First Mining is a Canadian pre-revenue gold development company focused on advancing mineral properties toward production. Its primary asset is the Springpole Gold Project in northwestern Ontario, a large open-pit deposit containing 3.1 Moz of probable gold reserves at 0.94 g/t Au. Springpole has completed a Pre-Feasibility Study and is currently in permitting — First Mining submitted its Environmental Impact Statement to federal and provincial regulators in late 2024, with reviews ongoing. The mine plan calls for processing 30,000 t/d over a 9.4-year mine life, producing ~281 koz of gold annually, with initial capital of ~US$1.1B. A key construction challenge involves dewatering part of Springpole Lake via dikes before mining can begin. First Mining's second material asset is the Duparquet Gold Project in Quebec, an earlier-stage combined open-pit and underground project with a PEA completed in 2023 and ~6 Moz in total gold resources. First Mining also holds a 30% interest in the Pickle Crow Project in Ontario. The company funds itself entirely through equity issuances and has no operating revenue. The path to production hinges on completing permitting at Springpole and securing ~US$1.1B in external financing. Future revenue would come from selling gold doré to smelters, though realized returns are reduced by an NSR royalty and a silver streaming agreement with First Majestic covering 25% of payable silver at a fixed US$7.50/oz.