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First Mining Announces Year-End 2023 Financial Results and Operating Highlights

Press Release

April 1, 2024 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) reports its fourth quarter and annual financial results for the year ended December 31, 2023. The audited consolidated financial statements, management’s discussion and analysis (“MD&A”), and annual information form (“AIF”) are available on First Mining’s website at and have been posted under the Company’s profile on SEDAR+ at and EDGAR at

“We are pleased to announce our 2023 year-end results at First Mining where we focused on advancing both our flagship projects at Springpole and Duparquet, while maintaining balance sheet strength through numerous non-core asset sales and successful equity financings,” stated Dan Wilton, CEO of First Mining. “In 2023, we continued to demonstrate the value of the First Mining portfolio by generating non-dilutive proceeds through non-core asset sales, while successfully completing two financings where existing shareholder support remains strong.  At Duparquet, we completed a positive PEA, while kicking off an exploration program with encouraging results.  In Ontario, we are advancing our Springpole gold project with the goal of submitting our final environmental assessment later this year, while continuing to advance our exploration program in the Birch Uchi Greenstone Belt project.  We are very encouraged as we enter 2024 and expect it to be a transformational year for First Mining.  The submission of the final environmental assessment at Springpole is a critical de-risking milestone for our Company and we look forward to providing updates later this year.”

2023 Highlights:

  • At Springpole, continued collecting environmental baseline data and advancing environmental assessment work, planning for submission of a final EIS/EA in 2024.
  • At the Duparquet Project, completed an initial Phase I, 4,881 metre exploration drilling program as well as 2,082 metres of the Phase II program, for a total of 6,963 metres, focusing on validating, de-risking and advancing a number of newly developed exploration targets, as well as growing the existing mineral resource.
  • 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, including returning grades of 0.92 g/t Au over 114.0 meters in hole SAT23-001 at Saddle.
  • Through the Company’s wholly-owned subsidiary Duparquet Gold Mines Inc. (formerly, Clifton Star), completed the acquisition of the Porcupine East property from IAMGOLD Corporation, consolidating the Company’s Duparquet Gold Project and connecting the land package to its Pitt and Duquesne projects to the east
  • Completed the sale of all of the common shares of a wholly-owned subsidiary of the Company that held its non-core royalty portfolio to Elemental Altus Royalties Corp. for approximately $4.7 million in cash and 1,598,162 common shares of Elemental Altus for total consideration of approximately $6.7 million
  • In June, completed a non-brokered private placement for aggregate gross proceeds of $5,000,000 consisting of 18,518,519 flow-through units (“FT Units”) at a price of $0.27 per FT Unit. Each FT Unit is comprised of one common share and one half of one common share purchase warrant, issued on a flow-through basis, being exercisable to acquire one additional common share of the Company at a price of $0.27 for a period of 36 months following the closing date of the offering.
  • Published First Mining’s second annual Environmental, Social and Governance (“ESG”) Report for the 2022 year (“ESG Report”). The ESG Report provides a comprehensive overview of the Company’s ESG commitments, practices and performance.
  • Completed the sale of the Company’s mining claims in Manitoba (the “Eagle Claims”) to Grid Metals Corp. for total consideration comprised of $300,000 in cash, 250,000 common shares of Grid Metals, a future contingent payment of C$350,000 and a 2.0% NSR royalty on the Eagle Claims.
  • 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.
  • In September, 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.
  • In December, completed a two tranche non-brokered private placement for aggregate proceeds of $10,832,625 consisting of 86,661,000 units (the “Units”) at a price of $0.125 per Unit.  Each Unit consisted of one common share of the Company and one-half of one common share purchase warrant entitling the holder to acquire one common share of the Company for a period of 36 months from the date of issuance at a price of $0.20 per common share.
  • As of December 31, 2023, the Company’s cash and current investments balance was $12.5 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 $26.2 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.


Daniel W. Wilton
Chief Executive Officer and Director

For further information, please contact:

Toll Free: 1 844 306 8827 | Email:
Paul Morris | Director, Investor Relations | Email:



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