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First Mining Gold

www: firstmininggold.com   email: info@firstmininggold.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
TSE:FF CAD
OTCMKTS:FFMGF USD

Description

First Mining Gold are a gold focused junior, late stage developer with three mines in development in Canada and two exploration properties. They have approximately 11Moz. of gold in the reserves and resources category of which 8Moz. are in the measured and indicated category. They have a market capitalisation of ~C$295.17M which is a rise of roughly 134% over the last ten months. As of 11/11/2024 they have no debt and ~C$13.09M cash. They have 1,181M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 11/11/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $126.14M $295.17M 07/14/2025
MCap (OS): $104.81M $240.41M 07/14/2025
Total Assets: $173.09M $175.21M 11/11/2024
Total Liabilities: $19.39M $19.63M 11/11/2024
Current Assets: $12.93M $13.09M 11/11/2024
Current Liabilities: $6.46M $6.54M 11/11/2024
Total Debt: $0.00M $0.00M 11/11/2024
Cash: $12.93M $13.09M 11/11/2024
Debt (Net): $-12.93M $-13.09M
Enterprise Value: $113.22M $282.08M 12/09/1978
Cash Flow: $0.00M $0.00M never
Cash Flow Multiple: 0.00 0.00 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: Yes Yes 11/11/2024
Misc 11/11/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,081,000,000 1,181,000,000 07/14/2025
Shares (FD): 1,301,000,000 1,450,000,000 07/14/2025
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a 09/10/2025
Company Type: Mostly Gold Mostly Gold never
Group: Developer Developer never
Production ETA: n/a 01/01/2028 11/11/2024
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 11/11/2024
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 11/11/2024
Development Phase: none PFS Released 07/14/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 8
Developer: Location Risk for Production
 8
Developer: Location Risk for Production
 04/24/2023
Cash Flow Multiple: 3 2.5 09/10/2025

Resource Data

GOLD 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 4.00M 4.00M 11/11/2024
Measured & Indicated: 8.00M 8.00M 11/11/2024
Inferred: 3.00M 3.00M 11/11/2024
Reserves & Resources: 11.00M 11.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 3.40M 3.40M 11/11/2024
Measured & Indicated: 6.12M 6.12M 11/11/2024
Inferred: 1.28M 1.28M 11/11/2024
Reserves & Resources: 7.40M 7.40M never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 11/11/2024
Extra Operating Cost: n/a n/a 11/11/2024
Total: $1,600 $2,000 11/11/2024
Margin (Free Cash Flow): n/a
MCap / Production (AuEq): n/a n/a
EV / Production (AuEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 11/11/2024
Open Pit (Avg): n/a 1.30 g/t 11/06/2023
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/10/2025
F
U
T
U
R
E		 Proven & Probable: 8.00M 8.00M 11/11/2024
Annual Production: 350,000oz. 500,000oz. 09/10/2025
Cash Cost: $1,100 $1,300 09/10/2025
Extra Operating Cost: $500 $700 09/10/2025
SILVER 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 11/11/2024
Measured & Indicated: n/a n/a 11/11/2024
Inferred: n/a n/a 11/11/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 11/11/2024
Measured & Indicated: n/a n/a 11/11/2024
Inferred: n/a n/a 11/11/2024
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 11/11/2024
Extra Operating Cost: n/a n/a 11/11/2024
Total: n/a n/a 11/11/2024
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): n/a n/a
EV / Production (AgEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 11/11/2024
Open Pit (Avg): n/a n/a 11/06/2023
Recovery Rate: n/a n/a 11/11/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 11/11/2024
Annual Production: n/a n/a 11/11/2024
Cash Cost: n/a n/a 11/11/2024
Extra Operating Cost: n/a n/a 11/11/2024

Property

Last Analysis Data  (11/11/2024)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Hope Brook
20 show
PEA coming out in 2014.

1.3 million oz deposit at 2 gpt. Mostly open pit.

Incredibly cheap. About $2 per oz.

JV with Big Ridge

Size: 25,000 ha
Dev Pickle Crow
20 show
High grade project in ideal location with low capex. They need a feasibility study and financing.

