First Mining is a mineral exploration company that concentrates on the acquisition, exploration and development of gold bearing properties in Canada and the United States. The company’s flagship assets include the Springpole Project in the Red Lake mining district of Ontario, the Duparquet Project in the Abitibi region of Quebec and the Turquoise Canyon Property in Nevada. It also holds interests in the Bugb district, the Swain and Sol d’Or properties, the Pickle Crow earn in arrangement and various royalty interests such as those on the Hope Brook and Eagle Claims. First Mining does not operate a producing mine; its business model relies on advancing exploration projects to a stage where they can be monetized through outright sales, royalty transactions or joint venture agreements. As of the date of the annual information form, the company employed 30 full time staff supplemented by consultants and contractors who possess expertise in geology, drilling, geophysics, metallurgy and mine engineering.

First Mining generates revenue primarily from the sale of royalty interests, the disposal of non core assets and option payments received from joint venture or earn in arrangements. In 2023 the company sold a portfolio of 19 royalties to Elemental Altus Royalties Corp. for total consideration of approximately $6.7 million, consisting of $4.7 million in cash and 1,598,162 common shares of Elemental Altus. It also received option exercise proceeds from Westward Gold Inc. for the Turquoise Canyon Property, which granted First Mining a 2% net smelter return royalty on that asset. The acquisition of the Porcupine East Property from IAMGOLD Corporation involved the issuance of 2,500,000 First Mining shares, the grant of a 1.5% NSR royalty to IAMGOLD and contingent cash or share payments of $500,000 upon definition of a 350,000 ounce gold resource and $1,000,000 upon commercial production at the Duparquet Project. Additionally, the sale of the Eagle Claims to Grid Metals Corp. provided C$300,000 in cash, 250,000 Grid Metals shares, a future contingent payment of C$350,000 and a 2% NSR royalty on the sold claims. These transactions supply the working capital required to fund ongoing exploration programs and maintain the company’s technical team.

First Mining competes as a junior explorer in the gold sector where it faces competition from larger senior producers with greater financial and technical resources as well as from other junior companies pursuing similar exploration opportunities. The company’s competitive strengths stem from a geographically diverse project portfolio that spans the prolific Red Lake mining district in Ontario, the historic Abitibi greenstone belt in Quebec and the emerging Turquoise Canyon district in Nevada. Its technical team possesses deep expertise in geological modeling, drilling execution and resource estimation, which enables rapid advancement of exploration programs. Additionally, First Mining leverages strategic partnerships and royalty arrangements to obtain funding while retaining upside potential through retained NSR interests or equity stakes in partner projects.

First Mining’s customers are principally other mining companies, royalty firms and investors that acquire its properties, royalty streams or earn in interests. Specific counterparties disclosed in the filing include IAMGOLD Corporation, Elemental Altus Royalties Corp., Westward Gold Inc. and Grid Metals Corp., with whom the company has completed asset sales, option exercises, acquisition agreements and royalty transactions. The company also retains net smelter return royalties on assets such as the Pickle Crow, Hope Brook and Eagle Claims, which provide future cash flows from the operating activities of those counterparties. These relationships demonstrate First Mining’s ability to transact with established industry participants while maintaining a stream of potential long term revenue.