6-K - FFMGF - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2025

Commission File Number: 000-55607

First Mining Gold Corp.

| (Translation of registrant’s name into English) |

Suite 2070, 1188 West Georgia Street, Vancouver, B.C., V6E 4A2

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

DOCUMENTS FILED AS PART OF THIS FORM 6-K

Exhibits	Description

| 99.1 | Condensed Interim Consolidated Financial Statements For the three months ended March 31, 2025 and 2024 |

| 99.2 | Management’s Discussion & Analysis for the three months ended March 31, 2025 |

| 99.3 | CEO Certification of Interim Filings |

| 99.4 | CFO Certification of Interim Filings |

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	First Mining Gold Corp.

| | Darren Prins |

| | Interim Chief Financial Officer |

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firstmining_ex991.htm

EXHIBIT 99.1

First Mining Gold Corp.

Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2025 and 2024

(Presented in thousands of Canadian dollars unless otherwise noted)

(Unaudited)

FIRST MINING GOLD CORP.<br> <br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<br> <br>AS AT MARCH 31, 2025 AND DECEMBER 31, 2024<br> <br>(Unaudited - Presented in thousands of Canadian dollars unless otherwise noted)

	March 31,<br> <br>2025		December 31,<br> <br>2024
Assets

| Cash and cash equivalents | $ | 10,102 | $ | 11,351 |

| Marketable securities (Note 3) | | 1,630 | | 2,388 |

| Prepaid expenses and other receivables (Note 4) | | 879 | | 1,320 |

| Total current assets | | 12,611 | | 15,059 | | Non-current | | | | |

| Mineral properties (Note 5) | | 259,219 | | 256,059 |

| Investment in PC Gold Inc. (Note 6) | | 21,525 | | 21,527 |

| Property and equipment (Note 7) | | 1,827 | | 1,923 |

| Other assets | | 264 | | 284 |

| Total non-current assets | | 282,835 | | 279,793 |

| TOTAL ASSETS | $ | 295,446 | $ | 294,852 | | LLIABILITIES | | | | |

| Accounts payable and accrued liabilities (Note 9) | $ | 1,976 | $ | 7,162 |

| Current portion of lease liability | | 56 | | 46 |

| Flow-through share premium liability (Note 10) | | 864 | | 977 |

| Provision for environmental remediation (Note 5(b)) | | 1,756 | | 1,756 |

| Option – PC Gold (Note 6) | | 3,974 | | 3,974 |

| Current portion of other liabilities | | 486 | | 400 |

| Total current liabilities | | 9,112 | | 14,315 | | Non-current | | | | |

| Lease liability | | 156 | | 175 |

| Provision for environmental remediation (Note 5(b)) | | 1,279 | | 1,279 |

| Pickle Crow reclamation liability (Note 6) | | 151 | | 151 |

| Silver Stream derivative liability (Note 8) | | 57,527 | | 34,414 |

| Other liabilities | | - | | 76 |

| Total non-current liabilities | | 59,113 | | 36,095 |

| TOTAL LIABILITIES | $ | 68,225 | $ | 50,410 | | SHAREHOLDERS’ EQUITY | | | | |

| Share capital (Note 11) | | 373,745 | | 373,630 |

| Warrant and share-based payment reserve (Note 11) | | 58,932 | | 57,113 |

| Accumulated other comprehensive loss | | (5,474) | | (5,406) |

| Accumulated deficit | | (199,982) | | (180,895) |

| Total shareholders’ equity | | 227,221 | | 244,442 |

| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 295,446 | $ | 294,852 |

| Nature of Operations and Going Concern (Note 1) Subsequent Events (Note 16) | | | | |

The consolidated financial statements were approved by the Board of Directors:

| | Signed: “Keith Neumeyer”, Director | Signed: “Raymond Polman”, Director |

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

1

FIRST MINING GOLD CORP.<br> <br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024<br> <br>(Unaudited - Presented in thousands of Canadian dollars unless otherwise noted)

	Three months ended<br> <br>March 31,

| | 2025 | | 2024 | | | OPERATING EXPENSES (Note 12) | | | | |

| General and administration | $ | 1,128 | $ | 1,255 |

| Exploration and evaluation | | 210 | | 221 |

| Investor relations and marketing communications | | 422 | | 384 |

| Corporate development and due diligence | | 236 | | 274 |

| Impairment of non-current assets (Note 5(c)) | | - | | 11,955 |

| Loss from operational activities | | (1,996) | | (14,089) | | OTHER ITEMS | | | | |

| Interest and other income | | (30) | | (257) |

| Gain on sale of marketable securities | | (33) | | - |

| Foreign exchange (gain)/loss | | (6) | | (76) |

| Other expenses | | 25 | | 194 |

| Fair value loss on Silver Stream liability (Note 8) | | 17,246 | | 3,901 |

| Loss before income taxes | $ | (19,198) | $ | (17,851) |

| Deferred income tax recovery | | 113 | | 167 |

| Equity loss and fair value adjustment of equity accounted investments (Note 6) | | (2) | | (616) |

| Net loss for the period | $ | (19,087) | $ | (18,300) | | OTHER COMPREHENSIVE LOSS | | | | |

| Items that will not be reclassified to net loss: | | | | |

| Fair value loss on marketable securities | | (68) | | (157) |

| Other comprehensive loss | | (68) | | (157) | | Net loss and other comprehensive loss for the period | $ | (19,155) | $ | (18,457) |

| Basic and Diluted | $ | (0.02) | $ | (0.02) |

| Weighted average number of shares outstanding | | | | |

| Basic | | 1,080,236,818 | | 917,781,199 |

| Diluted | | 1,080,872,358 | | 917,781,199 |

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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FIRST MINING GOLD CORP.<br> <br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024<br> <br>(Unaudited - Presented in thousands of Canadian dollars unless otherwise noted)

	Three months ended<br> <br>March 31,

| | 2025 | | 2024 | | | Cash flows from operating activities | | | | |

| Net loss for the period | $ | (19,087) | $ | (18,300) |

| Share-based payments (Note 11) | | 541 | | 437 |

| Depreciation | | 116 | | 120 |

| Gain on sale of marketable securities | | (33) | | - |

| Impairment of non-current asset (Note 5 (c)) | | - | | 11,955 |

| Fair value adjustment on PSU | | (106) | | - |

| Fair value loss on Silver Stream derivative liability (Note 8) | | 17,246 | | 3,901 |

| Accrued interest receivable | | (1) | | (52) |

| Other expenses/(income) | | (84) | | 24 |

| Unrealized foreign exchange loss/(gain) | | 84 | | (72) |

| Deferred income tax recovery | | (113) | | (167) |

| Equity loss and fair value adjustment of equity accounted investments | | 2 | | 616 |

| Operating cash flows before movements in working capital | | (1,435) | | (1,538) |

| Net change in non-cash working capital items: | | | | |

| (Increase)/decrease in accounts and other receivables | | 339 | | (47) |

| Decrease in prepaid expenditures | | 89 | | 45 |

| Decrease in accounts payables and accrued liabilities | | (810) | | (496) |

| Total cash used in operating activities | $ | (1,817) | $ | (2,036) |

| Mineral property expenditures (Note 5) | | (7,107) | | (4,170) |

| Proceeds from sale of marketable securities and investments (Note 3) | | 723 | | 1,825 |

| Property and equipment purchases | | (5) | | (43) |

| Cash expended in acquisition of mineral properties | | (100) | | (100) |

| Total cash used in investing activities | $ | (6,489) | $ | (2,488) |

| Share issuance cost (Note 11 (b)) | | - | | 9 |

| Repayment of lease liability | | (9) | | (36) |

| Finance costs paid for lease liability | | (5) | | (6) |

| Cash received from Silver Stream | | 7,155 | | - |

| Total cash provided by (used in) financing activities | $ | 7,141 | $ | (33) |

| Foreign exchange effect on cash | | (84) | | 78 |

| Change in cash and cash equivalents | | (1,249) | | (4,479) |

| Cash and cash equivalents, beginning | | 11,351 | | 12,211 |

| Cash and cash equivalents, ending | $ | 10,102 | $ | 7,732 |

| Cash | | 9,933 | | 5,462 |

| Term deposits | | 169 | | 2,270 |

| Cash and cash equivalents, ending | $ | 10,102 | $ | 7,732 |

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

3

FIRST MINING GOLD CORP.<br> <br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024<br> <br>(Unaudited - Presented in thousands of Canadian dollars, except share and per share amounts)

	Number of common shares		Share capital		Warrant reserve		Share-based payment reserve		Accumulated other comprehensive loss			Accumulated deficit		Total
Balance as at December 31, 2023		916,414,375	$	354,913	$	26,453	$	27,170	$	(4,561)	)	$	(165,581)	$	238,394

| Share issuance costs | | - | | 9 | | - | | - | | - | | | - | | 9 |

| Shares issuance on acquisition of mineral properties and property, plant and equipment (Note 5,7) | | 1,791,026 | | 273 | | - | | (198) | | - | | | - | | 75 |

| Settlement of restricted share units | | 223,334 | | 73 | | - | | (73) | | - | | | - | | - |

| Share-based payments | | - | | - | | - | | 572 | | - | | | - | | 572 |

| Loss for the period | | - | | - | | - | | - | | - | | | (18,300) | | (18,300) |

| Other comprehensive loss | | - | | - | | - | | - | | (157) | | | - | | (157) |

| Balance as at March 31, 2024 | | 918,428,735 | $ | 355,268 | $ | 26,453 | $ | 27,471 | $ | (4,718) | | $ | (183,881) | $ | 220,593 |

| Balance as at December 31, 2024 | | 1,079,863,747 | $ | 373,630 | $ | 28,099 | $ | 29,014 | $ | (5,406) | | $ | (180,895) | $ | 244,442 |

| Silver Stream warrant revaluation | | - | | - | | 1,287 | | - | | - | | | - | | 1,287 |

| PSU assessment for 2022 grant | | - | | - | | - | | (180) | | - | | | - | | (180) |

| Settlement of restricted share units | | 1,078,130 | | 115 | | - | | (115) | | - | | | - | | - |

| Share-based payments | | - | | - | | - | | 827 | | - | | | - | | 827 |

| Loss for the period | | - | | - | | - | | - | | - | | | (19,087) | | (19,087) |

| Other comprehensive loss | | - | | - | | - | | - | | (68) | | | - | | (68) |

| Balance as at March 31, 2025 | | 1,080,941,877 | $ | 373,745 | $ | 29,386 | $ | 29,546 | $ | (5,474) | | $ | (199,982) | $ | 227,221 |

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

1. NATURE OF OPERATIONS AND GOING CONCERN

First Mining Gold Corp. (the “Company” or “First Mining”) is a public company which is listed on the Toronto Stock Exchange (the “TSX”) under the symbol “FF”, on the OTCQX”) under the symbol “FFMGF”, and on the Frankfurt Stock Exchange under the symbol “FMG”. The Company’s head office and principal address is Suite 2070 - 1188 West Georgia Street, Vancouver, British Columbia, Canada, V6E 4A2.

First Mining was incorporated on April 4, 2005 and changed its name to First Mining Gold Corp. in January 2018.

First Mining is advancing a portfolio of gold projects in Canada, with the most advanced projects being the Springpole Gold Project in northwestern Ontario and the Duparquet Gold Project in the Abitibi region of Québec. First Mining’s portfolio of gold projects in eastern Canada also includes the Cameron project. In addition, the Company holds a 30% interest in PC Gold Inc., the legal entity which holds the Pickle Crow gold project which is being advanced by FireFly Metals Ltd. (“FireFly Metals”), and a 20% direct project interest in the Hope Brook Project.

Going Concern

The Company’s unaudited condensed interim consolidated financial statements (“financial statements”) have been prepared on a going concern basis, which contemplates that the Company will be able to continue its operations for at least twelve months from March 31, 2025 and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has not generated revenue from operations to date and will require additional financing or outside participation to undertake further advanced exploration of its mineral properties. Future operations of the Company are dependent upon its ability to raise additional equity financing and maintain sufficient working capital and upon future production or proceeds from the dispositions of its mineral property interests.

As at March 31, 2025, the Company had cash and cash equivalents of $10,102,000 (December 31, 2024 - $11,351,000), working capital of $3,499,000 (December 31, 2024 - $744,000) which is calculated as current assets less current liabilities, and accumulated a deficit of $199,982,000 (December 31, 2024 - $180,895,000).The Company had a working capital balance of $7,473,000 (December 31, 2024 - $4,718,000), excluding the 10% Option on PC Gold with Firefly from current liabilities, as it does not require a cash outlay. An unspent flow-through expenditure of $3,338,000 (December 31, 2024 - $4,197,000) is required to be spent by December 31, 2025. During the three months ended March 31, 2025, the Company incurred a net loss of $19,087,000 (2024 - $18,300,000) and used cash in operating activities of $1,817,000 (2024 - $2,036,000). The Company’s operations to date have been financed by the issuance of common shares, sale of investments, assets, and royalties, and the exercise of stock options. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and liquidate its investments as necessary. There can be no assurance that the Company will be able to continue to secure additional financings in the future, and if they are secured, that they would be on terms that are favourable. This gives rise to a material uncertainty that may raise substantial doubt about the Company’s ability to continue as a going concern.

These financial statements do not give effect to any adjustments to the carrying values of the assets and liabilities, the reported expenses, and the statements of financial position classifications used that would be necessary should the Company be unable to continue as going concern. Such adjustments could be material.

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FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

2. BASIS OF PRESENTATION

These financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) applicable to the preparation of interim financial statements under International Accounting Standard 34 Interim Financial Reporting. These financial statements do not include all disclosures required for annual financial statements. Accordingly, they should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2024 and 2023.

The financial statements are presented in thousands of Canadian dollars, unless otherwise noted, and tabular amounts are presented in thousands of Canadian dollars. These consolidated financial statements include the accounts of the Company and its subsidiaries. The functional currency of the Company and its subsidiaries is the Canadian dollar.

In preparing the Company’s financial statements for the three months ended March 31, 2025, the Company used the consistent accounting policies, methods of computation and accounting policy judgments and estimates as in the annual consolidated financial statements for the year ended December 31, 2024. Additionally, the areas of estimation uncertainty remain unchanged from those disclosed in the annual consolidated financial statements.

