First Mining Gold Corp. announced the release of an updated Pre‑Feasibility Study for its Springpole Gold Project on November 18, 2025. The new study shows a Pre‑Tax NPV 5% of US$3.2 billion and a Pre‑Tax IRR of 54%, while the After‑Tax NPV 5% stands at US$2.1 billion with an After‑Tax IRR of 41%. The project is projected to produce 330,000 oz of gold annually at an all‑in sustaining cost of US$877 per ounce, supported by a 30,000 t pd open‑pit operation and a 9.4‑year mine life.
The updated economics reflect extensive engineering work and a refined resource model, positioning Springpole as one of the largest undeveloped gold projects in Canada. The higher IRR and NPV figures demonstrate strong leverage to gold price and improved cost structure, making the project more attractive to investors and potential partners. The study also confirms the feasibility of a 30,000 t pd operation, which would generate significant cash flow once construction begins.
First Mining has prepared the study through Ausenco Engineering and will file the technical report with SEDAR+ within 45 days. The company continues to advance the project through the federal and provincial environmental assessment processes and maintains active consultations with Indigenous communities. The updated PFS strengthens the case for moving from feasibility to construction, potentially unlocking substantial value for shareholders and supporting future financing or joint‑venture opportunities.
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