Latest / SILVER / GOLD / $UFD Meme Coin Investing & Global Economics / **Gold and Silver Investors** MUST Hear Progress! - (Precious Metals Update w/ First Mining Gold)

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**Gold and Silver Investors** MUST Hear Progress! - (Precious Metals Update w/ First Mining Gold) · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

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Big developments and exciting opportunities right now in the
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precious metals sector. Today we're joined by Paul
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Morris and Richard Wong from First Mining Gold.
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We're going to talk about what's going on with the precious
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metals, gold and silver. We're also going to talk about
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what's happening in the overall precious metals mining sector.
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Are we really seeing a change in sentiment and most importantly,
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we're going to focus on on some big developments at their
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company first mining gold. Richard and Paul, welcome to
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Ron's Basement. Hey, Ron, great to see.
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You thanks for having us. Yeah, it's great.
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Great to have you guys here. Paul, why don't you start by
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giving us a little synopsis of the company, maybe tell us a
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little bit about yourself, and then we'll let Richard introduce
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himself to our audience as well. No, absolutely, absolutely.
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So yeah, First Mining Gold is a gold developer.
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It was founded actually back in 2015 by Keith Neumeyer and many
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people would know his name from First Quantum, which he Co
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founded and then obviously First Majestic Silver, both very, very
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successful companies back in 2015.
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He acquired probably in the space of about 15 months about
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eight different companies, different projects.
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We have over the years monetized some of those projects, either
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selling them, bringing in partners and so on, which has
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allowed us to raise quite a bit of money to put towards our two
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very large flagship projects, multi million announced projects
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Spring Pole in North Northwestern Ontario and
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Duparquet in the very mining prolific Abatibi region of
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Quebec. You know, we'll, we'll talk more
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about those projects in detail. But I, I guess what, you know,
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what we hope to, to, to achieve in this, in this discussion is
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well talk, obviously talk about the current state of the, the
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markets, especially the precious metal sector, but also why we
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feel that first mining does present a very compelling
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investment opportunity, I think with the potential to generate
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some significant returns for, for investors.
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You know, I've, I've been an investor in this company since
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it was founded in 2015. You know, I might as well segue
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into what I, you know, my background.
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I was a stockbroker and you know my clients when I was a
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stockbroker had done very well on Keith's previous companies,
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First Quantum and 1st Majestic. So when he formed this company,
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I became an investor as did some of my clients.
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I left being a stockbroker probably the beginning of 2017
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and joined this company First Mining back in 2021.
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My position as the director of investor relations, you know,
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my, my role is to keep investors well informed.
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If they have their hard earned money invested in the company,
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they want to know what's going, what's going on with the company
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that, that you know, that's solid and that they, you know,
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the potential remains. I think probably that's that's
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about it. Yep, Yep, Yep.
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And so Paul is the Director of Investor Relations.
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And if people have questions, they can e-mail you at
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paul@firstmininggold.com. And I know you always get back
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to everyone. Absolutely, yeah.
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And I would encourage people, don't be shy.
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I'm I love talking about this, you know, this company.
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So by all means, you know, e-mail me.
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Paul at first Mining Good. firstmininggold.com.
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So I'm getting a little tongue tied.
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Yeah, sounds great. And Richard, you are the Vice
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President of Corporate Development.
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Could you tell us the our audience kind of what you're
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doing with with with first mining gold and a little bit
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about your background? No, absolutely.
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Thanks Ron and great, great intro Paul.
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So yeah, as as Paul and Ron mentioned, my, I guess my
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official title is Vice President Corporate Development and
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Corporate Secretary, but that corporate secretary part is, is
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not that exciting. So we can talk about the
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corporate development, my background.
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He does everything he does. Does everything but, but my
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background is not that dissimilar to Dan's.
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I come from a banking background, spent call it 13
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years in the banking business, worked at a couple of large
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Canadian banks and for the most part out of those 13 years
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focused primarily in the Minos mining and metal sector and
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specifically doing a lot of work with development companies.
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So I've seen a lot of these companies advance through the
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life cycle and I've seen how they've been able to generate
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value for shareholders and ultimately, you know, as Paul
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mentioned, being able to make significant returns for those
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investments and shareholders. So at the end of calling my
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banking career in about 2020, there's an opportunity at first
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mining. And so I, you know, joined Dan
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who, who actually coincidentally enough, Dan and I used to work
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together at National Bank. And so opportunity opened up and
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I joined him in 2020. And 5 1/2 years later we've done
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a ton of work and I'm still around.
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So no, there's, there's a lot more work to do.
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But I guess at, at, at a really high level, you know, corporate
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development, as Paul said, it's, it's everything.
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But to kind of put, you know, more specifics around it, it's,
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it's, and you see this title in a lot of companies and you kind
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of wonder like, what do these individuals do?
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And at a high level, it's basically how do you maximize
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value for your shareholders? How do you optimize your assets,
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whether it's looking for external opportunities or
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optimizing assets internally? So you kind of got to weigh the
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various options available to the company.
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And as a development company, the majority of that work is
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internal. How do you maximize what you
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currently have? But at the same time, we're
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always looking at external opportunities.
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You know, things aren't cheap. There's a lot of competition out
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there for external opportunities.
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And so we haven't found the right one.
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And so, you know, the bulk of my time is focusing on how do you
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optimize your internal net assets.
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And there's two ways to do that. One is your valuation call, it
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is a result of either your net asset value in the company.
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So the bigger the better. How do you maximize that number?
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And secondly, the valuation multiple applied to your net
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asset value. So how do you get it to trade
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from .2 times to .5 times or six or seven?
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We can talk about that in a second.
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So there's two key variables to play with and kind of my job is
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to figure out how do you maximize these two things.
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And just as Paul said, if you really want to touch into kind
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of doing a bit of everything. So, you know, work closely with
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the finance team on capital raising initiatives, obviously
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working closely with Paul on the investor relations, you know,
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working closely with the operations team on, you know,
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how do you, you know, what do certain tweaks to the asset
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affect its value, working with, call it the environment and
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community relations team, how certain initiatives may impact
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the project. And so really it is it is kind
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of touching all the different parts of the company and it's
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everyday is different for lack of a better term.
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It's just kind of doing doing anything and everything.
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Yeah, Yeah. Thank you.
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Wow, that was a a very comprehensive explanation and
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and kind of changed my perspective in terms of how a
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development stage company goes about the process of harvesting
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like as much value as you can out of the assets that you have.
