Investment Highlights
- Canadian gold developer focused on two of the country’s largest undeveloped gold projects
- Springpole Gold Project in Ontario with updated Pre-Feasibility Study (November 2025) and ongoing permitting process
- Duparquet Gold Project in Quebec as a large-scale development project in the high-yield Abitibi Gold Belt (PEA stage)
- Attractive project economics at Springpole with low forecast production costs and high production rate
- Several additional project holdings with strategic value, including Cameron and Pickle Crow
- Highly experienced management and board team with in-depth expertise in mine development, capital markets and ESG
Company & Strategy
First Mining Gold Corp. is a Canadian gold development company focused on the systematic advancement of large, long-life gold projects in politically stable and mining-friendly regions of Canada. The company was founded in 2015 by Keith Neumeyer, the founder and long-time CEO of First Majestic Silver Corp., and has since pursued a clearly defined strategy: building a portfolio of significant gold assets with the goal of developing them to construction or production readiness, or alternatively realizing strategic transactions.
At the heart of the corporate strategy are two core projects: the Springpole Gold Project in Northwestern Ontario and the Duparquet Gold Project in Quebec. Both projects are among the largest undeveloped gold deposits in Canada, measured by their resources. This core portfolio is complemented by other projects and investments that offer optional value and additional leverage to the gold price.
First Mining is deliberately positioning itself not as a short-term producer, but as a developer with a long-term approach. The focus is on technical quality, clean project planning, solid economics and early involvement of stakeholders, especially indigenous communities and local authorities. This strategy is intended not only to reduce approval risks, but also to increase the attractiveness of the projects for potential partners or buyers.
Market Environment
Gold Market and Macroeconomic Framework
Gold continues to play a central role in the global financial system as a store of value, a hedge against inflation and geopolitical uncertainties, and as a reserve asset for central banks. In an environment of rising national debt, geopolitical tensions and long-term inflation risks, gold remains structurally well supported. For developers like First Mining, the long-term gold price trend is particularly relevant, as it has a direct impact on project economics, financing capacity and strategic options.
Large-volume projects with long mine lives benefit disproportionately from rising gold prices, as margins, capital returns and potential company valuations can improve significantly. In this context, First Mining’s projects offer significant leverage to the gold price.
Canada as a mining region
Canada is considered one of the most attractive jurisdictions for mining worldwide. Clear legal frameworks, reliable property rights, high environmental and social standards and well-developed infrastructure form the basis for long-term investments. Provinces such as Ontario and Quebec have a decades-long mining tradition, a skilled workforce and established service networks.
For First Mining, the focus on Canada means a reduction in political risks and increased planning security. At the same time, approval processes are demanding and time-consuming, which makes early and structured project development all the more important.
Project Portfolio
Springpole Gold Project (Ontario, 100%)
Project overview
The Springpole Gold Project is First Mining’s most advanced project and forms the strategic core of the company. It is located in Northwestern Ontario, approximately 110 kilometers northeast of the community of Red Lake, within the Birch-Uchi Greenstone Belt. The immediate project area covers approximately 800 hectares, while the entire land package covers an area of approximately 41,943 hectares.
The project is designed as a large-scale open-pit mining operation and is one of the largest undeveloped gold projects in Canada. The deposit exhibits a combination of gold and silver mineralization and is geologically well defined.
Fig. 1: Location of the Springpole Gold Project in Ontario.
Resource Base
Springpole has an extensive mineral resource. Approximately 191 million tonnes are defined in the “Indicated” category with an average of 0.78 g/t gold and 4.6 g/t silver, which corresponds to approximately 4.8 million ounces of gold and 28 million ounces of silver. In addition, there are a further 64 million tonnes in the “Inferred” category with 0.38 g/t gold and 3.1 g/t silver, corresponding to approximately 0.8 million ounces of gold and 6.5 million ounces of silver.
This resource base forms the basis for long-term mine planning with high production capacity.
Pre-Feasibility Study 2025
In November 2025, First Mining published an updated Pre-Feasibility Study (PFS) for Springpole. The study envisages an open-pit operation with a processing rate of 30,000 tonnes per day. Average annual gold production of approximately 330,000 ounces is expected in the first five years of production, averaging approximately 281,000 ounces per year over the life of the mine.
The economic indicators of the PFS show a robust project economy. The study shows a post-tax net present value (NPV, 5% discount rate) of approximately US$2.1 billion at a gold price of US$3,100 per ounce. The internal rate of return (IRR) after tax is approximately 41%. The estimated all-in sustaining costs (AISC) amount to approximately US$938 per ounce over the life of the mine, which positions Springpole in the lower cost quartiles.
Permits and ESG
A key advancement for Springpole is the advanced permitting process. The final Environmental Impact Statement / Environmental Assessment was submitted in November 2024. A regulatory decision is expected in the fourth quarter of 2025.
