Springpole: First Mining's path to developing Canada's next major open-pit gold mine

Advancing two of Canada’s largest gold projects: Springpole and Duparquet

First Mining Gold Corp is advancing its flagship Springpole gold project in Ontario, Canada, one of the largest undeveloped open-pit gold deposits in the country. With a planned production of more than 300,000oz of gold annually, Springpole is positioned to become one of Canada's next major gold mines, with first production targeted around 2030.Springpole is located approximately 110km northeast of Red Lake in northwestern Ontario, within the Birch-Uchi Greenstone Belt. The project benefits from its location in a tier-one mining jurisdiction with district-scale exploration potential and a strong mining history.

Canada is the world's fourth-largest gold producer, with Ontario its leading gold-producing province, supported by world-class geology and established mining infrastructure. Springpole gold project federal EA approvalCanada-based First Mining Gold released an updated pre-feasibility study (PFS) for Springpole in the fourth quarter of 2025, marking a key milestone in the project's advancement. The company achieved a major permitting milestone on June 30, 2026, when Springpole received its federal environmental assessment (EA) approval, a significant step forward after years of development work that started in 2018.

"The federal EA approval was a significant milestone for the project," explained Richard Huang, vice president of corporate development at First Mining Gold, to Mining IQ, underlining: "It is a partnership between First Mining, the federal Canadian government and, most importantly, the local indigenous communities around the project. "The project is now awaiting provincial EA approval, expected before the end of 2026, while the company continues to advance drilling, exploration, its feasibility study and other engineering studies, while complying with the conditions set out in the federal EA decision statement issued in June.

The Springpole gold project hosts mineral reserves of 102Mt containing 3.1Moz of gold at an average grade of 0.94g/t, together with 16.1Moz of silver grading 4.9g/t. The total indicated resource is 191Mt containing 4.8Moz of gold and in the inferred category, an additional 64Mt containing 0.8Moz of gold. The project is expected to produce an average of approximately 330,000oz of gold annually during its first five years of operation, placing it among Canada's highest-producing gold mines.

Few Canadian gold operations consistently exceed the 300,000ozpa threshold. In 2025, Agnico Eagle's LaRonde Complex in Quebec produced 344,555oz of gold, while its Macassa mine in Ontario produced more than 312,000oz. Equinox Gold expects its Greenstone gold mine in Ontario to produce between 250,000 and 300,000oz of gold in 2026.

Based on project forecasts, Springpole is positioned to rank among Canada's premier gold producers once in operation. "Following completion of the feasibility study, we are targeting a final construction investment decision in Q4 2027 or Q1 2028. In parallel, we will advance project financing, with the goal of moving into construction and bringing Springpole into production around 2030," Huang said.

Largest economic investment in Northwestern OntarioAs Huang explained, the company is "looking at all the options available" in terms of developing the mine. "Our current path is to move forward with First Mining building and operating Springpole. It is a large project, with an estimated US$1.1 billion capital cost, so we will continue to evaluate all options available to us.

Ultimately, we need to bring together the right team to successfully build and operate the mine," he said. "This project has the potential to become the largest economic investment in northwestern Ontario in a generation. Over the life of the mine, it is expected to generate more than C$7 billion in government revenues and contribute approximately C$15 billion to the regional economy," he added.

The project's location is remote and as part of the development plan, the project has the opportunity to bring significant infrastructure investment to northwestern Ontario. The investment will not only benefit the Springpole project, but also the surrounding remote indigenous communities. Duparquet Gold ProjectAspirational first pour is targeted for 2033, marking a new chapter for the project nearly a century after mining first began at the site.

| Credits: First Mining GoldThe Duparquet gold project is First Mining's second flagship asset. Its NI 43-101 mineral resource includes 3.4Moz of gold in the indicated category (69Mt at 1.55g/t) and 2.6Moz in the inferred category (50.8Mt at 1.62g/t).

Located just north of Rouyn-Noranda, Québec, the project benefits from existing infrastructure and is located within the prolific Abitibi Greenstone Belt, one of the world's most productive gold regions. Based on a 2023 preliminary economic assessment, the project is expected to deliver average annual recovered gold production of 233,000oz over an initial 11-year mine life, with additional upside potential from resource expansion, satellite deposits and regional milling opportunities. First production is targeted for 2033, marking a new chapter for the project nearly a century after mining first began at the site.

The average open-pit grade is 1.36g/t gold, while the underground operation is expected to average 2.25g/t gold. In the 1930s, the mine was Quebec's largest gold operation, with the town developing around it. The operation produced more than 1Moz of gold between 1933 and 1956.

First Mining is actively drilling at the project in 2026, which has seen more than 300,000m of drilling at the site. First Mining is embarking on a comprehensive environmental baseline study and recently signed a landmark memorandum of understanding with the City of Duparquet for community development and collaboration. Other AssetsBeyond its flagship Springpole gold project in Ontario and Duparquet gold project in Quebec, First Mining holds a 20% interest in the Pickle Crow project through a joint venture with Bellavista Resources.

The company is also the largest shareholder in Seva Mining, which owns the Cameron gold project in Ontario.