JV with Auteco

Size: 4,000 ha
Dev Springpole
100 show
5 million oz gold deposit (1 gpt)
25 million oz silver deposit (4 gpt)

PEA in 2013 for 215,000 oz gold, plus 1.2 million oz silver.

Capex $438 million.

Gold Equivalent cash-costs at $650.

IRR of 25% pretax at $1300 gold.

Size: 30,000 ha
Exp Cameron
100 show
1.2 million oz.
Exp Duquesne, Duparquet, Pit
100 show
PEA in 2023

233K oz year at $975 AISC
$500M Capex
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Hope Brook
20 show
PEA coming out in 2014.

1.3 million oz deposit at 2 gpt. Mostly open pit.

Incredibly cheap. About $2 per oz.

JV with Big Ridge

Size: 25,000 ha
Dev Pickle Crow
20 show
High grade project in ideal location with low capex. They need a feasibility study and financing.

JV with Auteco

Size: 4,000 ha
Dev Springpole
100 720.00 show
5 million oz gold deposit (1 gpt)
25 million oz silver deposit (4 gpt)

PEA in 2013 for 215,000 oz gold, plus 1.2 million oz silver.

Capex $438 million.

Gold Equivalent cash-costs at $650.

IRR of 25% pretax at $1300 gold.

Size: 30,000 ha
Exp Cameron
100 show
1.2 million oz.
Exp Duquesne, Duparquet, Pit
100 show
PEA in 2023

233K oz year at $975 AISC
$500M Capex

Profitability (by resource)

Proven &
Probable		 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 4.00M 4.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.40M 3.40M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,639.70M $5,625.74M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,639.70M $5,625.74M n/a
Max Profit / Current MCap: 28.853 19.060 n/a
Max Profit Per Share (Gold): $2.80 $3.88 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $2.80 $3.88 n/a
Total Free Profit Per Share: $2.66 $3.60 n/a
FD MCap / Gold Eq.: $37.10 $86.81 n/a
FD MCap / Silver Eq.: $0.43 $0.98 n/a
FD MCap / Per Metal
as % Spot Price:		 1.39% 2.38% n/a
EV / Gold Eq.: $33.30 $82.96 n/a
EV / Silver Eq.: $0.39 $0.94 n/a
EV / Per Metal
as % Spot Price:		 1.25% 2.27% n/a
Measured &
Indicated		 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 8.00M 8.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.12M 6.12M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $6,551.46M $10,126.34M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $6,551.46M $10,126.34M n/a
Max Profit / Current MCap: 51.936 34.307 n/a
Max Profit Per Share (Gold): $5.04 $6.98 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.04 $6.98 n/a
Total Free Profit Per Share: $4.90 $6.70 n/a
FD MCap / Gold Eq.: $20.61 $48.23 n/a
FD MCap / Silver Eq.: $0.24 $0.55 n/a
FD MCap / Per Metal
as % Spot Price:		 0.77% 1.32% n/a
EV / Gold Eq.: $18.50 $46.09 n/a
EV / Silver Eq.: $0.22 $0.52 n/a
EV / Per Metal
as % Spot Price:		 0.69% 1.26% n/a

Reserves &
Resources		 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 11.00M 11.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.40M 7.40M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $7,916.35M $12,235.99M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $7,916.35M $12,235.99M n/a
Max Profit / Current MCap: 62.756 41.455 n/a
Max Profit Per Share (Gold): $6.08 $8.44 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $6.08 $8.44 n/a
Total Free Profit Per Share: $5.95 $8.16 n/a
FD MCap / Gold Eq.: $17.06 $39.91 n/a
FD MCap / Silver Eq.: $0.20 $0.45 n/a
FD MCap / Per Metal
as % Spot Price:		 0.64% 1.09% n/a
EV / Gold Eq.: $15.31 $38.14 n/a
EV / Silver Eq.: $0.18 $0.43 n/a
EV / Per Metal
as % Spot Price:		 0.57% 1.04% n/a

Future Valuation (Cash Flow & Totals)

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