First Mining Gold Corp 6-K, filed Nov 10, 2021

First Mining Gold Corp. (FFMGF)

6-K 2021-11-10 For: 2021-09-30

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Added on April 07, 2026

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First Mining Gold Corp filed this 6-K on November 10, 2021.

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Exhibits	Description
99.1	Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2021 and 2020
99.2	Management’s Discussion & Analysis For The Three And Nine Months Ended September 30, 2021
99.3	CEO Certification of Interim Filings
99.4	CFO Certification of Interim Filings

		First Mining Gold Corp.
		(Registrant)


Date: November 10, 2021		/s/ Samir Patel
		Samir Patel
		General Counsel and Corporate Secretary

Exhibits	Description
99.1	Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2021 and 2020
99.2	Management’s Discussion & Analysis For The Three And Nine Months Ended September 30, 2021
99.3	CEO Certification of Interim Filings
99.4	CFO Certification of Interim Filings

	September 30, 2021	December 31, 2020

ASSETS
Current
Cash and cash equivalents	$30,348	$28,901
Investments (Note 3)	17,331	18,425
Prepaid expenses, accounts and other receivables	868	2,700
Total current assets	48,547	50,026

Non-current
Mineral properties (Note 4)	165,073	179,429
Investment in Treasury Metals Inc. (Note 5)	16,260	63,812
Investment in PC Gold Inc. (Note 6)	21,570	-
Investment in Big Ridge Gold Corp. (Note 7)	1,569	-
Mineral property investments (Note 8)	6,210	6,726
Property and equipment	850	570
Other assets	431	650
Total non-current assets	211,963	251,187
TOTAL ASSETS	$260,510	$301,213

LIABILITIES
Current
Accounts payable and accrued liabilities	$2,258	$2,013
Current portion of lease liability	123	112
Provision for Pickle Crow reclamation funding (Note 4(b))	710	-
Current portion of environmental reclamation provision	-	250
Option – PC Gold (Note 4(b))	4,347	4,410
Obligation to distribute investments (Note 5(c))	-	34,040
Total current liabilities	7,438	40,825

Non-current
Lease liability	348	442
Environmental reclamation provision	-	3,133
Silver Stream derivative liability (Note 9)	23,768	13,260
Total non-current liabilities	24,116	16,835
TOTAL LIABILITIES	31,554	57,660

SHAREHOLDERS’ EQUITY
Share capital (Note 10)	318,434	317,167
Warrant and share-based payment reserve (Note 10)	46,681	44,648
Accumulated other comprehensive gain (loss)	(376)	(1,392)
Accumulated deficit	(135,783)	(116,870)
Total shareholders’ equity	228,956	243,553
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$260,510	$301,213

	Nine months ended September 30,
	2021	2020

Cash flows from operating activities
Net loss for the period	$(31,867)	$(33,345)
Adjustments for:
Gain on deconsolidation of subsidiary (Note 4)	(9,280)	-
Impairment of non-current assets (Note 5(b))	23,555	24,870
Share-based payments (Note 10)	1,585	777
Depreciation	238	233
Fair value loss on Silver Stream derivative liability (Note 9)	700	6,112
Investments fair value loss (Note 3)	4,672	426
Other expenses	42	-
Accrued interest receivable	(84)	-
Unrealized foreign exchange loss (gain)	40	(606)
Deferred income tax recovery	-	(1,539)
Finance cost	38	62
Equity and dilution loss on equity accounted investments	5,675	(467)
Loss on disposal of subsidiaries	-	303
Operating cash flows before movements in working capital	(4,686)	(3,174)
Changes in non-cash working capital items:
Increase in accounts and other receivables	(35)	(71)
Increase in prepaid expenditures	(31)	(8)
Decrease in accounts payables and accrued liabilities	(751)	(244)
Total cash used in operating activities	(5,503)	(3,497)
Cash flows from investing activities
Mineral property expenditures (Note 4)	(11,241)	(9,474)
Investment in Treasury Metals Inc.	-	(118)
Proceeds from sale of investments (Note 3)	11,386	-
Property and equipment purchases	(425)	(197)
Option payments and expenditures recovered (Note 4)	1,968	148
Total cash provided by (used in) investing activities	1,688	(9,641)
Cash flows from financing activities
Net proceeds from bought deal financing	-	26,647
Net proceeds from private placements	-	9,124
Proceeds from Silver Stream (Note 9)	4,757	3,263
Proceeds from ATM program	-	125
Proceeds from exercise of warrants and stock options	668	706
Repayment of lease liability	(83)	(67)
Finance costs paid	(37)	(41)
Total cash provided by financing activities	5,305	39,757
Foreign exchange effect on cash	(43)	(44)
Change in cash and cash equivalents	1,447	26,575
Cash and cash equivalents, beginning	28,901	5,902
Cash and cash equivalents, ending	$30,348	$32,477

