Name of the Project
Springpole gold project.

Location
North-western Ontario, Canada.

Project Owner/s
Gold developer First Mining Gold Corp.

Project Description
The prefeasibility study- (PFS-) stage openpit gold/silver project remains one of the largest undeveloped gold projects in the country. First Mining released an updated PFS for the project in November 2025 and has started a feasibility study.

The 2025 PFS outlines a 30 000 t/d openpit mining and milling operation over a 9.4-year mine operating life. The updated mine plan is based on probable mineral reserves of 102.0-million tonnes grading 0.94 g/t gold and 4.9 g/t silver containing 3.1-million ounces of gold and 16.1-million ounces of silver. The broader mineral resource, inclusive of mineral reserves, comprises indicated resources of 191-million tonnes grading 0.78 g/t gold and 4.6 g/t silver containing 4.8-million ounces of gold and 28-million ounces of silver. Inferred resources comprise 64-million tonnes grading 0.38 g/t gold and 3.1 g/t silver containing 800 000 oz of gold and 6.5-million ounces of silver.

Mining will be undertaken in phases within the ultimate pit, to a maximum depth of about 322 m. The life-of-mine (LoM) plan envisages 102-million tonnes of process feed and 309.5-million tonnes of waste at an overall strip ratio of 3.0:1.

The process plant will use crushing, grinding and flotation, followed by fine grinding and leaching of the flotation concentrate and separate leaching of the flotation tailings. Carbon-in-pulp recovery and a Merrill-Crowe circuit will be used to produce doré bars.

Tailings and mine rock are planned to be placed in a co-disposal facility. Potentially acid-generating tailings will be placed in a lined south cell, while potentially acid-generating mine rock will be encapsulated with thickened nonacid-generating tailings in the north cell to reduce oxygen ingress and improve environmental performance. Contact water will be collected and treated before release or reused in processing.

Average payable gold production is estimated at 330 000 oz/y in years 1 to 5 and 281 000 oz/y over the LoM.

Potential Job Creation
Springpole could support 3 340 jobs a year during construction and 5 910 jobs a year during operations.

Net Present Value/Internal Rate of Return
At a base-case gold price of $3 100/oz, the 2025 PFS estimates a pretax net present value (NPV), at a 5% discount rate, of $3.2-billion and an internal rate of return (IRR) of 54%. The after-tax NPV is estimated at $2.1-billion, with an after-tax IRR of 41% and a payback of 1.8 years.

Capital Expenditure
Initial capital costs are estimated at $1.10-billion. 

Planned Start/End Date
Not stated.

Latest Developments
First Mining received federal environmental assessment (EA) approval for Springpole on June 30, 2026. The federal Decision Statement enables the project to proceed, subject to approval conditions aligned with the mitigation commitments and management actions proposed during the EA process, including engineering design, aquatic and terrestrial protection, monitoring, adaptive management and consultation. First Mining is advancing post-EA engineering and project optimisation work towards construction readiness.

First Mining and Slate Falls Nation also agreed a term sheet setting out key terms for a final project agreement. It covers Slate Falls’ development parameters for Springpole, a collaborative process for advancing regulatory approvals and environmental protections, and mechanisms for Slate Falls to participate in future project design optimisation, and in financial and business opportunities at the future mine. The final project agreement remains subject to approval by Slate Falls Chief and Council, and the First Mining board.

Key Contracts, Suppliers and Consultants
Ausenco Engineering Canada ULC (2025 PFS); AGP Mining Consultants Inc (mineral reserve estimate); SRK Consulting (Canada) Inc (mineral resource estimate); WSP Canada Inc (co-disposal facility design and updated socioeconomic analysis).

Contact Details for Project Information
First Mining Gold, email info@firstmininggold.com.