Mr. Daniel Wilton reports

FIRST MINING CLOSES UPSIZED $24.4 MILLION NON-BROKERED PRIVATE PLACEMENT

First Mining Gold Corp. has upsized and closed its previously announced non-brokered private placement financing, raising total gross proceeds of approximately $24.4-million. Together with the previously closed public offering of $12.0-million on July 22, 2025, the company raised a total of $36.4-million between the offering and the public offering.

Pursuant to the offering, the company issued 95 million units of the company at a price of 18 cents per unit for gross proceeds of $17.1-million and 33.35 million flow-through (FT) units at a price of 22 cents per FT unit for gross proceeds of $7,337,000. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each FT unit will consist of one FT share and one-half of a 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 applicable closing date of the offering.

Each FT share will qualify as a flow-through share within the meaning of the Income Tax Act (Canada). The net proceeds from the sale of units under the offering will be used to advance First Mining's Springpole and Duparquet gold projects, as well as for general working capital and corporate purposes. The gross proceeds from the sale of FT units will be used to incur eligible Canadian exploration expenses that qualify as flow through mining expenditures, as such terms are defined in the Income Tax Act (Canada), related to the Springpole and Duparquet gold projects on or before Dec. 31, 2026. All qualifying expenditures will be renounced with an effective date no later than Dec. 31, 2025, to the initial purchasers of the FT units.

All of the securities issued under the offering are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws.

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.

We seek Safe Harbor.