First Mining Provides Update at Pickle Crow Gold Project

Rhea-AI Summary

First Mining (OTCQX: FFMGF) reports that on April 29, 2026 Bellavista Resources (ASX: BVR) closed its acquisition of FireFly Metals' interest in PC Gold and exercised a buy-down at the Pickle Crow project.

Bellavista paid C$3.0 million to First Mining to reduce First Mining's stake in PC Gold from 30% to 20%. First Mining remains free carried to a decision to mine. Bellavista's leadership includes Glenn Jardine and Peter Canterbury, who previously led De Grey Mining through a US$3.3 billion sale.

Positive

• Received C$3.0 million cash from Bellavista
• First Mining is free carried to decision to mine, limiting near-term capex
• Transaction clarifies JV ownership: Bellavista now holds increased control

Negative

• First Mining ownership reduced from 30% to 20%, diluting stake
• Reduced equity share may lower First Mining's share of future project economics

News Market Reaction – FFMGF

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-4.25% News Effect

On the day this news was published, FFMGF declined 4.25%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, BC, April 29, 2026 /PRNewswire/ - First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) announces that pursuant to a previous press release on February 3, 2026, First Mining's new joint-venture partner at First Mining's Pickle Crow Gold Project ("Pickle Crow" or the "Project"), Bellavista Resources Limited (ASX: BVR) ("Bellavista"), has closed the acquisition of FireFly Metals Ltd's interest in PC Gold Inc. ("PC Gold"), the entity that holds the Project on April 29, 2026. Bellavista has also exercised its buy-down right at the Project and paid C$3 million in cash to First Mining to reduce First Mining's ownership in PC Gold from 30% to 20%. First Mining's interest in PC Gold is free carried to a decision to mine at Pickle Crow.

The Bellavista team is led by Glenn Jardine as Managing Director and Peter Canterbury as Finance Director. Mr. Jardine and Mr. Canterbury are both experienced executives who led De Grey Mining until its successful US$3.3 billion sale to Northern Star Resources Ltd. In May 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 a 20% project interest in the Pickle Crow Gold Project and large equity interest in Seva Mining 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 in this news release include, but are not limited to, statements with respect to: (i) disclosure by Bellavista; (iI) the Company's plans with respect to advancing its portfolio of gold projects; and (iii) feasibility and permitting activities related to the Springpole Gold Project. 

Forward-looking statements reflect the beliefs, opinions and projections of management 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; 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; requirements for additional capital; changes in project parameters as plans continue to be refined; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; 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, 2025 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. 

Cautionary Note to United States Investors 

The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Technical disclosure contained in this news release has not been prepared in accordance with the requirements of United States securities laws and uses terms that comply with reporting standards in Canada with certain estimates prepared in accordance with NI 43-101.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer's material mineral projects.

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SOURCE First Mining Gold Corp.

FAQ

What did First Mining (FFMGF) announce on April 29, 2026 about Pickle Crow?

First Mining announced Bellavista closed its acquisition of FireFly's PC Gold interest and paid C$3.0 million. According to the company, the payment reduced First Mining's PC Gold stake from 30% to 20% while First Mining remains free carried to a decision to mine.

How much did Bellavista pay First Mining for the buy-down at Pickle Crow (FFMGF)?

Bellavista paid C$3.0 million in cash to First Mining for the buy-down. According to the company, that payment reduced First Mining's ownership in PC Gold from 30% to 20% effective April 29, 2026.

What does 'free carried to a decision to mine' mean for First Mining (FFMGF)?

It means First Mining will not fund development capital until a decision to mine is made. According to the company, First Mining's 20% interest remains carried through pre-decision costs, preserving cash while retaining upside at decision.

Who is leading Bellavista at the Pickle Crow joint venture (FFMGF)?

Bellavista is led by Glenn Jardine as Managing Director and Peter Canterbury as Finance Director. According to the company, both executives previously led De Grey Mining through a US$3.3 billion sale to Northern Star in May 2025.

How does the buy-down affect First Mining shareholders of FFMGF?

First Mining's direct ownership in PC Gold decreased from 30% to 20%, diluting project equity exposure. According to the company, shareholders gained C$3.0 million in cash while First Mining remains free carried to a decision to mine.