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And, and we're going to focus more on on the two assets a
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little bit later, Spring Pull and Du Parquet.
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But the gold price in general will affect the value of any
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gold mining company as well. And I was thinking back, the
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last time that the three of us were together in person was
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October of 2023. At that time we had a gold
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price, if my memory serves around $1800 an ounce.
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Today we're closer to $4500 an ounce, which is which is good
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for I think the overall mining sector.
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But do you either of you have any thoughts on kind of where
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the gold price is now and want to share with our audience what
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you might you know foresee happening in the say next year,
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five year time frame? Sure, sure.
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If I'm, if I might just say a few words, you know, when I,
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when I look at a company's stock price, it's really a function of
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two elements, the fundamentals of the company, meaning are the
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projects good? Does management have a good
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track record, drilling results good, all that, all that, all
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that sort of stuff. But also, you know, the other
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element is what are the market conditions?
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What is the sentiment? You know, especially, you know,
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4, that's, you know, in our case, the precious metal sector.
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You know, you can have a fantastic company, fantastic
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fundamentals as I think First Majestic has, but if the market
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is not cooperating or very volatile, you know, it's tough,
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can be tough for the stock to move.
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You know, conversely, you can have a company which doesn't
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have strong fundamentals, but the, the sector is great.
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It the stock still may not move. It's when you have both, you
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know, good fundamentals and a good market that the stock can,
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can rise. And you know, over the last
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little while, I mean, we, we've, we've experienced, you know, the
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last number of or certainly number of months where gold just
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absolutely shot up. It went very, very high very
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quickly. And I, I, I think even
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forgetting what's going on in the Middle East, it went it, it
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went a little too fast in my opinion and was bound to sort of
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correct a little bit. But what we're seeing right now
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is volatility like I've never, I've never seen before.
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And I was a stockbroker at one of the big Canadian banks for
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many years. I've never, never seen anything
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like this. And also, I think, you know,
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gold, gold has come down, but it's up and down, up and down.
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It depends from day-to-day on hour to hour, what news might
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come out of out of the out of the US and, and globally.
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You know, I think at the end of the day, gold is going higher.
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You know, there's still, you know, various large banks and
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strategists around the world calling for $6000 plus gold this
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year. And you know, quite honestly,
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you know, for years actually since I joined the company, you
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know, one of one of the questions I used I get
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frequently was when's, when's the stock going to move?
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And I said, look, for the stock to move, we need the sector to
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come back into favour. You know, for the sector had
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been out of favour for many years, probably since 2012.
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And it's only really in the last year that we've seen the sector
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really, you know, has come to life.
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I think there's still a lot, much, much more room.
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But people would say, well, gold has gold has moved higher.
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When's the sector going to move? And you know, what I would say
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is, look, while higher gold prices won't necessarily
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translate into an immediate rotation of investors capital
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into the sector, the higher it goes, the more likely that
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rotation becomes. So we've we've seen that right
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now, though, what's going on in the Middle East, you know, has,
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has affected gold. And I think logic is a little
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bit out of the, you know, you know, out the window.
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You might have thought that, well, you know, gold is a safe
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haven, might be even we are more important right now.
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We should see gold at much higher levels.
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But it seems like there's this battle between, you know,
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inflation battle. I don't know if that's the right
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word, but inflation and you know, real yields, interest
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rates. It seems that interest rates is
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what what is causing the, you know, a lot of the the
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turbulence. Hopefully this this situation in
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the Middle East comes to a resolution quickly and if it
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does, hopefully it does it will. I think we'll see a nice bounce
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in the in the sector. Yeah, I've, I've, I've, I've
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heard several top analysts say that and point out the fact that
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the fundamental reasons why gold really skyrocketed over the
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last, let's say, 18 months, all those reasons are still in
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place. And if anything, they've become
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more accentuated. And that may be this situation
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going on in the Middle East has caused some of the big, a lot of
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those Middle Eastern countries hold a lot of gold and it's
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caused them, you know, the need to liquidate some of that gold
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because they're not making money off oil.
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They need money for the war. But the, the big picture when it
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comes, you know, like the United States government has not paid
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off the national debt. You know the the fundamental
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reasons behind the gold rally are still definitely in place.
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Absolutely, absolutely. And I think central banks are a
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little more reluctant right now to to, you know, I think they're
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going to sit tight rather than lowering, lowering.
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Rates although and the and the World Gold Council put out a a
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piece yesterday saying that world central banks are
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projecting to buy even more gold here in the future.
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So I think Dan Wilton, the CEO of First Mining Gold said to me
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during our, our last interview that it's, it's there's, there's
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not like a, an epidemic of trust is going to break out in the
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world, but there's a lot of distrust, a lot of uncertainty.
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And that that's just this general macro environment we are
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in lends itself to even much, much higher gold prices.
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I want to ask you guys another question because you, you
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mentioned this, you talked about sentiment change.
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And I know that both of you travel quite a bit, go to a lot
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of the big conventions that are precious metals mining oriented.
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Are you seeing a change? Are you experiencing a change in
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in investor sentiment? Yeah.
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No, that's great. That's a great point, Ron.
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It's absolutely we've been to, you know what, what is it end of
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March. We've been to probably a few, a
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few conferences this year so far.
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And I would say in the last five years that I've been around with
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first mining and probably the 10 years prior to that even call it
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the last bull market run in, call it the early 20 tens.
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I don't think I've ever seen it as busy as what we've witnessed
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in the last three months ever. Like it's not even close.
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Just the sentiment called it start of conference at 8:00 AM.
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You would be kind of bombarded all the way with no break in
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pocket. Tell you at one of these
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conferences he had probably 5 minutes ago to go grab a quick
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sandwich. You probably didn't even go to
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the bathroom the whole time. But it's it went.
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Once. It went once, but it was it's
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just the sentiment is so 180 from even last year, which is is
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which is, you know, telling in itself.
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Yeah, absolutely, absolutely. Yeah, Richard, I mean that
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conference we were at in Vancouver, you know, the
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Vancouver Resource Investor Conference be Rick, I got I, I
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didn't realize that it started at 10, so I, so I got that.
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But I, I got there at 9 and people were popping by the
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booth. It, I don't think I took a break
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till around 2:00, I mean maybe 2 minutes.
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And it was fantastic. And then there were people
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telling me after that they had come by the booth to talk to me.
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But I was, you're busy all the time and great sentiment.
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Plus, you know, in I guess in October and November of last
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last year, I was in in Europe at a couple of conferences in
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Germany and Switzerland. And it was night and day, night
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and day. It's so encouraging.
