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

Rhea-AI Summary

First Mining (OTCQX:FFMGF) announced receipt of total proceeds of C$6,410,045 following the exercise of 32,050,228 common share purchase warrants by First Majestic Silver on Dec 16, 2025 at $0.20 per warrant.

The Warrants were issued in connection with amended terms of a prior silver purchase agreement. First Mining said it intends to use the proceeds to advance its Springpole and Duparquet gold projects and for general working capital and corporate purposes.

After the exercise, First Majestic's stake increased to 47,379,944 common shares, representing 3.5% of First Mining's outstanding common shares.

Positive

• C$6,410,045 cash proceeds received
• Proceeds designated to advance Springpole and Duparquet projects
• Funds also allocated for general working capital and corporate purposes
• First Majestic exercise completed at $0.20 per warrant

Negative

• Warrant exercise increased First Majestic's stake to 3.5%, diluting other holders' percentage ownership

News Market Reaction – FFMGF

-2.45%

-2.45% Session close to close

In the Dec 16 session, FFMGF declined 2.45%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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VANCOUVER, BC, Dec. 16, 2025 /PRNewswire/ - First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has received total proceeds of C$6,410,045 from the exercise by First Majestic Silver Corp. ("First Majestic") of 32,050,228 common share purchase warrants of the Company (the "Warrants") at a price of $0.20 per Warrant.  The Warrants were issued in relation to amending the terms of a silver purchase agreement among First Majestic, First Mining and Gold Canyon Resources Inc., a wholly-owned subsidiary of First Mining.

The Company intends to use the proceeds from the exercise of these Warrants to advance First Mining's Springpole and Duparquet gold projects, as well as for general working capital and corporate purposes.

Following the exercise of the Warrants, First Majestic's ownership in First Mining increases to 47,379,944 common shares representing 3.5% of the total common shares of the Company outstanding.

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 final Environmental Impact Statement / Environmental Assessment for the project submitted in November 2024, and the Duparquet Gold 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 30% project interest in the Pickle Crow Gold Project.

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 and include, but are not limited to, the use of proceeds for the Warrants exercise, and First Mining's plans related to its Springpole, Duparquet and other projects.  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, 2024 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

How much did First Mining (FFMGF) receive from the warrant exercise on December 16, 2025?

First Mining received C$6,410,045 from the exercise of 32,050,228 warrants at $0.20 each.

What will First Mining (FFMGF) use the C$6.41M proceeds for?

The company intends to use proceeds to advance its Springpole and Duparquet gold projects and for general working capital and corporate purposes.

How did the warrant exercise affect First Majestic's ownership in First Mining (FFMGF)?

First Majestic's ownership increased to 47,379,944 common shares, representing 3.5% of outstanding shares.

At what price were the First Mining (FFMGF) warrants exercised by First Majestic?

The warrants were exercised at a price of $0.20 per warrant.

How many warrants were exercised by First Majestic in First Mining (FFMGF)?

First Majestic exercised 32,050,228 common share purchase warrants.

Does the warrant exercise change First Mining's (FFMGF) immediate cash position?

Yes; the company received C$6.41M in cash proceeds from the warrant exercise.