Mr. Daniel Wilton of First Mining reports

FIRST MINING ANNOUNCES AGREEMENT WITH FIRST MAJESTIC SILVER TO ACCELERATE FINAL SPRINGPOLE SILVER STREAM PAYMENT AND AMEND WARRANT TERMS

First Mining Gold Corp. has entered into an amending agreement with First Majestic Silver Corp. to the silver purchase agreement dated June 10, 2020, among First Majestic, First Mining and Gold Canyon Resources Inc., a wholly owned subsidiary of First Mining. Pursuant to the amending agreement, the company and First Majestic have agreed to amend the terms of the final-tranche payment (Tranche 3) under the silver purchase agreement such that it will now be a cash-only payment of $5-million (U.S.), and it will be payable by First Majestic by March 31, 2025.

As consideration for entering into the amending agreement, First Mining has agreed to amend the terms of the common share purchase warrants that were issued to First Majestic on July 2, 2020, under the terms of the silver purchase agreement. The 32,050,228 warrants that were issued to First Majestic, which have an exercise price of 37.4 cents per warrant, were set to expire on July 2, 2025. Pursuant to the amending agreement, the exercise price of the warrants will be revised to 20 cents, and the warrants will now expire on March 31, 2028. In addition, if the closing price of the company's common shares on the Toronto Stock Exchange equals or exceeds 30 cents for 45 consecutive trading days, First Mining may accelerate the expiry date of the warrants to the date that is 30 days following the dissemination of a news release announcing the acceleration. All other terms and conditions of the warrants remain unchanged.

First Mining has received conditional approval from the Toronto Stock Exchange to make the above amendments to the exercise price and the expiry date of the 32,050,228 warrants held by First Majestic, and the amended terms of the warrants will become effective on the date that is 10 business days after the date of this news release. None of the warrants being extended are held by insiders of the company.

"We are very pleased to have the vote of confidence from First Majestic at this advanced stage of the Springpole gold project's development. This final payment solidifies First Majestic's interest in the Springpole gold project, securing the over-20-million-ounce silver stream with a Canadian-based and highly experienced silver mining company," stated Dan Wilton, chief executive officer of First Mining. "When in production, the Springpole gold project would be Ontario's largest silver producer, securing a domestic supply of a key metal required for various clean energy applications, including electric vehicles. First Mining continues to make positive steps in advancing the Springpole gold project through the final stages of the environmental assessment process, with the project being one of the most advanced mining projects in the process in Canada. In light of all of the destabilizing threats of U.S. tariffs and other macroeconomic factors, the Springpole gold project will support Ontario and national stability by providing thousands of jobs, government revenue generation, benefits for local and indigenous communities and bring critical infrastructure to Northwestern Ontario while delivering economic growth and diversification to help offset the potential impact that tariffs and other uncertainty will have on our economy."

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.

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