First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) announces that it has received the final payment of US$5 million from First Majestic Silver Corp. in connection with the silver stream that First Majestic has over First Mining’s Springpole Gold Project located in northwestern Ontario.  On June 10, 2020, First Mining, Gold Canyon Resources Inc. (First Mining’s wholly-owned subsidiary that owns the Springpole Project) and First Majestic entered into a silver purchase agreement pursuant to which First Majestic was granted a stream over silver produced from the Springpole Project in exchange for certain cash and share payments.  The parties recently entered into an amending agreement to the Silver Purchase Agreement on March 13, 2025 to amend the terms of the final payment due from First Majestic under the Silver Purchase Agreement, such that the Tranche 3 Payment would be for US$5 million in cash, and payable on or before March 31, 2025.

As consideration for amending the terms of the Tranche 3 Payment, First Mining has amended the terms of the common share purchase warrants that were issued to First Majestic on July 2, 2020 under the terms of the Silver Purchase Agreement.  The 32,050,228 Warrants that were issued to First Majestic had an exercise price of $0.374 per Warrant and were set to expire on July 2, 2025.  Pursuant to the Amending Agreement, the exercise price of the Warrants has been revised to $0.20, and the expiry date of the Warrants has been extended to March 31, 2028.  In addition, if the closing price of the Company’s common shares on the Toronto Stock Exchange equals or exceeds $0.30 for 45 consecutive trading days, First Mining may accelerate the expiry date of the Warrants to the date which is 30 days following the dissemination of a news release announcing the acceleration.  The amended terms of the Warrants were approved by the TSX, and all other terms and conditions of the Warrants remain unchanged.  None of the Warrants being extended are held by insiders of the Company.

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.