First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) reports its fourth quarter and annual financial results for the year ended December 31, 2022. The audited consolidated financial statements, management’s discussion and analysis, and annual information form are available on First Mining’s website at www.firstmininggold.com/investors/reports-filings/financials/ and have been posted under the Company’s profile on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

During 2022, the Company published its draft environmental impact statement related to its Springpole Gold Project, completed a $5.3 million flow-through equity financing, successfully completed the acquisition of the Duparquet Gold Project in Quebec, divested its non-core Goldlund NSR royalty for US$7 million, and published its inaugural Sustainability and ESG Report.

“Our achievements in 2022 highlights a transformative year for First Mining as we acquired a second flagship asset and demonstrated hidden value in our asset portfolio,” stated Dan Wilton, CEO of First Mining. “The publication of our draft Environmental Impact Statement for our Springpole project was a significant milestone as we continue to advance project permitting efforts along with Indigenous assessment processes for the Project”. In addition, First Mining has embarked on its inaugural regional exploration program in the Birch-Uchi Greenstone Belt surrounding the Springpole gold deposit, and we expect to announce exciting results in the coming year. Our inaugural ESG report highlights our commitment to environmental and social sustainability, and we plan to issue an ESG report annually to demonstrate continued progress. First Mining continues to be well funded with a strong balance sheet and a number of non-dilutive financing tools in the portfolio to provide financial flexibility as we work towards significant milestones at both Springpole and Duparquet.”

2022 Highlights:

• Published the draft Springpole Environmental Impact Statement/Environmental Assessment document in May 2022.
• Continued to support the development of an Anishinaabe Impact Assessment working with local First Nation communities with a focus on increasing the ability of community members to participate in current and future negotiations and contract and employment opportunities. First Mining is committed to supporting initiatives that promote community health and well-being, and is seeking to collaborate with communities, industry, and all levels of government on sustainable programs for the region to ensure a healthy and productive workforce for the future.
• Published First Mining’s inaugural Sustainability and ESG Report in June 2022.
• Early September 2022, completed a non-brokered private placement offering of flow-through shares, raising aggregate gross proceeds of $5.3 million.
• Completed the acquisition of the Duparquet Gold Project in Quebec in September 2022 as a result of acquiring Beattie Gold Mines Ltd., 2699681 Canada Ltd. and 2588111 Manitoba Ltd. for a total transaction value of approximately $24 million.
• October 2022, completed a 3,843 line km geophysical airborne survey over portions of the Birch-Uchi mineral tenure to further support district exploration targeting in 2023 and beyond.
• December 2022, sold our 1.5% NSR royalty on the Goldlund gold property being operated by Treasury Metals Inc. for US$7 million to Sprott Resources Streaming and Royalty Corp.
• Throughout the year, continued to advance Feasibility Study work activities for the Springpole Gold Project, including metallurgical test work, process design, preliminary pit slope guidelines and mine design, optimization studies, and completed 5,843 metres of drilling at the project, for geotechnical, hydrogeological, and acid rock drainage test work and data collection purposes.
• Commenced exploration activities in the Birch-Uchi which included a summer field program consisting of soil geochemistry, mapping, and prospecting campaigns, and a targeted exploration drilling campaign on the Swain property, consisting of a 5-hole drill program totaling 1,560 m.

2023 – A Year of Catalysts

First Mining has started 2023 making significant progress on further de-risking the Springpole Gold Project and advancing the recently acquired Duparquet Gold Project. In Q1 2023, First Mining completed a winter drill program consisting of 2,779 m drilling on the three top regional exploration targets around Springpole, and assays are pending. First Mining also continues to de-risk the Springpole project by addressing the reviews of the Draft Environmental Assessment document with regulators and local and Indigenous communities, advancing the Feasibility Study work, including the feasibility metallurgical review, mine plan, tailings deposition plan, process flow sheet development, and the power and road infrastructure studies. In addition, First Mining continued its environmental baseline data collection at Springpole and has commenced environmental data collection at the Duparquet Gold Project. First Mining has also initiated a Preliminary Economic Assessment (“PEA”) on the Duparquet project and expects to have that completed in H2 2023.

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 draft Environmental Impact Statement (“EIS”) for the project published in June 2022, and the Duparquet, Pitt and Duquesne Gold Projects in Quebec, a collection of advanced stage development assets located on the Destor-Porcupine Fault in the prolific Abitibi region. First Mining also owns the Cameron Gold Project in Ontario and a portfolio of gold project interests including the Pickle Crow Gold Project (being advanced in partnership with Auteco Minerals Ltd.), the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.), an equity interest in Treasury Metals Inc., and a portfolio of 20 royalties.

First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp.