First Mining Gold unveils $50 million bought deal financing
First Mining Gold Corp. [FF-TSX, FMG-Frankfurt] has announced details of a $50 million bought deal offering. The company said net proceeds from the offering will be used to advance First Mining’s Springpole and Duparquet gold projects and for general corporate purposes.
The company said an underwriting syndicate has pledged to purchase, on a bought deal basis, 59.5 million common shares at 84 cents per share. It said the underwriters have been granted an option to purchase an additional 15% of the shares issued in the offering at the same price to cover over-allotments. That option can be exercised in whole or in part up to 30 days after the offering closes.
First Mining is a gold developer with a focus on two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario, where the Federal Assessment for the project was approved in June 2026. Springpole is one of Canada’s largest undeveloped gold resources and located approximately 110 kilometres northeast of Red Lake, Ont.
It hosts 4.8 million ounces of gold and 28 million ounces of silver in the indicated resource category, and 0.8 million ounces of gold and 6.5 million ounces of silver in the inferred category.
First Mining also owns 100% of the Duparquet gold project in Quebec after completing the acquisition of shares in Beattie Gold Mines which it did not already own as well as shares of two numbered companies.
The Duparquet Gold Project is a multi-million-ounce preliminary economic assessment stage development project located in the Abitibi region of Quebec, approximately 50 kilometres north of the city of Rouyn-Noranda. The Duparquet deposit contains an updated gold resource of 3.4 million ounces of gold in the measured and indicated category, plus an additional 2.6 million ounces of inferred material.
Existing infrastructure at the project site includes paved provincial highways, from Rouyn-Noranda to the south and LaSarre to the north, plus direct access to Quebec’s hydroelectric power grid. The project is located in an area with a strong history of sustainable mining practises.
First Mining also owns a 20% project interest in the Pickle Crow Gold Project in Ontario and large equity interest in Seva Mining Corp. [SEVA-TSXV], a company backed by the Fiore Group and anchored by the Cameron Gold Project in northwestern Ontario.
On May 19, 2026, the company announced final results from the 2025 Duparquet drilling program targeting the newly discovered Minuit zone, as well as the North and South zone targets along the margins of the Beattle syenite intrusions. The company said recent drilling continues to demonstrate higher grade gold mineralization across multiple targets at the project both along strike and at depth, supported by a geoscience-driven exploration strategy focused on delineating mineralization along the main mineral resource contact zones.
On Friday, First Mining shares fell 8.3% or $0.075 to 82.5 cents. The shares are trading in a 52-week range of 98 cents and 26 cents.