First Mining Gold (FF) investor relations material

Project milestones and development progress

• Long-term social license agreements secured with three main Indigenous communities at Springpole; provincial environmental assessment approval expected by end of October 2026.

• Duparquet Gold Project, with 6 million ounces in the Abitibi gold belt, is advancing with a resource update and pre-feasibility study (PFS) targeted for mid-2027.

• Springpole is one of the few large Canadian gold projects near construction, with a final investment decision aimed for Q1 2028.

• Portfolio monetization has provided funding, with significant interests retained in Pickle Crow and Seba Mining.

• Over CAD 80 million in cash supports advancement toward key milestones, including definitive feasibility study (DFS) at Springpole by Q3 2027.

Strategic positioning and asset value

• Springpole and Duparquet are among the largest developable gold projects in Canada, both with significant resource endowments and infrastructure advantages.

• Springpole's permitting process has lasted 8.5 years, now at its final stage, providing a de-risked profile compared to peers.

• Springpole is strategically located near Red Lake and Pickle Lake, with strong infrastructure and a skilled local workforce.

• Springpole's pre-feasibility study shows a robust project with $1.1 billion upfront capital and CAD 2.1 billion after-tax NPV at a CAD 3,100 gold price.

• The project features a unique, continuous ore body with higher grade and lower strip ratio than comparable Canadian mines.

Financial outlook and market potential

• Springpole's NPV nearly doubles with a gold price increase from CAD 3,100 to CAD 4,200, offering significant leverage to gold price movements.

• Duparquet has a 6.5 million ounce endowment and is trading at CAD 70 an ounce, up from CAD 10 last year, but still below the CAD 200–300 range typical at later stages.

• Current price to NAV ratio is 0.25x, with peers at 0.5–0.7x, indicating further upside as projects advance.

• Every $100 increase in gold price adds CAD 230 million in after-tax NPV across the projects.

• Major catalysts include upcoming environmental approvals, feasibility studies, and consistent drill results at both projects.