FFMGFOTCGold and Silver OresUS GAAP · USD

First Mining Gold Corp.

First Mining Gold Corp. is a Canadian-focused gold exploration and development company with its head office in Vancouver, British Columbia. The company advances a portfolio of gold projects in Ontario and Québec, including the Springpole and Duparquet projects, and also holds interests in other Canadian gold project companies.

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Operating profit (EBIT)-9.3m USD
−19.0 %y/y
Net income-77.9m USD
−408.8 %y/y
Free cash flow-27.4m USD
−9.4 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-10-8-6-4-20m USD2022: 0.00 m USD2022: EBIT -7.4 m USD20222023: 0.00 m USD2023: EBIT -7.0 m USD20232024: 0.00 m USD2024: EBIT -7.8 m USD20242025: EBIT -9.3 m USD2025-9.3
RevenueOperating profit (EBIT)
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Business

Share of revenue
Gold exploration projects70 %

Early- to advanced-stage gold properties being explored and developed for future production potential.

Advanced development assets20 %

Later-stage projects such as Springpole and Duparquet that are being advanced through permitting and technical work.

Equity interests in joint projects10 %

Ownership stakes in project-holding companies advancing Pickle Crow and Cameron gold projects.

Customers

First Mining does not sell a finished product to end consumers; its economic value is tied to advancing mineral projects toward future development and potential monetization. Its key counterparties are investors, joint venture partners, project acquirers, and strategic mining stakeholders that evaluate gold assets, resource potential, and permitting progress.

Equity investors

Public-market investors buy shares for exposure to Canadian gold exploration and development upside.

Strategic partners

Mining companies and financiers may partner on project funding, development, or acquisition opportunities.

Project joint venture partners

Partners advancing Pickle Crow and Cameron fund and execute project work on shared interests.

Potential acquirers

Potential buyers of advanced-stage gold assets evaluate the company’s projects for development optionality.

Strategy

The company’s strategy is to advance a portfolio of Canadian gold projects, with emphasis on its more advanced assets in Ontario and Québec. It also retains interests in other project companies, giving it exposure to additional gold development optionality without owning all projects outright.

Advance flagship Canadian gold projectsMedium term

Later-stage assets like Springpole and Duparquet are the main sources of future value creation.

Preserve upside through minority interestsMedium term

Equity stakes in other gold projects broaden exposure without requiring full ownership.

Strengthen project optionalityLong term

A multi-asset portfolio can improve financing and transaction flexibility across the cycle.

Geography

The company is headquartered in Vancouver, British Columbia, but its operating footprint is centered in Canada. Its core projects are located in northwestern Ontario and the Abitibi region of Québec, making Canadian mining jurisdiction, infrastructure access, and permitting conditions central to the business.

Risks

First Mining is exposed to the normal risks of junior gold exploration and development, including permitting delays, geological uncertainty, capital intensity, and dependence on future financing or asset transactions. Because its value is tied to a small number of Canadian projects, execution risk at Springpole and Duparquet, as well as commodity-price sensitivity, can materially affect investor outcomes.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price exposure1Funding and dilution risk2Permitting and environmental approvals3Resource and geological uncertainty4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price exposureImpact: HighLikelihood: High

    Gold project valuations are highly sensitive to gold price assumptions.

    Exposure: Gold projects in Canada

  2. Funding and dilution riskImpact: HighLikelihood: High

    Junior mining companies typically rely on external capital to fund exploration and development.

    Exposure: Corporate and project-level funding

  3. Permitting and environmental approvalsImpact: HighLikelihood: Medium

    Advanced-stage gold projects often require extensive approvals before development can proceed.

    Exposure: Springpole and Duparquet

  4. Resource and geological uncertaintyImpact: HighLikelihood: Medium

    Exploration assets may not deliver expected grades, tonnage, or economics.

    Exposure: Project portfolio

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Accounting

Judgemental items
Fair value of deferred consideration

The company recognized only the fair value of the minimum payment under the stockpile agreement because variable payments were not reasonably estimable.

Impact: Can affect asset values and subsequent income recognition.

Retention of interest after disposition

The Cameron Gold transaction required judgment in valuing the retained interest in Seva Mining.

Impact: Affects balance sheet valuation and gain/loss recognition.

Estimation uncertainty

Management noted significant judgment in accounting for the disposition of Cameron Gold and related interests.

Impact: Can lead to volatility in reported results and asset carrying values.

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Last updated: 28/09/2026

First Mining Gold Corp. (OTC) – Gold and Silver Ores | Financial Analysis – Clarifo