First Mining Announces 2024 Second Quarter Financial Results and Operating Highlights

Rhea-AI Summary

First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) reported its Q2 2024 financial results, highlighting key developments across its projects. At Springpole, the company advanced environmental assessment work, aiming to submit the final EIS/EA in 2024. In the Birch-Uchi area, First Mining completed a 3-year option agreement on the Swain Lake property and initiated mapping and prospecting programs. At Duparquet, the company completed a Phase 2 winter drilling program and commenced a 9,000-metre Phase 3 program, reporting multiple high-grade gold zones. Notably, First Mining closed an upsized flow-through financing of approximately $7 million to fund exploration in Ontario and Quebec. As of June 30, 2024, the company's cash and current investments balance stood at $13.2 million, with an additional $21.5 million in equity interest in PC Gold Inc.

Positive

• Completed an oversubscribed flow-through financing of $7 million
• Reported multiple high-grade gold zones at Duparquet, including 10.67 g/t Au over 5.3 m and 5.97 g/t Au over 33.0 m
• Strong cash position with $13.2 million in cash and current investments
• Additional $21.5 million in equity interest in PC Gold Inc. (Pickle Crow Project)
• Acquired 70% ownership of the Swain Lake property in the Birch-Uchi area

Negative

• None.

VANCOUVER, BC, Aug. 8, 2024 /PRNewswire/ - First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) reports its second quarter financial results for the quarter ended June 30, 2024. The financial statements and management's discussion and analysis ("MD&A") are available on First Mining's website at www.firstmininggold.com/investors/reports-filings/financials/ and have been posted under the Company's profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

"We are pleased to announce a successful second quarter where we were able to bolster our balance sheet with an oversubscribed flow-through financing," stated Dan Wilton, CEO of First Mining. "We continue to demonstrate strong drilling results at Duparquet and with the recent financing completed, we look forward to delivering more exciting exploration results at Duparquet.  At Springpole, we are in the final stages of our environmental assessment preparation and look forward to having it submitted to regulators before the end of the year."    

2024 Q2 Highlights:

• At Springpole, continued collecting environmental baseline data and advancing environmental assessment work, planning for submission of a final EIS/EA in 2024, and continued engagement with local Indigenous rights holders and government regulators
• In the Birch-Uchi, completed a 3-year option agreement with Whitefish Exploration Inc. on the Swain Lake property, and 70% ownership of the property, which comprises 82 mining claims over an area of 1,656 hectares
• In the Birch-Uchi, additional mapping and prospecting programs focusing on several prospective areas commenced in June 2024 with corresponding drill target development underway
• At Duparquet, announced the completion of our Phase 2 winter drilling program totaling 2,856 metres with activities on our Phase 3, 9,000 metre drilling program underway; a property-wide expanded 3D geological and target model is also being developed
• At Duparquet, reported drilling results from our 2024 Phase 2B winter diamond drilling program at Duparquet with multiple high-grade gold zones that had not been previously modelled were identified
• At Duparquet, provided an update on the final Phase 2B drilling results, which included drill hole DUP24-024 which returned multiple gold zones including 10.67 g/t Au over 5.3 m, 6.63 g/t Au over 9.0 m, 3.04 g/t Au over 33.5 m, and 5.97 g/t Au over 33.0 m in newly identified mafic volcanic units not previously modelled
• In June, First Mining closed an upsized flow through financing, for aggregate proceeds of approximately $7 million, to fund exploration programs in Ontario and Quebec
• In June, the Company published its third annual Environmental, Social and Governance ("ESG") Report for the 2023 year highlighting the Company's ESG commitments, practices and performance
• As of June 30, 2024, the Company's cash and current investments balance was $13.2 million and the equity interest in PC Gold Inc. (Pickle Crow Project) was $21.5 million, resulting in a combined carrying value of $34.7 million

About First Mining Gold Corp. 

First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility Study and permitting activities are on-going with a draft Environmental Impact Statement ("EIS") for the project published in June 2022, and the Duparquet Project in Quebec, a PEA-stage development project located on the Destor-Porcupine Fault Zone in the prolific Abitibi region. First Mining also owns the Cameron Gold Project in Ontario and a portfolio of gold project interests including the Pickle Crow Gold Project (being advanced in partnership with Firefly Metals Ltd.) and the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.).

First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp.

ON BEHALF OF FIRST MINING GOLD CORP.

Daniel W. Wilton
Chief Executive Officer and Director

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "opportunities", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions.

Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events.  All forward-looking statements are based on First Mining's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Such factors include, without limitation the Company's business, operations and financial condition potentially being materially adversely affected by the outbreak of epidemics, pandemics or other health crises, and by reactions by government and private actors to such outbreaks; risks to employee health and safety as a result of the outbreak of epidemics, pandemics or other health crises, that may result in a slowdown or temporary suspension of operations at some or all of the Company's mineral properties as well as its head office; fluctuations in the spot and forward price of gold, silver, base metals or certain other commodities; fluctuations in the currency markets (such as the Canadian dollar versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities, indigenous populations and other stakeholders; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; title to properties.; and the additional risks described in the Company's Annual Information Form for the year ended December 31, 2023 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F filed with the SEC on EDGAR.

First Mining cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to First Mining, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. First Mining does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law. 

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SOURCE First Mining Gold Corp.

FAQ

What were First Mining Gold's (FFMGF) key financial figures for Q2 2024?

First Mining Gold reported a cash and current investments balance of $13.2 million as of June 30, 2024. Additionally, the company held an equity interest in PC Gold Inc. (Pickle Crow Project) valued at $21.5 million.

What significant drilling results did First Mining Gold (FFMGF) report from Duparquet in Q2 2024?

First Mining Gold reported multiple high-grade gold zones at Duparquet, including drill hole DUP24-024 which returned 10.67 g/t Au over 5.3 m, 6.63 g/t Au over 9.0 m, 3.04 g/t Au over 33.5 m, and 5.97 g/t Au over 33.0 m in newly identified mafic volcanic units.

How much did First Mining Gold (FFMGF) raise in its flow-through financing in Q2 2024?

First Mining Gold closed an upsized flow-through financing for aggregate proceeds of approximately $7 million in June 2024. The funds will be used to finance exploration programs in Ontario and Quebec.

What progress did First Mining Gold (FFMGF) make on the Springpole project in Q2 2024?

At Springpole, First Mining continued collecting environmental baseline data, advancing environmental assessment work, and planning for the submission of a final EIS/EA before the end of 2024. The company also continued engagement with local Indigenous rights holders and government regulators.