Certain new accounting standards and interpretations have been published that are either applicable in the current year or not mandatory for the current period. We have assessed these standards, including Amendments to IAS 1 - Non-current Liabilities with Covenants, and determined they do not have a material impact on the Company in the current reporting period. In addition, the following standards have been issued by the International Accounting Standards Board (“IASB”) and we are currently assessing the impact on our consolidated financial statements.

·	Amendments to the Classification and Measurement of Financial Instruments (IFRS 9 and IFRS 7) with mandatory application of the standard in annual reporting periods beginning on or after January 1, 2026.

| · | IFRS 18 Presentation and Disclosure in Financial Statements with mandatory application of the standard in annual reporting periods beginning on or after January 1, 2027. |

No standards have been early adopted in the current period. The Company is still assessing whether any of the new standards are expected to have a material impact on its consolidated financial statements.

The accounts of material subsidiaries are prepared for the same reporting period as the parent company. All subsidiaries apply consistent accounting policies. Inter-company transactions, balances and unrealized gains or losses on transactions are eliminated. The following table highlights the Company’s material subsidiaries with their projects:

Name of the subsidiary	Ownership<br> <br>Percentage	Project	Location

| Duparquet Gold Mines Inc. | 100% | Duparquet Gold Project (“Duparquet”) Central Duparquet (“Duparquet”) Duquesne Gold Project (“Duquesne”) Pitt Gold Project (“Pitt”) | Québec, Canada |

These financial statements were approved by the Board of Directors on May 13, 2025.

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FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

3. MARKETABLE SECURITIES

The Company’s marketable securities are classified as FVTOCI and are carried at fair value. The movements in marketable securities during the three months ended March 31, 2025 and year ended December 31, 2024 are summarized as follows:

	FVTOCI

| Balance as at December 31, 2023 | $ | 263 |

| Additions | | 3,402 |

| Disposals | | (432) |

| Loss recorded in other comprehensive loss | | (845) |

| Balance as at December 31, 2024 | $ | 2,388 |

| Disposals | | (723) |

| Gain on sale of marketable securities | | 33 |

| Fair value loss on marketable securities | | (68) |

| Balance as at March 31, 2025 | $ | 1,630 |

The Company owns securities of publicly traded companies. The investments where the Company does not have significant influence are classified as marketable securities which are designated as FVTOCI.

As at March 31, 2025, the Company held common shares of NexGold Mining Corp., Grid Metals Corp. and Patriot Lithium Limited.

4. PREPAID EXPENSES AND OTHER RECEIVABLES

	March 31,<br> <br>2025		December 31,<br> <br>2024

| GST and HST receivables | $ | 461 | $ | 694 |

| Other receivables | | 5 | | 111 |

| Prepaid expenses | | 413 | | 515 |

| | $ | 879 | $ | 1,320 |

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FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

5. MINERAL PROPERTIES

As at March 31, 2025 and December 31, 2024, the Company had the following mineral properties:

	Springpole		Birch-Uchi<br> <br>(Note 5(a))		Duparquet<br> <br>(Note 5(b))		Cameron		Hope Brook<br> <br>(Note 5(c))		Total

| Balance as at December 31, 2024 | $ | 154,237 | $ | 10,446 | $ | 55,212 | $ | 33,066 | $ | 3,098 | $ | 256,059 |

| Concessions, taxes and royalties | | 26 | | 180 | | 46 | | 10 | | - | | 262 |

| Salaries and share-based payments | | 589 | | (11) | | 399 | | 27 | | - | | 1,004 |

| Drilling, exploration, and technical consulting | | 48 | | 67 | | 290 | | 1 | | - | | 406 |

| Environmental, assaying, and field supplies | | 984 | | - | | 147 | | 1 | | (1) | | 1,131 |

| Travel and other expenses | | 338 | | - | | 19 | | - | | - | | 357 |

| Total Expenditures | $ | 1,985 | $ | 236 | $ | 901 | $ | 39 | $ | (1) | $ | 3,160 |

| Balance as at March 31, 2025 | $ | 156,222 | $ | 10,682 | $ | 56,113 | $ | 33,105 | $ | 3,097 | $ | 259,219 |

	Springpole		Birch-Uchi<br> <br>(Note 5(a))		Duparquet<br> <br>(Note 5(b))		Cameron		Hope Brook<br> <br>(Note 5(c))		Total

| Balance as at December 31, 2023 | $ | 138,957 | $ | 7,983 | $ | 48,594 | $ | 32,848 | $ | 15,852 | $ | 244,234 |

| Acquisition | | - | | 450 | | - | | - | | - | | 450 |

| Concessions, taxes and royalties | | 375 | | - | | 42 | | 23 | | - | | 440 |

| Salaries and share-based payments | | 1,899 | | 775 | | 1,384 | | 124 | | - | | 4,182 |

| Drilling, exploration, and technical consulting | | 1,140 | | 790 | | 1,817 | | 19 | | - | | 3,766 |

| Environmental, assaying, and field supplies | | 10,581 | | 339 | | 1,771 | | 46 | | 1 | | 12,738 |

| Travel and other expenses | | 1,285 | | 109 | | 176 | | 6 | | - | | 1,576 |

| Total Expenditures | $ | 15,280 | $ | 2,463 | $ | 5,190 | $ | 218 | $ | 1 | $ | 23,152 |

| Tax recovery and option payments received | | - | | - | | (107) | | - | | (800) | | (907) |

| Impairment | | - | | - | | - | | - | | (11,955) | | (11,955) |

| Environmental remediation | | - | | - | | 1,535 | | - | | - | | 1,535 |

| Balance as at December 31, 2024 | $ | 154,237 | $ | 10,446 | $ | 55,212 | $ | 33,066 | $ | 3,098 | $ | 256,059 |

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FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

5. MINERAL PROPERTIES (continued)

The Company has various underlying agreements and commitments with respect to its mineral properties, which define annual or future payments in connection with royalty buy-backs or maintenance of property interests, the most significant of which are discussed below.

a) Birch-Uchi Properties

(i) Swain Lake property option

On April 28, 2021, the Company entered into an earn-in agreement with Whitefish Exploration Inc. (“Whitefish”), which gives First Mining the option to earn up to a 100% interest in Whitefish’s Swain Lake project (“Swain Lake”) in northwestern Ontario in two stages over a period of five years. First Mining may earn a 70% interest in Swain Lake by making cash payments totaling $200,000 and share payments totaling $425,000, and by incurring at least $500,000 worth of expenditures on the Swain Lake Property during the first three years of the earn-in term. Upon completing the first stage of the earn-in, First Mining will hold a 70% interest in the Swain Lake Property and will have an additional period of two years within which to acquire the remaining 30% interest in the Swain Lake Property by paying $1,000,000 in cash and issuing First Mining common shares with a fair value of $1,000,000 to Whitefish.

On April 5, 2024, the Company and Whitefish agreed to amend the earn-in agreement to amend the future cash and share payment requirements by issuing First Mining common shares with a fair value of $155,000 (based on market price at the time of issuance) to Whitefish on or before the third anniversary of the Closing Date of the original agreement. In Q2 2024, the Company issued 978,130 common shares valued at $155,000, under the terms of the amended earn-in agreement. As a result, the Company completed its 3-year option agreement with Whitefish Exploration Inc. on the Swain Lake property, and 70% ownership of the property, which comprises 82 mining claims over an area of 1,656 hectares, was transferred to First Mining.

(ii) Vixen properties acquisition

On September 15, 2021, the Company entered into a three-year option agreement with ALX Resources Corp. (“ALX”) pursuant to which First Mining may earn up to a 100% interest in ALX’s Vixen North, Vixen South and Vixen West properties (the “Vixen Properties”) in northwestern Ontario in two stages over a period of five years. First Mining may earn a 70% interest in the Vixen Properties by making cash payments totalling $550,000 and share payments totalling $400,000 to ALX during the initial three-year option term, and by incurring at least $500,000 worth of expenditures on the property during the initial three-year option term.

On September 15, 2023, the Company and ALX agreed to amend the option agreement for the first stage of the earn-in to issue common shares instead of cash payment for future anniversary payments as follows:

·	On or before the second anniversary of the Closing Date, the Company is to issue to ALX common shares of the Company’s shares with a fair value of $175,000 (issued);

| · | On or before the third anniversary of the Closing Date, the Company is to issue to ALX commons shares of the Company’s shares with a fair value of $175,000 (issued); |

| · | On or before the fourth anniversary of the Closing Date, the Company is to issue to ALX common shares of the Company’s shares with a fair value of $100,000; |

| · | On or before the fifth anniversary of the Closing Date, the Company to incur and fund expenditures on the property of not less than $500,000. |

Pursuant to the amended agreement, on September 12, 2024 the Company issued 1,290,045 common shares with a fair value of $175,000. As at March 31, 2025, the Company has made payments of $350,000 in cash and issued common shares with a fair value of $550,000.

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FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

5. MINERAL PROPERTIES (continued)

(iii) Birch Lake properties acquisition

On October 11, 2021, the Company entered into an earn-in agreement with Pelangio Exploration Inc. (“Pelangio”) pursuant to which First Mining may earn up to an 80% interest in Pelangio’s Birch Lake properties (the “Birch Lake Properties”) in two stages over a period of six years. First Mining may earn a 51% interest in the Birch Lake Properties by making cash payments totaling $350,000 and issuing in aggregate 1,300,000 First Mining common shares and by incurring at least $1,750,000 worth of expenditures on the Birch Lake Properties during the first four years of the earn-in term. Upon completing the first stage of the earn-in, First Mining will hold a 51% interest in the Birch Lake Properties and will have an additional period of two years to acquire a further 29% interest in the Birch Lake Properties by paying $400,000 to Pelangio in cash or issuing First Mining common shares, at First Mining’s sole discretion, and by incurring an additional $1,750,000 worth of expenditures on the Birch Lake Properties.

On October 12, 2023, the Company and Pelangio agreed to amend the earn-in agreement to amend the future cash and share payment requirements to have an additional period of 3 years to complete the first stage of the earn-in. Pursuant to the amended agreement, the Company paid $10,000 in cash and issued 250,000 common shares during the three months ended December 31, 2023. On October 11, 2024, the Company made a cash payment of $10,000 and issued 250,000 common shares to Pelangio on the first anniversary of the Closing Date of the amended earn-in agreement for Birch Lake properties. The agreement gives the Company the right to earn, through Gold Canyon, up to an 80% interest in Pelangio’s Birch Lake and Birch Lake West properties. As at March 31, 2025, the Company has made payments of $120,000 in cash and issued common shares with a fair value of $187,500 (December 31, 2024 - $187,500).

On January 13, 2023, a subsidiary of the Company acquired the net assets of a private company associated with Birch Lake and Casummit Lake properties for a total consideration of $600,000 cash and 3,500,000 of First Mining common shares. $100,000 was paid prior to December 31, 2022, $100,000 cash was paid on closing, with the remaining cash to be paid as follows:

■	$100,000 cash payable on the first anniversary of the Closing Date (paid).

| ■ | $100,000 cash payable on the second anniversary of the Closing Date (paid). |

| ■ | $200,000 cash payable on the third anniversary of the Closing Date. |

On closing, 2,000,000 common shares were issued and the remaining shares will be issued as follows:

■	500,000 issued in January 2024, the first anniversary of the Closing Date.

| ■ | 1,000,000 common shares will be issued on the earlier of the third anniversary of closing and the date of a positive decision regarding the environmental assessment of the Springpole properties. |

(iv) Stargazer properties acquisition

On October 29, 2021, the Company entered into a three year earn-in agreement with a private individual pursuant to which First Mining may earn a 100% interest in the Stargazer concession and other properties (“Stargazer Properties”) in northwestern Ontario by making cash and share payments of $250,000 to the private individual during the term of the option, and by incurring at least $350,000 worth of expenditures on the Stargazer Properties during the three-year option term.

On November 5, 2023, the Company entered into an amended agreement to amend the original terms of cash and share payments of $250,000 to $236,000 and the Company is to incur $300,000 worth of expenditures instead of $350,000. The remaining share payments will be issued as follows:

10

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

5. MINERAL PROPERTIES (continued)

·	No option payment is to be made following the second and third anniversary dates of the closing date of the agreement;

| · | On the fourth anniversary of the Closing Date, the Company is to issue common shares with a fair value of $25,000; |

| · | On the fifth anniversary of the Closing Date, the Company is to issue common shares with a fair value of $25,000; |

| · | On the sixth anniversary of the Closing Date, the Company is to issue common shares with a fair value of $50,000; |

| · | On the seventh anniversary of the Closing Date, the Company is to issue common shares with a fair value of $100,000. |

As at March 31, 2025, the Company has made payments of $24,000 in cash and issued common shares with a fair value of $12,000.

b) Duparquet Project

As at March 31, 2025, the Company’s provision for environmental remediation activities is $3,000,000 (December 31, 2024 - $3,000,000). The environmental remediation includes site preparation, construction of a storage area, construction of an access road, excavation and transportation of mining material, and site restoration and rehabilitation of the storage area. The Company has been working with the Ministry of Environment, the Fight Against Climate Change, Wildlife and Parks (“MELCCFP”) and submitted a permit to begin start work in 2025. The environmental remediation estimate is based on the current work plan. The final environmental remediation cost may vary depending on feedback received from MELCCFP and the execution of the work.

c) Hope Brook Project

On June 8, 2021, the Company announced it had closed a definitive earn-in agreement with Big Ridge Gold Corp. whereby Big Ridge could earn up to an 80% interest in First Mining’s Hope Brook Gold Project located in Newfoundland, Canada. In accordance with the agreement, upon closing First Mining nominated one member to the Board of Directors of Big Ridge and received $500,000 and 11,500,000 shares of Big Ridge which were credited against the Hope Brook project mineral property balance. On September 13, 2022, Big Ridge completed Stage 1 of the earn-in requirements. On March 21, 2024, the Company and Big Ridge amended the earn-in agreement by removing the requirement for Big Ridge to incur an additional $10,000,000 in expenditures on the Hope Brook Gold Project in order to facilitate the Company’s liquidation of its investment position in Big Ridge and generate additional capital. On March 28, 2024, Big Ridge exercised Stage 2 of the amended earn-in requirement by issuing the Company 10,000,000 Big Ridge common shares (initial recognition - $800,000), decreasing the Company’s ownership percentage in the Hope Brook Project from 49% to 20% and reducing the pre-impairment carrying value by $800,000. The Company tested the recoverable amount of the retained project interest; using a market approach to determine the estimated fair value, an impairment loss of $11,955,000 was recognized during the period ended March 31, 2024.

