First Mining Provides Update on Pickle Crow Gold Project

Press Release

February 3, 2026 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) announces that its joint-venture partner at First Mining’s Pickle Crow Gold Project (“Pickle Crow” or the “Project”), FireFly Metals Ltd (“FireFly”) has agreed to sell its 70% interest in PC Gold Inc. (“PC Gold”), the entity that holds the Project, to Bellavista Resources Limited (ASX:BVR) (“Bellavista”), for 60 million Bellavista shares valued at A$45 million based on the concurrent financing price (see below) to be distributed to FireFly shareholders and A$37.5 million in Bellavista performance rights (the “Transaction”).  In addition, Bellavista is seeking to raise A$25 million at a price of A$0.75 per Bellavista share.

The Bellavista team is led by Glenn Jardine as Managing Director and Peter Canterbury as Finance Director.  Mr. Jardine and Mr. Canterbury are both experienced executives who led De Grey Mining until its successful US$3.3 billion sale to Northern Star Resources Ltd. In May 2025.

“This is a transformative transaction for the Pickle Crow Gold Project,” stated Dan Wilton, CEO of First Mining. “We would like to thank the FireFly team for all the years of hard work put into the Project and are very excited to work with the Bellavista team going forward.  The Bellavista team have been one of the most successful groups in Australia advancing late-stage gold projects through the development cycle, having sold De Grey for more than US$3 billion in 2025.  We look forward to seeing the Pickle Crow Gold Project, one of the largest high grade gold resources in any Tier 1 jurisdiction, advanced with the significant funding that Bellavista will raise.”

The Transaction is expected to close in Q2 2026 and Bellavista has indicated its intention to exercise the PC Gold buydown right to increase their ownership to 80% of the Project by paying C$3 million in cash to First Mining. Upon the exercise, First Mining’s ownership interest in PC Gold will be reduced from 30% to 20% and its interest in PC Gold is free carried to a decision to mine at Pickle Crow.

Please see Bellavista’s news release for more information: https://wcsecure.weblink.com.au/clients/bellavistaresources/v2/headline.aspx?headlineid=61310001

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 30% project interest in the Pickle Crow Gold Project.

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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