First Mining Announces 2024 Third Quarter Financial Results and Operating Highlights

November 11, 2024 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) reports its third quarter financial results for the quarter ended September 30, 2024. The financial statements and management’s discussion and analysis (“MD&A”) 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.sedarplus.ca and EDGAR at www.sec.gov.

“We want to thank our new and existing supportive shareholders for a positive third quarter where we were able to successfully add more than $15 million to our balance sheet to continue advancing our projects,” stated Dan Wilton, CEO of First Mining. “We continue to demonstrate strong exploration success at both Duparquet and our Birch-Uchi Greenstone Belt project and we look forward to more exciting results to come.  We are tremendously proud in our recent achievement of filing of our Final Environmental Impact Statement / Environmental Assessment at our Springpole Gold Project, which has the potential to deliver tremendous socio-economic and infrastructure benefits to an underserviced region of Northwestern Ontario with a focus on environmental stewardship and sustainable development.”

2024 Q3 Highlights:

• On November 5, 2024, the Company announced that it submitted the final Environmental Impact Statement / Environmental Assessment (“EIS/EA”) for the Springpole Project. The final EIS/EA submission marks a significant procedural milestone in the advance of the Springpole Project and follows over two and a half years of consultation and engagement on the draft EIS/EA submitted in May 2022. The Project is being assessed by the Impact Assessment Agency of Canada in accordance with the Canadian Environmental Assessment Act (CEAA, 2012) and by the Ministry of Environment Conservation and Parks under Ontario’s Environmental Assessment Act.
• On October 31, 2024, the Company announced that it entered into a Process Agreement with Cat Lake First Nation and Lac Seul First Nation which provides important capacity support for the implementation of a community-based Anishinaabe-Led Impact Assessment (“ALIA”).
• As of September 30, 2024, the Company’s cash and current investments balance was $13.8 million and the equity interest in PC Gold Inc. (Pickle Crow Project) was $21.5 million, resulting in a combined carrying value of $35.3 million.
• On September 26, 2024, the Company completed a brokered bought deal public offering raising aggregate gross proceeds of $8,050,023 which consisted of 59,629,800 units of the Company at a price of $0.135 per unit and subsequent to the end of the third quarter, on October 10, 2024, completed a non-brokered private placement for $7,352,600 in aggregate gross proceeds raised through the issuance of 54,463,706 units of the Company at a price of $0.135 per unit.  Each unit consisted of one common share and one half of one common share purchase warrant with each full common share purchase warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.20 for a period of 36 months following the closing date of each offering.
• On September 9, 2024, the Company announced four newly discovered gold mineralization occurrences at the Challenger Target, including channel sample results grading up to 6.53g/t Au over 3 m, and including grab samples grading up to 26.6 g/t, 20.3 g/t and 7.7 g/t Au. The new occurrences were identified during their summer follow up mapping program in the Challenger target area.
• On August 28, 2024, the Company announced further drilling results from the 2024 Phase 3 diamond drilling program at Duparquet. These results further defined resource expansion opportunities at the Valentre target. The Phase 3 program was completed in October 2024, comprising 24 holes over 9,564 m, and assay results are in progress.

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.

ON BEHALF OF FIRST MINING GOLD CORP.

Daniel W. Wilton
Chief Executive Officer and Director

For further information, please contact:

Toll Free: 1 844 306 8827 | Email: info@firstmininggold.com
Paul Morris | Director, Investor Relations | Email: paul@firstmininggold.com

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