First Mining raises $24.4 million for Canadian gold projects

First Mining Gold Corp. [FF-TSX, FFMGF-OTCQX, FMG-Frankfurt] said it has upsized and closed its previously announced non-brokered private placement financing, raising total gross proceeds of approximately $24.4 million. Together with the previously closed public offering of $12 million on July 22, 2025, the company said it has raised a total of $36.4 million between the offering and the public offering.

Pursuant to the offering, the company issued 95 million units priced at 18 cents per unit for gross proceeds of $17 million and 33.35 million flow-through units priced at 22 cents each for gross proceeds of $7.33 million. Each unit consists of one common share and one half of one common share purchase warrant. Each flow-through unit consists of one flow-through share and one-half of a warrant. Each warrant entitles the holder to acquire one common share for 27 cents at any time prior to the date which is 36 months following the applicable closing date of the offering.

The net proceeds from the sale of the units will be used to advance the Springpole and Duparquet gold projects, as well as for general working capital and corporate purposes.

First Mining shares were unchanged at 17 cents in early trading Wednesday and trade in a 52-week range of 21 cents and 11.5 cents.

First Mining is a gold developer advancing two of the largest gold projects in Canada. They include the Springpole gold project in northwestern Ontario, where it has commenced a feasibility study and permitting activities are continuing with a draft environmental impact statement for the project published in June, 2022.

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 1.6 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 practices.

Prior to the Duparquet acquisition, First Mining had previously assembled a resource base of 7.3 million ounces of gold in the measured and indicated categories and 3.6 million ounces of gold in the inferred category in eastern Canada.

The company’s portfolio includes the Goldlund project, which covers 28,572 hectares and is located 60 kilometres northeast of Dryden Ontario.