First Mining Gold (FF) investor relations material

Key project updates and milestones

• Advancing two major undeveloped gold projects in Canada: Springpole and Duparquet, with Springpole nearing critical environmental assessment approvals within the next few months and Duparquet progressing in resource definition and permitting.

• Springpole is expected to receive federal and provincial environmental assessment approvals by mid-year, marking a significant de-risking milestone and potential value re-rating.

• Duparquet, larger than Springpole, is advancing with baseline data collection and environmental work, aiming to accelerate its permitting process in Quebec.

• Both projects offer substantial leverage to rising gold prices, with updated studies showing significant increases in net asset value at higher gold price scenarios.

• Additional assets, including interests in Pickle Crow and Cameron, provide ongoing capital appreciation and financial flexibility.

Financial position and shareholder base

• Market capitalization exceeds CAD 600 million, with approximately CAD 40 million in cash, ensuring strong funding for ongoing project advancement.

• Management and directors are significant shareholders, with strong ongoing support from the founder and major investors, including First Majestic Silver.

• Institutional ownership is growing, with expectations of further increases as key milestones are achieved and the stock becomes more investable.

• Past asset management has generated nearly CAD 90 million in cash over five years, supporting project development.

Strategic outlook and industry context

• Projects are positioned for potential M&A activity, as large gold producers seek resource replacement amid a shortage of advanced projects in Canada.

• Recent acquisitions in the sector have occurred at significantly higher valuations, suggesting strong re-rating potential post-permitting.

• Board and management leverage deep industry experience and relationships, particularly with First Majestic, to support financing and project execution.

• The company is open to strategic partnerships post-permitting, including potential joint ventures to advance construction.