	Three months ended September 30,		Nine months ended September 30,
	2021	2020	2021	2020

OPERATING EXPENSES (Note 11)
General and administration	$1,195	$441	$3,820	$2,449
Exploration and evaluation	174	213	621	571
Investor relations and marketing communications	399	346	1,830	892
Corporate development and due diligence	100	59	347	285
Impairment of non-current assets (Note 5)	-	2,372	23,555	24,870
Loss from operational activities	(1,868)	(3,431)	(30,173)	(29,067)

OTHER ITEMS
Gain on deconsolidation of subsidiary (Note 4(b))	449	-	9,280	-
Fair value gain (loss) on Silver Stream liability (Note 9)	7,704	(6,112)	(700)	(6,112)
Investments fair value loss (Note 3)	(4,039)	(3,439)	(4,672)	(426)
Foreign exchange gain (loss)	112	(64)	(54)	543
Other expenses	(15)	(25)	(68)	(71)
Interest and other income	61	31	195	85
Loss on disposal of subsidiaries	-	-	-	(303)
Gain (loss) before income taxes	$2,404	$(13,040)	$(26,192)	$(35,351)
Deferred income tax recovery	-	221	-	1,539
Equity income (losses) and dilution impacts of equity accounted investments (Note 5,6 & 7)	15	467	(5,675)	467
Net income (loss) for the period	$2,419	$(12,352)	$(31,867)	$(33,345)

OTHER COMPREHENSIVE INCOME (LOSS)
Items that will not be reclassified to net income or (loss):
Investments fair value gain (loss)	(1,263)	1,648	1,533	1,721

Mineral property investments fair value gain (loss) (Note 8)	(73)	423	(516)	1,326

Items that are or may be reclassified to net income or (loss):
Currency translation adjustment of foreign subsidiaries	10	(10)	(1)	25
Recycling of currency translation adjustment on disposal of foreign subsidiaries	-	-	-	(630)
Other comprehensive income (loss)	(1,326)	2,061	1,016	2,442

Net income (loss) and comprehensive income (loss) for the period	$1,093	$(10,291)	$(30,851)	$(30,903)
Income (loss) per share
Basic	$0.00	$(0.02)	$(0.05)	$(0.05)
Diluted	$0.00	$(0.02)	$(0.05)	$(0.05)
Weighted average number of shares outstanding
Basic	699,523,115	656,270,866	698,177,258	632,847,071
Diluted	705,398,997	656,270,866	698,177,258	632,847,071

	Number of common shares	Share capital	Warrant reserve	Share-based payment reserve	Accumulated other comprehensive income (loss)	Accumulated deficit	Total

Balance as at December 31, 2019	591,997,138	$282,666	$14,532	$18,798	$(3,649)	$(50,015)	$262,332
Proceeds from bought deal financing	57,500,000	25,339	3,411	-	-	-	28,750
Bought deal financing share issuance cost	-	(1,854)	(249)	-	-	-	(2,103)
Proceeds from private placements	40,198,095	8,160	1,122	-	-	-	9,282
Flow-through share premium liability	-	(300)	-	-	-	-	(300)
Private placements share issuance cost	-	(136)	(22)	-	-	-	(158)
At-the-market distributions	532,000	125	-	-	-	-	125
Exercise of options (Note 10(d))	2,092,500	1,049	-	(428)	-	-	621
Exercise of warrants (Note 10(c))	247,500	98	(13)	-	-	-	85
Shares issued for prior mineral property acquisition	24,220	4	-	-	-	-	4
Warrants issued to First Majestic Silver Corp.	-	-	6,278	-	-	-	6,278
Share-based payments	-	-	-	1,165	-	-	1,165
Obligation to distribute investments	-	-	-	-	-	(37,222)	(37,222)
Loss for the period	-	-	-	-	-	(33,345)	(33,345)
Other comprehensive income	-	-	-	-	2,442	-	2,442
Balance as at September 30, 2020	692,591,453	$315,151	$25,059	$19,535	$(1,207)	$(120,582)	$237,956
Balance as at December 31, 2020	697,216,453	$317,167	$25,056	$19,592	$(1,392)	$(116,870)	$243,553
Exercise of options (Note 10(d))	2,287,500	841	-	(265)	-	-	576
Exercise of warrants (Note 10(c))	265,650	104	(12)	-	-	-	92
Shares issued on acquisition of Birch-uchi mineral property tenure (Note 4)	857,035	310	-	-	-	-	310
Cameron Gold exploration agreement	25,000	12	9	-	-	-	21
Share reduction due to expiry	(701,579)	-	-	-	-	-	-
Share-based payments	-	-	-	2,301	-	-	2,301
Obligation to distribute investments fair value adjustment	-	-	-	-	-	12,954	12,954
Loss for the period	-	-	-	-	-	(31,867)	(31,867)
Other comprehensive loss	-	-	-	-	1,016	-	1,016
Balance as at September 30, 2021	699,950,059	$318,434	$25,053	$21,628	$(376)	$(135,783)	$228,956

