First Mining Announces 2024 First Quarter Financial Results and Operating Highlights
"We are pleased to announce a successful start to the fiscal year where we continue to demonstrate value in our non-core assets by generating non-dilutive proceeds through the monetization of our marketable securities," stated
2024 Q1 Highlights:
- At Springpole, continued collecting environmental baseline data and advancing environmental assessment work, planning for submission of a final EIS/EA in 2024, and continued engagement and negotiations with local Indigenous rights holders and government regulators
- In the Birch-Uchi, completed a 3-year option agreement at the
Swain Post property and now own a 100% interest, comprised of 237 mining claims over an area of 4,786 hectares - At
Duparquet , commenced 2024 drill program targeting completion of the Phase 2 winter drilling component of the program and identified a new area of mineralization atCentral Duparquet at the Valentre target; demonstrates the potential continuity of mineralization between theCentral Duparquet and the Dumico deposits that had never been drill tested prior to First Mining's 2023 drilling campaign - In
January 2024 , to provide greater financial flexibility, filed a Final Shelf Prospectus with the securities regulatory authorities in each of the provinces ofCanada , and a corresponding Registration Statement on Form F-10 with theUnited States Securities and Exchange Commission - In
March 2024 , Big Ridge Gold Corp. ("Big Ridge") exercised its second stage earn-in right to increase its total ownership in theHope Brook Gold Project located inNewfoundland, Canada to 80%; First Mining retains a 20% interest in theHope Brook Gold Project - In
March 2024 , sold 36.5 million common shares of Big Ridge for gross proceeds of$1.825 million - As of
March 31, 2024 , the Company's cash and current investments balance was$7.7 million and the equity interests in Treasury Metals, andPC Gold Inc. (Pickle Crow Project ), had a combined carrying value of$24.6 million
First Mining is a gold developer advancing two of the largest gold projects in
First Mining was established in 2015 by Mr.
ON BEHALF OF FIRST MINING GOLD CORP.
Chief Executive Officer and Director
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and
Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future. All forward-looking statements are based on First Mining's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Such factors include, without limitation the Company's business, operations and financial condition potentially being materially adversely affected by the outbreak of epidemics, pandemics or other health crises, such as COVID-19, and by reactions by government and private actors to such outbreaks; risks to employee health and safety as a result of the outbreak of epidemics, pandemics or other health crises, such as COVID-19, that may result in a slowdown or temporary suspension of operations at some or all of the Company's mineral properties as well as its head office; fluctuations in the spot and forward price of gold, silver, base metals or certain other commodities; fluctuations in the currency markets (such as the Canadian dollar versus the
First Mining cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to First Mining, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. First Mining does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.
The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is eligible to rely upon the
Technical disclosure contained in this news release has not been prepared in accordance with the requirements of
NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer's material
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