First Mining Announces 2024 First Quarter Financial Results and Operating Highlights

Press Release

May 13, 2024 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) reports its first quarter financial results for the quarter ended March 31, 2024. The financial statements and management’s discussion and analysis (“MD&A”) are available on First Mining’s website at www.firstmininggold.com/investors/reports-filings/financials/ and have been posted under the Company’s profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

“We are pleased to announce a successful start to the fiscal year where we continue to demonstrate value in our non-core assets by generating non-dilutive proceeds through the monetization of our marketable securities,” stated Dan Wilton, CEO of First Mining. “We continue to make progress at both the environmental and permitting front at Springpole and continue to demonstrate the potential at Duparquet.  With the recent positive sentiment in the gold market, we believe our asset portfolio provides the best exposure and leverage to a rising gold price environment.”

2024 Q1 Highlights:

• At Springpole, continued collecting environmental baseline data and advancing environmental assessment work, planning for submission of a final EIS/EA in 2024, and continued engagement and negotiations with local Indigenous rights holders and government regulators
• In the Birch-Uchi, completed a 3-year option agreement at the Swain Post property and now own a 100% interest, comprised of 237 mining claims over an area of 4,786 hectares
• At Duparquet, commenced 2024 drill program targeting completion of the Phase 2 winter drilling component of the program and identified a new area of mineralization at Central Duparquet at the Valentre target; demonstrates the potential continuity of mineralization between the Central Duparquet and the Dumico deposits that had never been drill tested prior to First Mining’s 2023 drilling campaign
• In January 2024, to provide greater financial flexibility, filed a Final Shelf Prospectus with the securities regulatory authorities in each of the provinces of Canada, and a corresponding Registration Statement on Form F-10 with the United States Securities and Exchange Commission
• In March 2024, Big Ridge Gold Corp. (“Big Ridge”) exercised its second stage earn-in right to increase its total ownership in the Hope Brook Gold Project located in Newfoundland, Canada to 80%; First Mining retains a 20% interest in the Hope Brook Gold Project
• In March 2024, sold 36.5 million common shares of Big Ridge for gross proceeds of $1.825 million
• As of March 31, 2024, the Company’s cash and current investments balance was $7.7 million and the equity interests in Treasury Metals, and PC Gold Inc. (Pickle Crow Project), had a combined carrying value of $24.6 million

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 draft Environmental Impact Statement (“EIS”) for the project published in June 2022, and the Duparquet 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), the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.), and a large equity interest in Treasury Metals Inc.

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

For further information, please contact:

Toll Free: 1 844 306 8827 | Email: info@firstmininggold.comM
Paul Morris | Director, Investor Relations | Email: paul@firstmininggold.com

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