	Marketable Securities (FVTPL)	Marketable Securities (FVTOCI)	Warrants (FVTPL)	Total Investments
Balance as at December 31, 2020	$9,267	$3,386	$5,772	$18,425
Additions	13,691	216	-	13,907
Disposals	(9,043)	(668)	-	(9,711)
Gain recorded in other comprehensive loss	-	1,531	-	1,531
Loss recorded in net loss	(1,049)	-	(3,698)	(4,747)
Reclassification to assets held for distribution	-	-	(2,074)	(2,074)
Balance as at September 30, 2021	$12,866	$4,465	$-	$17,331

	Springpole	Cameron	Duquesne/Pitt	Hope Brook (Note 4(c))	Pickle Crow (Note 4(d))	Goldlund (Note 5)	Others (1)	Total
Balance December 31, 2020	$87,907	$31,875	$7,229	$20,612	$24,986	$-	$6,820	$179,429
Acquisition	$1,342	21	-	-	-	-	791	$2,154
Concessions, taxes and royalties	$684	32	3	20	-	-	-	$739
Salaries and share-based payments	$2,263	136	4	44	22	-	75	$2,544
Drilling, exploration, and technical consulting	$2,894	56	4	16	3,251	-	230	$6,451
Assaying, field supplies, and environmental	$3,761	72	-	3	-	-	10	$3,846
Travel and other expenditures	$1,022	26	-	17	-	-	4	$1,069
Total Expenditures	$11,966	$343	$11	$100	$3,273	$-	$1,110	$16,803
Disposal, impairment or reclassification	-	-	-	(2,685)	(28,259)	-	(215)	(31,159)
Balance September 30, 2021	$99,873	$32,218	$7,240	$18,027	$-	$-	$7,715	$165,073

	Springpole	Cameron	Duquesne/ Pitt	Hope Brook	Pickle Crow	Goldlund	Others (1)	Total
Balance December 31, 2019	$76,775	$27,374	$7,217	$20,071	$19,263	$98,894	$3,221	$252,815
Acquisition	$-	4,219	-	-	-	-	-	$4,219
Concessions, taxes and royalties	$740	11	3	20	20	2	60	$856
Salaries and share-based payments	$1,300	145	1	148	71	430	7	$2,102
Drilling, exploration, and technical consulting	$4,828	52	8	140	4,409	796	37	$10,270
Assaying, field supplies, and environmental	$3,555	50	-	123	1,217	255	8	$5,208
Travel and other expenditures	$709	24	-	110	6	126	2	$977
Total Expenditures	$11,132	$4,501	$12	$541	$5,723	$1,609	$114	$23,632
Disposal, impairment or reclassification	-	-	-	-	-	(100,503)	3,485	(97,018)
Balance December 31, 2020	$87,907	$31,875	$7,229	$20,612	$24,986	$-	$6,820	$179,429

	June 9, 2021
Fair Value of retained interest in PC Gold Inc.
112,146,017 shares at $0.32 per share (deemed FV based on underlying property interest)	$36,000
Provision for Pickle Crow reclamation funding	(710)

Fair value of Auteco shares received as additional consideration (Note 3)	8,640

Option – PC Gold liability fair value of Stage 2 and final earn in options	(17,306)

