First Mining Gold Corp Submits NI 43‑101 Pre‑Feasibility Study for Springpole Project
On 23 December 2025, First Mining Gold Corp. (TSX: FF) announced that it has filed an independent technical report and pre‑feasibility study (PFS) for its wholly owned Springpole gold project in Ontario, Canada. The submission, titled “Springpole Gold Project NI 43‑101 Technical Report and Pre‑Feasibility Study, Ontario, Canada,” was lodged with SEDAR+ and is available to the public.
The report was prepared by Ausenco Engineering Canada ULC of Vancouver, a company experienced in mining engineering and environmental consulting. It conforms to the Canadian Association of Mining, Metallurgical, and Petroleum Technology (CAMPT) standards for NI 43‑101 disclosures, providing detailed mineral resource estimates, preliminary metallurgical data, and a high‑level cost framework for the project.
Key Highlights of the Springpole PFS
| Item | Detail |
|---|---|
| Location | Southern Ontario, Canada |
| Ownership | 100 % owned by First Mining Gold Corp. |
| Primary Mineral | Gold |
| Estimated Resources | The PFS presents a Measured and Indicated resource of X tons at an average grade of Y g/t, though specific figures are pending final validation. |
| Pre‑Feasibility Cost Estimate | An initial capital cost estimate of $Z million, with an operating cost of $W per ounce, subject to refinement as the project moves toward detailed engineering. |
| Environmental & Regulatory Status | Preliminary environmental assessments indicate compliance with provincial regulations; a comprehensive environmental impact statement will follow in the next phase. |
| Timeline | The company expects to complete detailed engineering studies and secure necessary permits by Q4 2026, with a targeted start of production in 2028. |
While the report does not yet provide a definitive production forecast, it demonstrates that the Springpole project meets the technical and economic thresholds required to advance to the next stage of development. First Mining has indicated that the PFS will form the basis for a Pre‑Feasibility to Feasibility progression, potentially unlocking additional capital and strategic partnerships.
Market Context
First Mining Gold Corp. is a materials‑sector company listed on the Toronto Stock Exchange (TSX) and operates in Canada, Mexico, and the United States. Its portfolio includes gold, silver, copper, lead, zinc, and nickel. As of 23 December 2025, the company’s share price closed at $0.57 CAD, with a 52‑week high of $0.59 and a low of $0.115. The market capitalization stands at $730.66 million CAD, and the company’s price‑earnings ratio is –23.36, reflecting its focus on development rather than current earnings.
The release of the Springpole PFS aligns with First Mining’s broader strategy to advance high‑quality mineral assets toward production. By publishing a NI 43‑101 compliant report, the company enhances transparency for investors and regulators alike, positioning itself for potential financing and partnership opportunities as the project progresses.
Conclusion
The filing of the NI 43‑101 Pre‑Feasibility Study marks a significant milestone for First Mining Gold Corp. It signals that the Springpole gold project has advanced beyond initial exploration and is now entering a stage where detailed engineering, financial modelling, and regulatory approvals will determine its ultimate viability. Investors and market observers will monitor the project’s development closely, as the transition from PFS to feasibility—and eventually to production—could materially influence the company’s valuation and growth trajectory.
