First Mining Gold Corp.
First Mining Gold holds the Springpole Gold Project in northwestern Ontario, one of Canada's largest undeveloped gold deposits, currently advancing from a December 2025 pre-feasibility study into a full feasibility study. A Springpole Project Consultation and Benefits Agreement (covering construction, operations, closure, environmental monitoring and preferential local training/employment) was signed with Cat Lake First Nation and Lac Seul First Nation on 27 Aug 2026, following an Indigenous-led independent environmental assessment process (Anishinaabe-Led Impact Assessment, ALIA) run over more than four years. Provincial EA approval (distinct from the federal EA approval already secured) remains outstanding, expected before end of 2026; a final construction investment decision is targeted for Q4 2027/Q1 2028, with production targeted around 2030. A Springpole Project Consultation and Benefits Agreement (covering construction, operations, closure, environmental monitoring and preferential local training/employment) was signed with Cat Lake First Nation and Lac Seul First Nation on 27 Aug 2026, following an Indigenous-led independent environmental assessment process (Anishinaabe-Led Impact Assessment, ALIA) run over more than four years. Provincial EA approval (distinct from the federal EA approval already secured) remains outstanding, expected before end of 2026; a final construction investment decision is targeted for Q4 2027/Q1 2028, with production targeted around 2030.
Lifecycle Milestones
Not in place: mill. Not yet determined: tailings facility, grid power.
Jurisdiction (40%)9/10
Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. Ontario, Canada — top-tier, low political-risk mining jurisdiction.
Infrastructure (40%)5/10
No confirmed mill and confirmed road access at Springpole Gold Project, Ontario; grid power and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Red Lake (Campbell Complex) (Evolution Mining Limited), 108 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:3.1/10
Nearest producing mine: Red Lake (Campbell Complex) (Evolution Mining Limited), 108 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer and Director of First Mining Gold Corp. Over 30 years of experience in M&A, corporate finance and principal investing in mining; previously a partner at Pacific Road Capital Management with roles at National Bank Financial and General Electric.
Chief Financial Officer of First Mining Gold Corp. since 16 Sep 2022. Over 15 years' experience across mining, renewable energy, infrastructure and professional-services sectors. Career: CFO, Libero Copper & Gold Corporation and Zacapa Resources Corporation; VP Corporate Reporting & Global Accounting, SkyPower Global; Chief of Staff, Capital Projects and Frontera District, Barrick Gold Corp. (2012-2015); 5 years leading international Corporate Reporting, KGHM Polska Miedz S.A.; began her career at KPMG LLP. CPA, CA; Bachelor of Business Administration, Simon Fraser University.
Vice President, Sustainability at First Mining Gold Corp. Over 20 years of professional practice in environmental assessment, permitting and Indigenous/community affairs, including the Hardrock Gold Project and Gahcho Kué Diamond Mine approvals.
Vice President, Exploration and Project Operations at First Mining Gold Corp.; has also served as Director of Exploration at Sabina Gold & Silver Corp., acquired by B2Gold Corp. in 2023. Professional geoscientist with over 20 years focused on orogenic gold exploration and development; part of discovery teams for five major gold discoveries in Nunavut and Red Lake.
Vice President, Corporate Development and Corporate Secretary of First Mining Gold Corp. Nearly two decades in mining corporate finance, M&A and capital markets; previously in investment banking and equity capital markets at National Bank and Scotiabank.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Keith Neumeyer, who founded First Mining and chairs its board (and founded and runs First Majestic Silver), has bought 7,500,000 shares of his own company across eight separate open-market purchases in the last twelve months, spending roughly C$3.2 million, and has sold nothing. Richard Huang and James Maxwell also bought without selling. Three other insiders were net sellers over the same period, but their combined selling is smaller than the buying on both share count and dollars. On the institutional side there is one specialist name, Sun Valley Gold, but at 4.4% and last filed at the end of 2023 -- and its stake has been shrinking, from 7.90% in 2022.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
First Mining Gold's main asset is the 100%-owned Springpole gold project in northwestern Ontario, one of Canada's largest undeveloped gold deposits, which received federal environmental assessment approval in June 2026. Springpole holds 4,800,000 oz of indicated gold plus 800,000 oz inferred. The updated pre-feasibility study (effective December 2025) shows an after-tax NPV5% of US$2.15B and a 40.9% IRR at US$3,100/oz gold, with initial capital of US$1.10B, a 9.4-year mine life on a 30,000 t/d open pit and an all-in sustaining cost of US$938/oz. A consultation and benefits agreement was signed with Cat Lake First Nation and Lac Seul First Nation on 27 August 2026. Provincial environmental approval is expected before the end of 2026, a feasibility study is under way, and a construction decision is targeted for Q4 2027 or Q1 2028, with production around 2030.
Statement of Financial Position (CAD thousands): Total liabilities $120,358K, made up of accounts payable/accrued, current+non-current lease liability ($81K + $76K, matching EODHD's mislabeled 'debt' figure exactly), flow-through share premium, environmental remediation provision, and a $120,131K non-current 'Silver Stream derivative liability' (Note 8) -- a metals-stream delivery obligation on the Springpole project, not interest-bearing debt. No loans/notes payable/credit facility line exists.