovered Minuit Zone returned up to 9.87 g/t over 2.75 metres, adding a third high-grade target to a project that already hosts over six million ounces. These are not incremental results. They confirm that Duparquet’s best ground may not yet be in the resource. All zones remain open at depth and along strike.³³ A resource update and prefeasibility study is targeted for 2027.

7 Reasons

First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) Deserves Serious Attention Right Now

One of the Largest Gold Resource Bases in Canada, Trading less than $40 an Ounce: 8.2 Moz M&I plus 3.8 Moz Inferred across two projects in Ontario and Quebec. Advanced developer peers trade at more than $300 per ounce. P/NAV of 0.15x versus 1.00x to 1.47x for the peer group. The discount is not a question of asset quality. It is a question of timing.³⁴

Springpole Boasts a $2.1 Billion After-Tax NPV at Base Case. Rising to $3.8 Billion at Spot: 40.8% after-tax IRR and 1.8-year payback at $3,100 per ounce. At $4,200 per ounce spot: $3.8 billion NPV, 62.6% IRR, 1.2-year payback. Every $100 per ounce increase in gold adds $130 million in combined NAV.³⁵ Gold is at $4,675 today.

The EA Decision Is the Single Most Powerful Near-Term Catalyst in Canadian Gold: Final EIS/EA submitted November 2024. Positive federal conformity determination December 2024. EA decision is expected by June 30, 2026.³⁶ Institutional ownership goes from 22% toward 50 to 70% peer average. The re-rating math is straightforward and the funds are already lined up to act.

The Permitting Team Has Already Done This. At a Directly Comparable Canadian Mine: VP of Sustainability Steve Lines led the Hardrock Gold Project EA through full federal and provincial approvals. That mine started construction in 2021. It declared commercial gold production in November 2024. First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) brought that same team directly to Springpole.^3⁷

Duparquet Is a Hidden C$3 Billion Asset That the Share Price Completely Ignores: PEA-stage NPV of C$588 million at $1,800 per ounce gold, on the same fault zone as Canadian Malartic and Detour Lake.³⁸ At $4,000 per ounce, the CEO estimates C$3 billion. The 2025 drill program confirmed high-grade gold across Miroir, the North Zone, and the newly discovered Minuit Zone. Resource update and PFS study in 2027. None of it is priced in.

The Founder of First Quantum Minerals and First Majestic Silver Is the Chairman: Keith Neumeyer has built two multi-billion dollar mining companies. He is not a passive figurehead at First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF). He is the strategic architect. This is not a random association.

Named to the 2026 OTCQX Best 50. Three Exchanges. Growing Global Investor Base: First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) was named to the 2026 OTCQX Best 50^⁴⁰ as one of the top 50 performers on the OTCQX Best Market in 2025. Average daily volume of 10 million shares in Canada and 2 million in the US. Three-exchange listing on TSX, OTCQX, and Frankfurt. The visibility story is only beginning.

What the Market Is Paying for Gold and What First Mining Gold Could Be Worth

The valuation gap is not subtle. Compare the landscape:

Every one of those transactions and trading multiples tells the same story. Quality Canadian gold assets are being aggressively repriced. The buyers are flush with record free cash flow and running out of targets. And First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) is sitting in the middle of it all at a fraction of what comparable assets command.

On a P/NAV basis the story is equally stark: First Mining sits at 0.15x while every peer category trades at or above 1.00x. That is not a modest discount. That is a company being priced as though its assets do not exist.

They do exist. And this chart shows what happens to the share price when the market starts to recognize that:

At base case gold pricing, Springpole alone carries a C$2.9 billion NPV. Add Duparquet at C$1.1 billion and total NAV reaches C$4.0 billion, or C$2.91 per share. At spot gold prices the total NAV climbs to C$6.4 billion, or C$4.66 per share. The current share price is C$0.47.

Even a modest re-rating to 0.40x P/NAV, well below where any peer trades today, implies a share price of C$1.16 to C$1.86. At the advanced developer peer average of 0.60x to 0.80x, the range becomes C$1.74 to C$3.73. That is a 4x to 8x move from where First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) trades today, simply by closing the gap to where its peers already sit.

The EA decision expected in Q2 2026 is the single event most likely to trigger that re-rating. The funds are already lined up. The math is already done. All that is missing is the catalyst.

Press Releases

What Happens Next and When

Q2 2026: The EA Decision

The approval converts Springpole from permitted-pending to fully permitted, construction-ready. Post-EA, First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) enters project financing and strategic partner conversations with a fundamentally different negotiating position. The feasibility study is already running. The community agreements are signed. The team is in place. The EA decision is now expected by June 30, 2026.

2026 to 2027: Strategic Partnership and Duparquet Feasibility Study

Post-EA, a strategic partnership to share construction and financing risk is a stated priority. With gold producers sitting on record free cash flows and desperate for quality assets, First Mining Gold (TSX:FF) (OTCQX:FFMGF) holds exactly what the market is hunting for. At the same time, a Duparquet resource update and prefeasibility study is targeted for 2027, adding a second major catalyst to the story before the end of the decade.

Ongoing: Duparquet Resource Growth

The 2026 drilling program at Duparquet is now underway, targeting approximately 12,000 metres with a focus on increasing resource confidence and advancing the project’s highest-priority growth targets.⁴² Every intercept adds NAV that First Mining Gold’s (TSX:FF) (OTCQX:FFMGF) current share price has not yet priced in. The Valentre target already extends to 480 metres below surface. Miroir was only discovered in 2024. Both have years of growth runway ahead.

The Setup in Plain Terms

✓ 8.2 Moz M&I + 3.8 Moz Inferred gold resource across Springpole (Ontario) and Duparquet (Quebec)

✓ Springpole 2025 PFS: $2.1B after-tax NPV, 41% IRR, 1.8-year payback at $3,100/oz gold

✓ Spot scenario: $3.8B after-tax NPV, 63% IRR, 1.2-year payback at $4,200/oz

✓ EA decision expected on June 30, 2026 — one of the most powerful catalysts in Canadian gold development

✓ 330 koz/yr average production in Years 1 to 5, LOM cash costs $802/oz, AISC $938/oz

✓ Duparquet: C$588M NPV at $1,800/oz; CEO estimates C$3B NPV at $4,000/oz gold

✓ 2025 program confirmed high-grade gold across Miroir (extended to 250m depth, 7.18 g/t Au over 8m), North Zone (73.40 g/t over 1.0m), and newly discovered Minuit Zone

✓ 2026 Duparquet drill program underway: ~12,000m targeting Miroir, Valentre, and CVD targets; executed in partnership with Indigenous-led Forage Anicinape

✓ Mishkeegogamang LTRA signed July 2025;Cat Lake and Lac Seul First Nations completed independent ALIA, community vote June 4, 2026; City of Duparquet MOU signed September 2025

✓ WSP Global as EA consultant: permitted nearly every major Ontario mine over 25 years

✓ Keith Neumeyer (Chairman): founder of First Quantum Minerals and First Majestic Silver Corp.

✓ First Majestic Silver holds 3.5% strategic position; warrant exercises adding ongoing cash

✓ 2026 OTCQX Best 50 — top performer on the OTCQX Best Market in 2025

✓ C$44.8M in cash and marketable securities as of Q1 2026, fully funded through permitting, no near-term dilution

✓ Currently trading at less than $40/oz vs. advanced developer peer average of $374/oz

The EA decision window is now. The catalyst stack is building. The gold bull market is structural, not cyclical.

To learn more about First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF) and receive updates as the Springpole decision approaches, subscribe below to download the latest investor presentation.

*All figures in US dollars unless otherwise noted

Why are investors looking at First Mining Gold?