Net assets of PC Gold
Prepaids	3
Reclamation deposit	120
Mineral property, net	20,358
Environmental reclamation liability, net	(3,137)
Net assets of subsidiary	17,344

Gain on loss of control of subsidiary, Net	$9,280

	September 30, 2021	December 31, 2020
Balance, beginning of period	$63,812	$-
Acquisition – Initial Recognition on August 7, 2020	-	78,000
Equity (loss) income	(56)	1,446
Dilution event in Q2, 2021	(5,000)	-
Impairment of Investment in Treasury Metals Inc.	(23,555)	(15,634)
Reclassification to assets held for distribution	(18,941)	-
Balance, end of period	$16,260	$63,812

	Silver Stream derivative liability
Balance, December 31, 2019	$-
Fair value of Silver Stream derivative liability - Initial Recognition on July 2, 2020	(7,378)
Change in fair value during the period	(5,882)
Balance, December 31, 2020	$(13,260)
Advance payment received (Tranche 2) (US$7.5 million)	(9,808)
Change in fair value during the period	(700)
Balance, September 30, 2021	$(23,768)

	Number	Weighted average exercise price
Balance as at December 31, 2019	15,872,998	$0.410
Warrants issued	77,460,159	0.494
Warrants exercised	(247,500)	0.344
Balance as at December 31, 2020	93,085,657	$0.480
Warrants issued	2,100,228	0.375
Warrants exercised	(265,650)	0.328
Warrants expired	(3,027,615)	0.440
Balance as at September 30, 2021	91,892,620	$0.449

Exercise price	Number of warrants outstanding	Weighted average exercise price ($ per share)	Weighted average remaining life (years)
$0.336	18,247,009	$0.336	1.08
$0.374	44,845,611	0.374	2.86
$0.421	50,000	0.421	1.83
$0.654	28,750,000	0.654	0.90
	91,892,620	$0.449	1.46

	Number	Weighted average exercise price
Balance as at December 31, 2019	46,927,500	$0.57
Options granted	11,350,000	0.25
Options exercised	(3,717,500)	0.33
Options expired	(2,790,000)	0.40
Options forfeited	(5,950,000)	0.52
Balance as at December 31, 2020	45,820,000	$0.53
Options granted	11,290,000	0.23
Options exercised	(2,287,500)	0.25
Options expired	(8,020,000)	0.73
Options forfeited	(2,037,500)	0.38
Balance as at September 30, 2021	44,765,000	$0.44

	Nine months ended	Year ended
	September 30, 2021	December 31, 2020
Risk-free interest rate	0.44%	1.72%
Share price at grant date (in dollars)	$0.42	$0.25
Exercise price (in dollars)	$0.42	$0.27
Expected life (years)	5.00 years	4.96 years
Expected volatility (1)	68.32%	69.10%
Forfeiture rate	7.50%	5.26%
Expected dividend yield	Nil	Nil

Service or Item	Three months ended September 30,		Nine months ended September 30,
	2021	2020	2021	2020
Directors’ fees	$80	$58	$239	$201
Salaries and consultants’ fees	398	283	1,329	839
Share-based payments (non-cash)	171	137	974	778
Total	$649	$478	$2,542	$1,818

COMPANY OVERVIEW AND STRATEGY	2
2021 HIGHLIGHTS	2
SELECTED FINANCIAL INFORMATION	4
ONTARIO MINERAL PROPERTY PORTFOLIO LOCATIONS (1)	5
MINERAL PROPERTY PORTFOLIO GOLD RESERVES (1)	6
MINERAL PROPERTY PORTFOLIO GOLD RESOURCES (1)	7
MINERAL PROPERTY PORTFOLIO REVIEW	8
SELECTED QUARTERLY FINANCIAL INFORMATION	18
RESULTS OF CONTINUING OPERATIONS	19
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES	21
FINANCIAL INSTRUMENTS	22
RELATED PARTY TRANSACTIONS	22
OFF-BALANCE SHEET ARRANGEMENTS	22
NON-IFRS MEASURES	23
ACCOUNTING POLICIES	23
CRITICAL ACCOUNTING ESTIMATES	23
CRITICAL ACCOUNTING JUDGMENTS	23
ACCOUNTING STANDARDS ISSUED BUT NOT YET APPLIED	24
RISKS AND UNCERTAINTIES	24
QUALIFIED PERSONS	27
SECURITIES OUTSTANDING	27
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING	28
FORWARD-LOOKING INFORMATION	29
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES	30

