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First Mining GoldTSX:FF

Gold developer, with a project stated to be in Ontario and Quebec.

Ontario · Canada — as stated on the recordings

developer gold Ontario, Canada
Jul 2025 → Jul 2026Covered
9 of 10Topics on record
6Figures tracked over time
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 8 interviews with the company · 6 independent recordings
Stage
Developer
Primary commodity
Gold
Jurisdiction
Ontario and Quebec
Deposit
5 million oz plus project at Springpole
Latest appearance
10 Jul 2026
On record
14 interviews · 114 statements · 3 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
Historic tailings from 1933 to 1955 as part of Duparquet feed
Management-stated Dan Wilton Jul 2026
Grade
sub 3:1 strip ratio
Management-stated Dan Wilton Apr 2026
Money on hand
Conventional project finance markets would support 50 to 60% of project capital in debt; streaming and royalties also under consideration; open to partner involvement
Stated capital need: 1.1 billion upfront capital
Management-stated Dan Wilton Jul 2026
What happens next
Formal construction decision early 2028
Management-stated Dan Wilton Jul 2026
The main open question
Management acknowledges recovery from historic tailings "needs more work"—a core technical risk on a significant portion of feed.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
8 independent voices on record — 4 constructive, 3 neutral, 1 cautious
Nolan Peterson, Clem Chambers, Derek Iwanaka, Wes Hanson…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Capex ● Broadly unchanged 3 statements on record
05 Dec 2025
1.1 billion US
“Upfront capital, 1.1 billion US at a $3,100 gold price.”
10 Jul 2026
1.1 billion upfront capital
“and a 3.8 billion dollar NPV on a 1.1 billion upfront capital”
First production ● Moved earlier 2030 → 2028 as stated 2 statements on record
02 Apr 2026
shovel in the ground before 2030
“we're here today with, you know, what I think are justifiably one of maybe three projects in Canada, big gold projects where you can get a shovel in the ground, you know, before 2030 to start building…”
10 Jul 2026
Formal construction decision early 2028
“when can we expect a formal construction decision being made? Yeah, I think it's early 2028.”
Grade ● Lower 3 statements on record
05 Dec 2025
16 grams average
“more than a million ounces at an average grade of 16 grams like it's an amazing area.”
02 Apr 2026
sub 3:1 strip ratio
“for an open pit in Canada at a very manageable, you know, sub 3:1 strip ratio”
Capital needed $15 million1.1 billion ≠ Different basis One statement qualifies the figure and the other does not (raise) 3 statements on record
05 Dec 2025
$15 million raise, $5 million from First Mining
“they've gone out to raise $15 million. We'll take five of cash”
10 Jul 2026
1.1 billion upfront capital
“and a 3.8 billion dollar NPV on a 1.1 billion upfront capital”
Resource size ≠ Different basis One statement qualifies the figure and the other does not (historic, inferred) 8 statements on record
10 Sep 2025
3 and a half million ounces of M&I, 2.5 million ounces of Inferred
“it's about 50 kilometers from Ruan. If you drive from Ruananda to Timonss, which are two of the major mining cities in Canada, you literally drive over top of the deposit. Uh that's 3 and a half milli…”
10 Jul 2026
Historic tailings from 1933 to 1955 as part of Duparquet feed
“a lot of the feed for the project is actually historic tailings that have were just kind of deposited out the back of the plant from 1933 to 1955”
IRR ? Stated at several levels 4 statements on record — these are the earliest and the latest, not a trend 4 statements on record
05 Dec 2025
41%
“Uh it's a 41% irr and a 2.1 billion after tax NPV all in sustaining cost of $1,000.”
10 Jul 2026
60% after-tax IRR at upside scenario
“our upside scenario in the in the PFS update from last November was $4,200 gold. It's like a 60% after-tax IRR.”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from First Mining Gold's own claims across 14 interviews — most-covered theme first.

What outside voices pick up on

6 independent voices — people who do not speak for the company — across 8 mentions.

4 constructive 3 neutral 1 cautious
  • Nolan Peterson “CEO mentions his wife is CFO of First Mining Gold; notes her stock has done quite well; gives a 'shout out' and suggests viewers c…”
  • Clem Chambers “Sponsor segment describes it as a Canadian gold developer with large projects and catalysts; the ad frames it positively.”
  • Derek Iwanaka “Referenced as Iwanaka's former employer that is 'getting closer to a billion dollar market cap.' No current investment view.”
  • Wes Hanson “Springpole project cited as a peer/comparable; also interviewed on Crux Investor”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the Springpole project is a 5 million ounce open pit trading at $50 per ounce while peers trade at $200—signaling deep undervaluation.

