First Mining Unveils Two-Project Strategy at Mining Forum Americas

First Mining (FF) outlined its two-project strategy at Mining Forum Americas 2026 on Tuesday, September 29. The company's focus is on advancing Springpole and Duparquet, its two main Canadian gold assets.

Springpole has secured federal environmental assessment approval in June 2024 and is expected to receive provincial approval by the end of October 2024. The project has a strong infrastructure access, including a power line within 30 kilometers and forest roads within 18 kilometers.

The pre-feasibility study for Springpole shows an after-tax net present value (NPV) of CAD 2.1 billion at a gold price of CAD 3,100. The project is expected to produce more than 300,000 ounces per year and has a life-of-mine gold grade about 30% higher than Coté.

Duparquet, on the other hand, is considered a major asset by management but still not fully reflected in the share price. It has about 6 million ounces of resources across 4 kilometers of strike and sits on the Porcupine-Destor Fault, one of the main controlling structures in the Abitibi district.

First Mining said it holds more than CAD 80 million in cash after a recent financing, giving it room to advance studies and permitting. The company's market value is around CAD 1.2 billion to CAD 1.3 billion.