First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has upsized and closed its previously announced non-brokered private placement financing raising total gross proceeds of approximately $24.4 million. Together with the previously closed public offering of $12.0 million on July 22, 2025, the Company raised a total of $36.4 million between the Offering and the Public Offering.

Pursuant to the Offering, the Company issued 95,000,000 units of the Company at a price of $0.18 per Unit for gross proceeds of $17,100,000 and 33,350,000 flow-through units at a price of $0.22 per FT Unit for gross proceeds of $7,337,000. Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each FT Unit will consist of one FT Share and one-half of a Warrant.  Each Warrant will entitle the holder to acquire one Common Share of the Company at a price of $0.27 per share at any time prior to the date which is 36 months following the applicable closing date of the Offering.

Each FT Share will qualify as a “flow-through share” within the meaning of the Income Tax Act (Canada). The net proceeds from the sale of Units under the Offering will be used to advance First Mining’s Springpole and Duparquet gold projects, as well as for general working capital and corporate purposes. The gross proceeds from the sale of FT Units will be used to incur eligible “Canadian exploration expenses” that qualify as “flow through mining expenditures” as such terms are defined in the Income Tax Act (Canada) related to the Springpole and Duparquet gold projects on or before December 31, 2026.  All Qualifying Expenditures will be renounced with an effective date no later than December 31, 2025 to the initial purchasers of the FT Units.

All of the securities issued under the Offering are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 final Environmental Impact Statement / Environmental Assessment for the project submitted in November 2024, and the Duparquet Gold Project in Quebec, a PEA-stage development project located on the Destor-Porcupine Fault Zone 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 Firefly Metals Ltd.) and the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.).

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