What it rests on
Evidence: 3 moments from 1 interview
Read the full case

Management says the Springpole project is a 5 million ounce open pit trading at $50 per ounce while peers trade at $200—signaling deep undervaluation. At $4,000 gold, the PFS modeled a 60% after-tax IRR, 1.2-year payback, and $3.8B NPV on $1.1B upfront capital. Federal environmental approval is done; Ontario provincial EA draft decision is in public comment through end of July; First Nations agreements (Cat Lake, Lac Seul, term sheet with Slate Falls) clear the social license path. Feasibility study targets middle of next year, construction decision early 2028, positioning it as one of the next two Canadian mines online.

▼ Bear case

Management acknowledges recovery from historic tailings "needs more work"—a core technical risk on a significant portion of feed.

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

Management acknowledges recovery from historic tailings "needs more work"—a core technical risk on a significant portion of feed. Financing structure remains unconfirmed; only 50–60% of $1.1B capital is expected from conventional debt, leaving material equity dilution to be negotiated after the feasibility study. An outside investor (Jordan Rusche) flagged dilution risk and questioned the path to a $20B valuation. Ontario's provincial EA decision and signature both remain in process through summer; no certainty on permit timing or conditions. No current formal financing commitment exists.

◆ Watch next

Ontario provincial environmental assessment draft decision in public comment through end of July, with provincial signature hoped for before end of summer (2024).

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Ontario provincial environmental assessment draft decision in public comment through end of July, with provincial signature hoped for before end of summer (2024). Feasibility study due middle of next year. Full year of environmental baseline data for Duparquet (second project) by end of 2024. Project financing engagement expected to kick off end of year; FID (final investment decision) targeted for early 2028. Any M&A interest from major producers (Agnico, Newmont cited by management) would be a material catalyst.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 46 statements

The deposit 25

Key takeaway. Management describes Springpole as a 5-million-ounce-plus open-pit gold project with a sub-3:1 strip ratio and roughly 1.35 grams per tonne gold and 5 grams per tonne silver (July 2026, April 2026, December 2025, September 2025).

Read the full summary

The resource is reported as about 3.5 million ounces measured and indicated plus 2.5 million ounces inferred, or about 5 million ounces total depending on the date cited (December 2025, September 2025). The company notes the Duparquet deposit has been drilled to about 600 metres depth, with historical mining from the 1930s–1950s to 500 metres, and says the geology team is confident it is on its way to 10 million ounces, with "enormous opportunity to extend at depth and parallel structures" (April 2026, December 2025). The company also reports approximately 50% ownership of the Cameron project through a partnership with the Fiori group (March 2026).

