First Mining Reports New High-Grade Gold Drill Intercepts from North Zone, South Zone, and Minuit Targets at its Duparquet Project

The most recent news release (May 19, 2026) details the final results of First Mining's 2025 exploration drilling program at the Duparquet Gold Project in Quebec. The company reported high-grade gold intercepts across three key targets: North Zone, South Zone, and the newly identified Minuit Zone. * Drilling Metrics: The campaign added 16,576.5 meters of drilling (44 holes), bringing total project drilling to 35,960 meters (91 holes). * Key Intercepts: Notable results include DUP25-056 (15.14 g/t Au over 5.0 m) and DUP25-070 in the Minuit Zone (9.87 g/t Au over 2.75 m). * Resource Context: The project currently holds an NI 43-101 compliant resource of 3.44 million ounces Measured & Indicated at 1.55 g/t Au and 2.64 million ounces Inferred at 1.62 g/t Au. * Management Commentary: CEO Dan Wilton stated the results demonstrate "strong resource growth potential" along the syenite-mafic volcanic contact, which remains open along strike and at depth.

This release serves as a wrap-up of the 2025 program previously announced in March (NewsId 1848292) and November (NewsId 118496). It confirms continuity of mineralization but does not introduce new strategic assets or financing events.

The May 19 news is categorized as Routine - Positive. While the drilling results are technically strong, they align with expectations set by previous announcements regarding the 2025 program's scope and targets (Miroir, Minuit). The market has already priced in the positive trajectory of Duparquet exploration over the last six months. * Expectation vs. Reality: The intercepts are consistent with prior high-grade discoveries at Miroir (e.g., 30.58 g/t Au reported in March). There is no "surprise" discovery that fundamentally alters the project's valuation profile beyond incremental resource growth. * Strategic Context: Duparquet remains a PEA-stage asset compared to Springpole, which holds the primary economic value (PFS NPV of $3.2B). The drilling success at Duparquet supports long-term optionality but does not solve the immediate capital requirements for Springpole development. * Market Reaction: Given the stock's recent volatility and correction from January highs ($0.80 to ~$0.50), this news provides a floor of support rather than a catalyst for a breakout, as the primary investment thesis hinges on Springpole permitting and financing.

First Mining Gold Corp. is an exploration and development company focused on two primary assets in Canada: * Springpole Gold Project (Ontario): The flagship asset. A large-scale undeveloped gold-silver project with a Pre-Feasibility Study (PFS) indicating a 9.4-year mine life, $3.2B NPV (at $1,300/oz), and ~$1.1B initial capital cost. Permitting is ongoing with an EA decision expected by June 30, 2026. * Duparquet Gold Project (Quebec): A PEA-stage project with existing resources of ~6 million ounces combined M&I/Inferred. Recent drilling has expanded the Miroir and Minuit targets. * Other Assets: Seva Mining Corp. equity stake (~48%) from Cameron Project sale; reduced interest in Pickle Crow Gold Project (20% remaining).