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Category: Junior: Late Stage Developer
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First Mining Gold
www: firstmininggold.com     email: info@firstmininggold.com

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Notes
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Symbol Data

Symbol Currency
OTCMKTS:FFMGF USD
TSE:FF CAD

Description

First Mining Gold are a gold focused junior, late stage development company with three mines in development in Canada and exploration properties. They have approximately 12Moz. of gold in the reserves and resources category of which 7Moz. are in the measured and indicated category. They have a market capitalisation of ~C$153.37M which is a fall of roughly 20% over the last seven months. As of 01/06/2019 they have no debt and ~C$7.66M cash. They have 558M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/06/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $191.99M $153.37M 01/06/2019 $-38.62M
Total Assets: $204.15M $200.71M 01/06/2019 $-3.44M
Total Liabilities: $0.78M $0.77M 01/06/2019 $-0.01M
Current Assets: $9.35M $9.19M 01/06/2019 $-0.16M
Current Liabilities: $0.78M $0.77M 01/06/2019 $-0.01M
Total Debt: $0.00M $0.00M 01/06/2019 $0.00M
Cash: $7.79M $7.66M 01/06/2019 $-0.13M
Enterprise Value: $184.20M $145.71M 08/14/1974 $-38.49M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: Yes Yes 01/06/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/06/2019 0.00%
Misc 01/06/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 558,000,000 558,000,000 01/06/2019 0
Shares (FD): 616,000,000 616,000,000 01/06/2019 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2023 01/06/2019 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 01/06/2019 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 01/06/2019 0
Initial CapEx (Outstanding): $586.00M
305.22% of Mkt.Cap		 $586.00M
382.09% of Mkt.Cap 		01/06/2019 $0.00M
Funding Option: n/a n/a 01/06/2019 n/a
Documentation: none PEA 01/06/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 01/06/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 01/06/2019 0.00M
Measured & Indicated: 7.00M 7.00M 01/06/2019 0.00M
Inferred: 5.00M 5.00M 01/06/2019 0.00M
Reserves & Resources: 12.00M 12.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 01/06/2019 0.00M
Measured & Indicated: 4.76M 4.76M 01/06/2019 0.00M
Inferred: 2.13M 2.13M 01/06/2019 0.00M
Reserves & Resources: 6.89M 6.89M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 01/06/2019 $0.00
Extra Operating Cost: n/a n/a 01/06/2019 $0.00
Average Grade: 1.30 g/t 1.30 g/t 01/06/2019 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 01/06/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 7.00M 7.00M 01/06/2019 0.00M
Annual Production: 400,000oz. 400,000oz. 01/06/2019 0oz.
Cash Cost: $750 $750 01/06/2019 $0
Extra Operating Cost: $400 $400 01/06/2019 $0
SILVER 01/06/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 01/06/2019 0.00M
Measured & Indicated: n/a n/a 01/06/2019 0.00M
Inferred: n/a n/a 01/06/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 01/06/2019 0.00M
Measured & Indicated: n/a n/a 01/06/2019 0.00M
Inferred: n/a n/a 01/06/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 01/06/2019 $0.00
Extra Operating Cost: n/a n/a 01/06/2019 $0.00
Average Grade: n/a n/a 01/06/2019 n/a
Recovery Rate: n/a n/a 01/06/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/06/2019 0.00M
Annual Production: n/a n/a 01/06/2019 n/a
Cash Cost: n/a n/a 01/06/2019 n/a
Extra Operating Cost: n/a n/a 01/06/2019 n/a

Property

Last Analysis Data  (01/06/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Newfoundland, Canada Hope Brook 100% (guess) 25,000 Both show
PEA coming out in 2014.

1.3 million oz deposit at 2 gpt. Mostly open pit.

Incredibly cheap. About $2 per oz.
Development Ontario, Canada Pickle Crow 100% 4,000 Both show
High grade project in ideal location with low capex. They need a feasibility study and financing.
Development Ontario, Canada Springpole 100% 30,000 Open Pit show
5 million oz gold deposit (1 gpt)
25 million oz silver deposit (4 gpt)

PEA in 2013 for 215,000 oz gold, plus 1.2 million oz silver.

Capex $438 million.

Gold Equivalent cash-costs at $650.

IRR of 25% pretax at $1300 gold.
Exploration Burkina Faso Bougou I 100% n/a n/a n/a
Exploration Africa, Burkina Faso Liki 100% (guess) 18,000 Open Pit n/a
Exploration Ouagadougou, Burkina Faso Midebdo 100% 5,100 Open Pit n/a
Exploration Fada N'gourma, Burkina Faso Nakoambouri and Gonaba-Est 0% n/a n/a n/a
Exploration Ouagadougou, Burkina Faso Ouaraba 100% n/a n/a n/a
Exploration Africa, Burkina Faso Ouavousse 100% 16,600 Open Pit n/a
Exploration Ouagadougou, Burkina Faso Rima 100% 25,000 Open Pit n/a
Exploration Ronguen, Burkina Faso Salbo 100% 14,600 Open Pit n/a
Exploration Ontario, Canada Cameron 100% (guess) n/a n/a show
1.2 million oz.
Exploration Winnipeg, Canada Cat Lake 100% n/a n/a n/a
Exploration Quebec, Canada Duquesne, Duparquet, Pit 100% n/a n/a show
Early exploration.