What was actually said
deposit type
5 million oz plus project at Springpole
“like advanced stage two of the most advanced stage 5 million oz plus projects in Canada”
Dan Wilton· 10 Jul 2026·
resource size
Historic tailings from 1933 to 1955 as part of Duparquet feed
“a lot of the feed for the project is actually historic tailings that have were just kind of deposited out the back of the plant from 1933 to 1955”
Dan Wilton· 10 Jul 2026·
deposit type
open pit at a 3:1 strip ratio
“is mined with an open pit at a 3:1 strip ratio”
Dan Wilton· 07 Jul 2026·
Show the other 22 statements
resource size
5 million ounces gold and 5 grams silver
“a 5 million oz 1 g gold and 5 g silver deposit 100 km from Red Lake, Ontario”
Dan Wilton· 07 Jul 2026·
deposit type
open pit
“the deposit itself uh is one of the higher grade deposits. um for an open pit in Canada”
Dan Wilton· 02 Apr 2026·
exploration upside
Dupquet geology team confidence it's on its way to 10 million ounces
“our geology team has every confidence that this is on its way to 10 million ounces of deposit here.”
Dan Wilton· 02 Apr 2026·
exploration upside
inferred resource sitting inside the existing pit that is expected to convert
“a lot of that is sitting actually inside the existing pit in terms of inferred resource that we think is going to convert.”
Dan Wilton· 02 Apr 2026·
exploration upside
Dupquet deposit drilled down maybe 600 m with mining history from 1930s-1950s to 500 m depth
“Uh, it's drilled down maybe 600 m. Uh, and everything that goes deeper, it was mined down 500 m from the 1930s to the 1950s.”
Dan Wilton· 02 Apr 2026·
exploration upside
Dupquet has enormous opportunity to extend at depth and parallel structures
“there is an enormous opportunity for this to continue to extend at depth, which is one of the key features of the Abbotti. And we know this is a deposit that's going to continue to grow at depth. uh as we've been drilling underneath this deposit and stepping back, we've been finding parallel structures”
Dan Wilton· 02 Apr 2026·
grade
sub 3:1 strip ratio
“for an open pit in Canada at a very manageable, you know, sub 3:1 strip ratio”
Dan Wilton· 02 Apr 2026·
metallurgy
reasonable metallurgy, not simple but not overly complex
“It's got uh reasonable metallurgy. It's not simple, but it's not overly complex.”
Dan Wilton· 02 Apr 2026·
resource size
5 million ounce resource
“You're actually mining about 3.1 to produce 2.6 um uh of a 5 million ounce resource.”
Dan Wilton· 02 Apr 2026·
deposit type
deposit's in the Bay of a lake
“the deposit's in the Bay of a lake and you know, I'll just wait and see once you get the EA approval”
Dan Wilton· 04 Mar 2026·
exploration upside
approximately 50% ownership of Cameron project through partnership with Fiori group
“we've just partnered with the Fiori group and Frank Gustra's group on uh a new company which is going to be called SA Mining which the main focus is going to be our Cameron project. Um we're still going to own approximately 50% of that company.”
Dan Wilton· 04 Mar 2026·
exploration upside
10 million ounces
“We see a really clear line of sight on how that becomes something more like 10 million ounces,”
Dan Wilton· 05 Dec 2025·
grade
16 grams average
“more than a million ounces at an average grade of 16 grams like it's an amazing area.”
Dan Wilton· 05 Dec 2025·
grade
about 1.35 grams
“Average grade about 1.35 grams.”
Dan Wilton· 05 Dec 2025·
resource size
5 million ounces
“Very similar project in Australia, 5 million ounce project, 300,000 ounce a year production.”
Dan Wilton· 05 Dec 2025·
resource size
3 and a half million ounces M&I, 2 and a half million ounces Inferred
“we've got three and a half million ounces of M&I 2 and a half million ounces of Inferred”
Dan Wilton· 05 Dec 2025·
resource size
3 million ounces
“we still own 30% of that project it's 3 million ounces of one of the highest grade”
Dan Wilton· 05 Dec 2025·
deposit type
1 g gold and 5 g silver open pit
“Large 1 g gold and 5 g silver open pit”
Dan Wilton· 10 Sep 2025·
deposit type
one of the biggest undeveloped gold projects in the Abbot Tibby
“one of the biggest undeveloped gold projects in the Abbot Tibby”
Dan Wilton· 10 Sep 2025·
exploration upside
we've drilled 16,000 meters of an 18,000 meter program, only released first 5,000 meters
“we've drilled I think 16,000 meters of an 18,000 meter program. We've probably only released the first you know 5,000 meters of that”
Dan Wilton· 10 Sep 2025·
resource size
3 and a half million ounces of M&I, 2.5 million ounces of Inferred
“it's about 50 kilometers from Ruan. If you drive from Ruananda to Timonss, which are two of the major mining cities in Canada, you literally drive over top of the deposit. Uh that's 3 and a half million ounces of M&I, 2.5 million ounces of Inferred”
Dan Wilton· 10 Sep 2025·
resource size
5 million ounce gold project
“our Springpole project, which would be 5 million ounce gold project in northwestern Ontario”
Dan Wilton· 10 Sep 2025·

Jurisdiction 16

Key takeaway. First Mining Gold's projects are located in Canada (Ontario and Quebec).

Read the full summary

Regarding permitting, management reported in July 2026 that federal environmental permit approval had been received and that Ontario's provincial environmental assessment draft decision had been published for public comment until the end of July. Earlier in the year (April 2026), the company noted it had been in an environmental assessment process for eight years. On community relations, management noted approvals of Cat Lake and Lac Seul First Nations and a term-sheet agreement with Slate Falls Nation (July 2026), and described having a great relationship with the local community for its Dupquet project (April 2026).