6. INVESTMENT IN PC GOLD INC.

Pursuant to a definitive Earn-in agreement (“Earn-in”) the Company and FireFly Metals executed on March 12, 2020, comprised of two stages, on June 9, 2021, the Company announced completion of the Stage 1 earn-in and accordingly FireFly Metals obtained a 51% ownership of the PC Gold legal entity. First Mining received the scheduled 100,000,000 FireFly Metals shares and executed the joint venture shareholders agreement. Following the completion of the Stage 1 earn-in by FireFly Metals, the Company’s percentage ownership of its former subsidiary, PC Gold, was reduced from 100% to 49%, which led to a loss of control and the resulting deconsolidation of PC Gold Inc. from First Mining’s financial statements.

11

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

6. INVESTMENT IN PC GOLD INC. (continued)

First Mining determined that its then 49% investment in the common shares of PC Gold gave it significant influence over PC Gold, requiring PC Gold to be recorded in First Mining’s financial statements using the equity method of accounting as an investment in associate. Upon the completion of the Stage 2 earn-in by FireFly Metals in August 2021, the Company’s percentage ownership reduced from 49% to 30%.

The initial recognition of the investment in an associate was accounted for based on an estimated fair value using a market approach to value Pickle Crow’s inferred resources on a per unit of metal basis derived from comparable gold project transactions. As at March 31, 2025, the Company owns a 30% interest in PC Gold Inc. and maintains significant influence, which requires the investment to be accounted for using equity accounting.

As at March 31, 2025, the carrying value of the investment in PC Gold Inc. was $21,525,000 (December 31, 2024 - $21,527,000).

The subsequent equity accounting for PC Gold is based on audited results that is publicly available information for the year-ended June 30, 2024, and on the unaudited nine-month period ended March 31, 2025.

As at March 31, 2025, the Company has recorded an option liability of $3,974,000 (December 31, 2024 - $3,974,000), which represents the additional net dilution that would result from FireFly Metals completing its additional 10% equity interest in PC Gold Inc. Following receipt of $3,000,000 under this option, First Mining’s ownership would reduce to 20%. The FireFly Metals Earn-In Agreement requires First Mining to contribute its pro-rata share of environmental reclamation funding, which was 30% as at March 31, 2025.

As at March 31, 2025, the Company has recorded a liability for reclamation funding of $151,000 (December 31, 2024 - $151,000) which is in line with FireFly Metals’ estimate of the environmental reclamation provision.

7. PROPERTY AND EQUIPMENT

On April 28, 2023, the Company acquired real and personal property for $800,000 in cash and 1,000,000 common shares of the Company from a private company and individual on the following payment terms:

■	$200,000 cash payable on the closing date and issue 1,000,000 shares (paid).

| ■ | $300,000 cash payable on or before the first anniversary of the closing date (paid). |

| ■ | $300,000 cash payable on or before the second anniversary of the closing date. |

8. SILVER STREAM DERIVATIVE LIABILITY

a) Silver Purchase Agreement Overview and Consideration Received

On June 10, 2020, the Company entered into a silver purchase agreement (the “Silver Purchase Agreement”) with First Majestic Silver Corp. (“First Majestic”), which closed on July 2, 2020. Under the terms of the Silver Purchase Agreement, First Majestic agreed to pay First Mining total consideration of US$22.5 million (approx. $30.6 million as at the closing date), in three tranches, for the right to purchase 50% of the payable silver produced from the Springpole Gold Project over the life of the project (the “Silver Stream”) and also received 30 million common share purchase warrants of First Mining (subsequently adjusted to 32 million common share purchase warrants in accordance with the terms of the Silver Purchase Agreement). Each share purchase warrant entitles First Majestic to purchase one common share of First Mining at an exercise price of $0.40 for a period of five years (subsequently re-priced to $0.374 in accordance with the terms of the Silver Purchase Agreement). The fair value of warrants is determined using Black-Scholes option pricing model.

12

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

8. SILVER STREAM DERIVATIVE LIABILITY (continued)

First Mining has the right to repurchase 50% of the Silver Stream for US$22.5 million (approximately C$32.3 million as at March 31, 2025) at any time prior to the commencement of production at Springpole (the “Buy-Back Right”). A Monte Carlo simulation was performed to evaluate the buy-back option under the Silver Stream agreement.

Per the Silver Purchase Agreement, First Majestic paid US$10 million ($13.7 million) to First Mining on the July 2, 2020, closing date, with US$2.5 million ($3.3 million) paid in cash and the remaining US$7.5 million ($10.4 million) paid in 805,698 common shares of First Majestic (“Tranche 1”).

Upon announcement of the Pre-Feasibility Study on March 4, 2021, First Mining received US$7.5 million ($9.8 million) from First Majestic, with US$3.75 million ($4.8 million) paid in cash and the remaining US$3.75 million ($5.0 million) paid in 287,300 common shares of First Majestic (“Tranche 2”). The final tranche (“Tranche 3”) of US$5.0 million ($6.5 million) is payable by First Majestic upon First Mining receiving approval of a federal or provincial environmental assessment for the Springpole Gold Project, which is to be paid half in cash and half in shares of First Majestic. Please refer to the details of the amending agreement below.

The Silver Stream has an initial term of 40 years from July 2, 2020. The term is automatically extended by successive 10-year periods as long as the life of mine continues for the Springpole Gold Project. If, upon expiration of the term of the Silver Purchase Agreement, the Company has not sold to First Majestic an amount of silver sufficient to reduce the Advance Payment to nil, then a refund of the uncredited balance, without interest shall be due and owing by the Company to First Majestic.

The silver delivered to First Majestic may be sourced from the Springpole Gold Project, or the Company may substitute any required refined silver with refined silver from a source other than the Springpole Gold Project, with the exception of silver purchased on a commodity exchange.

On March 28, 2025, the Company received the final payment of US$5 million ($7.2 million) from First Majestic in connection with the Silver Stream. The parties entered into an amending agreement to the Silver Purchase Agreement on March 13, 2025 (“Amending Agreement”) to amend the terms of the final payment due from First Majestic under the Silver Purchase Agreement (the “Tranche 3 Payment”). Under the Amending Agreement, the Tranche 3 payment would be made earlier than originally scheduled and would consist of US$5 million in cash, with no requirement for the completion of the environmental assessment.

As consideration for amending the terms of the Tranche 3 payment, the Company has amended the terms of the common share purchase warrants (the “Warrants”) that were issued to First Majestic on July 2, 2020 under the terms of the Silver Purchase Agreement. The 32,050,228 Warrants that were issued to First Majestic had an exercise price of $0.374 per Warrant and were set to expire on July 2, 2025. The Company has revised the exercise price of the Warrants to $0.20 and extended the expiry date of the Warrants to March 31, 2028. Pursuant to the terms of the amended Warrants, the Company can accelerate the expiry date of the Warrants if the closing price of the Company’s common shares on the TSX equals or exceeds $0.30 for 45 consecutive trading days, to the date which is 30 days following the dissemination of a news release announcing the acceleration. As a result, the fair value of the Warrants, amounting to $1.3 million, was recognized in the statements of changes in equity, with the fair value determined using Black-Scholes option pricing model. All other terms of the Warrants remain unchanged.

b) Silver Stream Derivative Liability Fair Value

The Company has determined that the Silver Stream is a standalone derivative measured at FVTPL. The estimated fair value of the Silver Stream derivative liability is determined using a discounted cash flow model which incorporates a Monte Carlo simulation, with the following key input assumptions: 1) Observable assumptions including implied volatility of COMEX silver, COMEX silver future curve, silver spot price, USD risk-free rate, USD/CAD foreign exchange rates, and share price of the Company, and 2) Unobservable assumptions including the Company’s credit spread, historical volatility of the warrant and payable silver quantities. The fair value of the Silver Stream derivative liability is a Level 3 measurement.

13

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

8. SILVER STREAM DERIVATIVE LIABILITY (continued)

The fair value of the Silver Stream derivative liability is valued using a Monte-Carlo simulation, with gains or losses recorded in the statement of net loss and comprehensive loss. As at March 31, 2025, the fair value of the Silver Stream derivative liability is US$40,016,000 ($57,527,000). The fair value of the Silver Stream derivative liability as at December 31, 2024 was US$23,917,000 ($34,414,000), which is comprised of the Silver Stream obligation fair value of US$27,706,000 ($39,867,000) less the Advance Payment receivable fair value of US$3,789,000 ($5,453,000).

	March 31,<br> <br>2025		December 31,<br> <br>2024

| Balance, beginning of the period | $ | (34,414) | $ | (34,295) |

| Portion of payment received allocated to Silver Stream | | (5,867) | | - |

| Change in fair value | | (17,246) | | (119) |

| Balance, end of the period | $ | (57,527) | $ | (34,414) |

9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	March 31,<br> <br>2025		December 31,<br> <br>2024

| Accounts payable | $ | 818 | $ | 4,739 |

| Accrued liabilities | | 1,158 | | 2,423 |

| Total | $ | 1,976 | $ | 7,162 |

10. FLOW-THROUGH SHARE PREMIUM LIABILITY

The following is a continuity schedule of the liability portion of the Company’s flow-through share issuances:

	June 23, 2023		June 14, 2024		Total

| Balance, December 31, 2023 | $ | 1,225 | $ | - | $ | 1,225 |

| Liability incurred for flow-through share issued | | - | | 1,799 | | 1,799 |

| Settlement of flow-through share premium liability upon incurring eligible expenditures | | (1,225) | | (822) | | (2,047) |

| Balance, December 31, 2024 | $ | - | $ | 977 | $ | 977 |

| Settlement of flow-through share premium liability upon incurring eligible expenditures | | - | | (113) | | (113) |

| Balance, March 31, 2025 | $ | - | $ | 864 | $ | 864 |

As at March 31, 2025, the Company had $3,338,000 (December 31, 2024 - $4,197,000) of unspent flow-through expenditure commitments, which is required to be spent by December 31, 2025.

14

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

11. SHARE CAPITAL

a) Authorized

Unlimited number of common shares with no par value.

Unlimited number of preferred shares with no par value.

b) Issued and Fully Paid

Common shares as at March 31, 2025: 1,080,941,877 (December 31, 2024 - 1,079,863,747).

Preferred shares as at March 31, 2025: nil (December 31, 2024 - nil).

c) Warrants

The movements in warrants during the three months ended March 31, 2025 and year ended December 31, 2024 are summarized as follows (see Note 8):

	Number		Weighted average exercise price

| Balance as at December 31, 2023 | | 84,639,987 | $ | 0.27 |

| Warrants issued | | 57,046,753 | | 0.20 |

| Balance as at December 31, 2024 | | 141,686,740 | $ | 0.24 |

| Balance as at March 31, 2025 | | 141,686,740 | $ | 0.20 |

The following table summarizes information about warrants outstanding as at March 31, 2025:

Exercise price		Number of warrants outstanding		Weighted average exercise price		Weighted average remaining life (years)

| $ | 0.200 | | 132,427,481 | $ | 0.20 | | 2.35 |

| $ | 0.270 | | 9,259,259 | $ | 0.27 | | 1.22 |

| | | | 141,686,740 | $ | 0.20 | | 2.27 |

d) Stock Options

The Company has adopted a stock option plan that allows for the granting of stock options to Directors, Officers, employees and certain consultants of the Company for up to 10% of the Company’s issued and outstanding common shares. Stock options granted under the plan may be subject to vesting provisions as determined by the Board of Directors.

The movements in stock options during the three months ended March 31, 2025 and year ended December 31, 2024 are summarized as follows:

	Number		Weighted average exercise price

| Balance as at December 31, 2023 | | 45,060,000 | $ | 0.28 |

| Options granted | | 26,907,500 | | 0.12 |

| Options expired | | (11,500,000) | | 0.33 |

| Options forfeited | | (2,000,000) | | 0.17 |

| Balance as at December 31, 2024 | | 58,467,500 | $ | 0.20 |

| Options granted | | 17,800,000 | | 0.13 |

| Options expired | | (2,500,000) | | 0.25 |

| Balance as at March 31, 2025 | | 73,767,500 | $ | 0.18 |

15

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

11. SHARE CAPITAL (continued)

The following table summarizes information about the stock options outstanding as at March 31, 2025:

	Options Outstanding						Options Exercisable

| 0.10 - 0.18 | | 44,282,500 | $ | 0.12 | | 4.27 | | 24,305,625 | $ | 0.12 | | 4.04 |

| 0.185 - 0.25 | | 13,710,000 | $ | 0.19 | | 2.82 | | 13,710,000 | $ | 0.19 | | 2.82 |

| 0.26 - 0.50 | | 15,775,000 | $ | 0.33 | | 1.42 | | 15,775,000 | $ | 0.33 | | 1.42 |

| | | 73,767,500 | $ | 0.18 | | 3.39 | | 53,790,625 | $ | 0.20 | | 2.96 |

During the three months ended March 31, 2025, there were 17,800,000 (year ended December 31, 2024 - 26,607,500) stock options granted with an aggregate fair value at the date of grant of $1,111,862 (year ended December 31, 2024 - $1,500,715). As at March 31, 2025, 19,977,000 (year ended December 31, 2024 - 23,760,625) stock options remain unvested with an aggregate grant date fair value of $1,209,575 (December 31, 2024 - $1,503,560).

Certain stock options granted were directly attributable to exploration and evaluation expenditures on mineral properties and were therefore capitalized to mineral properties. In addition, certain stock options were subject to vesting provisions. These two factors result in differences between the aggregate fair value of stock options granted and total share-based payments expensed during the periods.

