First Mining Advances Springpole Gold Project, Eyes Major Ontario Production

NEW YORK, NY – November 18, 2025

Economic Boost for Northern Ontario

First Mining Gold Corp. announced today positive results from the Preliminary Feasibility Study (PFS) for its 100% owned Springpole Gold Project in northwestern Ontario, signaling a potential economic revitalization for the region. The PFS outlines a robust 9.4-year mine life with significant gold production and a relatively low all-in sustaining cost (AISC) of $1,178 per ounce. With an estimated initial capital cost of $883 million, the project is projected to deliver a rapid payback period of just 2.3 years and an impressive after-tax Net Present Value (NPV5%) of $841 million, alongside a 17.5% Internal Rate of Return (IRR). This represents a significant investment in a region seeking to diversify its economy and create long-term employment opportunities. “The PFS confirms Springpole as a large-scale, low-cost gold project with attractive economics and strong potential for value creation,” stated a company representative. The project is expected to generate over 43,000 person-years of employment and contribute over $2 billion in government revenue.

Balancing Environmental Stewardship and Mining Operations

The Springpole project isn’t without its environmental complexities. The PFS details a plan to access the orebody requiring the construction of dikes and the draining of a portion of Springpole Lake. However, the company emphasizes its commitment to responsible mining practices and environmental stewardship. A key component of this approach is the utilization of a Co-Disposal Facility (CDF) for the management of tailings and mine rock. An Independent Geotechnical and Tailings Review Board (IGTRB) has been established, providing oversight and validation of the engineering designs, including the CDF. “We’ve worked diligently to incorporate best practices in environmental management throughout the project lifecycle,” explained a project engineer. The updated EIS/EA incorporates over 14 years of research and data, aiming for compliance with all regulatory requirements, including fish habitat offsetting and water quality standards. The EIS/EA also includes comprehensive plans for water management, biodiversity conservation, and rehabilitation of disturbed areas. The project’s environmental strategy will be critical for ensuring its long-term sustainability and minimizing its impact on the surrounding ecosystem. A key component of this strategy involves advanced monitoring technologies to track water quality, air emissions, and biodiversity metrics.

Indigenous Partnerships and Community Engagement

Perhaps the most critical aspect of the Springpole project’s success hinges on building strong, collaborative partnerships with Indigenous communities. First Mining has made significant strides in this area, signing a Long Term Relationship Agreement (LTRA) with the Mishkeegogamang First Nation. This agreement provides a framework for collaborative development, environmental respect, and direct economic benefits for the First Nation, including active participation in environmental management, training, employment opportunities, and revenue sharing. “This isn’t just about building a mine; it’s about building a lasting relationship based on mutual respect and shared prosperity,” stated a representative from Mishkeegogamang First Nation. First Mining has also entered into a Process Agreement with Cat Lake First Nation and Lac Seul First Nation to support a community-based Anishinaabe-Led Impact Assessment (ALIA). While the project has faced some challenges and differing viewpoints from various Indigenous groups, the ongoing dialogue and collaborative efforts demonstrate a commitment to addressing concerns and incorporating traditional knowledge into the project’s design and implementation. The ALIA process, led by Cat Lake First Nation, will provide a valuable Indigenous perspective on the project’s potential impacts and inform decision-making.

Canada’s Gold Sector and Future Investment

The positive PFS results from Springpole come at a time of renewed investment and growth in Canada’s gold sector. Canada ranks among the top gold-producing nations globally, and Ontario and Quebec account for a significant portion of the country’s output. The Springpole project is positioned to become a major contributor to this growth, potentially adding hundreds of thousands of ounces of gold to Canada’s annual production. The project’s low AISC and attractive economics make it an attractive investment opportunity for both institutional and retail investors. “We believe Springpole has the potential to become a cornerstone of Canadian gold production, delivering significant value for our shareholders and contributing to the economic prosperity of Northern Ontario,” stated a company executive. The project’s success will also depend on maintaining a stable regulatory environment, securing necessary permits, and continuing to build strong relationships with local communities and Indigenous partners. Analysts project a continued increase in gold prices, driven by global economic uncertainty and increasing demand for safe-haven assets. This favorable price environment further enhances the attractiveness of the Springpole project and increases its potential for profitability. Several major mining companies, including Agnico Eagle Mines, Barrick Gold, and Kinross Gold, are actively exploring and developing gold projects across Canada, indicating a continued commitment to the country’s gold sector. This increasing investment activity is expected to drive further innovation in mining technologies and sustainable mining practices.