First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has entered into a definitive agreement to sell its non-core royalty portfolio to Elemental Altus Royalties Corp. (TSX-V:ELE) for total consideration of approximately C$6.7 million, comprised of C$4.7 million in cash and 1,598,162 common shares of Elemental Altus.

“Following the sale of our Goldlund royalty in December, we are very excited to announce the sale of our remaining non-core royalty portfolio to Elemental Altus,” stated Dan Wilton, CEO of First Mining.  “The assembly of our royalty package has been in process over the last few years and this monetization transaction will provide near-term liquidity while also retaining upside exposure to a premier emerging royalty company in Elemental Altus.  The proceeds will provide financial flexibility as we continue to advance our two flagship assets, Springpole and Duparquet.”

First Mining’s royalty portfolio sale to Elemental Altus is comprised of 19 royalties across four countries, and includes a 2.0% net smelter return royalty on the Pickle Crow Gold Project that is located in Ontario and is being operated by Auteco Minerals Ltd, a 1.5% NSR royalty on the Hope Brook Gold Project that is being operated by Big Ridge Gold Corp., and a number of other royalties on exploration and development projects.

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets.

The Transaction is subject to customary closing conditions, including the receipt of TSXV listing approval for the common shares of Elemental Altus that are being issued to First Mining under the Transaction, and is expected to close on or before February 14, 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.), and an equity interest in Treasury Metals Inc.

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