For the three months ended March 31, 2025, share-based payments expense is comprised of stock options for $504,767, restricted share units (“RSUs”) for $176,187, deferred share units (“DSUs”) for $21,237, and performance share units (“PSUs”) for $125,290, which are classified within the financial statements as follows:

	For the three months ended<br> <br>March 31,

| Statements of Net Loss: | 2025 | | 2024 | |

| General and administration | $ | 334 | $ | 210 |

| Exploration and evaluation | | 14 | | 14 |

| Investor relations and marketing communications | | 41 | | 90 |

| Corporate development and due diligence | | 46 | | 123 |

| Subtotal | $ | 435 | $ | 437 |

| Mineral Properties | | 392 | | 135 |

| Total | $ | 827 | $ | 572 |

The grant date fair value of the stock options granted in the period has been estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

16

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

11. SHARE CAPITAL (continued)

	For the three months ended March 31,		For the year ended<br> <br>December 31,

| | 2025 | | 2024 | |

| Risk-free interest rate | 2.81% | | 3.50% | |

| Share price at grant date | $ | 0.125 | $ | 0.12 |

| Exercise price | $ | 0.125 | $ | 0.12 |

| Expected volatility ^(1)^ | 57.78% | | 57.20% | |

| Forfeiture rate | 7.10% | | 7.50% | |

| Expected dividend yield | Nil | | Nil | |

^(1)^	The computation of expected volatility was based on the Company’s historical price volatility, over a period which approximates the expected life of the option.

e) Restricted Share Units

During the three months ended March 31, 2025, the Company granted 7,756,956 (year ended December 31,2024 - 8,422,115) RSUs under its share-based compensation plan to the Company’s executive officers and management as part of the Company’s long-term incentive plan (“LTIP”). Unless otherwise stated, the awards typically have a graded vesting schedule over a three-year period and will be settled in equity upon vesting.

During the three months ended March 31, 2025, the Company issued 1,078,130 (2024 - 223,334) common shares pursuant to the exercise of RSUs for an aggregate settlement value of $114,686 (2024 - $73,090).

The associated compensation cost, which is based on the underlying share price on the date of grant, is recorded as share-based payments expense against share-based payment reserve.

The following table summarizes the changes in RSU’s for the three months ended March 31, 2025 and year ended December 31, 2024:

	Number			Weighted average<br> <br>fair value

| Balance as at December 31, 2023 | | 3,613,715 | | $ | 0.20 |

| RSUs granted | | 8,422,115 | | | 0.11 |

| RSUs settled | | (1,094,168 | ) | | 0.25 |

| RSUs forfeited | | (1,261,213 | ) | | 0.18 |

| Balance as at December 31, 2024 | | 9,680,449 | | $ | 0.12 |

| RSUs granted | | 7,756,956 | | | 0.11 |

| RSUs settled | | (1,078,130 | ) | | 0.11 |

| Balance as at March 31, 2025 | | 16,359,275 | | $ | 0.12 |

f) Deferred Share Units

During the three months ended March 31, 2025, the Company granted 400,000 (year ended December 31, 2024 - 400,000) DSUs under its share-based compensation plan to a director as part of the Company’s LTIP. DSUs have a graded vesting schedule over an 18-month period and will be settled in equity upon vesting.

17

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

11. SHARE CAPITAL (continued)

The associated compensation cost, which is based on the underlying share price on the date of grant, is recorded as share-based payments expense against share-based payment reserve.

	Number		Weighted average<br> <br>fair value

| Balance as at December 31, 2023 | | 1,109,000 | $ | 0.25 |

| DSUs granted | | 400,000 | | 0.11 |

| Balance as at December 31, 2024 | | 1,509,000 | $ | 0.21 |

| DSUs granted | | 400,000 | | 0.13 |

| Balance as at March 31, 2025 | | 1,909,000 | $ | 0.19 |

g) Performance Share Units

During the three months ended March 31, 2025, the Company granted 3,600,000 (year ended December 31, 2024 - 5,650,000) PSUs under the Plan to certain executives as part of the Company’s LTIP. The amount of shares ultimately to be issued will vary from a factor of 0 to 2 based on the number of PSUs granted, depending on the Company’s share performance as compared to the share performance of a selected group of peer companies.

The estimated value of the PSUs is determined at the grant date using a Monte Carlo simulation model. The model is based on several assumptions, including the share price volatility of the Company’s stock, as well as the volatility of the selected group of peer companies and the correlation of returns between the peer group and the Company.

The following table summarizes the changes in PSUs for the three months ended March 31, 2025 and year ended December 31, 2024:

	Number		Weighted average<br> <br>fair value

| Balance as at December 31, 2023 | | 6,813,000 | $ | 0.23 |

| PSUs granted | | 5,650,000 | | 0.09 |

| PSU forfeited | | (1,997,000) | | 0.22 |

| Balance as at December 31, 2024 | | 10,466,000 | $ | 0.16 |

| PSUs granted | | 3,600,000 | | 0.13 |

| Balance as at March 31, 2025 | | 14,066,000 | $ | 0.15 |

Prior to vesting, the Company's PSUs are subject to a market-based performance condition, measured by the Company's relative total shareholder return performance against a defined peer group over a three-year period. Accordingly, the PSUs issued during the year ended December 31, 2022, which vested during the three months ended March 31, 2025, were evaluated against the performance condition. Following this evaluation, the number of PSUs that ultimately vested was lower than estimated at initial recognition, resulting in a reversal of $180,000 of previously recognized expense.

18

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

12. OPERATING EXPENSES

Operating expenses by nature, which map to the Company’s functional operating expense categories presented in the consolidated statements of net loss and comprehensive loss, are as follows:

	For the three months ended March 31, 2025

| Administrative and office | $ | 104 | $ | 72 | $ | 10 | $ | 1 | $ | 187 |

| Consultants | | 91 | | 6 | | - | | 9 | | 106 |

| Depreciation (non-cash) | | 34 | | 82 | | - | | - | | 116 |

| Directors’ fees | | 75 | | - | | - | | - | | 75 |

| Marketing and conferences | | - | | 1 | | 181 | | 2 | | 184 |

| Professional fees | | 129 | | - | | - | | - | | 129 |

| Salaries | | 234 | | 34 | | 170 | | 159 | | 597 |

| Share-based payments (non-cash) (Note 11) | | 334 | | 14 | | 41 | | 46 | | 435 |

| Transfer agent and filing fees | | 115 | | - | | 13 | | - | | 128 |

| Travel and accommodation | | 12 | | 1 | | 7 | | 19 | | 39 |

| Loss from operational activities | $ | 1,128 | $ | 210 | $ | 422 | $ | 236 | $ | 1,996 |

	For the three months ended March 31, 2024

| Administrative and office | $ | 36 | $ | 62 | $ | 5 | $ | 1 | $ | 104 |

| Consultants | | 55 | | 6 | | - | | 114 | | 175 |

| Depreciation (non-cash) | | 43 | | 77 | | - | | - | | 120 |

| Directors’ fees | | 74 | | - | | - | | - | | 74 |

| Marketing and conferences | | - | | 3 | | 177 | | - | | 180 |

| Professional fees | | (5) | | - | | - | | - | | (5) |

| Salaries | | 694 | | 58 | | 93 | | 27 | | 872 |

| Share-based payments (non-cash) (Note 11) | | 210 | | 14 | | 90 | | 123 | | 437 |

| Transfer agent and filing fees | | 137 | | - | | - | | - | | 137 |

| Travel and accommodation | | 11 | | 1 | | 19 | | 9 | | 40 |

| Operating expenses total | $ | 1,255 | $ | 221 | $ | 384 | $ | 274 | $ | 2,134 |

| Impairment of non-current asset (non-cash) | | - | | - | | - | | - | | 11,955 |

| Loss from operational activities | $ | 1,255 | $ | 221 | $ | 384 | $ | 274 | $ | 14,089 |

13. SEGMENT INFORMATION

The Company operates in a single reportable operating segment, being the acquisition, exploration, development and strategic disposition of its North American mineral properties. All of the Company’s non-current assets as at March 31, 2025 and December 31, 2024 are located in Canada.

19

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

14. RELATED PARTY TRANSACTIONS

The Company’s related parties consist of the key management personnel, Company’s Directors and Officers.

Key management of the Company consists of the members of the Board of Directors, Officers and Vice Presidents of the Company. The compensation paid or payable to key management for services during the three months ended March 31, 2025 and 2024 is as follows:

	For the three months ended<br> <br>March 31,

| Service or Item: | 2025 | | 2024 | |

| Directors’ fees | $ | 75 | $ | 74 |

| Salaries and consultants’ fees | | 602 | | 476 |

| Share-based payments (non-cash) | | 567 | | 308 |

| Total | $ | 1,244 | $ | 858 |

15. FAIR VALUE

Fair values have been determined for measurement and/or disclosure requirements based on the methods below.

The Company characterizes fair value measurements using a hierarchy that prioritizes inputs depending on the degree to which they are observable. The three levels of the fair value hierarchy are as follows:

·	Level 1 fair value measurements are quoted prices (unadjusted) in active markets for identical assets or liabilities;

| · | Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and |

| · | Level 3 fair value measurements are those derived from valuation techniques that include significant inputs for the asset or liability that are not based on observable market data (unobservable inputs). |

The carrying values of cash and cash equivalents, marketable securities, prepaid expenses and other receivables, and accounts payable, accrued and other liabilities approximated their fair values because of the short-term nature of these financial instruments. These financial instruments are financial assets and liabilities at amortized cost.

The carrying value of marketable securities is based on the quoted market prices of the shares as at March 31, 2025 and was therefore considered to be Level 1.

As the FireFly Metals Earn‐In Agreement provides FireFly Metals the right to earn an interest in PC Gold Inc., rather than a direct interest in the Pickle Crow project, FireFly Metals’ option to acquire PC Gold shares is a financial liability of First Mining. As a derivative, the Pickle Crow project option liability is classified as financial liability at FVTPL. The carrying value of the Option is not based on observable market data and therefore is considered to be Level 3.

The fair value of the Pickle Crow project option liability as at December 31, 2024, was determined by reference to the portion of the estimated fair value of PC Gold Inc. to be given up by the Company with the option for FireFly Metals to earn an additional 10%, net of $3,000,000 proceeds to be received on exercise.

20

FIRST MINING GOLD CORP.<br> <br>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>(Presented in Canadian dollars unless otherwise noted, tabular amounts are presented in thousands of Canadian dollars except for number of shares and per share amount)

15. FAIR VALUE (continued)

The Silver Stream was determined to be a derivative liability, which is classified as a financial liability at FVTPL. The carrying value of the derivative liability was not based on observable market data and involved complex valuation methods and was therefore considered to be Level 3. Changes in key valuation assumptions, including commodity prices and discount rates, could result in significant fluctuations in the fair value of the liability. The loss on the Silver Stream derivative was due to a 13% increase in volatility, a 16% increase in the forward curve, and a 15% increase in the spot rate as at March 31, 2025, compared to December 31, 2024.

The following table presents the Company’s fair value hierarchy for financial assets and liabilities that are measured at fair value:

	March 31, 2025								December 31, 2024

| Marketable Securities (Note 3) | $ | 1,630 | $ | 1,630 | $ | - | $ | - | $ | 2,388 | $ | 2,388 | $ | - | $ | - |

| Silver Stream derivative liability (Note 8) | $ | 57,527 | $ | - | $ | - | $ | 57,527 | $ | 34,414 | $ | - | $ | - | $ | 34,414 |

| Option – PC Gold (Note 6) | $ | 3,974 | $ | - | $ | - | $ | 3,974 | $ | 3,974 | $ | - | $ | - | $ | 3,974 |

16. SUBSEQUENT EVENTS

Subsequent to March 31, 2025, the Company issued 455,000 common shares pursuant to the exercise of PSUs, for an aggregate settlement value of $59,000, and 116,666 common shares upon the exercise of RSUs, for an aggregate settlement value of $15,000.

21

firstmining_ex992.htm EXHIBIT 99.2

TSX: FF | OTCQX: FFMGF | FRANKFURT: FMG

MANAGEMENT’S

DISCUSSION & ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2025

Suite 2070 – 1188 West Georgia Street, Vancouver, British Columbia V6E 4A2

www.firstmininggold.com | 1-844-306-8827

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

TABLE OF CONTENTS

GENERAL	2
COMPANY OVERVIEW AND STRATEGY	2
2025 HIGHLIGHTS	3
SELECT FINANCIAL INFORMATION	4
MINERAL PROPERTY PORTFOLIO GOLD RESERVES AND RESOURCES	4
MINERAL PROPERTY PORTFOLIO REVIEW	6
SELECT QUARTERLY FINANCIAL INFORMATION	19
RESULTS OF CONTINUING OPERATIONS	19
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES	20
FINANCIAL INSTRUMENTS	21
RELATED PARTY TRANSACTIONS	22
OFF-BALANCE SHEET ARRANGEMENTS	22
FINANCIAL LIABILITIES AND COMMITMENTS	22
NON-IFRS MEASURES	22
MATERIAL ACCOUNTING POLICIES	23
CRITICAL ACCOUNTING ESTIMATES	23
CRITICAL ACCOUNTING JUDGMENTS	23
NEW ACCOUNTING STANDARDS ISSUED	24
RISKS AND UNCERTAINTIES	24
QUALIFIED PERSONS	26
SECURITIES OUTSTANDING	26
DISCLOSURE CONTROLS AND PROCEDURES	26
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING	26
LIMITATIONS OF CONTROLS AND PROCEDURES	27
FORWARD-LOOKING INFORMATION	27
CAUTIONARY NOTE TO U.S. INVESTORS	28

Page 1

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

GENERAL

This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the unaudited condensed interim consolidated financial statements of First Mining Gold Corp. (the “Company” or “First Mining”) for the three months March 31, 2025 and 2024 (the “financial statements”), which have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) including International Accounting Standard 34 Interim Financial Reporting.

For purposes of preparing our MD&A, we consider the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of our shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. We evaluate materiality with reference to all relevant circumstances, including potential market sensitivity.

The FS and MD&A along with additional information on the Company, including the Company’s Annual Information Form (“AIF”) for the year ended December 31, 2024, are available under the Company’s SEDAR+ profile at www.sedarplus.ca, on EDGAR at www.sec.gov. All published information is publicly available through First Mining’s website at www.firstmininggold.com. Note that nothing mentioned is incorporated by reference unless specified otherwise.

In this MD&A, unless the context otherwise requires, references to the “Company”, “First Mining”, “we”, “us”, and “our” refer to First Mining Gold Corp. and its subsidiaries.

This MD&A contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities laws. See the section in this MD&A titled “Forward-Looking Information” for further details. In addition, this MD&A has been prepared in accordance with the requirements of Canadian securities laws, which differ in certain material respects from the disclosure requirements of United States securities laws, particularly with respect to the disclosure of mineral reserves and mineral resources. See the section in this MD&A titled “Cautionary Note to U.S. Investors Regarding Mineral Resource and Mineral Reserve Estimates” for further details.

This MD&A contains disclosure of certain non-IFRS financial measures. Non-IFRS measures do not have any standardized meaning prescribed under IFRS. See the section in this MD&A titled "Non-IFRS Measures" for further details.

