Condensed Interim Consolidated Financial Statements

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# Financial Statements

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## Content

# Financial Statements
First Mining Gold Corp.
Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Presented in thousands of Canadian dollars unless otherwise noted)
(Unaudited)
FIRST MINING GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT MARCH 31, 2026 AND DECEMBER 31, 2025
(Unaudited - Presented in thousands of Canadian dollars unless otherwise noted)
March 31, 2026 December 31, 2025
Assets
Current
Cash and cash equivalents $ 41,856 $ 43,346
Assets held for sale - 27,060
Marketable securities (Note 3) 2,952 2,006
Prepaid expenses, accounts and other receivables (Note 4) 1,646 1,461
Total current assets 46,454 73,873
Non-current
Mineral properties (Note 5) 265,991 251,497
Investment in Seva Mining Corp. (Note 6) 24,806 -
Investment in PC Gold Inc. (Note 7) 21,523 21,524
Property and equipment 1,679 1,694
Deferred consideration receivable (Note 6(b)) 1,720 -
Other assets 185 204
Total non-current assets 315,904 274,919
TOTAL ASSETS $ 362,358 $ 348,792
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 9) $ 12,702 $ 13,802
Liabilities directly associated with assets held for sale - 373
Current portion of lease liability 81 78
Flow-through share premium liability (Note 10) 1,196 1,280
Provision for environmental remediation (Note 5(b)) 2,806 2,806
Option - PC Gold (Note 7) 4,692 4,692
Current portion of other liabilities - 200
Total current liabilities 21,477 23,231
Non-current
Lease liability 76 97
Pickle Crow reclamation liability (Note 7) 151 151
Silver Stream derivative liability (Note 8) 120,131 107,260
Total non-current liabilities 120,358 107,508
TOTAL LIABILITIES $ 141,835 $ 130,739
SHAREHOLDERS’ EQUITY
Share capital (Note 11) 432,330 418,169
Warrant and share-based payment reserve (Note 11) 61,112 62,866
Accumulated other comprehensive loss (3,222) (4,168)
Accumulated deficit (269,697) (258,814)
Total shareholders’ equity 220,523 218,053
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 362,358 $ 348,792
Nature of Operations (Note 1)
Subsequent Events (Note 16)
The consolidated financial statements were approved by the Board of Directors:
Signed: “Keith Neumeyer”, Director Signed: “Raymond Polman”, Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
2
FIRST MINING GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(Unaudited - Presented in thousands of Canadian dollars unless otherwise noted)
Three months ended
March 31,
2026 2025
OPERATING EXPENSES (Note 12)
General and administration $ (1,657) $ (1,128)
Exploration and evaluation (252) (210)
Investor relations and marketing communications (488) (422)
Corporate development and due diligence (272) (236)
Loss from operational activities (2,669) (1,996)
OTHER ITEMS
Interest and other income 282 30
Marketable securities fair value gain - 33
Foreign exchange gain 139 6
Other expenses (487) (25)
Fair value loss on Silver Stream liability (Note 8) (12,871) (17,246)
Gain on disposal of subsidiary (Note 6(c)) 4,564 -
Loss before income taxes $ (11,042) $ (19,198)
Deferred income tax recovery 84 113
Equity loss and fair value adjustment of equity accounted investments (Note 6, 7) (62) (2)
Net loss for the year $ (11,020) $ (19,087)
OTHER COMPREHENSIVE LOSS
Items that will not be reclassified to net income / (loss):
Investments fair value gain / (loss) 946 (68)
Other comprehensive income/(loss) 946 (68)
Net loss and other comprehensive loss for the year $ (10,074) $ (19,155)
Loss per share
Basic and diluted $ (0.01) $ (0.02)
Weighted average number of shares outstanding
Basic 1,367,866,903 1,080,236,818
Diluted 1,356,668,973 1,080,872,358
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
2
FIRST MINING GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(Unaudited - Presented in thousands of Canadian dollars unless otherwise noted)
Three months ended March 31,
2026 2025
Cash flows from operating activities
Net loss for the period $ (11,020) $ (19,087)
Adjustments for non-cash items:
Share-based payments (Note 11(d)) 798 541
Depreciation 107 116
Gain on sale of asset - (33)
Fair value adjustment on performance share units - (106)
Fair value loss on Silver Stream derivative liability (Note 8) 12,871 17,246
Accrued interest receivable (2) (1)
Intercompany loan forgiveness 204 -
Other expenses/(income) 318 (84)
Unrealized foreign exchange (gain)/loss (135) 84
Deferred income tax recovery (84) (113)
Equity and dilution loss on equity accounted investments 62 2
Gain on disposal of subsidiary (Note 6(c)) (4,564) -
Operating cash flows before movements in working capital (1,445) (1,435)
Changes in non-cash working capital items:
(Increase)/Decrease in accounts and other receivables (10) 339
(Increase)/Decrease in prepaid expenditures (200) 89
(Decrease)/Increase in accounts payables and accrued liabilities (1,153) (810)
Total cash used in operating activities $ (2,808) $ (1,817)
Cash flows from investing activities
Mineral property expenditures (Note 5) (8,451) (7,107)
Proceeds from sale of investments - 723
Proceeds from sale of Cameron Gold (Note 6) 5,000 -
Property and equipment purchases (72) (5)
Cash expended in acquisitions (1,721) (100)
Total cash used by investing activities $ (5,244) $ (6,489)
Cash flows from financing activities
Share issuance cost (121) -
Proceeds from exercise of options and warrants 6,570 -
Repayment of lease liability (19) (9)
Finance costs paid for lease liability (4) (5)
Cash received from Silver Stream - 7,155
Total cash provided by financing activities $ 6,426 $ 7,141
Foreign exchange effect on cash 136 (84)
Change in cash and cash equivalents (1,490) (1,249)
Cash and cash equivalents, beginning 43,346 11,351
Cash and cash equivalents, ending $ 41,856 $ 10,102
Cash 41,687 9,933
Term deposits 169 169
Cash and cash equivalents, ending $ 41,856 $ 10,102
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
2
FIRST MINING GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(Presented in thousands of Canadian dollars, except share and per share amounts)
Accumulated
Share-based other
Number of Share Warrant payment comprehensive Accumulated
common shares capital reserve reserve income (loss) deficit Total
Balance as at December 31, 2024 1,079,863,747 $ 373,630 $ 28,099 $ 29,014 $ (5,406) $ (180,895) $ 244,442
Silver Stream warrant revaluation - - 1,287 - - - 1,287
PSU assessment for 2022 grant - - - (180) - - (180)
Settlement of restricted share units 1,078,130 115 - (115) - - -
Share-based payments - - - 827 - - 827
Loss for the period - - - - - (19,087) (19,087)
Other comprehensive loss - - - - (68) - (68)
Balance as at March 31, 2025 1,080,941,877 $ 373,745 $ 29,386 $ 29,546 $ (5,474) (199,982) $ 227,221
Balance as at December 31, 2025 1,343,755,162 $ 418,169 $ 31,694 $ 31,172 $ (4,168) (258,814) $ 218,053
Financing issuance Cost - (121) - - - - (121)
Exercise of options (Note 11(d)) 6,410,000 3,527 - (1,276) - - 2,251
Exercise of warrants (Nore 11(c)) 20,291,020 4,940 (621) - - - 4,319
Shares issued on acquisition of mineral properties (Note 5(a)) 7,017,000 4,651 - - - - 4,651
Common share obligation 3,535,906 666 - (666) - - -
Settlement of restricted share units (Note 11(e)) 1,965,050 210 - (210) - - -
Settlement of performance share units (Nore 11(f)) 1,000,000 221 - (221) - - -
Sunset Clause cancellation (426,614) (137) - - - 137 -
Intercompany loan forgiveness - 204 - - - - 204
Share-based payments (Note 11(d)) - - - 1,240 - - 1,240
Loss for the period - - - - - (11,020) (11,020)
Other comprehensive income/(loss) - - - - 946 - 946
Balance as at March 31, 2026 1,383,547,524 $ 432,330 $ 31,073 $ 30,039 $ (3,222) $ (269,697) $ 220,523
The accompanying notes are an integral part of these condensed interim consolidated financial statements
5
FIRST MINING GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian
dollars except for number of shares and per share amounts)
1. NATURE OF OPERATIONS
First Mining Gold Corp. (the “Company” or “First Mining”) is a public company which is listed on the Toronto Stock
Exchange (the “TSX”) under the symbol “FF”, on the OTCQX” under the symbol “FFMGF”, and on the Frankfurt Stock
Exchange under the symbol “FMG”. The Company’s head office and principal address is Suite 2070 – 1188 West
Georgia Street, Vancouver, British Columbia, Canada, V6E 4A2.
First Mining was incorporated on April 4, 2005 and changed its name to First Mining Gold Corp. in January 2018.
First Mining is advancing a portfolio of gold projects in Canada, with the most advanced projects being the Springpole
Gold Project in northwestern Ontario and the Duparquet Gold Project in the Abitibi region of Québec. In addition,
the Company holds a 20% interest in PC Gold Inc., the legal entity which holds the Pickle Crow gold project which is
being advanced by Bellavista Resources Limited (“Bellavista”) formerly owned by FireFly Metals Ltd. (“FireFly
Metals”), and a 47.83% interest in Seva Mining Corp. (“Seva Mining”), the Company which is advancing the Cameron
Gold Project.
The Company’s unaudited condensed interim consolidated financial statements (“financial statements”) have been
prepared on a going concern basis, which contemplates that the Company will be able to continue its operations for
at least twelve months from March 31, 2026 and will be able to realize its assets and discharge its liabilities and
commitments in the normal course of business. The Company has not generated revenue from operations to date
and may require additional financing or outside participation to undertake further advanced exploration of its
mineral properties.
2. BASIS OF PRESENTATION
These financial statements have been prepared in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board (“IFRS® Accounting Standards”) applicable to the
preparation of interim financial statements under International Accounting Standard 34 Interim Financial
Reporting. These financial statements do not include all disclosures required for annual financial statements.
Accordingly, they should be read in conjunction with the Company’s audited financial statements for the years
ended December 31, 2025 and 2024.
The financial statements are presented in thousands of Canadian dollars, unless otherwise noted, and tabular
amounts are presented in thousands of Canadian dollars. These consolidated annual financial statements include
the accounts of the Company and its subsidiaries. The functional currency of the Company and its subsidiaries is the
Canadian dollar. In preparing the Company’s financial statements for the three months ended March 31, 2026, the
Company used the consistent accounting policies, except as described below, methods of computation and
accounting policy judgments and estimates as in the annual consolidated financial statements for the year ended
December 31, 2025. Additionally, the areas of estimation uncertainty remain unchanged from those disclosed in the
annual consolidated financial statements.
The Company adopted the Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7) effective January 1, 2026. Following assessment, the optional exception for
derecogn

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