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footnotes:
[1] https://goldsilver.com/industry-news/article/why-central-banks-are-buying-gold-again/ [2] https://www.forbes.com/advisor/investing/gold-price/ [3] https://www.reuters.com/business/finance/jp-morgan-expects-gold-prices-reach-6300oz-by-end-2026-2026-02-25/ [4] https://uk.finance.yahoo.com/news/gold-prices-oil-pound-dollar-trump-tariffs-us-iran-093052215.html [5] https://blogs.worldbank.org/en/opendata/when-uncertainty-rises--gold-rallies [7] https://www.youtube.com/watch?v=sICW3QKVeSA [8] https://www.youtube.com/watch?v=sICW3QKVeSA [9] https://www.fool.com/investing/stock-market/market-sectors/materials/gold-stocks/ [10] https://www.agnicoeagle.com/English/news-and-media/news-releases/news-details/2026/AGNICO-EAGLE-REPORTS-FOURTH-QUARTER-AND-FULL-YEAR-2025-RESULTS---RECORD-QUARTERLY-AND-ANNUAL-FREE-CASH-FLOW-2025-PRODUCTION-GUIDANCE-ACHIEVED-TOTAL-2025-SHAREHOLDER-RETURNS-OF-1-4-BILLION-DIVIDEND-INCREASED-BY-12-5-UPDATED-THREE-YEAR-GUIDANCE/default.aspx [11] https://www.globenewswire.com/news-release/2026/02/05/3232770/0/en/Barrick-Reports-Full-Year-and [12] https://www.businesswire.com/news/home/20260219093601/en/AngloGold-Ashanti-Q4-and-Year-Ended-31-December-2025-Earnings-Release-and-Dividend-Declaration [13] https://www.miningweekly.com/article/gold-fields-lifts-shareholder-returns-after-strong-2025-financial-performance-2026-02-19 [14] https://www.kinross.com/English/news-and-investors/news-releases/press-release-details/2026/Kinross-reports-2025-fourth-quarter-and-full-year-results/default.aspx [15] https://www.globenewswire.com/news-release/2025/10/31/3178111/0/en/Fresnillo-to-Acquire-Probe-Gold-for-C-780-Million.html [16] https://www.firstmininggold.com/news/first-mining-receives-final-us5-million-payment-from-first-majestic-in-connection-with-springpole-gold-project-silver-stream [17] https://www.firstmininggold.com/assets/reserve-resources/ [18] https://www.firstmininggold.com/news/first-mining-announces-updated-pre-feasibility-study-for-the-springpole-gold-project-ontario-canada [20] https://www.firstmininggold.com/news/first-mining-files-pre-feasibility-study-technical-report--for-the-springpole-gold-project-ontario-canada [21] https://www.firstmininggold.com/news/first-mining-announces-the-submission-of-its-final-environmental--impact-statement--environmental-assessment-for-the-springpole-gold-project [22] https://www.firstmininggold.com/news/first-mining-announces-positive-federal-conformity-determination-for-the-springpole-gold-project-final-environmental-impact-statement [23] https://www.northernontariobusiness.com/mining-the-northwest/springpole-mine-project-can-be-an-economic-driver-in-northwestern-ontario-11532412 [24] https://www.youtube.com/watch?v=sICW3QKVeSA [25] https://www.youtube.com/watch?v=sICW3QKVeSA [26] https://www.firstmininggold.com/news/first-mining-provides-update-on-springpole-gold-project [27] https://www.firstmininggold.com/news/mishkeegogamang-first-nation-and-first-mining-sign-long-term-relationship-agreement-for-the-development-of-the-springpole-gold-project [28] https://www.firstmininggold.com/news/first-mining-announces-socio-economic-analysis-for-the-springpole-gold-project [29] https://www.youtube.com/watch?v=sICW3QKVeSA [30] https://www.firstmininggold.com/news/first-mining-announces-positive-preliminary-economic-assessment--for-the-duparquet-gold-project-quebec-canada [32] https://www.firstmininggold.com/news/first-mining-intersects-718-gt-au-over-8-m-at-the-miroir-target-and--provides-duparquet-project-update- [33] https://www.prnewswire.com/news-releases/first-mining-reports-new-high-grade-gold-drill-intercepts-from-north-zone-south-zone-and-minuit-targets-at-its-duparquet-project-302775508.html [37] https://www.firstmininggold.com/news/first-mining-announces-positive-initial-review-by-best-practice-independent-geotechnical-and-tailings-review-board-for-the-springpole-gold-project [40] https://www.firstmininggold.com/news/first-mining-named-to-2026-otcqx-best-50 [42] https://www.prnewswire.com/news-releases/first-mining-commences-2026-drilling-campaign-and-signs-milestone-drilling-partnership-with-forage-anicinape-at-the-duparquet-gold-project-302777892.html

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6) This document contains forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding First Mining Gold Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to First Mining Gold Corp.’s industry; (b) market opportunity; (c) First Mining Gold Corp.’s business plans and strategies; (d) services that First Mining Gold Corp. intends to offer; (e) First Mining Gold Corp.’s milestone projections and targets; (f) First Mining Gold Corp.’s expectations regarding receipt of approval for regulatory applications; (g) First Mining Gold Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) First Mining Gold Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute First Mining Gold Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) First Mining Gold Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) First Mining Gold Corp.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) First Mining Gold Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of First Mining Gold Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) First Mining Gold Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact First Mining Gold Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing First Mining Gold Corp.’s business operations (e) First Mining Gold Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, First Mining Gold Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does First Mining Gold Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither First Mining Gold Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of First Mining Gold Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of First Mining Gold Corp. or such entities and are not necessarily indicative of future performance of First Mining Gold Corp. or such entities.

8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Hazel Mullin, P.Geo. and James Maxwell, P.Geo. at First Mining Gold Corp. as the Qualified Persons for the Company as defined in National Instrument 43-101.

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