All dollar amounts included in this MD&A are expressed in Canadian dollars unless otherwise noted. This MD&A is dated as of May 13, 2025, and all information contained in this MD&A is current as of May 13, 2025.

COMPANY OVERVIEW AND STRATEGY

First Mining is advancing a portfolio of gold projects in Canada, with a focus on the Springpole Gold Project (the “Springpole Project” or “Springpole”) in northwestern Ontario, including the surrounding Birch-Uchi mineral tenure, and the Duparquet Gold Project (the “Duparquet Project” or “Duparquet”) in Quebec.

Springpole is one of the largest undeveloped gold projects in Ontario^1^. The Company has commenced a Feasibility Study (“FS”). The Company announced on November 5, 2024, that it has successfully submitted the final Environmental Impact Statement/Environmental Assessment (“EIS/EA”), while concurrently continuing with permitting activities. First Mining continues to engage and consult various Indigenous communities, municipalities, regulators and stakeholders by holding community open house meetings as well as technical reviews and meetings.

In September 2022, First Mining acquired 100% ownership of the Duparquet Project, one of the largest undeveloped gold projects in Quebec. The Company filed a Preliminary Economic Assessment (“PEA”) on the Duparquet Project in October 2023. First Mining also wholly owns the Cameron Gold Project in Ontario. The portfolio of First Mining’s gold project interests includes a 30% interest in the Pickle Crow Gold Project in Ontario (being advanced in a joint venture with Firefly Metals Ltd.) and a 20% interest in the Hope Brook Gold Project in Newfoundland (being advanced in partnership with Big Ridge Gold Corp.).

___________________________

^1^ Source: S&P Market Intelligence database; ranking among undeveloped primary gold resources per jurisdiction.

Page 2

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

2025 HIGHLIGHTS

The following highlights the Company’s most recent developments up to the date of this MD&A.

Project Highlights

Springpole

On February 12, 2025, the Company announced results from the Phase 1 East Extension diamond drilling program. The East Extension Phase 1 exploration drilling program comprised 5 holes for a total of 2,293 m and was successful in returning significant widths of continuous mineralization in an underexplored area of the Project located within the current PFS open-pit development footprint. Highlights from the drill program include two broad mineralization intervals of 0.75 g/t Au and 3.30 g/t Ag over 134.2 m, and 0.67 g/t Au and 12.79 g/t Ag over 105.4 m in drill hole SP24-011, and demonstrate significant upside potential to further extend mineralization with continuity and provide the opportunity to reclassify material that is currently classified as “waste” into “ore” in the proposed run of mine pit design. This could potentially reduce the strip ratio and increase processed ore tonnes.

Birch-Uchi

·	The Challenger discovery target was further advanced in 2024, with multiple new gold occurrences discovered in the 2024 program. The Challenger target area is one of several high priority exploration targets for the Company, with follow-up work programs under review for 2025 follow up.

Duparquet

On March 5, 2025, the Company announced the largest exploration drill program undertaken since acquiring full ownership of the Project in 2022. The Company will aim to complete an approximate 18,000 m of exploration drilling this year, focusing on advancing priority targets that are aligned to resource growth potential and further unlocking a regional gold endowment supportive of future development optionality at the Project.

On January 20, 2025, the Company announced new drilling results from the 2024 Phase 3 diamond drilling program. The Company identified two new discovery gold zones during the expansion drilling at the Valentre target. Assay results for the newly discovered “Miroir Zone” located north of the Valentre target, returned 3.12 g/t Au over 19.35 m, including 5.47 g/t Au over 9.6 m. A second discovery, the “Aiguille Zone”, occurred south of the Valentre target, returning 8.99 g/t Au over 3.1 m.

Corporate Announcements

On March 28, 2025, the Company announced that it has received the final payment of US$5 million from First Majestic in connection with the silver stream that First Majestic has with the Company’s Springpole Project. The parties entered into an amending agreement to the Silver Purchase Agreement on March 13, 2025 (“Amending Agreement”) to amend the terms of the final payment due from First Majestic under the Silver Purchase Agreement (the “Tranche 3 Payment”), such that the Tranche 3 payment would be for US$5 million in cash. As consideration for amending the terms of the Tranche 3 payment, the Company has amended the terms of the common share purchase warrants (the “Warrants”) that were issued to First Majestic on July 2, 2020, under the terms of the Silver Purchase Agreement. The 32,050,228 Warrants that were issued to First Majestic had an exercise price of $0.374 per Warrant and were set to expire on July 2, 2025. The Company has revised the exercise price of the Warrants to $0.20 and extended the expiry date of the Warrants to March 31, 2028. Pursuant to the terms of the amended Warrants, the Company may accelerate the expiry date of the Warrants if the closing price of the Company’s common shares on the TSX equals or exceeds $0.30 for 45 consecutive trading days, to the date which is 30 days following the dissemination of a news release announcing the acceleration. All other terms of the Warrants remain unchanged.

Lisa Peterson, CPA, CA, the Company’s Chief Financial Officer and Corporate Secretary, took a maternity leave of absence effective April 5, 2025, with an expected return date in October 2025. Darren Prins, CPA, CA, was appointed interim Chief Financial Officer of the Company effective April 1, 2025. Richard Huang, the Company’s Vice President, Corporate Development, was appointed Corporate Secretary, in addition to his current role.

As of March 31, 2025, the Company’s cash and marketable securities balance was $11.7 million and the equity interest in PC Gold Inc. (Pickle Crow Project) was $21.5 million.

Page 3

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

SELECT FINANCIAL INFORMATION

Financial Results (in $000s Except for per Share Amounts):	Three months ended March 31,

| | 2025 | | 2024 | |

| Mineral Property Cash Expenditures^(1)^ | | 7,107 | | 4,170 |

| Net Loss | | (19,087) | | (18,300) |

| Total Cash Used In Operating Activities | | (1,817) | | (2,036) |

| Basic and Diluted Net Loss Per Share (in Dollars)^(2)^ | | (0.02) | | (0.02) |

Financial Position (in $000s):	March 31,		December 31,

| | 2025 | | 2024 | |

| Cash and Cash Equivalents | | 10,102 | | 11,351 |

| Working Capital ^(3)^ | | 3,499 | | 744 |

| Marketable Securities | | 1,630 | | 2,388 |

| Mineral Properties^(4)^ | | 259,219 | | 256,059 |

| Investment in PC Gold Inc. (Pickle Crow Project) | | 21,525 | | 21,527 |

| Total Assets | | 295,446 | | 294,851 |

| Total Non-current Liabilities | | 59,113 | | 36,095 |

(1)	This represents mineral property expenditures per consolidated statements of cash flows.

| (2) | The basic and diluted loss per share calculations result in the same amount due to the anti-dilutive effect of outstanding stock options and warrants. |

| (3) | This is a non-IFRS measurement with no standardized meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. For further information please see the section in this MD&A titled *“Non-IFRS Measures”*and “Trends in Liquidity, Working Capital, and Capital Resources”. |

| (4) | Includes Hope Brook Impairment of $12.0M in Q1 2024. |

Net loss – The current period net loss is primarily driven by the $17.2 million fair value loss attributed to the Company’s Silver Stream liability, whereas the prior year net loss is primarily comprised of an impairment of Hope Brook Project of $12.0 million in Q1 2024.

Cash and cash equivalents – The decrease in cash and cash equivalents held at March 31, 2025 compared to December 31, 2024 was primarily due to cash used in operating activities and at the Company’s mineral projects, particularly at Springpole and Duparquet. This was offset by the receipt of US$5 million from First Majestic.

Total assets – The increase in total assets held at March 31, 2025, was mainly due to the receipt of the final tranche of US$5 million from First Majestic on March 28, 2025 offset by cash used to paydown accounts payable.

MINERAL PROPERTY PORTFOLIO GOLD RESERVES AND RESOURCES

The Springpole Project is the only mineral project owned by First Mining that has Mineral Reserves attributed to it. The Mineral Reserves for Springpole are based on the conversion of Indicated Mineral Resources within the current pit design. The Mineral Resources and Reserves for the Springpole Project are shown below (for further details, see the technical report entitled “NI 43-101 Technical Report and Pre-Feasibility Study on the Springpole Gold Project, Ontario Canada” dated February 26, 2021 (the “PFS”), which was prepared for First Mining by AGP Mining Consultants Inc. (“AGP”) in accordance with NI 43-101 and is available under First Mining’s SEDAR+ profile at www.sedarplus.ca):

Page 4

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Project	Tonnes		Gold<br> <br>Grade (g/t)		Silver<br> <br>Grade (g/t)		Contained Gold Ounces (oz)		Contained Silver Ounces (oz)

| Springpole Gold Project^(1)^ | | 121,600,000 | | 0.97 | | 5.23 | | 3,800,000 | | 20,500,000 | | Measured Resources | | | | | | | | | | |

| Cameron Gold Project^(2)^ | | 3,360,000 | | 2.75 | | - | | 297,000 | | - |

| Duparquet Gold Project^(3)^ | | 183,600 | | 1.43 | | - | | 8,500 | | - |

| Springpole Gold Project^(4)^ | | 151,000,000 | | 0.94 | | 5.00 | | 4,600,000 | | 24,300,000 |

| Hope Brook Gold Project (20%)^(8)^ | | 3,238,000 | | 2.32 | | - | | 241,200 | | - |

| Cameron Gold Project^(5)^ | | 2,170,000 | | 2.40 | | - | | 167,000 | | - |

| Duparquet Gold Project^(3)^ | | 69,022,700 | | 1.55 | | - | | 3,432,100 | | - |

| Springpole Gold Project^(4)^ | | 16,000,000 | | 0.54 | | 2.80 | | 300,000 | | 1,400,000 |

| Hope Brook Gold Project (20%)^(8)^ | | 443,000 | | 3.24 | | - | | 46,200 | | - |

| 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)^ | | 50,822,000 | | 1.62 | | - | | 2,640,500 | | - |

| Total Measured Resources | | 3,543,600 | **** | 2.68 | **** | - | **** | 305,500 | **** | - |

| Total Indicated Resources | | 225,430,700 | **** | 1.16 | **** | 5.00 | **** | 8,440,300 | **** | 24,300,000 |

| Total Measured and Indicated Resources | | 228,974,300 | **** | 1.18 | **** | 5.00 | **** | 8,745,800 | **** | 24,300,000 |

| Total Inferred Resources | | 76,635,600 | **** | 1.59 | **** | 2.80 | **** | 3,888,850 | **** | 1,400,000 |

The Mineral Reserves and Resources set out in this table, with the exception of the Hope Brook Gold Project, are based on the technical report for the applicable property, the title and date of which are set out under the applicable property description within the section “Mineral Property Portfolio Review” in this MD&A or in the Company’s AIF for the year ended December 31, 2024, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca. The Hope Brook Mineral Resources are based on the technical report titled “Mineral Resource Estimate Update for the Hope Brook Gold Project, Newfoundland and Labrador, Canada”, prepared by SGS Geological Services Ltd. For Big Ridge Gold Corp., dated April 6, 2023, which is available under Big Ridge’s SEDAR+ profile at www.sedarplus.ca. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.

(1)

The Springpole Mineral Reserve Estimate has an effective date of December 30, 2020, and is based on the Mineral Resource Estimate that has an effective date of July 30, 2020. The Mineral Reserve Estimate was completed under the supervision of Gordon Zurowski, P.Eng., of AGP, a Qualified Person as defined under NI 43-101. Mineral Reserves are stated within the final design pit based on a US$878/oz Au pit shell with a US$1,350/oz Au price for revenue. The equivalent cut-off grade was 0.34 g/t gold (“Au”) for all pit phases. The mining cost averaged $2.75/t mined, processing cost averaged $14.50/t milled, and the G&A cost averaged $1.06/t milled. The process recovery for gold averaged 88% and the silver recovery was 93%. The exchange rate assumption applied was $1.30 equal to US$1.00.

| (2) | Comprised of 2,670,000 tonnes of pit-constrained (0.55 g/t Au cut-off) Measured Mineral Resources at 2.66 g/t Au, and 690,000 tonnes of underground (2.00 g/t Au cut-off) Measured Mineral Resources at 3.09 g/t Au. |

| (3) | The Duparquet Consolidated Mineral Resource Estimate represents a combination of the resources at the Duparquet, Pitt Gold and Duquesne deposits. For Duparquet, the mineral resource estimate is classified as Measured, Indicated and Inferred. For Pitt Gold and Duquesne, the mineral resource estimates are completely classified as Inferred. Duparquet deposit resources are reported at a cut-off grade of 0.4 g/t Au (in-pit and tailings) and 1.5 g/t Au (underground). Duquesne open pit resources are reported at a cut-off grade of 0.5 g/t Au, and Pitt Gold and Duquesne underground resources are reported at a cut-off grade of 1.75 g/t Au. |

| (4) | Springpole Mineral Resources are inclusive of Mineral Reserves. Open pit Mineral Resources are reported at a cut-off grade of 0.30 g/t Au. Cut-off grades are based on a price of US$1,550/oz Au and $20/oz (“Ag”), and processing recovery of 88% Au and 93% Ag. The estimated Life of Mine (“LOM”) strip ratio for the resource estimate is 2.36. Silver Mineral Resources for Springpole are shown in separate columns for Silver Grade (g/t) and Contained Silver Ounces (oz). |

| (5) | Comprised of 820,000 tonnes of pit-constrained (0.55 g/t Au cut-off) Indicated Mineral Resources at 1.74 g/t Au, and 1,350,000 tonnes of underground (2.00 g/t Au cut-off) Indicated Mineral Resources at 2.08 g/t Au. |

| (6) | Comprised of 35,000 tonnes of pit-constrained (0.55 g/t Au cut-off) Inferred Mineral Resources at 2.45 g/t Au, and 6,500,000 tonnes of underground (2.00 g/t Au cut-off) Inferred Mineral Resources at 2.54 g/t Au. |

| (7) | The Pickle Crow Gold Project contains total Inferred Mineral Resources of 9,452,000 tonnes at 4.10 g/t Au, for a total of 1,230,500 ounces Au. This is comprised of 1,887,000 tonnes of pit-constrained (0.50 g/t Au cut-off) Inferred Mineral Resources at 1.30 g/t Au, and 7,565,000 tonnes of underground Inferred Mineral Resources that consist of: (i) a bulk tonnage, long-hole stoping component (2.00 g/t Au cut-off); and (ii) a high-grade cut-and-fill component (2.60 g/t Au cut-off) over a minimum width of 1 m. First Mining owns 30% of the Pickle Crow Gold Project, and 70% is owned by Firefly Metals Ltd. The Inferred Mineral Resources for Pickle Crow shown in the above table reflects First Mining’s percentage ownership interest in the Pickle Crow Gold Project. |

| (8) | First Mining owns 20% of the Hope Brook Gold Project, and 80% is owned by Big Ridge Gold Corp. The Indicated and Inferred Mineral Resources for Hope Brook shown in the above table only reflects First Mining’s percentage ownership interest. |

Page 5

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

MINERAL PROPERTY PORTFOLIO REVIEW

The following section discusses the Company’s priority and other significant projects for assets located in Canada.

