First Mining Files Pre-Feasibility Study Technical Report for Springpole Gold Project

First Mining Gold Corp. has filed an independent Pre-Feasibility Study (PFS) technical report for its Springpole Gold Project located in Ontario, Canada. The report, prepared by Ausenco Engineering Canada ULC, indicates a 30,000 tonnes-per-day open pit mining operation. Key highlights from the 2025 PFS include a pre-tax net present value (NPV5%) of US$3.2 billion at a US$3,100/oz gold price, increasing to US$5.6 billion at US$4,200/oz gold. The after-tax NPV5% is US$2.1 billion, rising to US$3.8 billion at the higher gold price. The project shows a pre-tax internal rate of return (IRR) of 54% (70% at US$4,200/oz gold) and an after-tax IRR of 41% (63% at US$4,200/oz gold). The estimated mine life is 9.4 years, with an after-tax payback period of 1.8 years. Initial capital costs are estimated at US$1,104 million, with sustaining capital costs of US$323 million and closure costs of US$40 million. Average annual payable gold production is projected at 330 koz for the first five years, and 281 koz over the LOM. Net cash costs are estimated at US$742/oz for the first five years and US$802/oz over the LOM. All-in sustaining costs (AISC) are estimated at US$877/oz for the first five years and US$938/oz over the LOM. The report was prepared in accordance with NI 43-101 standards, and the scientific and technical disclosure has been reviewed by Hazel Mullin, P.Geo., Director, Data Management and Technical Services of First Mining.