First Mining Announces 2024 Second Quarter Financial Results and Operating Highlights

Press Release

August 8, 2024 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) reports its second quarter financial results for the quarter ended June 30, 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.sec.gov.

“We are pleased to announce a successful second quarter where we were able to bolster our balance sheet with an oversubscribed flow-through financing,” stated Dan Wilton, CEO of First Mining. “We continue to demonstrate strong drilling results at Duparquet and with the recent financing completed, we look forward to delivering more exciting exploration results at Duparquet.  At Springpole, we are in the final stages of our environmental assessment preparation and look forward to having it submitted to regulators before the end of the year.”

2024 Q2 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 with local Indigenous rights holders and government regulators
• In the Birch-Uchi, completed a 3-year option agreement with Whitefish Exploration Inc. on the Swain Lake property, and 70% ownership of the property, which comprises 82 mining claims over an area of 1,656 hectares
• In the Birch-Uchi, additional mapping and prospecting programs focusing on several prospective areas commenced in June 2024 with corresponding drill target development underway
• At Duparquet, announced the completion of our Phase 2 winter drilling program totaling 2,856 metres with activities on our Phase 3, 9,000 metre drilling program underway; a property-wide expanded 3D geological and target model is also being developed
• At Duparquet, reported drilling results from our 2024 Phase 2B winter diamond drilling program at Duparquet with multiple high-grade gold zones that had not been previously modelled were identified
• At Duparquet, provided an update on the final Phase 2B drilling results, which included drill hole DUP24-024 which returned multiple gold zones including 10.67 g/t Au over 5.3 m, 6.63 g/t Au over 9.0 m, 3.04 g/t Au over 33.5 m, and 5.97 g/t Au over 33.0 m in newly identified mafic volcanic units not previously modelled
• In June, First Mining closed an upsized flow through financing, for aggregate proceeds of approximately $7 million, to fund exploration programs in Ontario and Quebec
• In June, the Company published its third annual Environmental, Social and Governance (“ESG”) Report for the 2023 year highlighting the Company’s ESG commitments, practices and performance
• As of June 30, 2024, the Company’s cash and current investments balance was $13.2 million and the equity interest in PC Gold Inc. (Pickle Crow Project) was $21.5 million, resulting in a combined carrying value of $34.7 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.) 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

For further information, please contact:

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

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