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I think, I think in the future, Paul, you may just need to bring
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a sleeping bag and sleep in the booth.
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That might be a better approach. For yeah, yeah, I wish you
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haven't said that because now they may suggest suggest I do
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that. That was my idea.
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Well, and and I want to throw in as well that despite and I'm
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hearing that from you, I'm hearing that from other people
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that these conferences like you know, it's a 180 from let's say
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two or three years ago. I think an even more optimistic
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point in, in regard to that is when you look at the statistics
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of like the amount of money that's invested in the precious
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metals mining sector, which still quite low on a historic
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basis. So while we're, we're getting
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this massive upswing in sentiment, we still have like a
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really big runway of, of potential new and more money
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coming into the whole sector Is do you, do you agree with that?
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Yeah, absolutely. Well, I was going to actually
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say, it's funny you mentioned that, Ron, but not only are we
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not getting new money in the sector, there's actually
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redemptions and outflows, if you can, if you can believe that.
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And and this is what the equities and gold is doing and
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you're having outflows. And so imagine when, and it may
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seem like if you don't, and we talked about the fundamentals
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and you know, Paul gave a really, really good synopsis on
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kind of why gold is going to go higher.
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And again, I'm not an economist, but I think the average person
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like, don't look at the technicals, let's not look at
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the market, but just what's happening around the world.
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I think we can all agree that gold is going to go higher.
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And so there are some people out there saying we've, we've hit
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the peak. But if you're in the business
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and hearing that there's actually outflows and not
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inflows yet and yet the equities are doing what they're doing, it
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tells us that this is just the beginning.
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Because when people really start coming into the space in mass,
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it's going to go out of, don't want to make any predictions,
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but I just think it's going to go significantly higher.
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Absolutely. And you know, just to add, I
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mean, what she was saying, you know, I was at a conference run
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in London in I think it was early December.
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And there's a guy that you've heard Ron, Ron Stoffley, he
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writes a report of Gold B Trust. And I was, while I was waiting
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for to attend a meeting, Ron was talking to an audience.
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So one other thing, he brought up a chart and it showed, I
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think both the GDXJ, you know, the Junior Gold Miners Index and
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the GDX and both last year showed positive performance.
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But net outflows, as Richard said, net outflows and he's and
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Ronnie said there's still a long way to go.
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Imagine what's going to happen when we have net inflows.
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If there was positive, positive performance with outflows,
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imagine what that performance will be like with inflows.
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And I, and I want to make one more point.
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Over the last the three weeks, we saw the GDX and the GDXJ drop
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by like 3032%. And it boggles my, my makes no
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sense when you think about the fact that during that same
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period, we're essentially wrapping up the first quarter of
20:40
2026 where the where the average gold sales price for an actively
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mining company is probably I'm hearing it's going to be like
20:48
4500, somewhere in that range, significantly higher than the
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fourth quarter of 2025, which represented like windfall profit
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of record profit levels for a lot of these companies.
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Like during a period of time where the mining companies are
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making record profits, the market sold the equities down by
21:08
30%, which to me represented a great opportunity.
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But at the same time also showed like you guys, I think alluded
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to, like we're still early in this process that, that there's
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a lot of runway for, for growth in the, in the seniors, the mid
21:24
tier and the juniors and the the developers and the explorers as
21:28
well. Huge, huge.
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And you know, that just what you just said just talks about what
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I mentioned 1st, that the other stock prices of a company is
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tated 2 elements, the fundamentals.
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But the company you know, as you said big profits and the state
21:47
of the, the sector. And yeah, those great companies,
21:52
I look at Ignico, Eagle, Kinross and so on.
21:54
But you know, they, their stock price has dropped over the last
21:59
last couple of couple of weeks, but nothing changed with the
22:04
company. Yeah, just just the, you know,
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the, the, the sector and the sentiment for the sector.
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Yeah, just just to add to that, Paul and and you know, we have a
22:14
a very, very long term outlook obviously on the gold price, but
22:19
also with first lining like we don't want it to go up in a
22:23
straight line because you know what happens when it goes up in
22:25
a straight line, it's going to come back down the other way.
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And so to look at how we're performing, I think you almost
22:32
got to look at it from whether it's a quarterly basis or a
22:36
month to month basis and see that slowly uptrend versus
22:42
straight up because nothing could, nothing is going to go up
22:46
in a straight line forever. And it's, it's, it's not, no one
22:49
wants to see the share price go down, but it's, it's healthy for
22:53
the, the sector, it's healthy for the stock.
22:55
It's healthy for Gold to to kind of take a breather,
22:59
reconsolidate and and get his next leg up.
23:02
Yeah, and, and, and sort of it, you know, it's kind of basic
23:06
economics why the the stocks dropped as as gold comes down or
23:12
drops precipitously in in. But some investors get nervous.
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They want to sell at the same time potential buyers get
23:23
nervous and they may hold off investing.
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That's why the stock drops. At some point investors say, OK,
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you know, it's gone from the sublime to the ridiculous.
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This still represents fantastic value.
23:37
The sellers start to dry up and the buyers start to start to,
23:43
you know, jump in and, you know, even today I'm looking, I've got
23:46
the market open. You know, we, I think we're up
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what, 20% since Friday, isn't it?
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Am I right? Yes.
23:57
Yeah. But 20%, yeah.
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Yeah, the, the, the, the and I agree with you Paul and Richard,
24:02
right? Like the the consolidation is
24:05
important, right? The people that maybe want to
24:08
get out, get out and then you get new people who who come in
24:12
to whether you're talking about gold, silver or or first mining
24:16
gold stock and you build a new kind of foundation from where
24:20
future growth can go. And it and it does, it always
24:23
does definitely seem to go in spurt.
24:26
So thank you guys for, for kind of, you know, talking about the
24:29
sector in general, talking about the metals prices and given your
24:33
perspective on that, if it's OK with you, I want to focus in on
24:37
1st Mining right now because it's a stock that I've owned for
24:40
gosh, five years plus. It's a company that I've
24:44
followed you very, very closely. I still believe it's one of the
24:48
greatest values out there. You know, 2 huge projects in
24:54
Canada, spring pole in Ontario, du parquet in Quebec, each have
24:58
millions of Oz of gold in the ground, which I know is a
25:03
rarity, right? There just aren't a lot of like
25:05
big world class projects in good jurisdictions.
