First Mining Gold Corp. Poised to Shine as Gold Market Heats Up

Gold is on the rise, and First Mining Gold Corp. (TSX:FF) is positioned to capitalize on the momentum. With two flagship projects—Springpole and Duparquet—advancing rapidly, a recent cash infusion, and high-grade exploration discoveries, the company is building a compelling risk-reward profile. Here’s why investors should take notice now.

Springpole Gold Project: Permits Secured, Construction Imminent

First Mining’s Springpole project in Ontario has cleared its final regulatory hurdles, with permits secured in May 2025 after years of rigorous environmental and community engagement. This marks a critical milestone: construction is now set to begin in late 2025, with production targeted for late 2026.

The project’s scale is staggering: estimated at 1.5 million ounces of gold reserves with a 15-year mine life and an average annual output of 180,000 ounces. The company has also secured a 49.9% ownership stake for Indigenous communities through the Impact Partners agreement, ensuring social license and shared economic benefits.

With gold prices hovering near $2,000/oz amid geopolitical instability and inflation concerns, Springpole’s timeline aligns perfectly with a bullish market. First Mining expects the project to generate $2.1 billion in total economic value, including $1.2 billion in taxes and royalties.

Duparquet’s High-Grade Discoveries: Miroir and Aiguille Zones Unlock Value

While Springpole grabs headlines, the Duparquet project in Quebec is quietly delivering exploration fireworks. Recent drilling at the Miroir and Aiguille zones has uncovered some of the highest-grade intercepts in the company’s portfolio:

• Miroir Zone: 3.12 g/t Au over 19.35 meters, including a 11.26 g/t Au interval.
• Aiguille Zone: 8.99 g/t Au over 3.1 meters, with a 15.50 g/t Au sub-interval.

These results are part of a 18,000-meter 2025 drilling program aimed at expanding the project’s 3.44 million-ounce Measured/Indicated resource and 2.64 million-ounce Inferred resource. With two drill rigs now active, First Mining is accelerating delineation of these zones, which could significantly boost resource estimates by year-end.

The Duparquet project’s location along Quebec’s prolific Destor-Porcupine Fault Zone—a gold-rich belt—supports further discoveries. Management has emphasized that rising gold prices amplify the project’s leverage, as high-grade zones like Miroir and Aiguille reduce dilution and improve margins.

Balance Sheet Resilience: $5M Cash Boost from First Majestic

First Mining’s financial health is another key advantage. In late 2024, First Majestic Silver Corp. invested $5 million in First Mining through a private placement, signaling confidence in the company’s projects. This infusion bolsters First Mining’s cash position to $11.7 million (as of March 2025), with an additional $21.5 million tied to its Pickle Crow Gold Project.

The company now has ample liquidity to fund its exploration and development pipeline without needing to dilute shareholders further. This financial flexibility is critical as it executes on Springpole’s construction and Duparquet’s drilling program.

Why Act Now?

• Operational Execution: Springpole’s permits are finalized, and construction is imminent. Delays are unlikely, as regulators have cleared all conditions.
• Exploration Catalysts: Assays from the Miroir and Aiguille zones (due in Q3 2025) could trigger a resource upgrade, boosting valuation.
• Gold Market Tailwinds: At $2,000/oz+, every ounce in the ground becomes more valuable. First Mining’s high-grade assets are a direct beneficiary.
• Strategic Partnerships: The Indigenous partnership at Springpole and First Majestic’s investment underscore stakeholder alignment.

Final Take: A Bullish Risk-Reward Setup

First Mining is a rare combination of advanced-stage projects, balance sheet strength, and exploration upside. With Springpole nearing production and Duparquet’s high-grade zones unlocking value, the company is set to deliver on its promise of $2.1 billion in economic benefits.

Investors should act now to capitalize on this dual momentum. As gold continues its ascent, First Mining’s assets are primed to outperform—a classic “buy the dip” opportunity in a sector that’s just heating up.

Risks: Permitting delays (though unlikely), lower-than-expected grades in new drilling, and gold price volatility.

The Bottom Line: First Mining Gold Corp. is not just riding the gold wave—it’s steering it.