Northwire Canada EditionFriday, November 13, 2026
Sign inSubscribe
Northwire
⌕
Gold 3,885.30 −2.9% Silver 50.06 −3.7% Copper 6.19 −1.5% Oil 88.70 +2.5% Palladium 992.00 −5.2% SEA 35.00 −3.2% GLO 0.300 −6.2% WM 1.42 −2.1% MFG 3.25 −4.7% RAGE 0.295 +0.0% DPM 50.56 −4.2% ARIS 21.08 −4.7% AUEN 0.170 +6.2% FCI 0.540 −1.8% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2% Gold 3,885.30 −2.9% Silver 50.06 −3.7% Copper 6.19 −1.5% Oil 88.70 +2.5% Palladium 992.00 −5.2% SEA 35.00 −3.2% GLO 0.300 −6.2% WM 1.42 −2.1% MFG 3.25 −4.7% RAGE 0.295 +0.0% DPM 50.56 −4.2% ARIS 21.08 −4.7% AUEN 0.170 +6.2% FCI 0.540 −1.8% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2%
Technical Study

First Mining files NI 43-101 PFS report for Springpole

Billion-Dollar CapEx Hurdle Casts Shadow Over Robust Springpole Economics

By The Northwire Desk — AI Analysis Dec 23, 2025 · 12:50 FF · 0.54 First Mining Gold Corp.
Executive Summary

On December 23, 2025, First Mining Gold Corp. filed its independent NI 43-101 Pre-Feasibility Study (PFS) technical report for the 100%-owned Springpole Gold Project in Ontario. This filing follows the summary announcement made on November 18, 2025. The 2025 PFS outlines a 30,000 tonne-per-day open pit operation with a 9.4-year mine life. Key economic metrics at a base case gold price of $3,100/oz USD include an after-tax NPV (5%) of $2.1 billion USD and an after-tax IRR of 41%. The study projects an average annual payable gold production of 330,000 oz for the first five years at a Life of Mine (LOM) All-In Sustaining Cost (AISC) of $938/oz USD.

Material Impact

The filing is a routine regulatory requirement that confirms the robust economics previously signaled to the market. However, a critical analysis reveals several material points: - Project Scale vs. Financial Capacity: The initial capital cost of $1.104 billion USD is nearly double the company's current market capitalization and over 40 times its current cash position. - Leverage to Gold Price: The project is highly sensitive to gold prices; an increase to $4,200/oz Au pushes the after-tax NPV to $3.8 billion USD. - Operating Efficiency: The AISC of $938/oz is competitive, but the initial capital intensity is high ($1.1B for a 9.4-year life). - First Majestic Stream: Investors must account for the existing silver purchase agreement where First Majestic Silver Corp. owns 50% of the payable silver produced for the life of the project.

FF · Price
Company Overview

First Mining Gold Corp. is a Canadian developer with two primary assets. - Springpole Gold Project (Ontario): One of the largest undeveloped open-pit gold deposits in Canada. It holds 3.8 million ounces of gold in Probable Reserves. The project is currently in the Feasibility and Permitting stage. - Duparquet Gold Project (Quebec): A multi-million ounce deposit located in the Abitibi region. 2025 exploration has significantly expanded the known mineralization zones (Miroir, Aiguille).

Read the original news release →

More from First Mining Gold Corp.

Nov 11, 2026 · 07:00

First completes a $57.5 million raise and advances drilling at its Duparquet project following the clearance of the Springpole federal environmental assessment.

Earnings Sep 24, 2026 · 08:49

First Mining raises $57.5m to fund springpole environmental assessment follow-up and duparquet drilling.

Financings Sep 17, 2026 · 16:11

First Mining secures $50m to fund the Springpole project development and extend its cash runway.

Financings Sep 10, 2026 · 08:45

First secures Indigenous partnerships for its Springpole Project, advancing the path toward provincial regulatory approval for the deposit.

Drill Results Sep 10, 2026 · 07:00

First’s Miroir step-out extends the Duparquet target, adding incremental value to the C$1.3B developer’s portfolio.

Drill Results Aug 27, 2026 · 07:00

First completes an Indigenous agreement for the Springpole project following federal environmental assessment, de-risking construction.

M&A / Property