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And so I'll ask, you know, I don't know if Paul wants to
25:13
start or Richard, but can you give us an update on what's
25:16
going on with the company? I know you're kind of laser
25:19
focus now on the two big projects and maybe talk about
25:23
your thoughts on valuation, how however you want to go.
25:29
Yeah. Why don't I kick it off.
25:32
And as you mentioned Ron, we have two projects, the Springful
25:36
Gold project and Duparque. Of the two, the Springful Gold
25:43
project is the most advanced. And, and I just want to preface
25:50
by saying, especially for the new investors out there looking
25:52
at First mining, there's not a lot of companies.
25:57
In fact, I don't know there's any company like ours out there
26:00
where you have 1 gold developer holding 2 significant
26:07
development assets that could be their own company in its own
26:11
right. Because usually what happens is
26:13
you have a flagship asset that you have a lot of other projects
26:16
that they may own. You have another company where
26:19
it's a single asset developer. That's all they're focused on.
26:23
But for us, we have two assets that I think is, you know, for
26:28
lack of a better term it, it, it, it causes a bit of confusion
26:31
for some investors because you could either assume all the
26:39
value is to spring pull and we would still be undervalue we
26:43
think. And you kind of give Duparque no
26:46
credit or the other way around, you think Duparque has all the
26:48
value and then you're not giving Springfield credit.
26:49
So I just want to say that up front because understanding that
26:54
puts, puts what we have in a in a bit of a better perspective.
26:57
But the Springfield Gold project as as Paul mentioned, it is in
27:01
Northwestern Ontario. It is one of the most advanced
27:05
gold development projects in Canada right now.
27:08
It's got a resource base of 4.8 million ounces of the M and I
27:12
category and 800,000 ounces in the inferred category.
27:16
You're not allowed to say this, but this we're, we're, we're not
27:19
kind of call it official disclosure right now, but in
27:22
total we we have call it 5.6 million ounces in total at
27:27
spring pull. We recently put out a study in
27:31
December last year that using a $3100 gold price that showed
27:37
Spring Pull had a had a total net asset value of $2.1 billion
27:44
US. We've got a chart if you want us
27:47
to bring it up. Yeah.
27:49
Let me do it here. Yeah, let me, let me.
27:51
Let me. I'll.
27:52
I'll pull up the What you see on your screen right now is what
27:55
our viewer is. Saying not that one, the one
27:58
that it's the summary of the spring.
28:00
Poll. Do you know what page?
28:02
Is page 8, page 8. Page 8.
28:04
OK. The other pager, The other one.
28:06
Next one. Yeah, next one.
28:08
This one here. This is the highlights, Yeah,
28:11
OK. Hold on.
28:12
I will pull it up on the absolute full screen.
28:15
There you go. Do you see that on your screen
28:16
right now? Yep.
28:19
OK. So, so yeah, this is not the the
28:21
study that was put out in in December of last year.
28:25
So the, the Sprinkle project in itself has a $2.1 billion net
28:30
asset value as an IRR of 41%. And this is based on a $3100
28:36
gold price. It's, it's important to just to
28:39
say that because at a $4200 gold price, these numbers actually go
28:45
up to $3.8 billion in net present value and an IRR of 63%.
28:54
And and that is still below the existing gold price which is
28:57
about $4600 right now. So all to say, we have called it
29:02
a net present value of between two and $4 billion depending on
29:06
what gold price you use US compared to a market cap of
29:10
first mining today of about 500 million US and that's only one
29:16
project. And so you know why is this
29:21
great value? Because on a net to asset value
29:23
basis, we're trading at about .15 times NAV.
29:27
Our peers trade between .6 and .8.
29:30
So there's an obvious potential to bridge that gap.
29:34
And on an on an EV per oz basis, on a dollar per oz resource and
29:38
the ground bases, we're trading at about 40 bucks an ounce.
29:41
Our peers are at about $350.00 an ounce.
29:44
So the question is how do you bridge this gap?
29:46
So at Spring Pole, the biggest catalyst that the company has
29:52
ever seen is coming up in about two months.
29:56
And that catalyst is a environmental assessment
30:01
decision by the federal regulators granting first mining
30:07
or whoever the operator is the ability to move forward with the
30:13
project. And it's not, it's not
30:15
construction permits, it's not ready to build.
30:17
But there's other things you got to go through.
30:19
But this is the big one where if you get this project, you are
30:23
all of a sudden a project that is advanced enough that it could
30:28
be in construction in the next, call it two years.
30:34
And the reason for this, and I guess we should have, you know,
30:37
taken a step back, is a part of the deposit of spring pull sits
30:41
in the Bay of a lake. Just for context, there's
30:45
250,000 lakes in Ontario. We are in 1 of 250,000 lakes.
30:50
So the reality is if you're going to be in Ontario, you're
30:53
going to touch some water one way or another.
30:56
And so we're touching some water and so we have to drain a bit of
31:00
the lake. And when you hear that as a non
31:03
mining person, your initial reaction as well, they're never
31:08
going to build it because you know, that's, that's crazy.
31:13
Tons of precedents for this. Again, tons of lakes in Ontario.
31:18
So it's nothing new. And so we've been in this
31:21
process now for eight years where we've been doubted and
31:25
doubted and the way to kind of calm all those doubts and kind
31:29
of get rid of them, call it is getting this EA.
31:32
And so we feel like in the next two months, we are going to be
31:36
at a point where there's kind of really no more excuses on why
31:42
this thing can't be built. And you're really going to see
31:45
that gap of .15 times NAV close into the .6 times, which is a
31:51
three to four times potentially re rating of of first money.
31:56
And I would say just at a, and this is not to confuse it with
32:00
Dupart K and all these other things.
32:01
If there's one thing as an investor that you should be
32:04
looking out for in the next two months, this is it.
32:09
And you were only two months out.
32:11
Now imagine Paul and I, and I guess you as well, Ron, five
32:14
years out. It's much better to be be an
32:16
investor today than it was five years ago.
32:19
Yeah. Recently I've been an investor
32:21
for over 10 years and I have to say, and I've said this to
32:25
investors I speak with on a regular basis, I'm more excited
32:30
now than I than I have been. And you know, can I just add a
32:35
couple of comments on, on your description?
32:37
Because the other thing I think that helps us stand out is, you
32:41
know, we're a developer. And as a developer, you, you're
32:44
taking projects with really three potential outcomes.
32:51
Either you, you know, you get the approval, you do feasibility
32:54
study, you get the required permits and take it, you know,
32:58
build it and operate it yourself.