As at March 31, 2025 and December 31, 2024, the Company capitalized the following acquisition, exploration and evaluation costs to its mineral properties:

	Springpole		Birch-Uchi		Duparquet		Cameron		Hope Brook		Total

| Balance December 31, 2024 | $ | 154,237 | $ | 10,446 | $ | 55,212 | $ | 33,066 | $ | 3,098 | $ | 256,059 |

| 2025 acquisition and capitalized net expenditures | | 1,985 | | 236 | | 901 | | 39 | | (1) | | 3,160 |

| Balance March 31, 2025 | $ | 156,222 | $ | 10,682 | $ | 56,113 | $ | 33,105 | $ | 3,097 | $ | 259,219 |

MATERIAL CANADIAN GOLD PROJECTS

Springpole Gold Project, Ontario

The Springpole Gold Project, as defined in the PFS, covers an area of 41,943 hectares in northwestern Ontario, and consists of 30 patented mining claims, 282 mining claims and thirteen mining leases. Additional mining claims in the Birch-Uchi region, surrounding the Springpole Gold Project have been acquired by First Mining since 2021, bringing the total mineral tenure area held 100% by First Mining to approximately 51,200 hectares. This includes the acquisition of the Swain Post mining claims in February 2024, which were transferred to First Mining from Exiro Minerals Corp, on completion of a 3-year option agreement. In addition, First Mining owns 70% of the Swain Property, totaling another 1,656 hectares, after the completion of a 3-year option agreement with Whitefish Exploration Inc. in April 2024. The Springpole project is located approximately 110 kilometres (“km”) northeast of the Municipality of Red Lake in northwestern Ontario and is situated within the Birch-Uchi Greenstone Belt. The large, open pittable resource is supported by significant infrastructure, including a 44-person onsite camp, a forestry access road within 18 km of the camp, and nearby power lines within 40 km. The Springpole Gold Project is located within an area that is covered by Treaty Nine and Treaty Three First Nations Agreements. With approximately 4.6 million ounces of gold and 24 million ounces of silver in the Indicated Mineral Resource category, the Springpole Gold Project is one of the largest undeveloped gold projects in Ontario^2^.

During the current quarter, the most significant expenditures at the Springpole Gold Project were:

●	$614,000 for environmental data collection and assessment activities, assaying, field and technical work primarily related to the submission of the final EA at the end of 2024;

| ● | $589,000 for technical consultants, contractors, and salaries; |

| ● | $370,000 for indigenous consultation and reimbursements, including spend related to signing of Process Agreements with Cat Lake and Lac Seul First Nations; |

| ● | $338,000 for camp fuel costs, travel and other related expenditures; |

| ● | $48,000 for exploration-related activities and technical studies; and |

| ● | $26,000 for land tenure and advanced royalty payments. |

| | $1,985,000 |

Springpole Exploration

During 2024, exploration activities at Springpole consisted of field mapping and sampling at the OMJ and Springpole East targets, and completion of a 5-hole, 2,293 m drilling program at Springpole East. The 2024 East Extension Phase 1 diamond drilling program was focused on a 150 m strike area along the southeastern edge of the current mineral resource (Figure 1). First Mining identified the East Extension target through advanced 3D target modelling, which highlighted a theorized easterly curve to the southern end of the main Portage Zone. Data supporting the updated target model includes Televiewer foliation data, geophysical data, historical drill hole data, geological mapping, as well as data from an advanced structural mapping campaign. Drilling was successful at intersecting significant widths of continuous mineralization in all holes and validated the exploration target model with further delineation of key stratigraphical units defining forward exploration opportunities. The East Extension Target remains open along strike towards the south and southeast of the main Portage Zone and has the potential to add meaningful mineralization extension or additional zones within or near the current PFS proposed open pit shell.

_______________________________

^2^ Source: S&P Market Intelligence database; ranking among undeveloped primary gold resources per jurisdiction.

Page 6

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Figure 1: Plan View of the East Extension Target Phase 1 Drill Program

Highlights from the East Extension Phase 1 drilling campaign include drill holes SP24-007, SP24-009, and SP24-011, all of which returned favourable gold and silver grades that are representative of the established resource grade profile. The most northerly hole of the program, SP24-011, returned two broad mineralization intervals including 0.75 g/t Au and 3.30 g/t Ag over 134.2 m, and 0.67 g/t Au and 12.79 g/t Ag over 105.4 m. The program was successful in returning significant widths of continuous mineralization in an underexplored area of the Springpole Project located within the current PFS open-pit development footprint. Results demonstrate significant upside potential to further extend mineralization with continuity and provide the opportunity to reclassify material that is currently classified as “waste” into “ore” in the proposed run of mine (“ROM”) pit design. This could potentially reduce the strip ratio and increase processed ore tonnes.

Initial drilling results from the 2024 East Extension Phase 1 diamond drilling program (hole SP24-007) were reported on November 19, 2024, with final drilling results reported on February 12, 2025. Assay highlights from the drill program are presented in Table 1.

Page 7

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Table 1: Significant Drill Intercepts, 2024 Phase 1 Drill Program – East Extension Target, Springpole Project

Hole ID		From (m)	To (m)	Length (m)	Grade ( Au g/t)	Grade (Ag g/t)

| SP24-009 | | 74.2 | 94.0 | 19.8 | 0.38 | 1.69 |

| SP24-009 | | 118.5 | 136.0 | 17.5 | 1.01 | 10.41 |

| SP24-009 | inc. | 121.6 | 122.25 | 0.65 | 9.30 | 184.00 |

| SP24-009 | | 273.0 | 297.7 | 24.7 | 0.89 | 6.95 |

| SP24-009 | inc. | 280.95 | 287.8 | 6.85 | 1.66 | 13.45 |

| SP24-009 | | 315.2 | 337.0 | 21.8 | 0.44 | 4.34 |

| SP24-011 | | 23.5 | 157.7 | 134.2 | 0.75 | 3.30 |

| SP24-011 | inc. | 108.0 | 120.4 | 12.4 | 1.01 | 6.24 |

| SP24-011 | | 170.65 | 185.7 | 15.05 | 0.51 | 2.68 |

| SP24-011 | | 189.1 | 213.3 | 24.2 | 0.79 | 7.41 |

| SP24-011 | | 217.5 | 256.3 | 38.8 | 0.44 | 3.91 |

| SP24-011 | | 265.1 | 370.5 | 105.4 | 0.67 | 12.79 |

| SP24-011 | inc. | 265.1 | 278.0 | 12.9 | 1.00 | 21.18 |

| SP24-011 | and inc. | 352.2 | 370.5 | 18.3 | 1.12 | 16.33 |

| SP24-011 | | 411.5 | 416.0 | 4.5 | 1.84 | 60.90 |

| SP24-011 | inc. | 411.5 | 412.2 | 0.7 | 7.22 | 263.00 |

*Reported intervals are drilled core lengths (true widths are estimated at 75-85% of the core length interval, assay values are uncut)

Technical Programs

First Mining continues to be engaged and readying a number of significant technical programs to further optimize the development plan for Springpole project scope supporting a Feasibility Study (“FS”) process. These programs include FS-level metallurgical test work, geotechnical and site investigation work to support pit slope, dike and Co-Disposal Facility design, revisions to the PFS mine plan, an update to the Mineral Resource estimate, completion of a power connectivity study, exploring renewable power generation opportunities, additional environmental data collection, and predictive environmental effects modelling and studies.

Further Co-Disposal Facility (“CDF”) Optimization

The CDF concept design being advanced by WSP was presented to an Independent Geotechnical Review Board (“IGTRB”) in Q4 2023 and Q2 2024 and discussions were held in the meetings regarding the designs and recommended next steps. Following this, the concept design was updated and underwent a formal review by the IGTRB. The feedback and recommendations received in October 2024 was positive with support for the current proposed design that was presented in the final EIS/EA.

Environmental Data Collection

In February 2024, an aerial survey was conducted to locate and study the caribou previously collared, as well as a general aerial survey of the area. The wolverine study also continued, with non-invasive camera traps being deployed from February – April. Ongoing quarterly surface water and groundwater sampling programs continued, with the first surface water sampling carried out prior to ice off.

Page 8

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Environmental Impact Statement/Environmental Assessment (EIS/EA) Preparation

Consultation and engagement on the Final EIS/EA with Indigenous communities, municipalities, regulators and stakeholders continues following the submission of the Final EIS/EA in Q4 2024. A positive conformity determination was provided by the Impact Assessment Agency of Canada which confirmed the Final EIS/EA meets all of the requirements of the federal EIS guidelines, allowing the review of the Final EIS/EA to proceed without delay to the public and technical comment period. Throughout Q1 2025, FMG received comments from the MECP, Ministry of Northern Development, Ministry of Citizenship and Multiculturism, Ministry of Mines, Ministry of Indigenous Affairs and First Nations Economic Reconciliation, IAAC, Mishkeegogamanag Ojibway First Nation, Wabauskang First Nation, Slate Falls Nation, Cat Lake First Nation and Lac Seul First Nation. FMG continues to respond to the comments and meet with the reviewers to discuss responses when required.

Cat Lake First Nation (“CLFN”)

On September 18, 2023, the Company was informed that CLFN had passed a Band Council Resolution (“BCR”) ratifying an existing moratorium on mining and mining related activities in Cat Lake traditional territory. CLFN had declared a moratorium on mining and mining related activities by letter dated December 2022. The Province of Ontario continued to grant exploration and other permits to the Company throughout 2022 and 2023, and to date the moratorium has not impacted the Company’s ability to carry out exploration and environmental assessment activities at the Springpole site. The Company continues to provide Cat Lake opportunities to engage in Project planning and to constructively engage with other local Indigenous communities, government regulators and stakeholders on the Springpole Project.

On February 8, 2024, First Mining was granted several authorizations to permit construction of a temporary winter access road to the Springpole exploration camp. On February 21, 2024, CLFN challenged the authorizations and asked the court for an order canceling the authorizations and remitting the matter to the Ministry of Natural Resources and Forest (the “MNRF”) for reconsideration in accordance with its duty to consult and accommodate CLFN. On February 23, 2024, the court ordered an interim stay of the authorization pending judicial review, pausing the temporary winter road construction activities. On March 20, 2024, First Mining joined CLFN and Lac Seul First Nation in signing a letter addressed to the provincial and federal governments inviting key representatives to engage towards the establishment of an agreement for a CLFN all-season community access road. On June 17, 2024, following discussions between the parties, CLFN accepted a settlement offer by MNRF. The settlement agreement has been filed with the court bringing an end to the judicial review process.

On October 31, 2024, the Company announced that it had entered into a Process Agreement with Cat Lake First Nation (“Cat Lake”) and Lac Seul First Nation (“Lac Seul”) which provides important capacity support for the implementation of a community-based Anishinaabe-Led Impact Assessment (“ALIA”). The Process Agreement represents a significant commitment for First Mining and provides the framework for First Mining, Cat Lake and Lac Seul to have procedural clarity and meaningful participation in the review of the Springpole Gold Project through the unique cultural perspective of the Anishinaabe people.

In 2025, Cat Lake and Lac Seul provided their review of the final EIS/EA as part of this process.

Key Catalysts for Springpole Project Development in 2025

First Mining completed a number of important project advancements in 2025, including:

●	Advancing geotechnical work plans for design of open pit, dykes and Co-Disposal Facility (“CDF”);

| ● | Continuation of engineering activities such as dyke design, CDF design, road access and transmission line design, and other site infrastructure requirements; |

| ● | Exploration advancement focused on reviewing, integrating and interpreting the results returned from the 2024 Springpole East Extension Phase 1 drilling program, including 3D model update and definition of follow-up drill hole targets for additional resource growth potential; |

| ● | Ongoing engagement and subsequent updates to the environmental effects studies and EIS/EA report. |

Silver Stream with First Majestic Silver Corp.

On June 10, 2020, First Mining entered into a Silver Purchase Agreement with First Majestic Silver Corp (“First Majestic”) pursuant to which First Majestic agreed to pay First Mining total consideration of US$22.5 million (the “Advance Payment”), in three tranches, for the right to purchase 50% of the payable silver produced from the Springpole Gold Project for the life of the project (the “Silver Stream”). The transaction closed on July 2, 2020, and the first two tranches totaling $17.5 million have been paid to First Mining. The final tranche of US$5 million cash was received from First Majestic on March 28, 2025.

Page 9

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

In addition, upon closing the transaction on July 2, 2020, First Mining issued 30 million common share purchase warrants (“First Mining Warrants”) to First Majestic pursuant to the terms of the Silver Purchase Agreement. Each First Mining Warrant entitles First Majestic to purchase one First Mining Share at an exercise price of $0.40 for a period of five years (subsequently re-priced to $0.37 in accordance with the terms of the Silver Purchase Agreement). In the event the Company were to default, First Majestic may terminate the Silver Purchase Agreement and the Advance Payment received by First Mining at that time would become repayable. The Silver Stream has an initial term of 40 years from July 2, 2020. The term is automatically extended by successive 10-year periods as long as the life of mine continues for the Springpole Gold Project.

On March 14, 2025, the Company and First Majestic agreed to amend the terms of Tranche 3 payable by First Majestic to the Company, pursuant to the Silver Purchase Agreement, to a US$5 million cash payment, which was paid to the Company on March 28, 2025. As part of the amendment, the Company extended the expiry dates of 32,050,228 outstanding common share purchase warrants (the “Warrants”) issued to First Majestic on July 2, 2020, and subsequently adjusted on July 2, 2021. Each Warrant has an exercise price of $0.374 per share and an expiry date of July 2, 2025. The Company extended the expiry date of the Warrants to March 31, 2028, and revised the exercise price to $0.20 per share. Pursuant to the terms of the amended Warrants, the Company may accelerate the expiry date of the Warrants if the closing price of the Company’s common shares on the TSX equals or exceeds $0.30 for 45 consecutive trading days, to a date that is 30 days following the dissemination of a news release announcing the acceleration. All other terms of the Warrants remain unchanged.

