First Mining Announces Sale of 20% Interest in Hope Brook Gold Project

Rhea-AI Summary

First Mining Gold Corp. (OTCQX: FFMGF) has announced the sale of its remaining 20% interest in the Hope Brook Gold Project to Big Ridge Gold Corp. (TSXV: BRAU). The transaction, valued at C$3,000,000 in cash and 7,000,000 common shares of Big Ridge, will allow Big Ridge to consolidate 100% ownership of the project.

The deal is expected to close in Q3 2025 and aligns with First Mining's strategy to generate value from non-core assets while maintaining focus on their flagship projects at Springpole and Duparquet. First Mining will maintain exposure to Hope Brook's potential through its shareholding in Big Ridge.

Positive

• Immediate cash injection of C$3,000,000
• Additional consideration of 7,000,000 Big Ridge shares provides ongoing project exposure
• Monetization of non-core asset while maintaining focus on flagship projects
• Transaction demonstrates portfolio flexibility for funding core operations

Negative

• Reduction in direct project ownership and control
• Future value now dependent on Big Ridge's execution and share price performance

VANCOUVER, BC, July 7, 2025 /PRNewswire/ - First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has entered into an agreement with Big Ridge Gold Corp. (TSXV: BRAU) ("Big Ridge") to sell its remaining 20% project interest in the Hope Brook Gold Project ("Hope Brook") for total consideration comprised of C$3,000,000 in cash and 7,000,000 common shares of Big Ridge (the "Transaction").

"We are very excited to come to an agreement with Big Ridge for them to consolidate 100% ownership of the Hope Brook Gold Project," stated Dan Wilton, CEO of First Mining.  "This transaction continues to demonstrate the financial flexibility that our non-core asset portfolio can provide as we look to advance our two flagship projects at Springpole and Duparquet. First Mining will retain exposure to the Hope Brook Gold Project as a shareholder of Big Ridge and look forward to its continued success."

The Transaction is expected to close in Q3 2025.

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 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 and include, but are not limited to, statements with respect to the closing of the Transaction, First Mining's exposure to Hope Brook, 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 ability to close the Transaction, 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

What is the total value of First Mining's (FFMGF) Hope Brook sale to Big Ridge?

First Mining is selling its 20% interest for C$3,000,000 in cash plus 7,000,000 common shares of Big Ridge Gold Corp.

When will First Mining's (FFMGF) Hope Brook sale transaction close?

The transaction is expected to close in Q3 2025.

What will First Mining (FFMGF) do with the proceeds from the Hope Brook sale?

The transaction provides financial flexibility to advance First Mining's flagship projects at Springpole and Duparquet.

Will First Mining (FFMGF) maintain any exposure to the Hope Brook Gold Project?

Yes, First Mining will maintain exposure to the project as a shareholder of Big Ridge through the 7,000,000 shares received in the transaction.

What percentage of Hope Brook will Big Ridge own after this transaction?

Following the transaction, Big Ridge will consolidate 100% ownership of the Hope Brook Gold Project.