Investor Presentaiton
FIRST MINING - MINERAL RESERVE & MINERAL RESOURCES
S
FIRST MINING
GOLD
Springpole
Project
Tonnes
121,600,000
Probable Reserves
Au Grade (g/t)
0.97
Contained Au (oz)
3,800,000
Ag Grade (g/t)
5.23
Contained Ag (oz)
20,500,000
Note: This mineral reserve estimate is as of December 30, 2020 and is based on the new mineral resource estimate dated July 30, 2020. The mineral reserve calculation was completed under the supervision of Gordon Zurowski, P.Eng of AGP Mining Consultants Inc., who is a Qualified Person as defined under NI 43-
101. Mineral reserves are stated within the final design pit based on a US$878/ounce gold price pit shell with a US$1,350/ounce gold price for revenue. The equivalent cutoff grade was 0.34 g/t Au for all pit phases. The mining cost averaged CAD$ 1.94/tonne mined, processing averages CAD$ 14.50/tonne milled, and
G&A was CAD$ 1.06/tonne milled. The process recovery for gold averaged 88% and the silver recovery was 93%. The exchange rate assumption applied was CAD$1.30 equal to US$1.00.
Measured Resources
Project
Springpole (1)(2)
Springpole - Ag (1)(2)
Tonnes
Indicated Resources
Au Grade (g/t)
Contained Au (oz)
Tonnes
Inferred Resources
Au Grade (g/t)
151,000,000
0.94
4,600,000
16,000,000
0.54
Contained Au (oz)
300,000
5.0 (Ag)
Duparquet (3)
183,600
1.43
Cameron (4)
3,360,000
2.75
8,500
297,000
69,022,700
2,170,000
1.55
24,300,000 (Ag)
3,432,100
2.8 (Ag)
1,400,000 (Ag)
50,822,000
1.62
2,640,500
2.39
167,000
6,535,000
2.54
533,000
Pickle Crow (30%) (5)
2,835,600
4.10
369,150
Hope Brook (20%) (6)
Total
3,543,600
2.68
305,500
3,238,000
225,430,700
2.32
241,200
443,000
3.24
46,200
1.16
8,440,300
76,635,500
1.57
3,888,950
Pickle Crow: Joint venture with FireFly Metals; 30% ownership to First Mining
Hope Brook: Joint venture with Big Ridge; 20% ownership to First Mining
Note: Table based on most recent NI 43-101 technical reports filed on SEDAR+ by First Mining Gold Corp. Further details available at: https://firstmininggold.com/projects/mineral-resources/
Springpole mineral resources are inclusive of mineral reserves. Open pit mineral resources are reported at a cut-off grade of 0.3 g/t Au. Cut-off grades are based on a price of US$1,550/oz Au and $20/oz Ag, and processing recovery of 88% Au and 93% Ag.
Silver (Ag) resource shown on separate line with grade representing g/t Ag, and contained ounces representing Ag.
(1)
(2)
(3)
(4)
(5)
(6)
The Duparquet Consolidated Mineral Resource Estimate represents a combination of the resources at the Duparquet, Pitt Gold and Duquesne deposits. For Duparquet, the mineral resource estimate is classified as Measured, Indicated and Inferred. For Pitt Gold and Duquesne, the mineral resource estimates
are completely classified as Inferred. Duparquet deposit resources are reported at a cut-off grade of 0.4 g/t Au (in-pit and tailings) and 1.5 g/t Au (underground). Duquesne open pit resources are reported at a cut-off grade of 0.5 g/t Au, and Pitt Gold and Duquesne underground resources are reported at a cut-
off grade of 1.75 g/t Au. Further details can be found in the technical report titled "NI 43-101 Technical Report: Preliminary Economic Assessment, Duparquet Project, Quebec, Canada", dated October 20, 2023, as filed on SEDAR+ and on www.firstmininggold.com
Measured resources comprised of 2,670,000 tonnes of pit-constrained (0.55 g/t Au cut-off) Measured resources at 2.66 g/t Au, and 690,000 tonnes of underground (2.00 g/t Au cut-off) Measured resources at 3.09 g/t Au. Indicated resources comprised of 820,000 tonnes of pit-constrained (0.55 g/t Au cut-off)
Indicated resources at 1.74 g/t Au, and 1,350,000 tonnes of underground (2.00 g/t Au cut-off) Indicated resources at 2.08 g/t Au. Inferred resources comprised of 35,000 tonnes of pit-constrained (0.55 g/t Au cut-off) Inferred resources at 2.45 g/t Au, and 6,500,000 tonnes of underground (2.00 g/t Au cut-off)
Inferred resources at 2.54 g/t Au.
Comprises 1,887,000 tonnes of pit-constrained (0.50 g/t Au cut-off) Inferred resources at 1.3 g/t Au, and 7,565,000 tonnes of underground Inferred resources that consist of: (i) a bulk tonnage, long-hole stoping component (2.00 g/t Au cut-off); and (ii) a high-grade cut-and-fill component (2.6 g/t Au cut-off) over
a minimum width of 1 m. First Mining owns 30% of the Pickle Crow Gold Project, and 70% is owned by FireFly Metals Ltd. The Inferred mineral resources for Pickle Crow shown in the above table reflects only the First Mining ownership interest.
First Mining owns 20% of the Hope Brook Gold Project, and 80% is owned by Big Ridge Gold Corp. The mineral resources for Hope Brook shown in the above table reflect only the First Mining ownership interest. For details of the resource, see news release from Big Ridge Gold Corp. from February 21, 2023.
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