First Mining Gold (FF) investor relations material

Strategic positioning and asset overview

• Controls two of the largest undeveloped gold projects in Canada, with a total resource base of 8.2 Moz Au M&I and 3.8 Moz Au Inferred across Springpole and Duparquet.

• Springpole is at feasibility stage with advanced permitting and a robust updated PFS released in November 2025.

• Duparquet, located in Quebec’s Abitibi gold belt, has a positive PEA and ongoing exploration and development.

• Additional assets, including Pickle Crow (30% JV), Cameron (48% ownership), and Seva Mining, provide optionality and financing flexibility.

• Led by an experienced team in exploration, development, and environmental management.

Financials and valuation

• Share price at C$0.47 with 1,383 million shares issued and outstanding as of March 18, 2026.

• Market capitalization stands at C$650 million, with C$40 million cash on hand and C$36 million in marketable securities.

• Trades at a significant discount to peers, with a P/NAV of 0.15x compared to advanced developers at 1.02x.

• Future cash and share payments expected total C$12 million from asset sales and JV agreements.

• Covered by six analysts from major financial institutions.

Springpole Gold Project highlights

• Probable reserves of 102 Mt at 0.94 g/t Au (3.1 Moz) and 4.9 g/t Ag (16.1 Moz); M&I resources of 4.8 Moz Au and 28 Moz Ag.

• PFS (2025) base case: 9.4-year mine life, average annual gold production of 330 koz (years 1–5), initial capex US$1.1B, after-tax NPV5% US$2.1B, IRR 41%, payback 1.8 years.

• LOM cash costs US$802/oz, AISC US$938/oz; strong leverage to gold price with each US$100/oz increase adding US$230M in NAV.

• Advanced permitting underway, with EIS/EA submitted in Q4 2024 and coordinated federal-provincial review ongoing.

• Near-pit expansion and district-scale exploration (75,000+ ha) offer further upside; recent drilling intersected significant mineralization.