First Mining Gold’s Springpole project shines with $3.2 Billion pre-tax NPV

First Mining Gold has filed an independent pre-feasibility study technical report for its Springpole gold project in Ontario, Canada. The company announced this on December 29, 2025. The report, titled "Springpole Gold Project NI 43-101 Technical Report and Pre-Feasibility Study, Ontario, Canada," was prepared by Ausenco Engineering Canada ULC of Vancouver in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The study has an effective date of December 1, 2025.

The 2025 PFS results support a 30,000 tonnes-per-day open pit mining operation. The study highlights several key financial and operational metrics. At a gold price of US$3,100 per ounce, the project has a pre-tax net present value (NPV5%) of US$3.2 billion and an after-tax NPV5% of US$2.1 billion. These figures increase to US$5.6 billion and US$3.8 billion respectively at a gold price of US$4,200 per ounce.

The internal rate of return (IRR) is also significant, with a pre-tax IRR of 54% at US$3,100 per ounce of gold, rising to 82% at US$4,200 per ounce. The after-tax IRR stands at 41% and 63% for the same gold price ranges.

The project has a life of mine of 9.4 years with an after-tax payback period of 1.8 years, reducing to 1.2 years at the higher gold price. Initial capital costs are estimated at US$1,104 million, with sustaining capital costs of US$323 million and closure costs of US$40 million.

The Springpole project is expected to produce an average of 330,000 ounces of gold annually in its first five years, with a life-of-mine average of 281,000 ounces per year. The total net cash costs are projected at US$742 per ounce for the first five years and US$802 per ounce over the life of the mine. All-In Sustaining Costs (AISC) are estimated at US$877 per ounce for the first five years and US$938 per ounce for the life of mine.

More information is posted at www.FirstMiningGold.com.