First Mining Gold Corp. filed an independent Pre‑Feasibility Study (PFS) technical report for its 100‑percent owned Springpole Gold Project in northwestern Ontario. The report, prepared by Ausenco Engineering Canada ULC, outlines a 30,000‑tonne‑per‑day open‑pit operation that is expected to produce 330,000 ounces of gold in the first five years and 281,000 ounces over the life of mine, which the study projects to be 9.4 years.
The updated economic assumptions in the new PFS are built on a gold price of US$3,100 per ounce, a capital cost of US$1,104 million, a cash cost of US$802 per ounce, and an all‑in sustaining cost (AISC) of US$938 per ounce. The study projects an after‑tax net present value of US$2.1 billion at a 5 % discount rate, an internal rate of return of 41 %, and a payback period of 1.8 years.
Compared with the January 2021 PFS, the new study shows a dramatic improvement in economics. The 2021 study had an after‑tax NPV of US$955 million based on a gold price of US$1,600 per ounce, cash costs of US$618 per ounce, and an AISC of US$645 per ounce. The higher gold price and updated cost estimates—reflecting inflation and more detailed engineering—have lifted the NPV more than double and increased the cash and AISC figures by roughly 30 % and 45 % respectively.
CEO Dan Wilton said the updated PFS “reinforces our position as one of the largest and most robust undeveloped gold projects in Canada.” He added that significant engineering work has been completed since the 2021 study and that the company is now moving toward a full feasibility study and the permitting process, which is expected to conclude in the first half of 2026.
The higher gold price environment has been a key tailwind for the project, driving the strong NPV and IRR figures. Headwinds remain the substantial initial capital cost of US$1.104 billion and the need to secure permits and financing, but the study’s economics suggest a compelling case for advancing the project toward production.
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