Investor Presentaiton

UNPRECEDENTED VALUE GAP BETWEEN DEVELOPERS AND PRODUCERS First Mining is significantly undervalued on a relative basis compared to peers First Mining trades at a discount to industry peers and has significant re-rating potential G FIRST MINING GOLD First Mining $8 Developer Peers Junior Producers Senior & Int. Producers Source: Based on consensus estimates US$/oz vs. Peer Average $80 TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com $110 P / NAV vs. Gold Industry Peers First Mining 0.10x Emerging Developers Advanced Developers Junior Producers Intermediate Producers $170 Senior Producers 0.34x 0.59x 0.76x 0.99x 1.27x | 7

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