	Options Outstanding			Options Exercisable
Exercise price	Number of options	Weighted average exercise price ($ per share)	Weighted average remaining life (years)	Number of options	Weighted average exercise price ($ per share)	Weighted average remaining life (years)
$0.25 – 0.50	32,450,000	$0.36	2.75	22,701,250	$0.36	4.11
$0.51 – 1.00	12,315,000	0.61	3.23	12,615,000	0.43	4.10
	44,765,000	$0.44	2.88	35,316,250	$0.38	4.11

	For the three months ended September 30,		For the nine months ended September 30,
Statements of Net Loss:	2021	2020	2021	2020
General and administration	$229	$74	$1,026	$435
Exploration and evaluation	19	44	225	116
Investor relations and marketing communications	57	10	201	132
Corporate development and due diligence	34	-	133	94
Subtotal	$339	$128	$1,585	$777
Statements of Financial Position:
Mineral Properties	142	39	716	389
Total	$481	$167	$2,301	$1,166

	Number	Weighted average fair value
Balance as at December 31, 2020	-	$-
Granted – February 2, 2021	1,550,000	0.40
Balance as at September 30, 2021	1,550,000	$0.40

	For the three months ended September 30, 2021		For the three months ended September 30, 2020
	General and administration	Investor relations and marketing communications	General and administration	Investor relations and marketing communications
Administrative and office	$86	$(1)	$67	$9
Consultants	21	30	(45)	-
Depreciation	43	-	40	-
Directors fees	160	-	58	-
Investor relations and marketing communications	-	252	-	241
Professional fees	198	-	47	-
Salaries	243	68	171	56
Share-based payments (non-cash) (Note 10(d))	229	40	74	10
Transfer agent and filing fees	210	3	25	25
Travel and accommodation	5	7	4	5
Total	$1,195	$399	$441	$346

	For the nine months ended September 30, 2021		For the nine months ended September 30, 2020
	General and administration	Investor relations and marketing communications	General and administration	Investor relations and marketing communications
Administrative and office	$270	$59	$172	$25
Consultants	110	75	97	10
Depreciation	128	-	104	-
Directors fees	239	-	201	-
Investor relations and marketing communications	-	1,168	3	509
Professional fees	982	-	714	-
Salaries	712	283	556	159
Share-based payments (non-cash) (Note 10(d))	1,026	201	435	132
Transfer agent and filing fees	346	37	147	41
Travel and accommodation	7	7	20	16
Total	$3,820	$1,830	$2,449	$892

	September 30, 2021				December 31, 2020
		Fair value measurement				Fair value measurement
	Carrying value	Level 1	Level 2	Level 3	Carrying value	Level 1	Level 2	Level 3
Financial assets:
Investments (Notes 3, 5)	$17,331	$17,331	$-	$-	$18,425	$12,653	$5,772	$-
Mineral property investments (Note 8)	6,210	-	-	6,210	6,726	-	-	6,726
Financial liabilities:
Silver Stream derivative liability (Note 9)	23,768	-	-	23,768	13,260	-	-	13,260
Option – PC Gold (Note 4(b))	$4,347	$-	$-	$4,347	$4,410	$-	$-	$4,410

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis
(Expressed in Canadian dollars, unless otherwise indicated)	For the three and nine months ended September 30, 2021

Financial Results (in $000s Except for per Share Amounts):	For the nine months ended September 30,
	2021	2020	2019
Mineral Property Cash Expenditures(1)	$11,241	$9,474	$4,096
Net Loss	(31,867)	(33,345)	(4,686)
Total Cash Used in Operating Activities(3)	(5,503)	(3,497)	(3,163)
Basic and Diluted Net Loss Per Share (in Dollars)(4)	$(0.05)	$(0.05)	$(0.01)

Financial Position (in $000s):	September 30,	December 31,	December 31,
	2021	2020	2019
Cash and Cash Equivalents	$30,348	$28,901	$5,902
Working Capital(2)	41,109	9,201	5,780
Investments	17,331	18,425	1,775
Mineral Properties	165,073	179,429	252,815
Investment in Treasury Metals Inc.	16,260	63,812	-
Investment in PC Gold Inc.	21,570	-	-
Investment in Big Ridge Gold Corp.	1,569	-	-

