First Mining Announces Receipt of $6 Million in Proceeds from Warrants Exercise

First Mining Gold Corp. announced on December 16, 2025, that it has received $6.41 million CAD in proceeds from the exercise of 32,050,228 common share purchase warrants. These warrants were exercised at a price of $0.20 per share. The company intends to use these funds to advance its Springpole and Duparquet gold projects, as well as for general working capital and other corporate purposes. Notably, First Majestic Silver Corp. was identified as one of the investors whose warrants were exercised.

This news is a materially positive development for First Mining Gold. The $6.41 million CAD cash injection directly increases the company's liquidity, which is vital for a development-stage company. Given the significant capital expenditure outlined for the Springpole Gold Project (US$1.104 billion initial capital cost), any non-dilutive (at the point of exercise) cash inflow strengthens the balance sheet and helps de-risk ongoing development and exploration activities. This exercise comes after a series of financings in 2024 and 2025 that raised over $36 million, indicating a continued need for capital. The participation of First Majestic Silver Corp., an existing strategic partner through the Springpole silver stream, in exercising these warrants signals continued confidence in First Mining's projects and management. This additional capital will help sustain the momentum on the Springpole Feasibility Study and the Duparquet exploration program, both of which have shown significant progress and positive results in recent months.

First Mining Gold Corp. (FF) is a Canadian gold exploration and development company focused on advancing its two primary assets: * Springpole Gold Project (Ontario, Canada): This is First Mining's most advanced project, currently at the Pre-Feasibility Study (PFS) stage. An updated PFS released on November 18, 2025, highlights robust economics, including a pre-tax NPV5% of US$3.2 billion and an after-tax NPV5% of US$2.1 billion at a base case gold price of US$3,100/oz. The study projects average annual gold production of 330,000 ounces for the first five years and an initial capital cost of US$1.104 billion. It hosts an Indicated Mineral Resource of 4.8 million ounces of gold and 28 million ounces of silver. Crucial de-risking milestones include the submission of its Final Environmental Impact Statement/Environmental Assessment (EIS/EA) in November 2024 and the signing of a Long-Term Relationship Agreement (LTRA) with Mishkeegogamang First Nation in July 2025. The project also has a silver stream agreement with First Majestic Silver Corp. * Duparquet Gold Project (Quebec, Canada): This project is at the Preliminary Economic Assessment (PEA) stage and is situated on the highly prospective Destor-Porcupine Fault Zone. It boasts significant Measured & Indicated resources of 3.44 million ounces of gold (at 1.55 g/t Au) and Inferred resources of 2.64 million ounces of gold (at 1.62 g/t Au). Recent 2025 exploration drilling has successfully identified and expanded new gold zones (Miroir, Aiguille, and Minuit), indicating strong resource growth potential, particularly for higher-grade, near-surface mineralization. The company signed a Memorandum of Understanding (MOU) with the City of Duparquet in September 2025, fostering community collaboration. * Cameron Gold Project (Ontario, Canada): In November 2025, First Mining entered a partnership to advance this project. It divested its subsidiary, Cameron Gold Operations Ltd., to Seva Minerals Inc. (an entity of the Fiore Group) for C$5 million cash, 80 million shares of Seva (valued at C$0.25/share), and a C$2 million future payment upon processing of a mineralized stockpile. First Mining now holds a significant equity stake in Seva. * Other Assets: First Mining retains an investment in PC Gold Inc. (30% interest, developing the Pickle Crow project) and previously sold a 20% interest in the Hope Brook Gold Project to Big Ridge Gold Corp. for C$3 million cash and 7 million shares of Big Ridge (July 2025).