First Mining Announces 2024 Second Quarter Financial Results and Operating Highlights
"We are pleased to announce a successful second quarter where we were able to bolster our balance sheet with an oversubscribed flow-through financing," stated
2024 Q2 Highlights:
- At Springpole, continued collecting environmental baseline data and advancing environmental assessment work, planning for submission of a final EIS/EA in 2024, and continued engagement with local Indigenous rights holders and government regulators
- In the Birch-Uchi, completed a 3-year option agreement with
Whitefish Exploration Inc. on theSwain Lake property, and 70% ownership of the property, which comprises 82 mining claims over an area of 1,656 hectares - In the Birch-Uchi, additional mapping and prospecting programs focusing on several prospective areas commenced in
June 2024 with corresponding drill target development underway - At
Duparquet , announced the completion of our Phase 2 winter drilling program totaling 2,856 metres with activities on our Phase 3, 9,000 metre drilling program underway; a property-wide expanded 3D geological and target model is also being developed - At
Duparquet , reported drilling results from our 2024 Phase 2B winter diamond drilling program atDuparquet with multiple high-grade gold zones that had not been previously modelled were identified - At
Duparquet , provided an update on the final Phase 2B drilling results, which included drill hole DUP24-024 which returned multiple gold zones including 10.67 g/t Au over 5.3 m, 6.63 g/t Au over 9.0 m, 3.04 g/t Au over 33.5 m, and 5.97 g/t Au over 33.0 m in newly identified mafic volcanic units not previously modelled - In June, First Mining closed an upsized flow through financing, for aggregate proceeds of approximately
$7 million , to fund exploration programs inOntario andQuebec - In June, the Company published its third annual Environmental, Social and Governance ("ESG") Report for the 2023 year highlighting the Company's ESG commitments, practices and performance
- As of
June 30, 2024 , the Company's cash and current investments balance was$13.2 million and the equity interest inPC Gold Inc. (Pickle Crow Project ) was$21.5 million , resulting in a combined carrying value of$34.7 million
About First Mining Gold Corp.
First Mining is a gold developer advancing two of the largest gold projects in
First Mining was established in 2015 by Mr.
ON BEHALF OF FIRST MINING GOLD CORP.
Chief Executive Officer and Director
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and
Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. All forward-looking statements are based on First Mining's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Such factors include, without limitation the Company's business, operations and financial condition potentially being materially adversely affected by the outbreak of epidemics, pandemics or other health crises, and by reactions by government and private actors to such outbreaks; risks to employee health and safety as a result of the outbreak of epidemics, pandemics or other health crises, that may result in a slowdown or temporary suspension of operations at some or all of the Company's mineral properties as well as its head office; fluctuations in the spot and forward price of gold, silver, base metals or certain other commodities; fluctuations in the currency markets (such as the Canadian dollar versus the
First Mining cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to First Mining, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. First Mining does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.
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