First Mining Gold's Dec. 31 cash at $45.3-million

Executive Summary

• First Mining Gold Corp. released its audited financial results for the year ended December 31, 2025, reporting a record cash balance of $45.3 million and an equity interest in PC Gold Inc. valued at $21.5 million.
• The company announced the closing of the sale of its Cameron gold project to Seva Mining Corp. for $5 million in cash and 80 million common shares (approx. 48% of Seva's outstanding shares), along with a future $2 million cash payment for stockpile processing.
• Significant operational updates include positive drilling results from the 2025 Duparquet program (Miroir target), the filing of a final short-form base shelf prospectus, and a joint venture partner (FireFly) agreeing to sell its 70% interest in PC Gold Inc. to Bellavista Resources.

Key Details

• Financial Position (as of Dec 31, 2025):
  • Cash and current investments: $45.3 million.
  • Equity interest in PC Gold Inc. (Pickle Crow project): $21.5 million.
• Cameron Project Sale (Closed March 10, 2026):
  • Sold to Seva Mining Corp. (originally announced Nov 2025).
  • Consideration: $5 million cash + 80 million common shares of Seva (representing ~48% of Seva's common shares outstanding).
  • Governance: First Mining has two representatives on Seva’s board.
  • Additional Consideration: At least $2 million in future cash related to stockpile processing.
• Duparquet Drilling Results (2025 Program):
  • Hole DUP25-081: 1.56 g/t Au over 33.15 m, including 3.18 g/t Au over 7.60 m.
  • Hole DUP25-085: 3.74 g/t Au over 15.5 m and 7.18 g/t Au over 8.0 m, including 30.58 g/t Au over 1.65 m.
  • Hole DUP25-090: 4.08 g/t Au over 12.0 m, including 11.20 g/t Au over 1.0 m.
  • Context: Results from the Miroir target; 2025 program comprised 16,577 m of drilling completed in October 2025.
• Pickle Crow Project JV Update:
  • FireFly agreed to sell its 70% interest in PC Gold Inc. to Bellavista Resources.
  • Expected closing: Q2 2026.
• Springpole Project Updates:
  • Socioeconomic Analysis (Jan 7, 2026): Updated analysis by WSP Canada Inc. projects 3,340 construction jobs/year, 5,910 operations jobs/year, over $7 billion in tax revenue, and $15 billion GDP contribution.
  • Prefeasibility Study (Nov 18, 2025): Positive results from updated PFS; NI 43-101 technical report filed Dec 23, 2025, prepared by Ausenco Engineering Canada ULC (effective date Dec 1, 2025).
• Regulatory Filings:
  • Filed final short-form base shelf prospectus with Canadian securities regulators and Form F-10 with the SEC on Feb 24, 2026.

Notable Quotes

• "We are pleased to announce our year-end financial and operating results, where we ended the year with a record cash balance... The support from our shareholders this year along with the monetization of non-core assets will provide the company with increased financial flexibility to execute our strategic goals in 2026." — Dan Wilton, CEO