First Mining Announces 2025 First Quarter Financial Results and Operating Highlights

Press Release

May 14, 2025 – 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, 2025. 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 were able to bring forward a US$5 million payment through the continued endorsement of First Majestic Silver,” stated Dan Wilton, CEO of First Mining. “We continue to make significant progress on the permitting front at our Springpole Gold Project and continue to demonstrate exploration potential at Duparquet with the recently announced exploration program.  With gold prices trending higher, we believe our key projects and asset portfolio are well-positioned to provide maximum leverage to a strong gold price environment.”

Q1 2025 Highlights:

• On January 20, 2025, the Company announced new drilling results from the 2024 Phase 3 diamond drilling program at the Duparquet Gold Project. The Company identified two new discovery gold zones during the expansion drilling at the Valentre target. Assay results for the newly discovered “Miroir Zone” located north of the Valentre target, returned 3.12 g/t Au over 19.35 m, including 5.47 g/t Au over 9.6 m. A second discovery, the “Aiguille Zone”, occurred south of the Valentre target, returning 8.99 g/t Au over 3.1 m.
• On February 12, 2025, the Company announced drilling results from the 2024 East Extension Phase 1 diamond drilling program at its Springpole Gold Project Phase 1 diamond drilling program. The East Extension Phase 1 exploration drilling program comprised 5 holes for a total of 2,293 m and was successful in returning significant widths of continuous mineralization in an underexplored area of the Project located within the current PFS open-pit development footprint.
• On March 5, 2025, the Company announced the largest exploration drill program undertaken at the Duparquet Gold Project since acquiring full ownership in 2022. The Company aims to complete an approximate 18,000 m of exploration drilling this year, focusing on advancing priority targets that are aligned to resource growth potential and further unlocking a regional gold endowment supportive of future development optionality.
• On March 28, 2025, the Company announced that it received the final payment of US$5 million from First Majestic Silver Corp. in connection with the Silver Stream Purchase Agreement that First Majestic has with the Company’s Springpole Gold Project. The parties entered into an amending agreement to the Silver Stream Purchase Agreement on March 13, 2025 to amend the terms of the final payment due from First Majestic under the Silver Purchase Agreement, such that the payment would be for US$5 million in cash.
• As of March 31, 2025, the Company had cash and marketable securities of $11.7 million and the equity interest in PC Gold Inc. (Pickle Crow Project) was $21.5 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 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 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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