Upon receipt of its share of silver production, First Majestic will make cash payments to First Mining for each ounce of silver paid to First Majestic under the Silver Purchase Agreement equal to 33% of the lesser of the average spot price of silver for the applicable calendar quarter, and the spot price of silver at the time of delivery (the “Silver Cash Price”), subject to a price cap of US$7.50 per ounce of silver (the “Price Cap”). The Price Cap is subject to an annual inflation escalation of 2%, commencing at the start of the third year of production. First Mining has the right to repurchase 50% of the Silver Stream for US$22.5 million at any time prior to the commencement of production at Springpole. The proceeds received by First Mining have been used to advance the Springpole Gold Project through the FS process and will also be used to advance the project through the federal and provincial EA processes.

Birch-Uchi Gold Project, Ontario (Regional exploration acquisitions)

With its Birch-Uchi Gold Project, First Mining consolidated a 74,000 ha mineral tenure through acquisitions and option agreements (see Figure 1) surrounding its Springpole Project to advance regional scale exploration opportunities. The Birch-Uchi Greenstone Belt presents an encouraging opportunity for discovery.

Prospective targets in this mineral tenure include the past-producing high-grade Sol d’Or mine, the Swain property, the Vixen North property - located nearby the past-producing Argosy mine, which produced approximately 100,000 oz. at 11.4 g/t Au - and the Birch property, which includes the HGI prospect where historical drilling has intersected gold grades up to 245 g/t.

Page 10

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Figure 1: First Mining’s Land Tenure within the Birch-Uchi Greenstone Belt

Since 2021, First Mining has been actively conducting regional-scale exploration programs in the Birch-Uchi Greenstone Belt. The focus has been on regional screening and prospecting in underexplored areas with lesser data resolution. Efforts have been directed toward completing exploration dataset coverage and advancing on both historical and newly identified prospective zones. The company continues to advance new discoveries, enhance discovery potential and systematically build a robust pipeline of favourable exploration targets.

From 2021 to 2024, First Mining’s exploration teams have collected 1,684 soil geochemical samples, 1,814 rock grab samples, and 88 channel samples during mapping and prospecting campaigns. Four regional targets have been drill tested and a 3,843 line km airborne geophysical survey was completed. The completion of this work has supported the development of a comprehensive target catalogue comprising over 80 identified targets. Ongoing efforts are focused on refining and prioritizing the most promising targets for detailed follow-up and advancement programs.

Page 11

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Highlights of these work programs included the discovery in 2023 of a new high-grade gold occurrence at the Challenger Target, located 12 km southwest of the First Mining’s flagship Springpole Gold Project. Initial grab sampling at Challenger identified two new mineralized occurrences approximately 60 m apart, with samples returning gold values including 25.60 g/t Au, 7.10 g/t Au and 4.42 g/t Au. A 2024 follow-up field mapping program yielded four new gold occurrences, including visible gold in grab and channel samples, proximal to the original 2023 discovery area. Channel sample assay highlights of 6.53 g/t Au over 3 m (including 57.8 g/t Au over 0.3 m) and grab sample assay highlights of up to 26.6 g/t Au, 20.3 g/t Au, and 7.73 g/t Au. The Challenger target area is one of several high priority exploration targets for the Company, with follow-up work programs currently in the planning stage.

In April 2024, the Company completed its 3-year option agreement with Whitefish Exploration Inc. on the Swain Lake property, and 70% ownership of the property, which comprises 82 mining claims over an area of 1,656 hectares, was transferred to First Mining.

On June 14, 2024, the Company completed a non-brokered private placement, pursuant to which, the Company raised gross proceeds of $6,950,000. Cumulative to March 31, 2025, $3.5 million of these proceeds were designated towards continued development of the Birch-Uchi Gold Project. As of March 31, 2025, the Company had $0.76 million of unspent expenditure commitments remaining related to this project.

During the current quarter, the most significant expenditures at the Birch-Uchi Gold **** Project were:

●	$180,000 for salary and share-based payments;

| ● | $56,000 for environmental, assaying, field supplies and other expenditures |

| | $236,000 |

Future Work Plans

Building on completed field programs, the First Mining exploration team is actively integrating data for regional consolidation, analysis, and target refinement. In 2025, the focus will be on further characterizing select targets across key prospective areas and furthering additional dataset coverage to support the refinement, development and testing of drill targets. This work will continue throughout the year.

Duparquet Gold Project, Quebec

Property Description

The Duparquet Gold Project, as defined in the 2023 PEA, consists of seven contiguous mineral exploration properties: Beattie, Donchester, Central Duparquet, Dumico, Porcupine East, Pitt Gold, and Duquesne (see Figure 2), as well as the tailings from the former Beattie mine. The Project is located in the Abitibi region of the Province of Quebec, approximately 50 km north of the city of Rouyn-Noranda. The Duparquet Gold Project site has infrastructure which includes paved, provincial highways from Rouyn-Noranda to the south and La Sarre to the north – both mining communities that can provide mining services and skilled labour to explore and develop a mine. The Project site is also proximal to Quebec’s hydroelectric power grid.

The Duparquet Gold Project comprises 199 map-designated claims totaling 5,804 hectares. The tenure spans across 19 km strike length of favourable gold hosting stratigraphy along the Destor-Porcupine Fault Zone.

Page 12

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Figure 2: Map of the Duparquet Gold Project showing Subdivisions of the Claim Blocks

2023 Preliminary Economic Assessment, Duparquet Gold Project

On September 7, 2023, First Mining announced results of a positive PEA at the Duparquet Gold Project. A NI-43-101 technical report for the PEA was filed on October 20, 2023. The PEA results support a 15,000 tonnes per day open pit and underground mining operation over an 11-year mine life. The economics of the PEA only consider the Duparquet gold deposit located on the Beattie, Donchester, Central Duparquet and Dumico claim blocks and do not include the mineral resources defined at the Pitt Gold and Duquesne deposits (see Mineral Resource Estimate section). For further details on the Duparquet PEA see the technical report entitled “NI 43-101 Technical Report: Preliminary Economic Assessment, Duparquet Gold Project, Quebec, Canada” dated October 20, 2023, which was prepared for First Mining by G Mining Services Inc. in accordance with NI 43-101 and is available under First Mining’s SEDAR+ profile at www.sedarplus.ca.

PEA Highlights

●	C$1.07 billion pre-tax NPV5% and C$588 million after-tax NPV5% at US$1,800/oz gold (“Au”);

| ● | 24.9% pre-tax IRR; 18.0% after-tax IRR at US$1,800/oz Au; |

| ● | Annual Life-of-Mine (“LOM”) recovered gold production of 233 koz; |

| ● | Total LOM recovered gold of 2.6 Moz over an 11-year mine life; |

| ● | Pre-tax payback of 3.8 years; after-tax payback of 4.8 years; |

| ● | Initial capital costs estimated at C$706 million; sustaining and underground development capital costs estimated at C$738 million; and |

| ● | Average annual LOM Total Cash Cost of US$751/oz^(1)^; average annual LOM All-In Sustaining Costs (“AISC”) of US$976/oz^(2)^. | | | (1) Total Cash Costs consist of mining costs, processing costs, mine-level G&A, treatment and refining charges and royalties. (2) AISC includes total cash costs plus sustaining capital, development capital and closure costs. |

The reader is advised that the PEA is preliminary in nature and is intended to provide only an initial, high-level review of the Project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and to be used in an economic analysis except as allowed for in PEA studies. There is no guarantee that Inferred resources can be converted to Indicated or Measured resources, and as such, there is no certainty that the PEA or Project economics described herein will be realized or achieved.

Page 13

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Economic Sensitivities

The Project economics and cash flows are highly sensitive to changes in the price of gold, as detailed in Table 2.

Table 2: PEA Sensitivity to Gold Price, Operating Costs and Capital Costs

Sensitivity to Gold Price

Gold Price (US$/oz)	$1,400	$1,600	$1,800	$2,000	$2,200

| Pre-Tax IRR | 8.5% | 17.1% | 24.9% | 32.0% | 38.6% |

| After-Tax IRR | 5.5% | 12.1% | 18.0% | 23.2% | 28.0% |

Sensitivity to Initial Capital Costs

Initial Capital Costs	+20%	+10%	C$706 million	-10%	-20%

| Pre-Tax IRR | 16.7% | 20.4% | 24.9% | 30.5% | 37.8% |

| After-Tax IRR | 12.0% | 14.7% | 18.0% | 21.9% | 26.9% |

Sensitivity to Operating Costs

Operating Costs	+20%	+10%	C$2.2 billion	-10%	-20%

| Pre-Tax IRR | 19.5% | 22.2% | 24.9% | 27.4% | 29.9% |

| After-Tax IRR | 14.0% | 16.0% | 18.0% | 19.9% | 21.7% |

Mineral Resource Estimate

In September 2022, the Mineral Resource Estimate (“MRE”) for the Duparquet deposit was updated by InnovExplo Inc. in accordance with NI 43-101 (See news release of September 12, 2022 for details). The Duparquet deposit MRE contains 3.44 million ounces of gold in the Measured & Indicated category, grading 1.55 g/t Au, and an additional 1.6 million ounces of gold in the Inferred category, grading 1.36 g/t Au (see Table 3).

In August 2023, new Mineral Resource Estimates were completed on First Mining’s 100% owned Pitt Gold and Duquesne deposits and have added 1.0 million ounces of gold grading 2.32 g/t Au in the Inferred category (see Table 4), which now form part of the larger consolidated Duparquet Gold Project.

Following the updated Mineral Resource Estimates at Pitt Gold and Duquesne, the consolidated Duparquet Project now contains 3.44 million ounces of gold in the Measured & Indicated category, grading 1.55 g/t Au, and an additional 2.64 million ounces of gold in the Inferred category, grading 1.62 g/t Au (see Table 5).

Table 3: Duparquet Deposit Mineral Resource Estimate (Effective September 12, 2022)

Area<br> <br>(mining method)	Cut-off<br> <br>(g/t)	Measured Resource			Indicated Resource			Inferred Resource

| Open Pit | 0.40 | 163,700 | 1.37 | 7,200 | 59,410,600 | 1.52 | 2,909,600 | 28,333,000 | 1.07 | 970,400 |

| UG Mining | 1.50 | - | - | - | 5,506,900 | 2.26 | 399,300 | 9,038,900 | 2.29 | 665,600 |

| Tailings | 0.40 | 19,900 | 2.03 | 1,300 | 4,105,200 | 0.93 | 123,200 | - | - | - |

| Total | | 183,600 | 1.43 | 8,500 | 69,022,700 | 1.55 | 3,432,100 | 37,371,900 | 1.36 | 1,636,000 |

Page 14

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Table 4: Pitt Gold and Duquesne Deposits Mineral Resource Estimate (Effective August 31, 2023) – not included in the PEA

Area<br> <br>(mining<br> <br>method)	Cut-off<br> <br>(g/t)	Pitt Gold Inferred Resource			Duquesne Inferred resource

| Open Pit | 0.50 | - | - | - | 6,300,000 | 1.56 | 316,000 |

| UG Mining | 1.75 | 2,120,000 | 2.75 | 187,200 | 5,030,000 | 3.10 | 501,400 |

| Total | | 2,120,000 | 2.75 | 187,200 | 11,330,000 | 2.24 | 817,400 |

Table 5: Duparquet Gold Project Consolidated Mineral Resource Estimate (Effective August 31, 2023)

Area<br> <br>(mining method)	Cut-off<br> <br>(g/t)	Measured Resource			Indicated Resource			Inferred Resource

| Open Pit | 0.40 | 163,700 | 1.37 | 7,200 | 59,410,600 | 1.52 | 2,909,600 | 34,633,000 | 1.16 | 1,286,400 |

| UG Mining | 1.50 | - | - | - | 5,506,900 | 2.26 | 399,300 | 16,189,000 | 2.60 | 1,354,100 |

| Tailings | 0.40 | 19,900 | 2.03 | 1,300 | 4,105,200 | 0.93 | 123,200 | - | - | - |

| Total | | 183,600 | 1.43 | 8,500 | 69,022,700 | 1.55 | 3,432,100 | 50,822,000 | 1.62 | 2,640,500 |

Notes to accompany the Duparquet Deposit Mineral Resource Estimate:

^a)^	The independent and qualified persons for the Mineral Resource estimate, as defined by NI 43 101, are Marina Lund, P.Geo., Carl Pelletier, P.Geo. and Simon Boudreau, P.Eng. from InnovExplo Inc., and Guy Comeau, P.Eng. from Soutex Inc. The effective date of the estimate is Sept. 12, 2022.

