First Mining Gold Nears Springpole Permit Decision, Eyes Major 2027 Milestones

Key Points

• Springpole is nearing a major permitting milestone: The project has federal environmental approval and is awaiting Ontario’s provincial decision, expected by the end of October. First Mining views approval as a significant de-risking event after an approximately 8.5-year permitting process.
• Major Springpole development milestones are planned: The company is targeting a definitive feasibility study in September next year and a final investment decision in the first quarter of 2028. Its updated pre-feasibility study estimated US$1.1 billion in upfront capital, C$2.1 billion in after-tax NPV, and annual production of more than 300,000 ounces of gold.
• Duparquet and financing are advancing in parallel: First Mining plans to release an updated Duparquet resource estimate in the first quarter next year and an updated pre-feasibility study by the end of the second quarter, supported by 50,000 meters of drilling. The company has raised more than C$80 million to fund work at both projects over the next 12 months.

First Mining Gold TSE: FF outlined upcoming permitting, feasibility and resource-development milestones for its Springpole and Duparquet gold projects, saying it has raised more than C$80 million to advance both assets over the next year.

During a company presentation, management said Springpole, located in northwestern Ontario, has received federal environmental assessment approval and is awaiting a provincial environmental assessment decision expected by the end of October. The company also said it has signed long-term project agreements with Cat Lake, Lac Seul and Slate Falls, bringing its total number of long-term agreements with Indigenous communities to five.

The company characterized the anticipated provincial approval as a significant de-risking event for Springpole, noting that the permitting process has taken approximately 8.5 years. Management said it believes Springpole is among a limited number of large Canadian gold projects that have advanced through permitting but have not yet entered construction.

Springpole Timeline and Project Economics

First Mining said it is targeting a definitive feasibility study for Springpole in September of next year, followed by project financing and a final investment decision in the first quarter of 2028. Planned work before then includes detailed engineering, permit applications and the submission of an initial closure plan for early works during the first half of next year.

The Springpole project is located roughly 100 kilometers from Red Lake, Ontario, between the historic Red Lake and Pickle Lake mining camps. According to the presentation, power infrastructure is within 30 kilometers of the project and forest roads are within 18 kilometers.

Management cited its updated pre-feasibility study from last year, which estimated upfront capital requirements of US$1.1 billion and an after-tax net present value of C$2.1 billion using a C$3,100 gold price. The company said the project is designed to produce more than 300,000 ounces of gold annually and has a large, continuous mineralized ore body.

First Mining also said Springpole could provide economic activity in northwestern Ontario, including direct and indirect employment opportunities and tax revenue. Management noted that the regional forestry sector has weakened, creating an opportunity for mining-related development and employment.

Duparquet Resource Update and PFS Planned

The company is also advancing its Duparquet Gold Project in Quebec’s Abitibi gold belt. First Mining said the project includes 19 kilometers of the Porcupine-Destor Fault and is located approximately halfway between Timmins and Val-d’Or, with access to roads, power, highways and a nearby town. It is also about a half-hour from Glencore’s smelter in Rouyn-Noranda, according to the presentation.

Management said Duparquet was a past-producing underground mine that produced 1.5 million ounces of gold between 1933 and 1956. The company said it currently has approximately 5 million ounces across four kilometers of strike, representing a total project endowment of about 6.5 million ounces in the upper 600 meters.

First Mining plans to publish an updated Duparquet resource estimate in the first quarter, incorporating 50,000 meters of additional drilling. A pre-feasibility study update is expected by the end of the second quarter of next year. Management said it expects the study to show a multibillion-dollar net present value, though it did not provide a specific forecast during the presentation.

• Duparquet resource update: First quarter of next year
• Duparquet pre-feasibility study update: By the end of the second quarter of next year
• Springpole provincial environmental assessment decision: Expected by the end of October
• Springpole definitive feasibility study: Expected in September of next year
• Springpole final investment decision target: First quarter of 2028

Financing and Portfolio Assets

First Mining said it completed an equity financing during the prior week and now holds more than C$80 million on its balance sheet. Management said the funds are intended to support the company’s key milestones at Springpole and Duparquet over the next 12 months.

The company also highlighted other holdings, including a 20% carried interest in the Pickle Crow project, which is being advanced by partner Bellevue Resources. In addition, First Mining owns 48% of Seba Mining, a company formed with the Fiore Group and Frank Giustra to advance the Cameron project. Management valued its Seba Mining interest at approximately C$36 million.

Management said First Mining was founded in 2015 by Keith Neumeyer, founder and chief executive officer of First Majestic Silver, as a vehicle to acquire Canadian mineral assets during a period of depressed gold-sector valuations. The company said it has monetized much of its original portfolio while retaining and advancing Springpole and Duparquet.

First Mining said it was trading at roughly C$70 per ounce based on its resource base, compared with approximately C$10 per ounce a year earlier. Management argued that continued permitting, feasibility and financing progress could support further market revaluation, while also emphasizing the sensitivity of its project economics to gold prices.

About First Mining Gold (TSE:FF)

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 30% project interest in the Pickle Crow Gold Project.

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