400,000 oz at 4 gpt.
Exploration Favourable Lake, On, Canada Favourable Lake 40% n/a n/a n/a
Exploration Ontario, Canada Goldlund 100% (guess) n/a n/a show
2.2 million oz.
Exploration Birch Lake, On, Canada Horseshoe Island 100% n/a n/a n/a
Exploration Mexico, Mexico Mexico 100% (guess) n/a n/a show
17 projects in Mexico.
Exploration Cordero, Nv, USA Cordero 100% n/a n/a n/a
Exploration Missouri, USA Kratz Spring 100% n/a n/a n/a
Total Land Package Size (ha): 138,300  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Newfoundland, Canada Hope Brook 100% (guess) 25,000 Both show
PEA coming out in 2014.

1.3 million oz deposit at 2 gpt. Mostly open pit.

Incredibly cheap. About $2 per oz.
Development Ontario, Canada Pickle Crow 100% 4,000 Both show
High grade project in ideal location with low capex. They need a feasibility study and financing.
Development Ontario, Canada Springpole 100% 30,000 Open Pit show
5 million oz gold deposit (1 gpt)
25 million oz silver deposit (4 gpt)

PEA in 2013 for 215,000 oz gold, plus 1.2 million oz silver.

Capex $438 million.

Gold Equivalent cash-costs at $650.

IRR of 25% pretax at $1300 gold.
Exploration Burkina Faso Bougou I 100% n/a n/a n/a
Exploration Africa, Burkina Faso Liki 100% (guess) 18,000 Open Pit n/a
Exploration Ouagadougou, Burkina Faso Midebdo 100% 5,100 Open Pit n/a
Exploration Fada N'gourma, Burkina Faso Nakoambouri and Gonaba-Est 0% n/a n/a n/a
Exploration Ouagadougou, Burkina Faso Ouaraba 100% n/a n/a n/a
Exploration Africa, Burkina Faso Ouavousse 100% 16,600 Open Pit n/a
Exploration Ouagadougou, Burkina Faso Rima 100% 25,000 Open Pit n/a
Exploration Ronguen, Burkina Faso Salbo 100% 14,600 Open Pit n/a
Exploration Ontario, Canada Cameron 100% (guess) n/a n/a show
1.2 million oz.
Exploration Winnipeg, Canada Cat Lake 100% n/a n/a n/a
Exploration Quebec, Canada Duquesne, Duparquet, Pit 100% n/a n/a show
Early exploration.

400,000 oz at 4 gpt.
Exploration Favourable Lake, On, Canada Favourable Lake 40% n/a n/a n/a
Exploration Ontario, Canada Goldlund 100% (guess) n/a n/a show
2.2 million oz.
Exploration Birch Lake, On, Canada Horseshoe Island 100% n/a n/a n/a
Exploration Mexico, Mexico Mexico 100% (guess) n/a n/a show
17 projects in Mexico.
Exploration Cordero, Nv, USA Cordero 100% n/a n/a n/a
Exploration Missouri, USA Kratz Spring 100% n/a n/a n/a
Total Land Package Size (ha): 138,300  

Profitability (by resource)

Proven &
Probable		 01/06/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD Mkt. Cap / Gold Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Silver Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
Measured &
Indicated		 01/06/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 7.00M 7.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 43.04M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.76M 4.76M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 29.27M
Maximum Profit (Gold): $447.15M $914.97M n/a $467.81M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $447.15M $914.97M n/a $467.81M
Max Profit / Current MCap: 2.329 5.966 n/a 3.637
Max Profit Per Share (Gold): $0.73 $1.49 n/a $0.76
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.73 $1.49 n/a $0.76
Total Free Profit Per Share: $0.33 $1.16 n/a $0.83
FD Mkt. Cap / Gold Eq.: $40.33 $32.22 n/a $-8.11
FD Mkt. Cap / Silver Eq.: $0.49 $0.37 n/a $-0.13
FD Mkt. Cap / Per Metal
as % Spot Price:		 3.14% 2.26% n/a -0.88%

Reserves &
Resources		 01/06/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 12.00M 12.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 73.78M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.89M 6.89M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 42.33M
Maximum Profit (Gold): $646.78M $1,323.43M n/a $676.66M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $646.78M $1,323.43M n/a $676.66M
Max Profit / Current MCap: 3.369 8.629 n/a 5.260
Max Profit Per Share (Gold): $1.05 $2.15 n/a $1.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.05 $2.15 n/a $1.10
Total Free Profit Per Share: $0.65 $1.82 n/a $1.17
FD Mkt. Cap / Gold Eq.: $27.89 $22.28 n/a $-5.61
FD Mkt. Cap / Silver Eq.: $0.34 $0.25 n/a $-0.09
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.17% 1.56% n/a -0.61%

Future Valuation (Cash Flow & Totals)

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