What was actually said
community agreement
Approvals of Cat Lake and Lac Seul First Nations, and agreement with Slate Falls Nation on term sheet basis
“approval of Cat Lake and Lac Seul First Nations. And an agreement with Slate Falls Nation as well. So, those are sort of agreements on a term sheet”
Dan Wilton· 10 Jul 2026·
permit status
Federal environmental permit approval received
“you guys received your environmental permit approvals with the federal government”
Dan Wilton· 10 Jul 2026·
community agreement
term sheets and clear paths to agreements with Cat Lake, Lac Seul, and Slate Falls
“we've announced uh term sheets and have pretty clear paths to agreements with uh Cat Lake and Lac Seul, which we announced a couple of weeks ago. And then uh with Slate Falls, which we announced earlier this week”
Dan Wilton· 07 Jul 2026·
Show the other 13 statements
country
Canada
“First Mining is developing two of the largest undeveloped gold projects in Canada”
Dan Wilton· 07 Jul 2026·
permit status
Ontario provincial EA draft decision published for public comment till end of July
“The Ontario environmental assessment is ongoing and that draft decision document was published I think last week uh for public comment. So, that's open for public comment till the end of July”
Dan Wilton· 07 Jul 2026·
permit status
federal EA approval received; Ontario provincial EA draft decision published for public comment
“Federal environmental assessment done. Tick. Well done.”
Dan Wilton· 07 Jul 2026·
region
Ontario and Quebec
“our Springpole gold project in Ontario, which has just received its federal environmental assessment approvals, and the Duparquet gold project in Quebec”
Dan Wilton· 07 Jul 2026·
community agreement
great relationship with the local community for Dupquet
“past producing mine in an established mining district, great relationship with the local community um and”
Dan Wilton· 02 Apr 2026·
permit status
in an environmental assessment process for eight years
“having been in an environmental assessment process in Canada for eight years.”
Dan Wilton· 02 Apr 2026·
community agreement
agreements with communities to be obtained
“we get agreements with the communities. We have that process lined up.”
Dan Wilton· 04 Mar 2026·
permit status
environmental assessment decision coming in Q2
“which is coming in Q2 by all accounts.”
Dan Wilton· 04 Mar 2026·
country
Canada
“First Mining is developing two of the largest undeveloped gold projects in Canada.”
Dan Wilton· 05 Dec 2025·
region
Ontario
“Our Springpool gold project in Ontario and our Dupque gold project in Quebec.”
Dan Wilton· 05 Dec 2025·
permit status
in advanced stages in the environmental assessment process since 2018
“in advanced stages in the environmental assessment process. We've been in the EA process since 2018”
Dan Wilton· 10 Sep 2025·
region
Quebec, in the middle of the Abatibi, about 50 kilometers from Rouyn
“Dupquet is a project that's through Quebec. In Quebec, uh right smack in the middle of the Abatibi, it's about 50 kilometers from Ruan”
Dan Wilton· 10 Sep 2025·
region
northwestern Ontario, near Red Lake, Ontario
“5 million ounce gold project in northwestern Ontario, uh kind of near Red Lake, Ontario”
Dan Wilton· 10 Sep 2025·

Technical risk 5

Key takeaway. Management has consistently identified the project's biggest technical risk as its location: the deposit sits in a bay of Springpole Lake, requiring the construction of dikes and dewatering of that bay for open-pit mining—a risk the…

Read the full summary

company called the "single biggest" in a July 2026 interview. On recovery, management noted in July 2026 that gold recovers from historic tailings but that additional work is still needed.

What was actually said
recovery rate
Gold recovers from historic tailings; additional work needed
“We know the gold recovers. We've done, you know, some network on it. We need to do more.”
Dan Wilton· 10 Jul 2026·
stated risk
building dikes and dewatering Springpole Lake for open pit was the single biggest risk
“there was always that perception of the major risk being uh, you're never going to get a permit or get the authorization or have the social license to build dikes and dewater the basin of Springpole Lake for the open pit. It's the single biggest risk”
Dan Wilton· 07 Jul 2026·
recovery rate
produce 2.6 million ounces from mining 3.1 and a 5 million ounce resource
“You're actually mining about 3.1 to produce 2.6 um uh of a 5 million ounce resource.”
Dan Wilton· 02 Apr 2026·
Show the other 2 statements
key assumption
$100 of after tax NPV for every $100 of the core tax
“it's about a h 100red million US of after tax NPV for every $100 of the core tax”
Dan Wilton· 10 Sep 2025·
stated risk
the deposit sits in the bay of a lake and so the development plan you have to build dikes dewater that bay of the lake
“with spring it's always been around that environmental assessment process you know the deposit sits in the bay of a lake and so the development plan you have to build dikes dewater that bay of the lake”
Dan Wilton· 10 Sep 2025·

Economics 32 statements

Economics 23

Key takeaway. Management has presented project economics that have shifted significantly with rising gold price assumptions over time.

Read the full summary

In September 2025, the company cited a base case of $1,600 gold and a $588 million NPV5 at $1,800 gold, with a rule of thumb that every $100 above those study levels adds $250 million of after-tax NPV. By December 2025, the base case had moved to $3,100 gold and spot at $4,200, yielding a $2.1 billion NPV at base and $3.8 billion at spot, with 41% IRR and $1.1 billion US upfront capital. In April 2026, management described a base case of $3,100 gold and an after-tax NPV of $1 billion at $2,000 gold, rising to over $2 billion at $3,000 and closer to $3 billion at $4,000 (with 28% IRR), while separately citing an after-tax IRR 'in the 60s'. By July 2026, the company reported a $3.8 billion NPV, 60% after-tax IRR at an upside scenario, a 1.2-year payback, and $1.1 billion upfront capital, all based on a $4,000-an-ounce gold price assumption.