33:00
The other one is that maybe a producer out there, you know,
33:06
that needs to replenish their gold reserves, looks at a
33:10
company like us and says, oh, you're not going to form a joint
33:14
venture. It other situations, maybe a
33:17
company just this another producer decides we want to, we
33:21
want to own that project and they they buy it outright.
33:24
I mean, whatever happens with us, it's.
33:26
You know. Whatever's in the best, best
33:28
interests of shareholders. But why One reason why I think
33:31
we're so attractive besides Richard meant, you know, they're
33:34
in a solid jurisdiction where advanced.
33:38
But you know, we're a project that, you know, this was
33:43
detailed in the pre feasibility study that Richard was alluding
33:46
to that can produce over 300,000 ounces of gold a year at all in
33:53
sustaining costs of less than $1000.
33:58
So that's huge margins. I think that makes us makes us
34:02
really attractive. And the other point I was going
34:06
to make was, Oh yeah, Richard was mentioning, you know, this
34:11
deposits sits under the small Bay of a lake and you know, it's
34:22
we have to build a couple of dikes that are less than one
34:25
kilometre in length. It's not a technical challenge.
34:30
In fact, it's quite easy if you look in our if if viewers go to
34:35
our website and look at the corporate presentation.
34:39
There are some other examples of mines that actually our
34:42
sustainability environmental team have worked on that also
34:47
required dikes to be built and, you know, to a much larger
34:52
extent than, you know, it dwarfs what spring pole would require.
34:58
And it. Yeah.
34:58
And what we have to drain represents about 3% of the
35:01
overall water in the lake. So it's it's not.
35:06
Yeah. And, and, and, and I want to add
35:08
the timing for all this, right? The potential for this big
35:12
catalyst here in the coming months, the timing couldn't be
35:15
better, right? I mean, with the with the
35:17
overall gold market, with sentiment getting better, I'm
35:20
wondering who we give credit to for that, Dan Wilton or Keith
35:23
Newmeyer, But you know, the, the, the timing is just perfect.
35:28
I want to throw in too, you talked about the economics of
35:30
the project. Another analyst described it as
35:33
unparalleled economics, right? Like the all in the projected
35:37
all in sustaining cost, like this could be a very low cost
35:40
mine. And and one other thing that
35:44
that is really kind of exciting to me.
35:46
And I think for investors out there to realize like there's
35:50
been decade plus of work and a lot of money spent to absolutely
35:55
determine that all this gold is there.
35:58
This is not there is exploration as a bonus there.
36:01
There is, you know, some exploration potential with verse
36:04
mining. But these are and correct me if
36:07
I'm wrong, but I refer to them as like almost advanced stage
36:11
development projects. Is that an accurate description?
36:17
With with the spring poll or the other stuff?
36:19
With the with spring poll that I mean it's an advanced.
36:22
No, no, absolutely. It's, it's advanced stage.
36:25
It is as as I mentioned one of the most advanced projects in
36:30
Canada. We don't have the feasibility
36:32
study out yet, but a lot of the work I could say in the PFS, you
36:37
know, there's a way there's, there's a way of naming things.
36:39
There's there's what you would call PFS light, which means your
36:44
PFS is not really PFS and it's, it is PFS entitled, but the work
36:48
doesn't really kind of catch up to that level.
36:51
Or there's, call it APFS heavy or PFS Plus where it's actually
36:55
closer to a feasibility study, but we're still calling it APFS.
36:59
And I think we're in that latter category where we don't have a
37:02
feasibility study out yet. But to get from where we are to
37:06
a feasibility, we have a lot of that work completed.
37:10
We understand it in in a level that is much more detailed than
37:13
a typical PFS and in in terms of putting that out, that's going
37:19
to be on the agenda at some point, whether it's, you know
37:22
late 26 or early 27. But I guess more importantly in
37:26
terms of advancement is you can have all the advanced studies
37:32
that a project can have, but if you don't have the authority or,
37:39
you know, regulatory approvals to move it forward, you can't
37:41
really do much. And so as you mentioned, Ron,
37:46
you know, we've done 10 years. In fact, it's kind of closer to
37:48
15 years now of work. And so we have the historical
37:51
data set that spans 15 years that really informs us on how to
37:57
build this project to the highest environmental standards
38:00
and the most robust economics. And so I think this, this date
38:04
is going to be very important. So not, not to diminish the
38:06
importance of this date, but this, this is really important.
38:09
But at the same time, we're doing a ton of work with the
38:11
Indigenous communities around the project as well.
38:17
So it's, it's, it's a process that we're working with in
38:19
parallel between the communities and the federal government and
38:23
provincial governments. And it's going to be 1, you
38:25
know, hopefully you know, the decision that's made together
38:32
with everybody. Yeah.
38:33
So that so that everybody gets the benefit from the from the
38:37
potential. Yeah, it is.
38:40
AI always use the term of ambassador.
38:42
It's a collaborative process. We're all working together till
38:46
so we come up to an agreement that yeah, obviously there's
38:49
compromises here and there, but yeah.
38:52
And that keeps keeps everyone, everyone happy.
38:55
But yeah, so OK, well. So, so, so spring poll alone is
39:01
super exciting, right? I think we covered that really
39:04
well. If we have time here.
39:07
But wait, there's more, right? Because we have Dupart K as
39:11
well. Well, would would one of you
39:13
like to kind of give us a synopsis of what's going on
39:16
there and why we can be excited about Dupart K even as a stand
39:20
alone project? I mean, I, I think it's quite,
39:24
quite simple. You know, this is, this is a
39:26
project that sits smack bang in the middle of the Abitibi, which
39:30
you'll always hear Dan say this. It's one of the most sought of
39:33
the gold regions in the world, you know, Rich and I've been
39:39
there a number of times. It's mining, mining, mining,
39:42
mining. And this is a large project.
39:43
It was actually past producing mine, I think between 1930s and
39:48
the, the 50s as one of the largest gold mines in, in
39:51
Quebec. But it's very, you know, very
39:54
exciting. We drilled last year, I think it
39:59
was around 17,000 meters. We still have to report some
40:04
assays on a couple of 1000 meters.
40:07
And hopefully, hopefully soon, but the drill holes that we we
40:11
got last last year in last year's drilling were great.
40:15
I think almost all of them had gold mineral mineralization,
40:19
some very, very encouraging grades.
40:23
So, you know, I think our objective with this, this
40:26
project is really to continue drilling and expand the, the
40:35
size of the, the resource. We've believe that there's
40:38
potential to find a lot more gold.
