First Mining Gold Corp. (FFMGF) received C$6,410,045 from the exercise of 32,050,228 common share purchase warrants issued to First Majestic Silver Corp. on December 16 2025. The warrants were exercised at $0.20 each, giving First Mining a cash infusion that will be used to accelerate drilling, permitting and feasibility work on its flagship Springpole and Duparquet gold projects and to support general working capital needs.
The warrant exercise increases First Majestic’s ownership stake in First Mining to 3.5% of the company’s common shares. The transaction is part of a broader silver purchase agreement amendment that also involved a US$5 million cash payment from First Majestic earlier in 2025, underscoring the strategic partnership between the two companies and the continued interest of First Majestic’s CEO, Keith Neumeyer, in First Mining’s assets.
Prior to the transaction, First Mining reported a cash and marketable securities balance of C$37.6 million as of September 30 2025. The new proceeds raise the company’s liquidity to C$44.0 million, providing a stronger financial cushion for the next phases of project development and reducing reliance on external debt or future equity issuances.
The funds will be allocated to key milestones for the Springpole Gold Project in Ontario, which is in the feasibility study stage, and the Duparquet Gold Project in Quebec, which is at the preliminary economic assessment stage. The infusion will support additional drilling, environmental assessment submissions, and the preparation of a definitive feasibility study for Springpole, while also enabling further resource expansion and infrastructure development at Duparquet.
Management emphasized that the capital raise positions First Mining to take advantage of the current high gold price environment, which has improved the economics of both projects. CEO Dan Wilton noted that the company’s ability to secure this financing without diluting existing shareholders demonstrates strong execution and confidence in the long‑term value of its asset portfolio.
The transaction reflects a broader trend of mining companies securing financing through strategic partners. With gold prices near a multi‑year high and the Springpole project’s updated pre‑feasibility study showing an after‑tax NPV of US$2.1 billion and an IRR of 41% at a US$3,100/oz gold price, the timing of the warrant exercise aligns with the company’s plan to move the project closer to production.
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