News Summary
First Mining Gold Corp. announced on December 16, 2025, that it has received $6.41 million CAD in proceeds from the exercise of 32,050,228 common share purchase warrants. These warrants were exercised at a price of $0.20 per share. The company intends to use these funds to advance its Springpole and Duparquet gold projects, as well as for general working capital and other corporate purposes. Notably, First Majestic Silver Corp. was identified as one of the investors whose warrants were exercised.
Material Impact
This news is a materially positive development for First Mining Gold. The $6.41 million CAD cash injection directly increases the company’s liquidity, which is vital for a development-stage company. Given the significant capital expenditure outlined for the Springpole Gold Project (US$1.104 billion initial capital cost), any non-dilutive (at the point of exercise) cash inflow strengthens the balance sheet and helps de-risk ongoing development and exploration activities. This exercise comes after a series of financings in 2024 and 2025 that raised over $36 million, indicating a continued need for capital. The participation of First Majestic Silver Corp., an existing strategic partner through the Springpole silver stream, in exercising these warrants signals continued confidence in First Mining’s projects and management. This additional capital will help sustain the momentum on the Springpole Feasibility Study and the Duparquet exploration program, both of which have shown significant progress and positive results in recent months.
Catalysts
* Springpole Gold Project: Continued progress on the Feasibility Study, particularly in refining capital and operating costs. Further updates on the environmental assessment and permitting process, especially any key approvals or responses from regulatory bodies.
* Duparquet Gold Project: Release of additional drilling results from the ongoing 18,000-meter exploration program, focusing on the newly identified Miroir, Aiguille, and Minuit zones. Look for updates on how these new discoveries may impact future resource estimates and economic assessments. Progress on the Memorandum of Understanding with the City of Duparquet.
* Cameron Gold Project: Developments related to the new partnership with the Fiore Group and Seva Minerals Inc., including any announced exploration plans or initial results from Seva.
* Capital Management: Ongoing assessment of cash burn rate and any future financing strategies to address the substantial capital requirements for the Springpole project.
Materiality Conclusion
The news is Material – Positive. The receipt of $6.41 million CAD from warrant exercises directly boosts First Mining’s cash reserves, providing crucial liquidity for a company deeply invested in capital-intensive project development. This infusion of funds, obtained at an exercise price above the company’s 52-week low, demonstrates ongoing investor support and helps sustain the momentum of its flagship projects without immediate equity dilution. It is a tangible step in strengthening the company’s financial foundation as it navigates the path towards potential production.