40:41
And, and so that's, you know, that's exciting.
40:45
And you know, I think at some point in this, we've mentioned
40:48
in a recent news release that we're, you know, we're going to
40:52
embark very, very soon and probably have already to, to
40:56
collect in baseline environmental data, which will
41:02
help, you know, get us moving through the regulatory process
41:06
on that project. So really exciting.
41:09
It's got great potential. And, and, and so also robust of
41:14
robust economics. I mean, we did it back in 2020,
41:18
late 23A preliminary economic assessment.
41:21
I wouldn't talk too much about it, but we, we, you know, we, we
41:24
used the gold price of $1800. Even at that price, it showed
41:28
some robust economics. Obviously at current prices even
41:32
greater. So, yeah, I mean, Richard said,
41:35
whoops, we're a company, you know, gold developer with not
41:39
one, but two large multi million ounce projects.
41:43
It's it's really exciting. I think the potential actually I
41:46
want to, before I forget, want to, you know, go to one of my
41:50
favorite charts that you and I talked about, the RE rating
41:54
chart. So, so I'll, I'll just add a
41:56
couple of things that you said, Paul and the RE rating side will
41:59
pull that up. But just to highlight, you know,
42:01
we did this study in 2023, the gold price as you mentioned,
42:06
Ron, it was $1800 at the time and the economics at the time at
42:10
$1800, gold was about 600 million NPV and an IRR about
42:18
18%. OK.
42:20
No one's jumping out of their seat with those kind of numbers,
42:23
but you Fast forward from $1800 and and we can't.
42:27
So in the presentation we actually have it sensitized up
42:29
to 2200 do. You want me to pull that up,
42:32
Richard? You can pull that one up.
42:33
Yeah, it's the one after. Call it the page 13 if you want
42:39
to go down a few slides there. Yeah, there's no up one.
42:44
Yeah, there's. One OK.
42:45
So, so the the highlighted row is the base case and you could
42:51
see it's 600 million NPV and IR of 18%. 588.
42:58
If you sensitize that up to 2200, because at the time that
43:02
was kind of the maximum allowed flexibility and kind of how high
43:05
the gold price would go, that's 1.1 billion and 28%.
43:09
You extrapolate that to $4500 gold or $5000 gold, that's like
43:16
3 billion, five billion, 4 billion.
43:18
I don't know what the number is. We we got to do the math on
43:20
that. But all to say, and, and This is
43:23
why I, we, we mentioned earlier that that this project in
43:26
itself, it's difficult to understand that this project in
43:28
itself could justify the value of first mining.
43:32
Whether you want to look at project A, which is spring pool,
43:35
or project B, which is duparque. However you want to slice and
43:39
dice it, you're giving 0 value to one of these projects, which
43:44
which again, makes it a bit more, bit more challenging
43:46
because we, we, we never have enough time and it gets
43:48
confusing. But the one other thing I want
43:50
to add here is, and I want to play geologist for just two
43:54
seconds. If you want to pull up one of
43:55
the other pages, it's page 27. OK this.
44:06
And so, yeah, so this is the main resource in the past
44:10
producing area, it's 4 kilometers in strike.
44:14
There's been in these kind of, you know, production areas about
44:19
1.5 million oz produced historically from Paul's time
44:23
period from 1933 to 1956. And within this wireframe, there
44:29
is still 5 million oz. Five of the six million at the
44:35
project is in this 4 kilometer area.
44:37
And you add 5 million plus the 1.5, there would have been one
44:43
6.5 million oz kind of in this diagram.
44:48
And this is all in the 1st 500 meters of the deposit.
44:54
And if we know the Abitibi for for those who don't know the
44:57
Abitibi, most of the mines don't start.
45:00
The good stuff doesn't start until 1500 and it's typically
45:03
continuous and open all the way down and further down even more.
45:07
And so if you want to extrapolate 6.5 million oz over
45:11
the 1st 500 meters, what's going to be there in the next 500 and
45:17
what's going to be there in the 500 after that?
45:19
And our team thinks it's going to be that, call it, 1,000,000
45:24
oz per 100 meter vertical. And so in the next 1000 meters
45:29
down, we would expect a million oz per 100 meters.
45:35
So you can do the math. I'm not going to see the number,
45:37
but it's going to be a lot bigger than 5 million oz.
45:40
And we we feel very, very good about that.
45:43
Our results as Paul mentioned are still coming from the
45:46
program last year. At some point we will put out a
45:49
resource update. We haven't drilled that deep
45:52
yet, but because the focus has been other things, but but if
45:56
one were to you know make Duparcade score focus and core
46:01
project and just get tons of drills turning, there is a
46:07
pathway to significantly increasing that resource.
46:11
And that's all within that 14 kilometer pitch. 4 kilometer
46:15
strike going, going, going straight down.
46:18
Going straight down, yeah, because the the chart that we
46:21
were just looking at, obviously the big red section, it went
46:24
down to about 600 meters. But what you're saying is the
46:28
most of the resource at this point that's been defined as
46:31
from that 500 meters up to the surface is that.
46:35
Exactly. And there's barely been anything
46:37
below 500, a couple of drill holes to like 607 hundred.
46:40
But if you extended all the drill holes and it's all open,
46:44
if you just kind of kept going, our team thinks that you're
46:47
going to see the same thing in the next 500 as you see in the
46:50
1st 500. Wow.
46:51
And you said sometimes in that region, the deeper you go, even
46:55
the richer the. Better the better the grades
46:57
are, absolutely. Yeah.
46:59
Yeah. Well, I'm ready to run up there
47:00
with the drill and and see what we can find out.
47:03
Let's do we've had you up there once before, Ron.
47:05
I think it's it's it's actually changed and continuously been
47:08
evolving with our involvement at the project and in the town and
47:13
love to have you back there again.
47:14
Let's. Do it.
47:14
Yeah, yeah. It's in your and I and I can
47:16
attest to what you said. So when you're in that area, it
47:20
is a mining district. I mean, everywhere you look,
47:24
everywhere you drive, you see mines, you see, you see mills,
47:28
you see, you know it and the people.
47:30
The other thing that I'll that I'll throw in just my impression
47:33
from from visiting the Dewparket mine is that the people in that
47:36
area were very nice number one, but also seemed very interested
47:42
in in working with the company to to see, you know, to see this
47:47
really turn into something great for the community and and for
47:51
first mining. Yeah, absolutely.
