Mr. Daniel Wilton reports

FIRST MINING ANNOUNCES YEAR-END 2023 FINANCIAL RESULTS AND OPERATING HIGHLIGHTS

First Mining Gold Corp. has released its fourth quarter and annual financial results for the year ended Dec. 31, 2023. The audited consolidated financial statements, management's discussion and analysis (MD&A), and annual information form (AIF) are available on First Mining's website and have been posted under the company's profile on SEDAR+ and EDGAR.

"We are pleased to announce our 2023 year-end results at First Mining where we focused on advancing both our flagship projects at Springpole and Duparquet, while maintaining balance sheet strength through numerous non-core asset sales and successful equity financings," stated Dan Wilton, chief executive officer of First Mining. "In 2023, we continued to demonstrate the value of the First Mining portfolio by generating non-dilutive proceeds through non-core asset sales, while successfully completing two financings where existing shareholder support remains strong. At Duparquet, we completed a positive PEA, while kicking off an exploration program with encouraging results. In Ontario, we are advancing our Springpole gold project with the goal of submitting our final environmental assessment later this year, while continuing to advance our exploration program in the Birch Uchi greenstone belt project. We are very encouraged as we enter 2024 and expect it to be a transformational year for First Mining. The submission of the final environmental assessment at Springpole is a critical derisking milestone for our company and we look forward to providing updates later this year."

2023 highlights:

• At Springpole, continued collecting environmental baseline data and advancing environmental assessment work, planning for submission of a final environmental impact statement/EA in 2024.
• At the Duparquet project, completed an initial phase I, 4,881-metre exploration drilling program as well as 2,082 metres of the phase II program, for a total of 6,963 metres, focusing on validating, derisking and advancing a number of newly developed exploration targets, as well as growing the existing mineral resource.
• In the Birch-Uchi, announced encouraging results from the 2023 winter drilling program comprising a total of 11 drill holes for 2,760 metres focused on three target areas: Saddle, Horseshoe and Atlantis, including returning grades of 0.92 gram per tonne gold over 114 metres in hole SAT23-001 at Saddle.
• Through the company's wholly owned subsidiary Duparquet Gold Mines Inc. (formerly Clifton Star), completed the acquisition of the Porcupine East property from Iamgold Corp., consolidating the company's Duparquet gold project and connecting the land package to its Pitt and Duquesne projects to the east.
• Completed the sale of all of the common shares of a wholly owned subsidiary of the company that held its non-core royalty portfolio to Elemental Altus Royalties Corp. for approximately $4.7-million in cash and 1,598,162 common shares of Elemental Altus for total consideration of approximately $6.7-million.
• In June, completed a non-brokered private placement for aggregate gross proceeds of $5-million consisting of 18,518,519 flow-through units at a price of 27 cents per FT unit. Each FT unit comprises one common share and one-half of one common share purchase warrant, issued on a flow-through basis, being exercisable to acquire one additional common share of the company at a price of 27 cents for a period of 36 months following the closing date of the offering.
• Published First Mining's second annual environmental, social and governance (ESG) report for the 2022 year. The ESG report provides a comprehensive overview of the company's ESG commitments, practices and performance.
• Completed the sale of the company's mining claims in Manitoba (the Eagle claims) to Grid Metals Corp. for total consideration comprising $300,000 in cash, 250,000 common shares of Grid Metals, a future contingent payment of $350,000 and a 2-per-cent NSR royalty on the Eagle claims.
• Released results of a positive preliminary economic assessment at the Duparquet gold project on Sept. 7, 2023, including an updated mineral resource estimate for the Duparquet gold project that includes estimates for the Duparquet, Pitt and Duquesne deposits. The PEA technical report was filed on Oct. 20, 2023.
• In September, First Mining hosted a collaborative information sharing session with the citizens of the municipality of Duparquet regarding the Duparquet gold project and the company's board of directors, including senior leadership team, visited the Duparquet site.
• In December, completed a two-tranche non-brokered private placement for aggregate proceeds of $10,832,625 consisting of 86,661,000 units at a price of 12.5 cents per unit. Each unit comprised one common share of the company and one-half of one common share purchase warrant entitling the holder to acquire one common share of the company for a period of 36 months from the date of issuance at a price of 20 cents per common share.
• As of Dec. 31, 2023, the company's cash and current investments balance was $12.5-million and the equity interests in Treasury Metals, PC Gold Inc. (Pickle Crow project) and Big Ridge Gold Corp. (Hope brook project) had a combined carrying value of $26.2-million.

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 it has commenced a feasibility study and permitting activities are continuing with a draft environmental impact statement (EIS) for the project published in June, 2022, and the Duparquet 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 portfolio of gold project interests, including the Pickle Crow gold project (being advanced in partnership with FireFly Metals Ltd.), the Hope Brook gold project (being advanced in partnership with Big Ridge Gold) and a large equity interest in Treasury Metals.

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

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