First Mining Announces Socio-Economic Analysis for the Springpole Gold Project

Press Release

January 7, 2026 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce the results of the updated socio-economic analysis (the “Updated Analysis”) for the Company’s 100% owned Springpole Gold Project (the “Project” or “Springpole”) located in Ontario, Canada. The final Environmental Impact Statement/Environmental Assessment (“EA/EIS”) submitted to Ontario and Canada in November 2024 included an analysis of the Project benefits. This analysis has been updated based on the recently announced updated Pre-Feasibility Study (the “PFS”). The Updated Analysis undertaken by WSP Canada Inc. demonstrates the major benefits to the local region around the Project, to Ontario and to Canada.

“We are pleased to announce the socio-economic analysis results for Springpole, which demonstrate the potential for the Project to be one of the largest economic drivers of Northwestern Ontario for generations to come,” stated Dan Wilton, CEO of First Mining.  “The Project will generate billions of dollars in government revenue, deliver hundreds of jobs and careers in the local region, provide significant contracting opportunities for regional and Indigenous businesses and add billions of dollars to the gross domestic product at a critical time for the Ontario and Canadian economy.  Springpole is a transformative gold and silver project that will provide unprecedented opportunities and infrastructure improvements for the Indigenous and local communities in the area.”

The Updated Analysis considers the socio-economic impact during the construction, operations and closure phases. In the current gold price environment, and accounting for direct, indirect and induced employment opportunities, the Project is capable of delivering 3,340 jobs in each year of construction and 5,910 jobs during each year of operations for a total of over 67,000 person-years of employment.  In addition, the Project is expected to generate over $7 billion of tax revenue for governments and contribute $15 billion to the Gross Domestic Product.

Nearing the end of both the provincial and federal EA/EIS processes, the Project is positioned as one of the few near-term economic development opportunities in the Canadian mining sector.  The Project will provide long-term economic stability and development throughout northwestern Ontario, where other sectors and industries operating in the region have been experiencing a decline in activity.

First Mining is committed to its on-going work with local and Indigenous communities, Ontario and Canada towards the development of the Project in a manner that achieves both a high level of socio-economic benefit and environmental protection.

About First Mining Gold Corp.

First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility Study and permitting activities are on-going with a final Environmental Impact Statement / Environmental Assessment for the project submitted in November 2024, and the Duparquet Gold Project in Quebec, a PEA-stage development project located on the Destor-Porcupine Fault Zone in the prolific Abitibi region. First Mining also owns the Cameron Gold Project in Ontario and a 30% project interest in the Pickle Crow Gold Project.

First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp.

ON BEHALF OF FIRST MINING GOLD CORP.

Daniel W. Wilton
Chief Executive Officer and Director

For further information, please contact:

Toll Free: 1 844 306 8827 | Email: info@firstmininggold.com
Paul Morris | Director, Investor Relations | Email: paul@firstmininggold.com

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