First Mining attaches great importance to environmental and social aspects. The company works closely with local communities and indigenous groups to establish long-term agreements and sustainable development models. This approach is intended to ensure the social acceptance of the project and reduce long-term risks.
Duparquet Gold Project (Québec, 100%)
Project overview
The Duparquet Gold Project is located in the Abitibi region of Quebec, one of the most productive gold regions in North America. The project lies along the Destor-Porcupine Fault Zone, a significant geological structure that hosts numerous high-grade gold deposits. The town of Duparquet is located immediately south of the project area, approximately 50 kilometers northwest of Rouyn-Noranda.
Fig. 2: Location of the Duparquet Gold Project in Québec.
Resources and Geology
Duparquet is one of the largest undeveloped gold projects in Quebec. The project comprises several deposits and zones, including Beattie, Donchester, Dumico, Central Duparquet, Duquesne, Pitt Gold and the Porcupine-East area.
Approximately 3.4 million ounces of gold are defined in the “Indicated” category, supplemented by approximately 2.6 million ounces of gold in the “Inferred” category. The mineralization is suitable for both open-pit and underground concepts and is distributed across several, sometimes interconnected zones.
Development status
A Preliminary Economic Assessment (PEA) was published for Duparquet in September 2023, which underlines the economic potential of the project. At the same time, First Mining is driving forward extensive exploration programs to define additional resources and expand known zones. Recent drilling results indicate further expansion potential within and outside the existing resource boundaries.
A particular focus is on gradual development in close coordination with local communities. In 2025, First Mining signed a Memorandum of Understanding with the town of Duparquet, which forms the basis for long-term cooperation and joint development goals.
Cameron Gold Project (Ontario)
The Cameron Gold Project is a large-scale exploration and development project in Northwestern Ontario with a total area of approximately 53,000 hectares. It comprises several deposits, including the Cameron deposit and the West and East Cedartree zones.
The Cameron deposit has a combined measured and indicated resource of approximately 464,000 ounces of gold, as well as an additional 533,000 ounces in the “Inferred” category. The project is well developed in terms of infrastructure, with year-round road access, proximity to power lines and relative proximity to the Rainy River Mine.
In November 2025, First Mining announced a partnership under which the Cameron project will be contributed to a new company. First Mining will hold approximately 48% of the new company in the future and will therefore continue to participate in the long-term value potential, but at the same time reduce the capital required for further development.
Fig. 3: Location of the Cameron Gold Project.
Pickle Crow Gold Project (Ontario, 30% stake)
First Mining holds a 30% stake in the Pickle Crow Gold Project, which is being driven forward by FireFly Metals. Pickle Crow is a historically high-grade gold mine that produced approximately 1.5 million ounces of gold between 1935 and 1966 with an average grade of over 16 g/t.
The project has a current NI-43-101-compliant resource of approximately 1.23 million ounces of gold in the “Inferred” category at an average grade of 4.1 g/t. The existing infrastructure, including a small mill and good transport links, offers long-term development potential.
For First Mining, Pickle Crow represents a strategic investment that offers additional leverage to exploration success without tying up the company operationally.
Management
First Mining has an experienced management team and Board of Directors with in-depth expertise in exploration, project development, financing and ESG.
Dan Wilton – CEO & Director
More than 30 years of experience in M&A, Corporate Finance and Principal Investing in the commodities sector. Involvement in transactions with a total volume of over US$10 billion.
Lisa Peterson – CFO
Chartered Professional Accountant with extensive experience in mining and energy companies and previous positions at Barrick Gold and KPMG.
Steve Lines – Vice President Sustainability
Over 20 years of experience in environmental assessment, permitting and collaboration with indigenous communities on major mining projects in Canada.
Board of Directors
Led by Keith Neumeyer as Chairman, complemented by experienced executives from mining, finance and governance. The composition of the Board reflects the long-term development approach and the importance of ESG.
Outlook
First Mining is in a crucial phase. The focus for Springpole is on completing the permitting process and progressing the feasibility study. Positive regulatory decisions could move the project to a new stage of development. At the same time, Duparquet is being further developed through exploration, technical studies and stakeholder dialogue.
Additional value drivers arise from project partnerships, potential transactions and a continued strong gold price trend. The broad project base offers strategic flexibility and multiple options for value realization.
Conclusion
First Mining Gold Corp. combines two large-scale gold projects in first-class Canadian jurisdictions with an experienced management team and a clear development strategy. In particular, the Springpole Gold Project stands out due to its advanced permitting status, robust economics and low cost structure. Duparquet complements the portfolio with long-term growth potential in one of the most productive gold regions in North America.
In an environment of structurally supported gold prices, First Mining offers significant leverage to positive market movements. For investors who want to participate in the development of large gold projects in stable regions, the company represents a strategically interesting positioning.
