What have been the main developments at your Springpole project in 2024?

The main development in 2024 was the completion and submission of the final Environmental Assessment/Environmental Impact Statement (EA/EIS), a milestone that reflects 14 years of work, including environmental studies and baseline data. Recently, we passed the federal conformity review, and the federal comment period has begun. This is a significant achievement, as we are one of a couple of large gold projects in Canada that are undergoing such a combined federal and provincial environmental assessment process. We expect a decision by the federal regulators at the end of 2025, and we expect to significantly advance our Feasibility Study in 2026.

How has Ontario’s permitting regime impacted the project’s process?

Ontario’s regulatory environment is comprehensive, but also evolving, with recent legislation like the Building More Mines Act being a step in the right direction. However, challenges persist, especially due to the extensive data collection required today. This is crucial to better understand environmental impacts, so there is no shortcut to this step. Streamlining could occur through clearer baseline data requirements, helping companies collect data earlier. One key lesson for the industry is the importance of early and transparent engagement with stakeholders, especially Indigenous communities, and understanding baseline data requirements from the outset. This approach significantly streamlines the permitting process and ensures better project outcomes through modern, data-driven environmental assessments.

How can mine developers improve engagement with Indigenous communities?

Engagement with Indigenous communities is a critical area for improvement, and it should begin earlier in the development process. We have recognized the need for more proactive engagement, but community capacity constraints have been a challenge. Companies can streamline the process by ensuring communities understand the incentives of a project and have sufficient resources to engage in the process. Stage gates for early agreements could help. Ontario’s supportive government and strong track record of permitting major projects like Magino and Greenstone provide a solid foundation for progress.

How has the recent rise in gold prices impacted Springpole’s economics and what is your outlook on gold prices?

The recent rise in gold prices has significantly boosted Springpole’s economics. With gold above US$2,600/oz, the project’s after-tax NPV has increased by about US$1.5 billion based on our 2021 PFS. Every US$100 increase in gold prices adds roughly US$150 million to the after-tax NPV. This is a great environment for gold projects, and I expect gold prices could rise further, potentially reaching US$3,000-4,000/oz, especially given global economic trends like US debt accumulation and protectionism. This would make Springpole highly profitable, provided cost inflation remains manageable.

We are refining Springpole’s design based on feedback from Indigenous communities and regulators, with a final feasibility study to be completed after receiving environmental assessment approval. Unlike many projects that are earlier in stage, Springpole is very advanced and well-positioned to meet the industry’s future needs by 2030 by filling a gap in production capacity. Its size and location in Ontario provide significant advantages, making it one of the few large-scale gold projects of its kind.

What is First Mining Gold’s partnership and financing strategy for Springpole?

Over the past four years we have generated over C$60 million of cash from monetization on non-core assets, which has supported project advancements at our flagship assets without shareholder dilution. Recently, we closed a C$15 million financing and are exploring strategic partnerships to help fund and advance Springpole. Springpole’s large size makes it worthwhile for majors and opens doors for partnerships, as seen with Osisko’s Windfall project. Just 50% of the production at Springpole could be significantly larger than some producing mines in the Red Lake region.

What can we expect from First Mining Gold in 2025?

As Springpole approaches a construction decision, we will rely on the feasibility study to guide financing decisions, including partnerships that provide operational expertise and financial backing. As we progress through the EA process in 2025, there are several critical milestones to achieve, which will continue to generate positive news flow and momentum. Additionally, we are continuing exploration at both Springpole and Duparquet in Québec, which are proving to have excellent potential for growth and reinforcing their status as globally significant projects. Overall, 2025 will be a pivotal year for advancing our projects and maintaining strong momentum.