First Mining Announces Third Quarter 2023 Financial Results and Operating Highlights

Press Release

November 13, 2023 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) reports its third quarter 2023 results for the quarter ended September 30, 2023. 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 Q3 at First Mining,” stated Dan Wilton, CEO of First Mining. “During the quarter, our key achievement was the announcement of a positive PEA at our Duparquet Gold Project in Quebec in less than one year of consolidating ownership.  The +200 koz per year production profile, attractive capital and operating cost profile and strategic location of the deposit in the heart of the Abitibi gold belt positions Duparquet as one of the most meaningful development projects in Canada.  In addition, we remained active on the exploration front at both around our Springpole Gold Project in the Birch-Uchi and at Duparquet, where results continue to be encouraging.  As we enter Q4, First Mining announced an equity financing where proceeds will be used to continue advancing our flagship assets at Springpole and Duparquet.”

Q3 2023 Highlights:

• Released results of a positive PEA at the Duparquet Gold Project on September 7, 2023, including an updated Mineral Resource Estimate for the Duparquet Gold Project that includes estimates for the Duparquet, Pitt and Duquesne deposits. The PEA Technical Report was filed on October 20, 2023.
• At the Duparquet Project, the Company completed an initial Phase I, 5,000 metre exploration drilling program as of September 30, 2023, focusing on validating, de-risking and advancing a number of newly developed exploration targets, as well as growing the existing mineral resource.
• First Mining hosted a collaborative information sharing session with the citizens of the Municipality of Duparquet regarding the Duparquet Gold Project and the Company’s Board of Directors including Senior Leadership Team visited the Duparquet site.
• At Springpole, continued collecting environmental baseline data and advancing environmental assessment work, planning for submission of a final EIS/EA in 2024.
• In the Birch-Uchi, announced encouraging results from the 2023 winter drilling program comprised of a total of eleven drill holes for 2,760 metres focused on three target areas: Saddle, Horseshoe, and Atlantis.
• As of September 30, 2023, the Company’s cash and short-term investments balance was $6.7 million and the equity interests in Treasury Metals, PC Gold Inc. (Pickle Crow Project), and Big Ridge Gold Corp. (Hope Brook Project) had a combined carrying value of $26.3 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 Auteco Minerals 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.com
Paul Morris | Director, Investor Relations | Email: paul@firstmininggold.com

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