First Mining Gold (FF) Q4 2025 earnings summary

Executive summary

• Ended 2025 with a record cash balance, supported by shareholder backing and monetization of non-core assets.

• 2026 is positioned as a critical year for de-risking projects, with key regulatory decisions expected for Springpole and environmental studies advancing at Duparquet.

Financial highlights

• Cash and current investments totaled $45.3 million as of December 31, 2025.

• Equity interest in PC Gold Inc. (Pickle Crow Project) valued at $21.5 million.

• Received $5 million in cash and 80 million Seva shares from the Cameron Gold Project sale, plus a future $2 million payment.

Outlook and guidance

• Anticipates key regulatory decisions for Springpole in 2026, providing a pathway to project development.

• Plans to build on Duparquet drilling success and commence a comprehensive environmental baseline study.