What was actually said
capex
1.1 billion upfront capital
“and a 3.8 billion dollar NPV on a 1.1 billion upfront capital”
Dan Wilton· 10 Jul 2026·
irr
60% after-tax IRR at upside scenario
“our upside scenario in the in the PFS update from last November was $4,200 gold. It's like a 60% after-tax IRR.”
Dan Wilton· 10 Jul 2026·
npv
3.8 billion dollar NPV
“and a 3.8 billion dollar NPV on a 1.1 billion upfront capital”
Dan Wilton· 10 Jul 2026·
Show the other 20 statements
payback
1.2 year payback
“It's a 1.2 year payback”
Dan Wilton· 10 Jul 2026·
price assumption
$4,000 an ounce gold
“So, what does the economics for Springpole look like at $4,000 an ounce gold?”
Dan Wilton· 10 Jul 2026·
price assumption
$4,000 gold
“they're still not saying $4,000 gold isn't appealing”
Dan Wilton· 07 Jul 2026·
irr
after tax IRR in the '60s
“after tax IRS in the '60s.”
Dan Wilton· 02 Apr 2026·
irr
28% IRR
“illion dollar after tax NPV and a 28% IRRa.”
Dan Wilton· 02 Apr 2026·
npv
1 billion dollar after tax NPV at 2,000 gold, in excess of two billion at 3,000, more like three billion at 4,000
“illion dollar after tax NPV and a 28% IRRa. So you run that up to 3,000 and that number is, you know, in excess of two billion. So 4,000, it's more like three billion.”
Dan Wilton· 02 Apr 2026·
npv
at $4,000 an ounce NPV is closer to $3 billion, 3.7 at 4200
“at uh $4,000 an ounce here you're talking about you know NPV is closer to $3 billion uh 3.7 I think at 4200.”
Dan Wilton· 02 Apr 2026·
price assumption
base case of $3,100 gold
“But we ran this at a base case of $3,100 gold.”
Dan Wilton· 02 Apr 2026·
price assumption
$4,000 of margin per ounce today, right, maybe a little bit more than that of $4,500 an ounce
“$4,000 of margin per ounce today, right? >> Yeah. maybe a little bit more than that of, you know, $4,500 an ounce of margin”
Dan Wilton· 04 Mar 2026·
aisc
$1,000
“Uh it's a 41% irr and a 2.1 billion after tax NPV all in sustaining cost of $1,000.”
Dan Wilton· 05 Dec 2025·
capex
1.1 billion US
“Upfront capital, 1.1 billion US at a $3,100 gold price.”
Dan Wilton· 05 Dec 2025·
capex
a little bit more than 500 US
“upfront capital that we scoped in 2023 was a little bit more than 500 US for that kind of production.”
Dan Wilton· 05 Dec 2025·
irr
41%
“Uh it's a 41% irr and a 2.1 billion after tax NPV all in sustaining cost of $1,000.”
Dan Wilton· 05 Dec 2025·
npv
2.1 billion at 3,100 gold, 3.8 billion at spot
“we had 3,100 gold as our base case and we put a spot case at 4,200. The difference in NPV in those two cases, yeah, is 2.1 billion at 3,100 and it's 3.8 billion at spot.”
Dan Wilton· 05 Dec 2025·
price assumption
$3,100 gold as base case, $4,200 spot case
“we had 3,100 gold as our base case and we put a spot case at 4,200.”
Dan Wilton· 05 Dec 2025·
key assumption
every $100 in the gold price above those study levels is 250 million US of after tax NPV
“For us, every $100 in the gold price above those study levels is 250 million US of after tax NPV”
Dan Wilton· 10 Sep 2025·
npv
just under a billion dollars
“The the MPV that we have recorded here was just under a billion dollars”
Dan Wilton· 10 Sep 2025·
npv
$588 million NPV5 at $1,800 gold
“And that's a $588 million MPV5. That's the one. But that's at $1,800 gold”
Dan Wilton· 10 Sep 2025·
price assumption
$1,600 gold
“we ran that at $1,600 gold”
Dan Wilton· 10 Sep 2025·
price assumption
$1,800 gold
“But that's at $1,800 gold”
Dan Wilton· 10 Sep 2025·

Financing 9

Key takeaway. Management reports the Springpole project requires about US$1.1 billion in upfront capital.

Read the full summary

The company says conventional project finance markets would support 50 to 60% of that in debt, with streaming, royalties and partner involvement also under consideration; the project financing engagement is likely to begin at year-end and be finalized after the feasibility study is complete. The company states it is well funded to get through environmental assessment approvals to a construction decision, noting it turned a portfolio of assets into almost $100 million of cash over the last five years to reinvest.

