First Mining Gold Corp. reported its third‑quarter 2025 financial results for the period ended September 30, 2025, showing a cash balance of $37.6 million and an equity interest in PC Gold valued at $21.5 million. The company did not generate operating revenue, as it remains a development‑stage miner, but it strengthened its balance sheet through a $36.44 million capital raise and a strategic asset divestiture.
The capital raise was achieved through a combination of public and non‑brokered offerings, providing the liquidity needed to advance the Springpole and Duparquet projects. The infusion of fresh capital is a key step in de‑risking the company’s pipeline and positioning it for future production as gold prices remain elevated.
In addition to the capital raise, First Mining sold its remaining 20% interest in the Hope Brook Gold Project for $3 million in cash and 7 million shares of Big Ridge. The transaction not only generated immediate cash but also allowed the company to concentrate resources on its core assets, improving operational focus and reducing portfolio complexity.
Project progress was highlighted by the signing of a Long‑Term Relationship Agreement with the Mishkeegogamang First Nation for the Springpole Gold Project. Feasibility studies are underway and permitting activities continue, while the Duparquet Gold Project, currently at the PEA stage, delivered promising drilling results that support the company’s resource expansion plans. First Mining also maintains ownership of the Cameron Gold Project and a 30% interest in the Pickle Crow Gold Project.
Leadership changes were announced with the return of CFO Lisa Peterson from maternity leave and the appointment of Vincy Benjamin as Director of Projects. These moves reinforce the company’s management team and signal a commitment to disciplined financial oversight and strategic project execution.
Investors responded positively to the release, reflecting confidence in the company’s capital‑raising success, the asset divestiture, the progress on its flagship projects, and the strengthened leadership team. The market reaction underscores the perception that First Mining is effectively de‑risking its portfolio and building a solid foundation for future production in a high‑gold‑price environment.
The combination of a robust capital raise, strategic asset sale, and tangible project milestones positions First Mining to capitalize on favorable commodity prices while continuing to advance its development pipeline. The company’s focus on de‑risking assets and building capital aligns with its long‑term goal of moving toward production and delivering shareholder value in the coming years.
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