First Mining Gold Caps Pivotal Year with Springpole Milestone and Strong Treasury
First Mining Gold Corp. closed the books on a dynamic 2024, marked by major permitting breakthroughs, strong exploration results, and a bolstered balance sheet that reinforces its strategy of advancing some of Canada's most promising undeveloped gold assets.
With a cash and investment position of $13.7 million as of December 31, 2024, and a $21.5 million equity interest in PC Gold Inc., First Mining enters 2025 well-capitalized. Two successful financings in the fall—raising a combined $15.4 million—further enhance its financial footing. These capital raises support ongoing work at the Springpole Gold Project in northwestern Ontario and other strategic initiatives across its project portfolio.
Springpole Advances Toward Production
In a major regulatory step, the company secured a positive Federal Conformity Determination in December 2024 from the Impact Assessment Agency of Canada for the Springpole Gold Project's Final Environmental Impact Statement (EIS). This followed the formal submission of the final EIS/EA in early November, a culmination of 14 years of research, community input, and design optimization.
Notably, the company also established an Independent Geotechnical and Tailings Review Board—an industry best practice—furthering the project's credibility and compliance with global environmental standards. On October 31, 2024, First Mining signed a Process Agreement with Cat Lake and Lac Seul First Nations to implement an Anishinaabe-Led Impact Assessment, underlining the company’s commitment to Indigenous partnership and responsible development.
"The EIS submission represents a foundational milestone for Springpole. It sets the stage for us to advance into the feasibility phase and demonstrates our commitment to balancing environmental stewardship with economic opportunity," said Dan Wilton, CEO of First Mining.
Exploration Success at Springpole and Beyond
Throughout Q4, the drill bit continued to turn. At Springpole, step-out drilling at the Eastern Extension confirmed meaningful resource expansion potential. Highlights included 0.83 g/t Au and 8.02 g/t Ag over 52.5 metres (SP24-007), signaling growth potential beyond the existing resource envelope.
The Buzz and North Zone targets also returned encouraging results, including 1.55 g/t Au over 15.4 metres (DUP24-028) and 4.00 g/t Au over 5.7 metres (DUP24-032), demonstrating the asset's near-surface mineralization upside.
Separately, the Challenger high-grade gold discovery at the Birch-Uchi Greenstone Belt—just 12 km southwest of Springpole—has emerged as a high-priority target following promising assays announced in September.
Duparquet and ESG Commitments
In Quebec, First Mining continued advancing the Duparquet Gold Project, located along the prolific Destor-Porcupine Fault Zone. While Duparquet remains at the PEA stage, the company is committed to unlocking its value within a consolidated regional development strategy.
On the ESG front, First Mining released its third annual report in June 2024, highlighting sustainability performance and setting the tone for future reporting transparency.
Looking Ahead: Continuity and Stability
As First Mining gears up for a busy 2025, it has ensured continuity in its leadership. CFO Lisa Peterson will begin maternity leave in April, with seasoned finance executive Darren Prins stepping in as interim CFO. Richard Huang, VP of Corporate Development, will assume additional duties as Corporate Secretary.
With a robust treasury, strong institutional support, and critical regulatory milestones behind it, First Mining is positioned to transition Springpole into its feasibility and pre-construction phases while continuing to build shareholder value across its broader portfolio.
By Kevin Vincent, Senior Contributing Editor to Mining Life Online and Mining Life & Exploration News
Tags: Northern Ontario / Operational Updates / Gold / All Articles