What was actually said
capital needed
1.1 billion upfront capital
“and a 3.8 billion dollar NPV on a 1.1 billion upfront capital”
Dan Wilton· 10 Jul 2026·
financing status
Conventional project finance markets would support 50 to 60% of project capital in debt; streaming and royalties also under consideration; open to partner involvement
“conventional project finance markets would tend to support you know, call it 50 to 60% of the of the project capital in debt. Still lots of room with the robustness of this project to look at streaming and royalties”
Dan Wilton· 10 Jul 2026·
financing status
project financing engagement likely to kick off end of year
“I think that's a process that likely kicks off, you know, kind of at the end of the year”
Dan Wilton· 07 Jul 2026·
Show the other 6 statements
financing status
financing to be finalized after feasibility study completion
“you're in a position um to finalize the project financing piece sort of uh just after the feasibility study is done, but you've still got probably 6 months more of detail engineering permits”
Dan Wilton· 07 Jul 2026·
cash position
over the last 5 years, portfolio of assets turned into almost $und00 million of cash
“over the last 5 years, this portfolio of assets, we've turned into almost $und00 million of cash that's gone in to support the building of these projects.”
Dan Wilton· 02 Apr 2026·
financing status
well funded to get through environmental assessment approvals to construction decision
“We'll we'll get through the point of having the environmental assessment approvals. Uh we're sitting well funded to get this project through really to a construction decision”
Dan Wilton· 02 Apr 2026·
capital needed
5 million cash payment from SA Mining deal
“Um it's 5 million cash payment that comes to us when that closes probably next week”
Dan Wilton· 04 Mar 2026·
cash position
turned portfolio assets into almost hundred million of cash to reinvest
“by virtue of us like working a portfolio and turning our portfolio assets into almost hund00 million of cash to reinvest.”
Dan Wilton· 04 Mar 2026·
capital needed
$15 million raise, $5 million from First Mining
“they've gone out to raise $15 million. We'll take five of cash”
Dan Wilton· 05 Dec 2025·

Timeline 25 statements

Timeline 24

Key takeaway. Management has outlined a multi-year timeline for the Duparquet project.

Read the full summary

As of July 2026, the company said the federal environmental assessment process is complete and the provincial EA draft decision is in public comment through the end of July, with a provincial signature hoped for before the end of summer. They expect a feasibility study to come out around this time next year (mid-2027), and are targeting a construction decision for the beginning of 2028, with first production then following. However, management's statements from earlier dates present a different sequence: in December 2025 they targeted a construction decision for late 2027 to early 2028, and in March 2026 they mentioned a feasibility study in 2027 and an environmental assessment decision in Q2 2026.

What was actually said
first production
Formal construction decision early 2028
“when can we expect a formal construction decision being made? Yeah, I think it's early 2028.”
Dan Wilton· 10 Jul 2026·
milestone
Construction decision targeting beginning of 2028
“construction decision targeting the beginning of 2028”
Dan Wilton· 10 Jul 2026·
milestone
Duparquet resource update by end of year
“updated resource statement kind of by the end of the year”
Dan Wilton· 10 Jul 2026·
Show the other 21 statements
milestone
Full year of environmental baseline data for Duparquet by end of year
“by the end of this year, we will have a full year of baseline data”
Dan Wilton· 10 Jul 2026·
permit timing
Federal EA process completed; provincial EA draft decision in public comment through end of July; provincial signature hoped for before end of summer
“provincial EA document draft decision document is out for public comment right now. It's in public comment through the end of July... We're hoping before the end of the summer.”
Dan Wilton· 10 Jul 2026·
study due
Feasibility study likely middle of next year
“feasibility study is likely middle of next year”
Dan Wilton· 10 Jul 2026·
milestone
draft environmental assessment completed in 2022
“That was completing a draft environmental assessment in 2022.”
Dan Wilton· 07 Jul 2026·
milestone
final environmental assessment submitted in 2024
“and submitting the final environmental assessment in 2024”
Dan Wilton· 07 Jul 2026·
milestone
FID (final investment decision) in 18 months
“the process from here is probably 18 months to that FID, you know, construction decision”
Dan Wilton· 07 Jul 2026·
milestone
federal environmental assessment submitted in February 2018
“we submitted this project into the combined federal provincial environmental assessment process in February of 2018”
Dan Wilton· 07 Jul 2026·
permit timing
Ontario EA decision expected by end of summer
“We'll likely have more questions uh to answer and then that will go to the uh provincial Minister of Environment for a decision. Um but we're optimistic we can see that by the end of the summer”
Dan Wilton· 07 Jul 2026·
study due
feasibility study likely to come out around this time next year
“carrying that through with more detailed engineering which we need to be doing for the permitting applications as well, but carrying that more detailed engineering to a feasibility study which will likely come out around this time next year”
Dan Wilton· 07 Jul 2026·
first production
shovel in the ground before 2030
“we're here today with, you know, what I think are justifiably one of maybe three projects in Canada, big gold projects where you can get a shovel in the ground, you know, before 2030 to start building.”
Dan Wilton· 02 Apr 2026·
milestone
final EA submission in November of 2024
“we submitted our final uh EA submission in November of 2024.”
Dan Wilton· 04 Mar 2026·
permit timing
environmental assessment decision in Q2
“it becomes institutionally investable. There's a lot of larger funds that have repeatedly told us, look, it looks great, >> but the deposit's in the Bay of a lake”
Dan Wilton· 04 Mar 2026·
study due
feasibility study in 2027 for Dupet
“likely a bit more development focused but moving towards what could be a feasibility study in 2027.”
Dan Wilton· 04 Mar 2026·
milestone
end of 26 PFS update, 2027 feasibility study, construction decision 2030-2031
“by the end of 26 I think we have a good sense of that environmental baseline to go really support the project design and development. And then, you know, in Quebec, if we're through a PFS and and feasibility study in 2027, you're submitting that into the environmental assessment process there. So, a goal would be you could be at a potentially at a uh you know, construction decision in Quebec 2030, 2031.”
Dan Wilton· 05 Dec 2025·
milestone
construction decision late 27, early 28
“towards a construction decision late 27, early 28,”
Dan Wilton· 05 Dec 2025·
permit timing
late Q1, early Q2 2026 federal, couple months later provincial
“We're targeting that decision late Q1, early Q2 on the federal side and likely a couple of months after that on the provincial”
Dan Wilton· 05 Dec 2025·
study due
late 2026
“You really are looking at finishing a feasibility study u probably late in 2026.”
Dan Wilton· 05 Dec 2025·
milestone
exploration results at Duparquet, moving towards prefeasibility study update in 2026
“lots more drill results coming out at Duparquet demonstrating that big resource that we have in the middle of the Abitibi is actually only getting bigger. we're demonstrating better continuity and then ultimately I think moving uh Duparquet towards uh a prefeasibility study update you know in 2026 as well”
Dan Wilton· 10 Sep 2025·
milestone
major catalyst between now and the middle of next year
“major major catalyst coming between now and let's call it the middle of next year”
Dan Wilton· 10 Sep 2025·
permit timing
EA approval in the first half of 2026
“we're targeting that EA approval in the first half of 2026”
Dan Wilton· 10 Sep 2025·
study due
feasibility study in 2026
“we're driving towards a feasibility study in 2026”
Dan Wilton· 10 Sep 2025·

