VANCOUVER, BC, Nov. 11,
2024 /PRNewswire/ - 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
Cautionary Note Regarding Forward-Looking
Statements
This news release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian and United States
securities legislation including the United States Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date of this news release.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"plans", "projects", "intends", "estimates", "envisages",
"potential", "possible", "strategy", "goals", "opportunities",
"objectives", or variations thereof or stating that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions.
Forward-looking statements in this news release relate to
future events or future performance and reflect current estimates,
predictions, expectations or beliefs regarding future events.
All forward-looking statements are based on First Mining's or
its consultants' current beliefs as well as various assumptions
made by them and information currently available to them. There can
be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements reflect
the beliefs, opinions and projections on the date the statements
are made and are based upon a number of assumptions and estimates
that, while considered reasonable by the respective parties, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Such factors
include, without limitation the Company's business, operations and
financial condition potentially being materially adversely affected
by the outbreak of epidemics, pandemics or other health crises, and
by reactions by government and private actors to such outbreaks;
risks to employee health and safety as a result of the outbreak of
epidemics, pandemics or other health crises, that may result in a
slowdown or temporary suspension of operations at some or all of
the Company's mineral properties as well as its head
office; fluctuations in the spot and forward price of gold,
silver, base metals or certain other commodities; fluctuations in
the currency markets (such as the Canadian dollar versus the U.S.
dollar); changes in national and local government, legislation,
taxation, controls, regulations and political or economic
developments; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins and flooding); the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities,
indigenous populations and other stakeholders; availability and
increasing costs associated with mining inputs and labour; the
speculative nature of mineral exploration and development; title to
properties.; and the additional risks described in the Company's
Annual Information Form for the year ended December 31, 2023 filed with the Canadian
securities regulatory authorities under the Company's SEDAR+
profile at www.sedarplus.ca, and in the Company's Annual Report on
Form 40-F filed with the SEC on EDGAR.
First Mining cautions that the foregoing list of factors that
may affect future results is not exhaustive. When relying on our
forward-looking statements to make decisions with respect to First
Mining, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
First Mining does not undertake to update any forward-looking
statement, whether written or oral, that may be made from time to
time by the Company or on our behalf, except as required by
law.
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SOURCE First Mining Gold Corp.
