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First Mining Gold : Annual Information Form (AIF) for the year ended Dec. 31, 2021 – Marketscreener.com

TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
ANNUAL
INFORMATION FORM
For the year ended December 31, 2021
Date: March 25, 2022
2070 – 1188 WEST GEORGIA STREET, VANCOUVER, BRITISH COLUMBIA V6E 4A2
WWW.FIRSTMININGGOLD.COM| 1-844-306-8827
CONTENTS
Important information about this document ………………………………………………………………. 3
Reporting currency and financial information ………………………………………………………………………………………… 3
Non-IFRS Financial Measures ……………………………………………………………………………………………………………….. 3
Caution about forward-looking information ………………………………………………………………………………………….. 4
Examples of forward-looking information in this AIF ………………………………………………………………………………. 4
Material risks …………………………………………………………………………………………………………………………………….. 6
Material assumptions …………………………………………………………………………………………………………………………. 7
National Instrument 43-101 definitions ………………………………………………………………………………………………… 8
Glossary of units ………………………………………………………………………………………………………………………………. 11
Glossary of elements ………………………………………………………………………………………………………………………… 11
Glossary of abbreviations and acronyms ……………………………………………………………………………………………… 11
Cautionary note to US investors …………………………………………………………………………………………………………. 13
About First Mining ………………………………………………………………………………………………… 14
Vision and strategy …………………………………………………………………………………………………………………………… 14
General overview of our business ………………………………………………………………………………………………………. 15
Three-year history ……………………………………………………………………………………………………………………………. 18
Recent developments ……………………………………………………………………………………………………………………….. 26
Significant acquisitions ……………………………………………………………………………………………………………………… 27
Corporate organization ……………………………………………………………………………………………………………………… 28
Our projects …………………………………………………………………………………………………………………………………….. 29
Material Properties ………………………………………………………………………………………………. 30
Springpole …………………………………………………………………………………………………………… 30
Technical report ……………………………………………………………………………………………………………………………….. 30
Project description, location and access ………………………………………………………………………………………………. 30
History …………………………………………………………………………………………………………………………………………….. 33
Geological setting, mineralization and deposit types …………………………………………………………………………….. 35
Exploration ………………………………………………………………………………………………………………………………………. 36
Drilling …………………………………………………………………………………………………………………………………………….. 36
Sampling, analysis and data verification ………………………………………………………………………………………………. 37
Mineral processing and metallurgical testing ……………………………………………………………………………………….. 41
Mineral resource estimates ……………………………………………………………………………………………………………….. 43
Mineral reserve estimates …………………………………………………………………………………………………………………. 43
Mining methods ……………………………………………………………………………………………………………………………….. 44
Processing and recovery operations ……………………………………………………………………………………………………. 45
Infrastructure, permitting and compliance activities …………………………………………………………………………….. 46
Capital and operating costs ……………………………………………………………………………………………………………….. 48
Exploration, development and production …………………………………………………………………………………………… 51
Recent developments ……………………………………………………………………………………………………………………….. 52
Cameron …………………………………………………………………………………………………………….. 56
Technical report ……………………………………………………………………………………………………………………………….. 56
Project description, location and access ………………………………………………………………………………………………. 56
History …………………………………………………………………………………………………………………………………………….. 57
Geological setting, mineralization and deposit type ……………………………………………………………………………… 58
Exploration ………………………………………………………………………………………………………………………………………. 58
Drilling …………………………………………………………………………………………………………………………………………….. 58
Sampling, analysis and data verification ………………………………………………………………………………………………. 59
Mineral processing and metallurgical testing ……………………………………………………………………………………….. 64
Mineral resource estimates ……………………………………………………………………………………………………………….. 64
Recent developments ……………………………………………………………………………………………………………………….. 66
Non-material properties ………………………………………………………………………………………… 67
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CONTENTS (continued)
Royalty portfolio ………………………………………………………………………………………………….. 71
Risks that can affect our business ……………………………………………………………………………. 73
Types of risk …………………………………………………………………………………………………………………………………….. 73
Exploration, development, production and operational risks …………………………………………………………………. 73
Financial risks …………………………………………………………………………………………………………………………………… 78
Political risks ……………………………………………………………………………………………………………………………………. 82
Regulatory risks ……………………………………………………………………………………………………………………………….. 83
Environmental risks ………………………………………………………………………………………………………………………….. 84
Industry risks ……………………………………………………………………………………………………………………………………. 86
Other risks ……………………………………………………………………………………………………………………………………….. 87
Investor information …………………………………………………………………………………………….. 93
Share capital ……………………………………………………………………………………………………………………………………. 93
Common shares ……………………………………………………………………………………………………………………………….. 93
Preferred shares ………………………………………………………………………………………………………………………………. 94
Security-based compensation and convertible securities ………………………………………………………………………. 94
Material contracts ……………………………………………………………………………………………………………………………. 95
Market for our securities …………………………………………………………………………………………………………………… 99
Prior sales ……………………………………………………………………………………………………………………………………….. 99
Trading activity ………………………………………………………………………………………………………………………………. 101
Our team ……………………………………………………………………………………………………………………………………….. 103
Audit Committee information ………………………………………………………………………………………………………….. 109
Interests of experts …………………………………………………………………………………………………………………………. 112
Additional information ……………………………………………………………………………………………………………………. 113
Appendix A – Audit Committee Charter …………………………………………………………………………………… … ……………………. 114
Important information about this document
Throughout this document, the terms
we, us, our, the Company and First
This annual information form (“AIF”) provides important
Mining mean First Mining Gold Corp.
information about the Company. It describes, among other things,
and its subsidiaries, in the context.
our history, our markets, our exploration and development projects,
our Mineral Resources and Mineral Reserves, sustainability, our regulatory environment, the risks we face in our business and the market for our shares.