Total Assets	260,510	301,213	268,020
Total Non-current Liabilities	$24,116	$16,835	$3,139

Category	Tonnes (Mt)	Grade Au (g/t)	Grade Ag (g/t)	Contained Metal Au (Moz)	Contained Metal Ag (Moz)
Proven	0.0	0.0	0.0	0.0	0.0
Probable	121.6	0.97	5.23	3.8	20.5
Total	121.6	0.97	5.23	3.8	20.5

Project	Tonnes	Gold Grade (g/t)	Silver Grade (g/t)	Contained Gold Ounces (oz)	Contained Silver Ounces (oz)
Measured Resources
Cameron Gold Project(2)	3,360,000	2.75	-	297,000	-
Duparquet Gold Project(3)	18,470	1.52	-	901	-
Indicated Resources
Springpole Gold Project(4)	151,000,000	0.94	5.00	4,600,000	24,300,000
Hope Brook Gold Project	5,500,000	4.77	-	844,000	-
Cameron Gold Project(5)	2,170,000	2.40	-	167,000	-
Duparquet Gold Project(3)	7,122,070	1.73	-	396,134	-
Duquesne Gold Project	1,859,200	3.33	-	199,161	-
Inferred Resources
Springpole Gold Project(4)	16,000,000	0.54	2.80	300,000	1,400,000
Hope Brook Gold Project	836,000	4.11	-	110,000	-
Cameron Gold Project(6)	6,535,000	2.54	-	533,000	-
Pickle Crow Gold Project (30%) (7)	2,835,600	4.10	-	369,150	-
Duparquet Gold Project(3)	4,066,284	1.85	-	242,312	-
Duquesne Gold Project	1,563,100	5.58	-	280,643	-
Pitt Gold Project	1,076,000	7.42	-	257,000	-

Total Measured Resources	3,378,470	2.74	-	297,901	-
Total Indicated Resources	167,651,270	1.14	5.00	6,206,295	24,300,000
Total Measured and Indicated Resources	171,029,740	1.18	5.00	6,504,196	24,300,000
Total Inferred Resources	32,911,984	1.96	3.10	2,092,105	1,120,000

				(in $000s)
	Springpole	Cameron	Duquesne/ Pitt	Hope Brook	Pickle Crow	Goldlund	Others (1)	Total
Balance December 31, 2019	$76,775	$27,374	$7,217	$20,071	$19,263	$98,894	$3,221	$252,815
2020 acquisition and capitalized net expenditures	11,132	4,501	12	541	5,723	1,609	114	23,632
Disposal, impairment or reclassification	-	-	-	-	-	(100,503)	3,485	(97,018)
Balance December 31, 2020	$87,907	$31,875	$7,229	$20,612	$24,986	$-	$6,820	$179,429
2021 acquisition and capitalized net expenditures	11,966	343	11	100	3,273	-	1,110	16,803
Disposal, impairment or deconsolidation	-	-	-	(2,685)	(28,259)	-	(215)	(31,159)
Balance September 30, 2021	$99,873	$32,218	$7,240	$18,027	$-	$-	$7,715	$165,073

Gold Price (US$/oz)	$1,400	$1,600	$1,800	$2,000
Pre-Tax NPV5%	US$1.04 billion	US$1.48 billion	US$1.92 billion	US$2.36 billion
Pre-Tax IRR	28.9%	36.4%	43.2%	49.5%
After-Tax NPV5%	US$690 million	US$995 million	$1.30 billion	$1.60 billion
After-Tax IRR	23.3%	29.4%	35.0%	40.1%

Initial Capital Costs	+10%	US$718 million	-10%
Pre-Tax NPV5%	US$1.34 billion	US$1.48 billion	US$1.61 billion
Pre-Tax IRR	30.1%	36.4%	44.1%
After-Tax NPV5%	US$875 million	US$995 million	US$1,102 million
After-Tax IRR	23.8%	29.4%	36.3%

Operating Costs	+10%	US$2.21 billion	-10%
Pre-Tax NPV5%	US$1.33 billion	US$1.48 billion	US$1.63 billion
Pre-Tax IRR	34.1%	36.4%	38.6%
After-Tax NPV5%	US$890 million	US$995 million	US$1,098 million
After-Tax IRR	27.6%	29.4%	31.3%

Canada	USA
Duquesne, Québec (1)	Turquoise Canyon, Nevada (2)
Pitt, Québec
Duparquet, Québec
Horseshoe Island, Ontario

