First Mining Gold (FF) Corporate presentation summary

Asset portfolio and project overview

• Holds two of the largest undeveloped gold projects in Canada, with a total resource base of 8.2 Moz Au M&I and 3.8 Moz Au Inferred, including Springpole in Ontario and Duparquet in Quebec.

• Springpole is at feasibility stage with advanced permitting and a 2025 PFS; Duparquet has a positive 2023 PEA and ongoing exploration.

• Additional assets include a 20% JV interest in Pickle Crow and a 48% stake in Cameron Gold Project.

Financial highlights and valuation

• Share price at C$0.44 with a market capitalization of C$609 million and estimated cash on hand of ~C$40 million as of May 2026.

• Trades at a significant discount to peers, with a P/NAV of 0.14x versus advanced developers at 0.69x and senior producers at 1.15x.

• Future cash and share payments expected total C$9 million from asset sales and agreements.

Springpole Gold Project details

• Probable reserves of 102 Mt grading 0.94 g/t Au (3.1 Moz) and 4.9 g/t Ag (16.1 Moz); average annual gold production of 330,000 oz in years 1–5.

• 2025 PFS shows post-tax NPV5% of US$2.1 billion, IRR of 41%, initial capex of US$1.1 billion, and after-tax payback of 1.8 years at US$3,100/oz gold.

• Life of mine is 9.4 years with total recovered gold of 2.6 Moz and AISC of US$938/oz.

• Significant exploration upside with near-pit expansion and district-scale opportunities over 75,000 hectares.