Reporting currency and financial information
The reporting currency of the Company is Canadian dollars. Unless we have specified otherwise, all dollar amounts (“$”) referred to in this AIF are in Canadian dollars. Any references to “US$” mean United States (US) dollars. On December 31, 2021, the exchange rate of US dollars into Canadian dollars, being the average exchange rate published by the Bank of Canada, was US$1.00 equals $1.27.
Non-IFRS Financial Measures
In this AIF we refer to future estimates of financial measures that are not IFRS financial measures (“Non-IFRS Financial Measures”). These financial measures are widely used in the mining industry as a benchmark for performance but do not have standardized meanings prescribed by IFRS and may differ from methods used by other companies with similar descriptions. Non-IFRS Financial Measures should not be considered in isolation or in substitute for measures of performance prepared in accordance with IFRS.
These Non-IFRS Financial Measures are included in this AIF because these statistics are used as key performance measures that management uses to monitor and assess future performance of theSpringpole Project and to plan and assess the overall effectiveness and efficiency of mining operations. Non-IFRS Financial Measures included in this AIF are as follows:
• Total Cash Costs and Total Cash Costs per Gold Ounce – Total Cash Costs are reflective of the cost of production. Total Cash Costs reported in the AIF in regards to the Springpole Project include mining costs, processing, water and waste management costs, on-site general and administrative costs, treatment and refining costs, royalties and silver stream credits. Total Cash Costs per Ounce is calculated as Total Cash Costs divided by total LOM payable gold ounces.
• All-in Sustaining Costs (“AISC”) and AISC per Gold Ounce – AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the AIF is in regards to the Springpole Project includes Total Cash Costs, sustaining capital and closure costs. AISC per Ounce is calculated as AISC divided by total LOM payable gold ounces.
The AISC and Total Cash Costs are future estimates only and, as the Company has not generated production from the Springpole Project to date, no comparable historical figures are available.
Caution about forward-looking information
This AIF includes statements and information about our expectations for the future. When we discuss our strategy, business prospects and opportunities, plans and future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking information or forward-looking statements under applicable securities laws. We refer to them in this AIF as forward-looking information.
Key things to understand about the forward-looking information in this AIF:
• It typically includes words and phrases about the future, such as expect, believe, estimate, anticipate, plan, intend, predict, goal, target, forecast, project, scheduled, potential, strategy and proposed (see examples listed below).
• It is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in the light of management’s experience and perception of historical trends, current conditions and expected future developments, including those we have listed below, which may prove to be incorrect.
• Actual results and events may be significantly different from what we currently expect, because of the risks associated with our business. We list a number of these material risks on the next page. We recommend you also review other parts of this AIF, including the section “Risks that can affect our business” starting on page 73, which discuss other material risks that could cause our actual results to differ from current expectations.
Forward-looking information is designed to help you understand management’s current views of our near-term and longer-term prospects. It may not be appropriate for other purposes. We will not update or revise this forward-looking information unless we are required to do so by applicable securities laws.
Examples of forward-looking information in this AIF
• statements regarding future acquisitions of mineral properties
• statements relating to our vision and strategy
Page 4
• statements relating to our plans or intentions to pay, or not pay, a dividend to our shareholders
• our intention to de-risk our material assets through exploration, drilling, calculating resource estimates, conducting economic studies and other activities;
• our intention to utilize our management team’s expertise to successfully permit and construct producing mines at our material assets
• statements relating to the criteria we will use when assessing potential acquisitions
• our belief that we will continue to be able to locate and retain professionals with the necessary specialized skills and knowledge
• statements regarding our intention and ability to select, acquire and bring to production suitable properties or prospects for mineral exploration and development
• our ability to raise the capital necessary to fund our operations and the potential development of our properties
• our ability to obtain the resources to conduct exploration and development activities on our properties
• our belief that the policies and procedures implemented by our executive management team provide a safe working environment for all of our employees, consultants, contractors and stakeholders
• forecasts relating to market developments and trends in global supply and demand for gold
• our ability to work with the various Indigenous communities in relation to the development of our projects
• our intention to construct a low-profile, resource access road to connect the Hope Brook Project to the Burgeo Highway or Highway 480
• our intention to continue to make expenditures to ensure compliance with applicable laws and regulations
• our intentions and expectations regarding exploration or drilling at any of our mineral properties
• statements regarding potential increases in the ultimate recovery of gold and silver from our properties, including the Springpole Project
• statements regarding regulatory approval and permitting, including but not limited to the Environmental Assessment process currently underway at the Springpole Project, our plans to submit an Environmental Impact Statement for the Springpole Project and our plans to complete a Feasibility Study for the Springpole Project
• statements regarding continued drilling and other exploration activities at the Springpole Project
• statements regarding future drilling by Auteco Minerals Ltd. at the Pickle Crow Project
• statements regarding future exploration, drilling and operational activities at the Cameron Gold Project
• statements regarding future activities by Big Ridge Gold Corp. at Hope Brook and our ownership of securities of Big Ridge Gold Corp.
• statements regarding future activities at the Swain Lake Property, Birch Lake Properties and Vixen Properties and our expectations and intentions regarding our involvement in such properties
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Attachments
Disclaimer
First Mining Gold Corp. published this content on 25 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2022 22:49:19 UTC.

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