First Mining Provides Update on Pickle Crow Gold Project

The news release dated February 3, 2026, announces a significant transition in the joint venture (JV) partnership for the Pickle Crow Gold Project. FireFly Metals Ltd. (formerly Auteco Minerals) is selling its 70% interest in the project to Bellavista Resources Limited. Concurrently, Bellavista has indicated its intention to exercise a "buydown right," paying First Mining C$3 million in cash to increase its ownership to 80%. Consequently, First Mining’s interest will be reduced from 30% to 20%, though it remains "free carried" until a decision to mine is reached. This transaction follows a period of significant corporate activity for First Mining, including an updated Pre-Feasibility Study (PFS) for its flagship Springpole project and the divestment of non-core assets like the Cameron Gold Project.

The impact of the most recent news is classified as Material - Neutral for the following reasons: - Cash Inflow vs. Dilution: The C$3 million cash payment provides immediate liquidity, but it comes at the cost of a 10% reduction in ownership of a high-grade asset (2.8 Moz @ 7.2 g/t Au). - Operator Quality: The transition to Bellavista is a qualitative upgrade. The Bellavista team is credited with the US$3 billion sale of De Grey Mining in 2025. Their ability to raise capital (A$25 million target) and drive project development is superior to the outgoing partner. - De-risking: Maintaining a 20% free-carried interest allows First Mining to benefit from high-grade gold discovery and development without incurring exploration or capital costs in the medium term, allowing management to focus resources on Springpole and Duparquet. - Relative Size: While Pickle Crow is a significant asset, it is secondary to the Springpole Gold Project, which recently demonstrated an after-tax NPV of US$2.1 billion. The Pickle Crow news is a portfolio optimization rather than a fundamental shift in valuation.

First Mining Gold is a Canadian developer focusing on two "Tier 1" assets in Canada. - Springpole Gold Project (Ontario): One of the largest undeveloped open-pit gold projects in Canada. The 2025 PFS outlines a 30,000 tpd operation producing ~330,000 oz Au/year at an AISC of US$877/oz. At US$3,100 gold, it carries an after-tax NPV of US$2.1 billion. - Duparquet Gold Project (Quebec): A large-scale project in the Abitibi region with 3.4 Moz M&I and 2.6 Moz Inferred resources. It is currently undergoing aggressive exploration to find higher-grade near-surface zones.