47:55
You Ron, you know, just because I happen to be a little bit
47:59
obsessed with the stock price having been an investor for
48:02
many, many years. Can I trouble you now that we've
48:05
talked about Dupacay to bring up that slide, the one that we're
48:09
re rating potentially and. Do you remember which?
48:14
#11 I believe. Yeah, 10 Where am I 78910?
48:22
Does this sit here, Paul? That's it.
48:24
Beautiful significant value re rating potential, I like to say
48:28
capital gains potential. But anyway, yeah, you know, why
48:33
do we invest? We invest because we want to
48:35
make a a decent return on our money.
48:39
And I think this, this chart says it says it all.
48:45
If you look at the left, you'll see the number 2.9 that that is
48:49
the net present value of spring pole in Canadian dollars.
48:53
Assuming a $3100 gold price, 2.9 billion at $2200 gold, Dupar K
49:02
has a net present value of around 1.1 billion for a total
49:06
of just above the orange or yellow shows net, a total net
49:10
asset value of 4 billion, or that translates into 291 a
49:16
share. Now historically a developer
49:21
like us, an advanced developer, should trade at around between
49:26
.6 and .8 times that net asset value.
49:29
But let's say .7. If you go over to the right side
49:33
of the page and look at where it says .7, yeah.
49:40
And just above there, if you take .7 times that net asset
49:44
value of 291, it would translate into a share price of $2.03
49:50
Canadian, which, you know, I'm looking at the stock right now,
49:53
it's trading at $0.48 Canadian. You know, even from there,
49:58
that's just over 4 times the current share price, which I
50:04
think in anyone's books is, you know, very nice return.
50:08
However, you know, gold is much higher than those price
50:13
assumptions right now. 3100 for spring poll and 2200 for Dupac.
50:18
If we use $4200 gold, just below that green bar, you see the
50:24
green bar? Yeah, that gives us that.
50:26
You know, there's a lot of leverage to the price of gold on
50:29
these projects. The value jumps.
50:30
I think it's about 100 and 240 million for every $100 that
50:37
gold, gold moves. So at 4200, the net asset value
50:43
would be around 6.4 billion or $4.66 a share.
50:49
Now, if you go back to that right side where it says .7 at
50:55
you, if you take .7 * 466, that implies a share price of $3.26.
51:04
Well, the shares right now are just jumped to 48 1/2 cents.
51:08
That is very attractive appreciation.
51:12
And you know, that's why that's why you invest.
51:15
And I always get, you know, what goes to be reassurance.
51:18
Ron, thanks very much for bringing that chart up.
51:22
What gives me great reassurance? You know, I was, I was, I was
51:27
sitting at my desk Friday afternoon and the chairman of
51:30
the company, Keith Neumeyer, called me and he said, Paul,
51:32
just to let you know, I just picked up another million and a
51:35
half, yes, to take him to over 43,000,000 shares, which I'll be
51:41
honest is more than I own. But you know, when you have
51:46
insiders, I mean you know, and, and and your management, you
51:49
know, ripped, ripped. Richard has a large position.
51:53
Dan Wilson has a very large position.
51:55
I was just gonna say that Paul, I also bought some, but it's not
52:00
1.5 million. I saw you on the list, Richard.
52:04
And then, I don't know, Tim Zub emailed me last night.
52:09
I think that Keith bought possibly even some more
52:14
yesterday. I think he would have called me
52:18
if he did, but I'll check. I know certainly on Friday he
52:21
did. But it's, you know, that's, you
52:24
know, I've made the mistake in the past in investing where I
52:27
invested a in a company where management had very little of
52:32
their own money invested and it didn't work out.
52:34
Well, this, I think it, it nothing's, I mean nothing speaks
52:40
louder than than that when you have management putting their
52:43
own own money in this. And you know, honestly, I was
52:46
jokingly, I tried to buy some the other day.
52:49
I think what what day is it today, Wednesday.
52:50
On Monday I tried buying some but I was a bit of a an idiot.
52:54
I was put in a low, low bid. I did not get filled and I think
52:59
that's why the stock. Yeah.
53:02
It's up more than 20% from where I where I had bid.
53:07
But anyway, I'm excited. I, you know, I've earned the
53:09
stock for many years and have added to my position obviously,
53:13
and I will, I will buy some more.
53:15
So I yeah. And I, and I just want to throw
53:18
in and please correct me if I'm wrong, but it feels like to me
53:21
they keep Newmyer's not just been buying recently, but he's
53:25
been buying significant amounts over the last couple years, year
53:30
and a half big. I mean, he's number #1 he's
53:34
Keith Newmeyer. He's super respected in the
53:36
precious metal sector, but he's also the chairman of the company
53:40
and really, you know, making what are substantial purchases
53:45
of the stock. Yeah, yeah, absolutely.
53:48
And you know, he's he's very successful.
53:52
I think it all also comes down to the the team and, and I think
54:00
we've just got a fantastic team and in all different areas of of
54:05
the company and I think that's just a a recipe for huge
54:09
success. Yeah, yeah, yeah.
54:11
When I was up in Quebec with you guys, I'll tell the viewers, I
54:15
met Paul, I met Richard, I met, is it Steve Hines and I met
54:21
James Maxwell the, the, the, the exploration and Steve is dealing
54:25
with the, the permitting community relations, really just
54:29
a top notch group of people. And of course, Dan Wilton, the
54:33
CEO who like you said, Paul also has what the hem is a very, he's
54:37
told me a very significant investment in the company as
54:41
well that the, that the managers in the executives at first
54:46
mining gold are really are aligned with the shareholders.
54:49
And I agree with you 100%. That's always a big factor that
54:53
I look at any time I'm making any type of investment, but
54:57
particularly within the within the gold mining sector.
55:01
Oh, yeah. No, I've seen that.
55:02
Yeah. Quite honestly, I think the
55:04
timing right now could be proved to be very fortuitous for, you
55:09
know, anyone looking to initiate a position.
55:12
But I, I should remind, you know, I'm sure you will.
55:14
But, you know, I'm so happy to speak to investors, potential
55:19
investors, whether on the phone or video, to tell them why I,
55:25
you know, feel this. This is such an attractive
55:28
opportunity. And, you know, we're all in it
55:30
for the the same, the same reason.
55:33
And. Yeah.
55:35
And. I'll just add this to because
55:37
Paul's talking about, you know, how excited he is.
55:39
And I would say Paul is probably 1 of 1 in the mining space as,
55:45
as you could probably attest to as well, Ron, like I don't know
55:49
anyone else that would be so accommodating and so willing to
55:58
talk to anyone and everyone at any time.
