Mr. Daniel Wilton reports

FIRST MINING ANNOUNCES CLOSING OF $12 MILLION PUBLIC OFFERING

First Mining Gold Corp. has closed its previously announced oversubscribed public offering of 66.67 million units of the company at a price of 18 cents per unit for aggregate gross proceeds to the company of $12,000,600.

The public offering was completed pursuant to an agency agreement dated July 16, 2025, among the company, Haywood Securities Inc., as lead underwriter and joint bookrunner, along with Cormark Securities Inc. and National Bank Financial Inc., as joint bookrunners, and including BMO Capital Markets, H.C. Wainwright & Co., and SCP Resource Finance LP.

Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one common share of the company at a price of 27 cents per share at any time prior to the date that is 36 months following the closing date.

The public offering was conducted by way of a prospectus supplement dated July 16, 2025, to the company's base shelf prospectus dated Jan. 23, 2024, in each of the provinces and territories of Canada (excluding Quebec).

The net proceeds from the sale of units under the public offering will be used to advance First Mining's Springpole and Duparquet gold projects, as well as for general working capital and corporate purposes, as disclosed in the supplement.

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 the company has commenced a feasibility study and permitting activities are continuing 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 (preliminary economic assessment) 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.) and the Hope Brook gold project (being advanced in partnership with Big Ridge Gold Corp.).

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

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