Royalty	NSR Rate	Key Terms
Pickle Crow (Ontario, Canada)	2.00%	1.00% buy-back for US$2.5 million
Hope Brook (Newfoundland, Canada)	1.50%	0.5% buy-back for $2.0 million
Goldlund (Ontario, Canada)	1.50%	0.5% buy-back for $5.0 million
Mexican Projects (1) (11 including Las Margaritas)	1.00%	1.00% buy-back for US$1.0 million on each project
Turquoise Canyon (Nevada, USA)	2.00%	1.00% buy-back for US$1.0 million
Joutel, Québec	1.00%	No buy-back option
Morris, Québec	1.00%	No buy-back option
Ronguen (Burkina Faso)	1.00%	1.00% buy-back for US$1.0 million
Pompoi (Burkina Faso)	1.50%	1.50% buy-back for $1.5 million
Lac Virot Iron Ore (Labrador, Canada)	2.00%	1.00% buy-back for $1.0 million

Financial Results (in $000s Except for per Share Amounts):
	2021-Q3	2021-Q2	2021-Q1	2020-Q4	2020-Q3	2020-Q2	2020-Q1	2019-Q4
Net Income (Loss)	$2,419	$(1,283)	$(33,001)	$530	$(12,352)	$(19,531)	$(1,462)	$(2,274)
Impairment of non-current assets	-	-	23,555	-	2,372	22,498	-	-
Total cash used in operating activities (2)	(1,689)	(1,940)	(1,874)	(725)	(1,056)	(1,128)	(1,313)	(1,037)
Basic and Diluted Net Income (Loss) Per Share (in dollars) (3)	0.00	(0.00)	(0.05)	0.00	(0.02)	(0.03)	(0.00)	(0.00)

Financial Position (in $000s):
Cash and Cash Equivalents	30,348	33,762	39,174	28,901	32,477	6,475	10,497	5,902
Working Capital (1)	41,109	34,898	19,893	9,201	14,324	8,596	9,946	5,780
Investments	17,331	20,450	13,907	18,425	24,016	5,601	1,398	1,775
Mineral Properties	165,073	160,322	186,761	179,429	168,188	159,630	256,532	252,815
Investment in Treasury Metals Inc.	16,260	16,236	39,867	63,812	62,833	-	-	-
Investments in PC Gold Inc.	21,570	35,999	-	-	-	-	-	-
Investment in Big Ridge Gold Corp.	1,569	1,577	-	-	-	-	-	-

Total Assets	260,510	299,750	287,856	301,213	296,343	258,044	276,776	268,020
Total Non-Current Liabilities	$24,116	31,855	$32,522	$16,835	$15,332	$1,959	$3,306	3,139

Income Statement Category	Variance between Periods - (Increase) decrease	Explanation
Loss from operational activities
General and administration	$(754,000)	Increases primarily due to higher professional fees and transfer agent fees related to the Treasury Metals distribution in the current period, along with higher salaries related to an increased headcount and related share-based payment expenses in the current period.
Impairment of non-current assets (non-cash)	$2,372,000	Relates to the impairment of the Goldlund mineral property in the prior period which was based on the recoverable amount per terms of the Share Purchase Agreement with Treasury Metals.
Other items
Gain on deconsolidation of subsidiary (non-cash)	$449,000	Following completion of the Stage 2 earn-in by Auteco, First Mining’s percentage ownership of PC Gold was reduced from 49% to 30% which led to a reduction in its pro-rata provision for the Pickle Crow reclamation funding.
Change in fair value on Silver Stream derivative liability (non-cash)	$13,816,000	Fair value gains on the silver stream derivative primarily the result of changes to the silver price futures curve which was marginally offset by changes to the estimated credit spread since the prior period.
Investments fair value loss (non-cash)	$(600,000)	Increased fair value losses between periods primarily due to the decrease in the First Majestic share price in the current period which was not consistent in the prior period end.

Net income for the period	$14,771,000	Predominantly relates to the change in fair value gain of the silver stream derivative liability which was recorded in the period.

Other comprehensive income (loss)
Investments fair value gain (non-cash)	$(2,911,000)	The fair value losses on marketable securities recorded through OCI were higher than the prior period.

Net income and comprehensive income	$11,384,000	Predominantly relates to the change in fair value gain of the silver stream derivative liability which was recorded in the period.