Catalysts 1

What was actually said
upcoming decision
catalysts coming in the very near term, like in the next couple of months
“these catalysts come in the very near term, like in the next couple of months.”
Dan Wilton· 02 Apr 2026·

Corporate 11 statements

Share structure 5

Key takeaway. Management has given conflicting insider-ownership figures for First Mining Gold.

Read the full summary

In December 2025 they cited both 48% and 30% insider stakes; by March 2026 they estimated that insiders and First Majestic together hold "probably 10ish%." Separately, they report about 22% institutional ownership as of March 2026, and note that a "bunch" of warrant and option money is well in the money, with those instruments maturing in April 2026.

What was actually said
warrants
bunch of warrant and option money that is well in the money
“We've got a bunch of warrant and option uh money that is that's well in the money and we'll expect that to help keep us well funded going forward.”
Dan Wilton· 02 Apr 2026·
insider stake
insiders and first majestic collectively probably 10ish%
“So we have uh insiders and uh and first majestic uh call it friends and family uh we'd own collectively probably 10ish%.”
Dan Wilton· 04 Mar 2026·
shares outstanding
about 22% institutional
“Uh we've got about 22% institutional and then the balance and a lot of our long-term shareholders”
Dan Wilton· 04 Mar 2026·
Show the other 2 statements
insider stake
30%
“we still own 30% of that project it's 3 million ounces of one of the highest grade”
Dan Wilton· 05 Dec 2025·
insider stake
48%
“and own 48% of the company going forward.”
Dan Wilton· 05 Dec 2025·

Market 6

Key takeaway. First Mining Gold's management has pointed to a significant discount in how the market values the company versus peers.

Read the full summary

In March 2026, management said the company was valued at $45 an ounce, while other advanced developers were valued at $250 an ounce; by July 2026 they said it was trading at $50 an ounce while peers traded at $200. Management also noted in July 2026 that Agnico, Newmont and other industry players have expressed interest in the project, and separately mentioned a potential industry partner as early as December 2025.

What was actually said
cost curve position
Trading at 50 bucks an ounce while peers trade at 200
“we're trading at 50 bucks an ounce. Right? We're still Our peers are trading at 200.”
Dan Wilton· 10 Jul 2026·
potential acquirer
Agnico, Newmont and others in the industry interested in the project
“That's when the Agnico's and the Newmont's and everybody all of a sudden wants to wine and dine Dan.”
Dan Wilton· 10 Jul 2026·
cost curve position
can produce more than 300,000 ounces a year, top 10 mine in Canada
“It's one that can produce more than 300,000 ounces a year. Like, it is of significant scale. This is a top 10 mine in Canada when it's built to this scope”
Dan Wilton· 02 Apr 2026·
Show the other 3 statements
cost curve position
Dupquet could produce in excess of 200,000 ounces a year
“You're talking about a mine located literally in the middle of the Abbot Tibby gold belt that could produce, you know, in excess of 200,000 ounces a year”
Dan Wilton· 02 Apr 2026·
cost curve position
valued at $45 an ounce, while other advanced developers valued at $250 an ounce
“But it's gone from being valued at $7 an ounce to $45 an ounce. Right. Like there is still a lot of room between where we're valued today and where other advanced developers are valued in the market at $250 an ounce.”
Dan Wilton· 04 Mar 2026·
potential acquirer
industry partner
“I think our goal would love to see an industry partner come in on the project.”
Dan Wilton· 05 Dec 2025·

Outside views 8 mentions

8 mentions by people who do not speak for the company — 4 constructive, 1 cautious, 3 neutral. These are their views, not the company's.

