Dan Wilton

a lot of that is sitting actually inside the existing pit in terms of inferred resource that we think is going to convert.

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

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.

our geology team has every confidence that this is on its way to 10 million ounces of deposit here.

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.

like advanced stage two of the most advanced stage 5 million oz plus projects in Canada

is mined with an open pit at a 3:1 strip ratio

the deposit itself uh is one of the higher grade deposits. um for an open pit in Canada

the deposit's in the Bay of a lake and you know, I'll just wait and see once you get the EA approval

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

a 5 million oz 1 g gold and 5 g silver deposit 100 km from Red Lake, Ontario

You're actually mining about 3.1 to produce 2.6 um uh of a 5 million ounce resource.

for an open pit in Canada at a very manageable, you know, sub 3:1 strip ratio

It's got uh reasonable metallurgy. It's not simple, but it's not overly complex.

So, what does the economics for Springpole look like at $4,000 an ounce gold?

they're still not saying $4,000 gold isn't appealing

But we ran this at a base case of $3,100 gold.

$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

we had 3,100 gold as our base case and we put a spot case at 4,200.

our upside scenario in the in the PFS update from last November was $4,200 gold. It's like a 60% after-tax IRR.

after tax IRS in the '60s.

illion dollar after tax NPV and a 28% IRRa.

and a 3.8 billion dollar NPV on a 1.1 billion upfront capital

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.

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.

Uh it's a 41% irr and a 2.1 billion after tax NPV all in sustaining cost of $1,000.

and a 3.8 billion dollar NPV on a 1.1 billion upfront capital

It's a 1.2 year payback

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

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

I think that's a process that likely kicks off, you know, kind of at the end of the year

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

and a 3.8 billion dollar NPV on a 1.1 billion upfront capital

Um it's 5 million cash payment that comes to us when that closes probably next week

they've gone out to raise $15 million. We'll take five 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.

by virtue of us like working a portfolio and turning our portfolio assets into almost hund00 million of cash to reinvest.

updated resource statement kind of by the end of the year

construction decision targeting the beginning of 2028

by the end of this year, we will have a full year of baseline data

we submitted this project into the combined federal provincial environmental assessment process in February of 2018

the process from here is probably 18 months to that FID, you know, construction decision

That was completing a draft environmental assessment in 2022.

and submitting the final environmental assessment in 2024

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.

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

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

when can we expect a formal construction decision being made? Yeah, I think it's early 2028.

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.

feasibility study is likely middle of 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

you guys received your environmental permit approvals with the federal government

Federal environmental assessment done. Tick. Well done.

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

having been in an environmental assessment process in Canada for eight years.

which is coming in Q2 by all accounts.

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

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

past producing mine in an established mining district, great relationship with the local community um and

we get agreements with the communities. We have that process lined up.

our Springpole gold project in Ontario, which has just received its federal environmental assessment approvals, and the Duparquet gold project in Quebec

Our Springpool gold project in Ontario and our Dupque gold project in Quebec.

5 million ounce gold project in northwestern Ontario, uh kind of near Red Lake, Ontario

First Mining is developing two of the largest undeveloped gold projects in Canada

First Mining is developing two of the largest undeveloped gold projects in Canada.

We know the gold recovers. We've done, you know, some network on it. We need to do more.

You're actually mining about 3.1 to produce 2.6 um uh of a 5 million ounce resource.

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

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

it's about a h 100red million US of after tax NPV for every $100 of the core tax

we're trading at 50 bucks an ounce. Right? We're still Our peers are trading at 200.

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

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

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.

That's when the Agnico's and the Newmont's and everybody all of a sudden wants to wine and dine Dan.

I think our goal would love to see an industry partner come in on the project.

So we have uh insiders and uh and first majestic uh call it friends and family uh we'd own collectively probably 10ish%.

we still own 30% of that project it's 3 million ounces of one of the highest grade

and own 48% of the company going forward.

Uh we've got about 22% institutional and then the balance and a lot of our long-term shareholders

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.

these catalysts come in the very near term, like in the next couple of months.