First Mining Gold (FF) Mining Forum Europe 2026 summary

Project portfolio and resource base

• Advancing two major Canadian gold projects: Springpole (Ontario) and Duparquet (Quebec), with a combined resource base of 8.2 million ounces M&I and 3.8 million ounces Inferred.

• Springpole is in the final stages of environmental assessment, with a robust PFS released and a feasibility study planned.

• Duparquet, located in the Abitibi gold belt, has positive PEA economics at lower gold prices and is expected to benefit further from higher prices.

• Both projects are among the largest and most advanced gold development assets in Canada, offering significant leverage to rising gold prices.

• Additional non-core assets, including stakes in Pickle Crow and Seva Mining, provide financial flexibility.

Project development and milestones

• Springpole's environmental assessment was submitted in November 2024, with a federal decision expected soon.

• Springpole's PFS highlights include a 300,000 oz/year production profile, sub-CAD 950 AISC, and a $1.1 billion US initial capital cost.

• At spot gold prices, Springpole's after-tax NPV could reach $3.8 billion US with a 63% IRR and payback just over one year.

• Duparquet's 2023 PEA at $1,800 gold showed an 18% IRR and $600 million CAD NPV; at $2,200 gold, NPV rises to $1.1 billion CAD and 28% IRR.

• Ongoing exploration at Duparquet is expected to increase resources, with new economic studies and environmental baseline work planned.

Financial position and valuation

• Market cap is approximately CAD 700 million, with a cash balance and marketable securities each exceeding CAD 40 million.

• Trades at a significant discount to peers: $40/oz in the ground vs. $400/oz for peers, and 0.16x NAV vs. 1x for peers.

• NAV at base case is CAD 4 billion (CAD 2.91/share); at spot, NPV could reach CAD 6.4 billion (CAD 4.66/share).

• Re-rating to peer averages could result in a 3x-7x share price appreciation.

• Monetization of non-core assets has raised CAD 90 million over six years, reducing dilution and supporting project funding.