First Mining Announces Updated Pre-Feasibility Study for the Springpole Gold Project, Ontario, Canada

Core Insights - First Mining Gold Corp. announced positive results from the updated Pre-Feasibility Study (2025 PFS) for its Springpole Gold Project, indicating strong economic viability and potential for significant regional economic impact [3][6]. Economic Metrics - Pre-Tax NPV5% is estimated at US$3.2 billion at a gold price of US$3,100/oz, increasing to US$5.6 billion at US$4,200/oz [7][13]. - After-Tax NPV5% is projected at US$2.1 billion at US$3,100/oz, rising to US$3.8 billion at US$4,200/oz [7][13]. - Pre-Tax IRR stands at 54% at US$3,100/oz, increasing to 82% at US$4,200/oz [7][13]. - The project has a life of mine (LOM) of 9.4 years with an after-tax payback period of 1.8 years, which reduces to 1.2 years at higher gold prices [7][13]. Production and Cost Estimates - Average annual gold production is estimated at 330,000 ounces (koz) for the first five years, with a total of 281 koz over the LOM [7][8]. - All-in Sustaining Costs (AISC) are projected at US$877/oz for the first five years and US$938/oz over the LOM [7][8]. - Initial capital costs are estimated at US$1.1 billion, with sustaining capital costs of US$323 million and closure costs of US$40 million [7][36]. Resource Estimates - The updated resource model indicates an Indicated Mineral Resource of 191 million tonnes (Mt) at 0.78 g/t Au for 4.8 million ounces of gold and 4.6 g/t Ag for 28 million ounces of silver [8][20]. - The Inferred Mineral Resource category hosts 64 Mt at 0.38 g/t Au for 0.8 million ounces of gold and 3.1 g/t Ag for 6.5 million ounces of silver [8][20]. Project Development and Infrastructure - The project is designed for a 30,000 tonnes-per-day open pit operation, with significant engineering work completed to enhance infrastructure and design plans [3][9]. - The 2025 PFS includes advanced tailings management strategies and a new airstrip to support operations [17][46]. Economic Sensitivity - The project's economics are highly sensitive to gold prices, with significant variations in NPV and IRR based on price fluctuations [11][12]. - Initial capital costs and operating costs also show sensitivity, impacting overall project viability [14][15]. Community and Economic Impact - The project is expected to generate over US$7 billion in gross domestic product and create hundreds of jobs, providing significant contracting opportunities for regional and Indigenous businesses [3][6]. - Ongoing consultation processes with Indigenous communities are part of the project's development strategy [3][6].