Nolan Peterson
bullish
CEO mentions his wife is CFO of First Mining Gold; notes her stock has done quite well; gives a 'shout out' and suggests viewers check it out
Resource Talks· 07 Jul 2026·
Clem Chambers
bullish
Sponsor segment describes it as a Canadian gold developer with large projects and catalysts; the ad frames it positively.
David Lin· 27 Jun 2026·
Derek Iwanaka
neutral
Referenced as Iwanaka's former employer that is 'getting closer to a billion dollar market cap.' No current investment view.
Crux Investor· 09 Mar 2026·
Wes Hanson
neutral
Springpole project cited as a peer/comparable; also interviewed on Crux Investor
Crux Investor· 05 Mar 2026·
Show the other 4 mentions
Gary Wagner
neutral
Sponsor mention describing the company’s projects and catalysts rather than a market call.
David Lin· 10 Oct 2025·
John Waldie
bullish
Identified as one of the next two Canadian mines coming online; requires permits but progressing
Wealthion· 29 Sep 2025·
Jordan Rusche
bearish
He thinks the company cannot reasonably reach a $20B valuation given the assets and dilution risk.
In it to Win it· 09 Sep 2025·
Florian Grummes
bullish
Cited as a junior with large ounces in Canada and potential M&A value.
Kitco NEWS· 23 Apr 2025·

Sources 14 interviews

Every interview 14

DateChannelInterviewStatements
10 Jul 2026 The Deep Dive This Gold Stock Is Up 300% — And He Says It’s Still Cheap | Dan Wilton - First Mining Gold Corp 20
09 Jul 2026 Kitco NEWS Wall Street Was Short Silver. Now It's Going Long | Keith Neumeyer No claims identified
07 Jul 2026 Crux Investor First Mining Gold (TSX:FF) - Springpole Wins Federal Approval, Nears Final Permitting Milestone 17
07 Jul 2026 David Lin 50% Crash Or Violent Rally? CEO Reveals Gold's Breakout | Dan Wilton No claims identified
06 Jul 2026 Resource Talks Historic Silver Project in Nevada, But is it Economic at These Grades? | Prince Silver CEO Interview No claims identified
04 Jun 2026 Rule Investment Media Keith Neumeyer, CEO of First Majestic Silver Corp. | Rule Symposium 2026: Rick Rule interviews No claims identified
02 Apr 2026 Crux Investor First Mining Gold (TSX:FF) - 'Undervalued?' Investment Series, with Dan Wilton 23
04 Mar 2026 Crux Investor First Mining Gold (TSX:FF) - Major EA Catalyst Due Q2 2026 as Springpole Advances Toward Development 13
03 Mar 2026 David Lin Epic Adventure To Find Gold: Inside Billion Dollar Mine No claims identified
05 Dec 2025 Crux Investor First Mining Gold (TSX:FF) – 5Moz Springpole Targets Q1–Q2 2026 Federal EA Decision in Canada 22
01 Dec 2025 The Deep Dive Why Canada Has So Few Projects That Can Be Built Before 2030 | Dan Wilton - First Mining No claims identified
10 Sep 2025 The Deep Dive Why $10K Gold No Longer Sounds Crazy. | Dan Wilton - First Mining Gold 19
22 Jul 2025 The Deep Dive Get to know First Majestic Silver's Keith Neumeyer! No claims identified
19 Jul 2025 David Lin Triple Digit Silver More Certain Than Ever; CEO Keith Neumeyer Doubles Down No claims identified

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

gold 12
silver 6
duparquet gold project 3
springpole gold project 3
first quantum minerals 2
nvidia 2
duparquet 2

Questions people ask

What is First Mining Gold's project and where is it?

First Mining Gold is a developer gold company, with a project stated to be in Ontario, Canada. Everything here is drawn from its executives' own interviews.

Which interviews mention First Mining Gold?

We track 14 interviews mentioning First Mining Gold, across 6 channels (Crux Investor, David Lin, Kitco NEWS, Resource Talks, Rule Investment Media, The Deep Dive).

What are investors saying about First Mining Gold?

8 independent voices — people who do not speak for the company — are on record discussing it (4 bullish, 3 neutral, 1 cautious). Their reasoning is quoted in the outside-view section above.

What do recent interviews with First Mining Gold cover?

The most-discussed topics on record are the deposit, timeline, economics, jurisdiction — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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