Investor Presentaiton

FIRST MINING GOLD - VALUE RE-RATING POTENTIAL First Mining is trading at a significant discount to its peers and net asset value Market Value vs. Net Asset Value (C$M) Market Value P/NAV: 0.1x $151 $0.165/share First Mining Market Cap (2) $1,326 Net Asset Value $588 (3) Share Price Re-Rating Potential (C$ / FF share) Does NOT include any value for exploration upside and Cameron Opportunity for Significant Re-Rating and Share Appreciation $1,969 $55 Projects Market Value per Share Cash & Other $2.16/share Springpole Project NPV Duparquet Project NPV Cash & Other (1) Total NAV (1) Includes cash-on-hand, marketable securities, future cash and share payments from partners and value of JV interests (see page 4 for calculation) (2) Based on January 2021 Springpole PFS (3) Based on September 2023 Duparquet PEA TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG | www.firstmininggold.com G +700% Developer Average: 0.40x to 0.60x $1.35 $1.13 $0.92 $0.70 $0.49 $1.29 $1.07 $0.86 $0.64 $0.17 $0.43 $0.06 $0.11 Current Share 0.20x 0.30x 0.40x 0.50x 0.60x Price 0.1x Springpole P/NAV Multiple Re-Rating P/NAV FIRST MINING GOLD | 11

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