56:03
You know, we're A, to be very clear, we are a, you know, TSX
56:07
listed public company with 10s of thousands of shareholders.
56:12
And if you want to get a hold of Paul, you will get a hold of
56:16
Paul and he will make sure to get back to you.
56:18
And he will not only, you know, tell you how great of a great of
56:23
an opportunity it, it is when when you buy it, but the follow
56:27
through after you buy it. He will make sure he's
56:30
accessible and you will feel comfortable with your holding
56:36
because when in our stock is slid, you know the wrong way.
56:42
You know, investors, I don't want to say panic, but sometimes
56:46
just need some reassurances that things are on track.
56:50
And, you know, Paul's the guy and he's always been been there
56:53
to to just keep people up to date.
56:55
Like we're not going anywhere. We're we're as public as it can
56:58
be. And so he's he's, he's
57:01
definitely, as I said, one of one.
57:04
And and I'll, I will confirm what you said, right?
57:07
A lot of these companies, you reach out to him, it's like
57:10
you're going into a black hole. If you reach out to Paul, he
57:13
will get back to you. And as Dan Wilton and I like to
57:15
remind people, it's real easy to remember.
57:18
Call, call Paul. Better call Paul.
57:23
Yeah, but the English accent call Paul at Paul at first mine
57:28
in gold.com and you hate, you know the other another thing
57:31
Richard and I were talking yesterday, Ron, you know Dan and
57:35
I were in the basement a couple of years ago.
57:39
We need to do another visit and do a call from there with
57:43
Richard May, Dan. Yeah, the.
57:48
The. The the goal is to get.
57:50
The goal is to get Keith there. We'll.
57:53
Find a way to get Keith there. Yeah, I I think he, I think he
57:56
would, he would be willing. And yeah, I'll have to.
57:59
I'll sit where the the bear is. You're going to sit with the
58:03
bear, Paul? Definitely.
58:04
Yeah. Yeah.
58:05
No, it would be. It would be an honour.
58:07
Yeah. You guys were coming through
58:08
Saint Louis. I probably.
58:09
It was right around when the the the the du Parquet event
58:17
happened when you consolidated the all the which was a big
58:20
deal. We didn't really touch on that.
58:21
But I know Keith Newmeyer talked said that they worked on that
58:25
for years and years when all the properties were consolidated,
58:28
which now make up the Duparquet project.
58:30
And yeah, it's a great, it almost feels like, I mean, I
58:34
know a lot of the shareholders, people that I've met through the
58:37
channel that that own First Mining Gold.
58:41
It's almost, it's a great community of shareholders.
58:44
I mean, really good people who know, you know, who, who believe
58:49
in the company and you know, love investing in First Mining
58:53
Gold. So is there anything, is there
58:55
anything I forgot to, to ask you guys or any closing remarks
58:58
before we we bid farewell to our viewers?
59:01
I what? Just one thing, you know, we do
59:03
have some analyst coverage and which has been growing and you
59:10
know, there's some pretty, pretty attractive target prices
59:14
that, you know, you know, I love to see, I love when, you know, I
59:18
get those phone calls from Keith that he's bought another million
59:20
and a half shares. But it's also nice to see the
59:23
support from, from the the analysts.
59:27
What are the targets? Richard Buck, 20 to $1.65
59:31
currently. Yeah, it ranges from the high,
59:37
we call it high might have been like $0.80 range to $1.50 range,
59:43
something like that. It's always changing with the
59:46
with the with the gold price and whatnot.
59:49
But no, as you said Paul, like very, very supportive analysts.
59:51
We have six of them all with buy targets on us.
59:55
The one thing I do want to mention quickly again it, it,
59:57
it's sometimes you don't want to say too much because it gets a
1:00:00
little confusing, but I, I would, I would wrap this all up
1:00:03
in our financial. Called balance sheet situation
1:00:10
where we currently have $40 million of cash in the bank.
1:00:14
That's quite a bit of money where it could provide a decent
1:00:17
runway to get some of our big items completed like getting us
1:00:21
through to obviously the big decision coming up in May,
1:00:26
keeping us funded through the feasibility, getting drills,
1:00:30
turning both at spring pool and dew parquet.
1:00:32
So we have enough money to do that.
1:00:34
But I think more importantly is and just based on what Paul
1:00:38
said, how the company was built, we had accumulated a big
1:00:41
portfolio. We're down to two main assets,
1:00:44
but we used to have eight. We've sold a lot of stuff that
1:00:47
has brought money in and we are kind of down to our last couple
1:00:52
of call it non core assets where we recently just monetized one
1:00:56
company or one asset that we recently monetized was the
1:01:00
Cameron Gold project that now is in a public company called Seva
1:01:04
Mining. And we own about 48% of that
1:01:08
company with shares outstanding that are currently valued at
1:01:13
about $0.35 today and we own 80 million shares.
1:01:18
So that's a nice that's on top. Of that's on top of the cash.
1:01:23
On top of the cash, on top of the cash and over time, I think
1:01:28
there's going to be a ton of value there where we can see
1:01:30
that, see that share price go materially higher and we can
1:01:33
take some money off the table when the time is right.
1:01:34
And that's going to continue funding our growth.
1:01:38
And then we have one other asset remaining.
1:01:40
It's a minority interest in a project called Pickle Crow.
1:01:44
Not that we need to delve too much into that, but essentially
1:01:47
it's just another asset where we think we could get another 20 to
1:01:52
$30 million in the next 12 months to continue funding.
1:01:57
All to say, a lot of runway with the current balance sheet that
1:02:01
could get us to some critical milestones without continuously
1:02:05
diluting our shareholders. Yeah, yeah.
1:02:07
Excellent, excellent. Well, thank you, guys.
1:02:10
Thank you, Paul. Thank you, Richard.
1:02:13
I do want to mention the stock is traded on the TSX with the
1:02:16
symbol FF and in the United States with the symbol F FM GF.
1:02:23
And our viewers can learn more about the company at
1:02:25
firstmininggold.com. The guys, it's going to be super
1:02:29
exciting in the coming months and quarters and years to see
1:02:34
how things progress with First Mining Gold.
1:02:37
And I'll look forward to having you back in the basement, maybe
1:02:40
even in person here sometime soon.
1:02:42
Yeah, hopefully. That's great.
1:02:44
No thank. Thanks so much for your time,
1:02:45
Ron. And you know, always, always
1:02:48
appreciate the support. We'll definitely talk soon.