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First Mining Announces Year-End 2022 Financial Results

Mar 30, 2023

During 2022, First Mining published its draft environmental impact statement related to its Springpole Gold Project, completed a $5.3 million flow-through equity financing, successfully completed the acquisition of the Duparquet Gold Project in Quebec, and published its inaugural Sustainability and ESG Report. 

"Our achievements in 2022 highlights a transformative year for First Mining as we acquired a second flagship asset and demonstrated hidden value in our asset portfolio," stated Dan Wilton, CEO of First Mining. "The publication of our draft Environmental Impact Statement for our Springpole project was a significant milestone as we continue to advance project permitting efforts along with Indigenous assessment processes for the Project". 

In addition, First Mining divested its non-core Goldlund NSR royalty for US$7 million and has embarked on its inaugural regional exploration program in the Birch-Uchi Greenstone Belt surrounding the Springpole gold deposit.

“The inaugural ESG report highlights our commitment to environmental and social sustainability, and we plan to issue an ESG report annually to demonstrate continued progress,” said Wilton. “ First Mining continues to be well funded with a strong balance sheet and a number of non-dilutive financing tools in the portfolio to provide financial flexibility as we work towards significant milestones at both Springpole and Duparquet."

The  inaugural Sustainability and ESG Report was issued in June 2022 and preceded by the publication of First Mining’s draft Springpole Environmental Impact/Environmental Assessment document in May 2022. 

First Mining is supportive of the development of an Anishinaabe Impact Assessment working with local First Nation communities with a focus on increasing the ability of community members to participate in current and future negotiations and contract and employment opportunities.

The company has stated it is  committed to supporting initiatives that promote community health and well-being, and is seeking to collaborate with communities, industry, and all levels of government on sustainable programs for the region to ensure a healthy and productive workforce for the future.

2022 Highlights:
In early September 2022, First Mining completed a non-brokered private placement offering of flow-through shares, raising aggregate gross proceeds of $5.3 million. In December 2022, the company sold their 1.5% NSR royalty on the Goldlund gold property being operated by Treasury Metals Inc. for US$7 million to Sprott Resources Streaming and Royalty Corp.

Throughout the year, continued to advance Feasibility Study work activities for the Springpole Gold Project, including metallurgical test work, process design, preliminary pit slope guidelines and mine design, optimization studies, and completed 5,843 metres of drilling at the project, for geotechnical, hydrogeological, and acid rock drainage test work and data collection purposes.

In Q1 2023, First Mining completed a winter drill program consisting of 2,779 m drilling on the three top regional exploration targets around Springpole, and assays are pending. 

First Mining commenced exploration activities in the Birch-Uchi which included a summer field program consisting of soil geochemistry, mapping, and prospecting campaigns, and a targeted exploration drilling campaign on the Swain property, consisting of a 5-hole drill program totaling 1,560 m.

First Mining has started 2023 by making considerable progress on further de-risking the Springpole Gold Project and advancing the recently acquired Duparquet Gold Project.  Work on Feasibility Study is advancing and includes the feasibility metallurgical review, mine plan, tailings deposition plan, process flow sheet development, and the power and road infrastructure studies. 

In addition, First Mining continued its environmental baseline data collection at Springpole and has commenced environmental data collection at the Duparquet Gold Project. First Mining has also initiated a Preliminary Economic Assessment ("PEA") on the Duparquet project and expects to have that completed in H2 2023.

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 Auteco Minerals Ltd.), the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.), an equity interest in Treasury Metals Inc., and a portfolio of 20 royalties.

Fore more information :
CONTACT: Paul Morris Director, Investor Relations
Toll Free: 1 844 306 8827
Email: paul@firstmininggold.com

Image Map of Where Springpole is located

Tags: Northern Ontario / Exploration / Gold / All Articles