First Mining Announces Year-End 2025 Financial Results and Operating Highlights

Press Release

March 31, 2026 – 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, 2025. The audited consolidated financial statements and management’s discussion and analysis (“MD&A”), and annual information form (“AIF”) 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 our year-end financial and operating results, where we ended the year with a record cash balance,” stated Dan Wilton, CEO & Director of First Mining. “The support from our shareholders this year along with the monetization of non-core assets will provide the Company with increased financial flexibility to execute our strategic goals in 2026.  This year will be a critical de-risking year for our projects.  At our Springpole Project, we expect key regulatory decisions that will provide a pathway to project development.  At our Duparquet Project, we will be building on the success of our 2025 drilling program and will embark on a comprehensive environmental baseline study to advance the Project. We want to thank new and existing shareholders for their support and look forward to providing updates in this coming year.”

Q4 2025 and Q1 2026 Highlights:

• As of December 31, 2025, the Company’s cash and current investments balance was $45.3 million and the equity interest in PC Gold Inc. (Pickle Crow Project) was $21.5 million.
• On March 10, 2026, the Company announced it had closed its previously announced sale of the Cameron Gold Project to Seva Mining Corp. (“Seva”) in November 2025. First Mining received $5,000,000 in cash and 80,000,000 common shares of Seva representing approximately 48% of the common shares outstanding. First Mining also has two representatives serving on the Board of Directors of Seva and will receive at least $2 million in a future cash payment related to a stockpile processing.
• On March 9, 2026, the Company announced additional results from the 2025 Duparquet drilling program at the Miroir target including drill hole DUP25-081 returning 1.56 g/t Au over 33.15m, including 3.18 g/t Au over 7.60m. DUP25-085 returned 3.74 g/t Au over 15.5m and 7.18 g/t over 8.0, including 30.58 g/t over 1.65m. DUP25-090 returned 4.08 g/t Au over 12.0m, including 11.20 g/t Au over 1.0.
• On February 24, 2026, the Company filed a final short form base shelf prospectus with the securities regulatory authorities in each of the provinces and territories of Canada, and a corresponding registration statement on Form F-10 with the United States Securities and Exchange Commission.
• On February 3, 2026, the Company announced that its joint-venture partner at First Mining’s Pickle Crow Gold Project, FireFly has agreed to sell its 70% interest in PC Gold Inc., the entity that holds the Pickle Crow Project, to Bellavista Resources.  The transaction is expected to close in Q2 2026.
• On January 7, 2026, the Company announced results of the updated Socio-Economic Analysis for the Springpole Gold Project undertaken by WSP Canada Inc. which demonstrates the major benefits to the local region, Ontario and Canada. The Springpole Project can deliver 3,340 jobs in each year of construction, 5,910 jobs in each year of operations, is expected to generate over $7 billion of tax revenue for government and contribute $15 billion to the Gross Domestic Product.
• On November 18, 2025, the Company announced positive results from an updated Pre-Feasibility Study for the Springpole Gold Project. The NI 43-101 Technical Report for the study was filed on SEDAR+ December 23, 2025, entitled “Springpole Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada” and was prepared by Ausenco Engineering Canada ULC of Vancouver, Canada with an effective date of December 1, 2025.
• On November 10, 2025, the Company announced additional results from the 2025 exploration drilling program at the Duparquet Gold Project. The Company completed its 2025 drilling program at in October, comprising 16,577 m of drilling. These latest drilling results are from the Miroir target, a high priority discovery zone that was first intersected in the 2024 drill program (hole DUP24-048) and was further drill tested. The latest results have enhanced the Miroir target over a strike length of 100 m and a depth of 100 m, where the target remains open.

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 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 a 30% project interest in the Pickle Crow Gold Project and large equity interest in Seva Mining Corp.

First Mining was established in 2015 by Mr. Keith Neumeyer, founder 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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