| ^b)^ | Mineral Resources are not Mineral Reserves, as they do not have demonstrated economic viability. There is currently insufficient data to define these Inferred Mineral Resources as Indicated or Measured Mineral Resources and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category. The Mineral Resource estimate follows current CIM Definition Standards. |

| ^c)^ | The results are presented in situ and undiluted and have reasonable prospects of economic viability. |

| ^d)^ | In-pit and underground estimates encompass sixty (60) mineralized domains and one dilution envelope using the grade of the adjacent material when assayed or a value of zero when not assayed; The tailings estimate encompass four (4) zones. |

| ^e)^ | In-pit and underground: High-grade capping of 25 g/t Au; Tailings: High-grade capping of 13.0 g/t Au for Zone 1, 3.5 g/t Au for Zone 2, 1.7 g/t Au for Zone 3 and 2.2 g/t Au for Zone 4. High-grade capping supported by statistical analysis was done on raw assay data before compositing. |

| ^f)^ | In-pit and underground: The estimate used a sub-block model in GEOVIA SURPAC 2021 with a unit block size of 5m x 5m x 5m and a minimum block size of 1.25m x 1.25m x1.25m. Grade interpolation was obtained by ID2 using hard boundaries. Tailings: The estimate used a block model in GEOVIA GEMS with a block size of 5m x 5m x 1m. Grade interpolation was obtained by ID2 using hard boundaries. |

| ^g)^ | In-pit and underground: A density value of 2.73 g/cm^3^ was used for the mineralized domains and the envelope. A density value of 2.00 g/cm^3^ was used for the overburden. A density value of 1.00 g/cm^3^ was used for the excavation solids (drifts and stopes) assumed to be filled with water. Tailings: A fixed density of 1.45 g/cm^3^ was used in zones and waste. |

| ^h)^ | In-pit and underground: The Mineral Resource estimate is classified as Measured, Indicated and Inferred. The Measured category is defined by blocks having a volume of at least 25% within an envelope built at a distance of 10 m around existing channel samples. The Indicated category is defined by blocks meeting at least one (1) of the following conditions: Blocks falling within a 15-m buffer surrounding existing stopes and/or blocks for which the average distance to composites is less than 45 m. A clipping polygon was generated to constrain Indicated Mineral Resources for each of the sixty (60) mineralized domains. Only the blocks for which reasonable geological and grade continuity have been demonstrated were selected. All remaining interpolated blocks were classified as Inferred Mineral Resources. Blocks interpolated in the envelope were all classified as Inferred Mineral Resources. Tailings: The Measured and Indicated categories were defined based on the drill hole spacing (Measured: Zones 1 and 2 = 30m x 30m grid; Indicated: Zone 3 = 100m x 100m grid and Zone 4 = 200m x 200m grid). |

| ^i)^ | In-pit and underground: The Mineral Resource estimate is locally pit-constrained with a bedrock slope angle of 50° and an overburden slope angle of 30°. The out-pit Mineral Resource met the reasonable prospect for eventual economic extraction by having constraining volumes applied to any blocks (potential underground extraction scenario) using DSO. It is reported at a rounded cut-off grade of 0.4 g/t Au (in-pit and tailings) and 1.5 g/t Au (UG). The cut-off grades were calculated using the following parameters: mining cost = CA$70.00 (UG); processing cost = CA$11.90 to 17.00; G&A = CA$8.75; refining and selling costs = CA$5.00; gold price = US$1,650/oz; USD:CAD exchange rate = 1.31; and mill recovery = 93.9%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.). |

| ^j)^ | The number of metric tons and ounces was rounded to the nearest hundred, following the recommendations in NI 43-101. Any discrepancies in the totals are due to rounding. |

| ^k)^ | The authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource estimate. |

Page 15

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Notes to accompany the Pitt and Duquesne Mineral Resource Estimates:

●	The independent qualified persons for the Pitt Gold and Duquesne mineral resource estimates, as defined by NI 43 101, are Olivier Vadnais-Leblanc, P.Geo., Carl Pelletier, P.Geo., and Simon Boudreau, P.Eng. from InnovExplo. The effective date of the estimate is August 31, 2023.

| ● | These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. There is currently insufficient data to define these Inferred mineral resources as Indicated or Measured mineral resources and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. The mineral resource estimate follows current CIM Definition Standards. |

| ● | The results are presented in situ and undiluted and have reasonable prospects of eventual economical extraction. |

| ● | Pitt Gold: Underground: High-grade capping of 20 g/t Au. High-grade capping supported by statistical analysis was done on composited assays. |

| ● | Duquesne: In-pit and Underground: High-grade capping of 55 g/t Au. High-grade capping supported by statistical analysis was done on composited assays. |

| ● | A density value of 2.7 g/cm^3^ was used for the mineralized domains and the envelope. |

| ● | The mineral resource estimates are classified as Inferred due to a lack of confidence in certain drill hole collar and underground development locations. |

| ● | The Mineral Resource Estimates for Duquesne and Pitt Gold were prepared using 3D block modelling and the inverse distance squared (“ID2”) interpolation method. |

| ● | The mineral resources are categorized as Inferred based on drill spacing, as well as geological and grade continuity. A maximum distance to the closest composite of 75 m for Inferred in all zones for Duquesne of 210 m for Inferred in all zones for Pitt Gold. |

Exploration Program

First Mining has been actively advancing exploration at the Duparquet Gold Project since 2023. The maiden diamond drilling program, completed in 2023, totaled 6,963 m in 17 holes, with results supporting the delineation of several significant discoveries and follow-up targets. Drilling continued through 2024, with an additional 31 holes and over 12,420 m drilled, with results further advancing resource extension opportunities, and discovery of new zones. Mapping campaigns were conducted in 2023 and 2024, targeting both brownfield and regional, greenfield opportunities. In 2024, a high-resolution airborne geophysical and LiDAR survey was completed, along with a property wide 3D geological model update, generating a comprehensive, high-resolution dataset to support exploration programs and target development across the entire mineral tenure.

Highlights from the last three phases of drilling programs include the unlocking of new discovery zones at Miroir, Aiguille (2024) and Buzz (2023), successfully demonstrating resource extensional targets along strike and at depth (Valentre, North Zone, DCD and East Extension), as well as delineating higher-grade zones within key mineralization areas (CDHG, Valentre and North Zone). In addition, new favourable host lithologies and structures have been identified, with significant results returned within mafic volcanic units to the north of the main resource at the North Zone and Miroir targets, and similarly from the south at the Buzz and Aiguille targets, which are hosted in brecciated units in contact with sediments.

Results from the recent expansion drilling at Valentre, including the two new discovery gold zones at Miroir and Aiguille, were reported on Jan 20, 2025. Assay results from Miroir, located north of the Valentre target, returned 3.12 g/t Au over 19.35 m, including 5.47 g/t Au over 9.6 m. Assay results from Aiguille, located south of the Valentre target, included 8.99 g/t Au over 3.1 m. In total, 142 unique mineralized intercepts (>0.4 g/t Au over 3m) have been encountered in 16 drill holes within the Valentre expansion area, including these new discoveries at Miroir and Aiguille. These new drill results support a strong continuity in mineralization within the Central Duparquet, Valentre and Dumico (“CVD”) area, while highlighting an affinity for additional discovery zones with increasing exploration at the Duparquet Project.

On June 14, 2024, the Company completed a non-brokered private placement, pursuant to which, the Company raised gross proceeds of $6,950,000. Cumulative to March 31, 2025, $3.35 million of these proceeds were designated towards the continued development of the Duparquet Gold Project. As of March 31, 2025, the Company had $2.5 million of unspent expenditure commitments remaining related to this project.

During the current quarter, the most significant expenditures at the Duparquet Gold Project were:

●	$399,000 for salary and share based payments;

| ● | $290,000 for exploration, drilling and exploration technical related activities; |

| ● | $147,000 for environmental, assaying, and field supplies; |

| ● | $46,000 for land taxes; |

| ● | $19,000 for travel, fuel and other expenditures. |

| ● | $901,000 |

Page 16

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Environmental and Permitting

First Mining has initiated discussions with the relevant Quebec ministries to address environmental and legacy issues as part of the redevelopment of the property. On February 15, 2023, the Company’s wholly-owned subsidiary received a Notice of Non-Compliance from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (“MELCCFP”) in Quebec regarding historical storage of mine byproduct material on the Duparquet property. Since acquiring the Duparquet Project, the Company has been proactively working with MELCCFP in respect of this historical environmental issue and on March 31, 2023, the Company’s wholly-owned subsidiary Eldorado Gold Mines filed an initial management plan with MELCCFP. The Company subsequently filed a response to comments made by the MELCCFP on the groundwater monitoring plan for historical tailings on June 30, 2023. Positive discussions with the MELCCFP are ongoing and a permit application was submitted in Q1 2025 to allow for the removal of the historical mine byproduct material and secure storage on a proposed new storage pad at the future processing plant location. Construction of the storage pad is anticipated to occur in H2 2025 in preparation for material storage in 2026. The Company is committed to working in partnership with the municipality of Duparquet, citizens and Indigenous communities.

Effective May 6, 2024, the Quebec Ministry implemented an amendment to the Mining Regulations which introduced a new authorization process aimed at “impact causing exploration work”. This requires a mining company that wishes to carry out any of this type of work to submit an application for an authorization for impact-causing exploration work (or “ATI”) to the Ministère des Ressources naturelles et des Forêts.

MDD has applied for and were granted three (3) ATI’s related to exploration drilling throughout 2024, allowing exploration drilling activities to continue over the next two years across key exploration target zones. In addition to this, MDD is actively reviewing its exploration permitting requirements across the property and will be evaluating the needs for additional permitting on a continuous basis.

Future Work Plans

First Mining aims to complete an approximate 18,000 m of exploration drilling this year at the Duparquet Gold project, focusing on advancing priority targets that are aligned to resource growth potential which will further unlock an important regional gold endowment supportive of future development optionality. The 2025 program will be the largest exploration drill program undertaken by the Company since acquiring full ownership of the Project in 2022.

In early March 2025, First Mining commenced its exploration program at Duparquet with the Phase 3B winter program, consisting of one drill rig targeting the recent discovery zone, Miroir, and following up on further extensional opportunities at the Central Duparquet-Valentre-Dumico (“CVD”) target area. The Company is bringing on a second drill rig in Q2 2025, which will be the start of the Phase 4 program, and will be focused on further advancing select priority targets (North Zone, Buzz, Miroir, Aiguille, and South Zone), for resource growth potential and regional target discovery opportunities.

Other Projects

Cameron Gold Project, Ontario

The Cameron Gold Project consists of a district-scale, 528 square kilometre (53,000 ha) mineral tenure package in northern Ontario, encompassing the Cameron Gold Deposit, the West Cedartree deposits (including Dubenski and Dogpaw), the East Cedartree deposit, and several other highly prospective gold showings that have historically been explored by both surface and underground drilling and mine development.

The project is centered around the foundational resource of the Cameron gold deposit containing 464,000 oz Au in the Measured and Indicated categories, and an additional 533,000 oz Au in the Inferred category. Further details are available in the NI-43-101 Technical Report entitled “Technical Report on the Cameron Gold Deposit, Ontario, Canada” dated January 17, 2017, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.

During the three months ended March 31, 2025, overall spend at the Cameron project was approximately $39,000, of which 69% is attributable to salaries.

Page 17

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Pickle Crow Gold Project, Ontario (30% Project Interest)

First Mining owns a 30% interest in PC Gold, the joint venture company that owns the Pickle Crow Project. First Mining’s joint venture partner FireFly Metals (“Firefly”) owns the remaining 70% of PC Gold, and is the current operator of the Pickle Crow Project.

The Pickle Crow Project hosts an Inferred Mineral Resource of 9.4 Mt grading 4.1 g/t Au and containing 1,230,500 oz Au. The technical report in support of these resources, entitled “An Updated Mineral Resource Estimate for the Pickle Crow Property, Patricia Mining Division, Northwestern Ontario, Canada” and dated June 15, 2018, was prepared for us by Micon International Limited in accordance with NI 43-101, and is available under our SEDAR+ profile at www.sedarplus.ca.

Hope Brook Gold Project, Newfoundland (20% Project Interest)

First Mining owns a 20% interest in the Hope Brook Gold Project. First Mining’s joint venture partner is Big Ridge Gold Corp. (“Big Ridge”) who owns the remaining 80% of the Hope Brook Project and is the current operator.

The Hope Brook Gold Project is located 85 km east of Port aux Basques, Newfoundland. The property tenure was reconfigured in 2023, and again in 2024, and now covers an area of 5,925 ha over ten mineral licenses, with a deposit hosted by pyritic silicified zones occurring within a deformed, strike-extensive advanced argillic alteration zone.

The Hope Brook Gold Project hosts an Indicated Mineral Resource of 16.2 Mt grading 2.32 g/t Au and containing 1,206,000 oz Au and an Inferred Mineral Resource of 2.2 Mt grading 3.24 g/t Au and containing 231,000 oz Au. The technical report entitled “Technical Report on the Mineral Resource Estimate Update for the Hope Brook Gold Project, Newfoundland and Labrador, Canada” and dated April 6, 2023 with an effective date of January 17, 2023, was prepared for Big Ridge Gold Corp. by SGS Geological Services in accordance with NI 43-101, and is available under Big Ridge’s SEDAR+ profile at www.sedarplus.ca.

Earn-In Agreement with Big Ridge Gold

On April 6, 2021, First Mining announced that it had entered into an earn-in agreement (the “Big Ridge Earn-In Agreement”) with Big Ridge Gold Corp. pursuant to which Big Ridge may earn up to an 80% interest in Hope Brook. A summary of the transaction is set out in the table below and additional detail related to the earn-in arrangement is included in the Company’s news release dated April 6, 2021.

On March 21, 2024, the Company amended the Earn-In Agreement between the Company and Big Ridge Gold Corp. As part of the terms of the amending agreement, the Company granted Big Ridge the exclusive right and option to increase its undivided interest in and to the property from 51% to 80% in exchange for 10,000,000 Big Ridge Shares, effectively exercising Stage 2 of the amended Earn-In agreement. In addition, the Company sold a total of 36,500,000 Big Ridge shares for $0.05 a share, resulting in gross proceeds of $1,825,000 received prior to March 31, 2024. The Company valued the retained project interest based on the estimated fair value of the transfer of interest in the property in accordance with the earn-in agreement, resulting in an impairment loss of $11,955,000 during the period ended March 31, 2024. All requirements for Stage 1 and Stage 2 Earn-in have been met. After completion of the Stage 2 Earn-In, First Mining holds a 20% interest in Hope Brook which will be free carried until the completion of a Feasibility Study by Big Ridge.

Hope Brook Gold Project Earn-in Summary

| Upfront Consideration (Complete) |

| ^(1)^$500,000 cash upon closing |

| ^(2)^11.5 million shares of Big Ridge upon closing |

| Stage 1 Earn-in (51% earn-in over 3-year period) (Complete) |

| ● $10,000,000 in project exploration spend |

| ● 15 million shares of Big Ridge |

| ● 1.5% NSR royalty (0.5% buyback for $2.0M) – sold in Jan/23 |

| Stage 2 Amended Earn-in (additional 29% earn-in over 2 years) (Complete) |

| Up to 10 million shares of Big Ridge to a maximum of 19.9% ownership of Big Ridge |

| Additional Terms: |

| ● JV to be created upon completion of Stage 1 |

| ● First Mining free carried to a feasibility study |

| ● $2M cash payment upon commercial production |

Page 18

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

SELECT QUARTERLY FINANCIAL INFORMATION

	2025-Q1		2024-Q4		2024-Q3		2024-Q2		2024-Q1		2023-Q4		2023-Q3		2023-Q2

| Net income (loss) | | (19,087) | | 19,139 | | (5,589) | | (10,564) | | (18,300) | | (8,038) | | 624 | | (1,149) |

| Impairment of non-current assets | | - | | - | | - | | - | | (11,955) | | - | | (1,545) | | - |

| Total cash used in operating activities^^ | | (1,817) | | (1,289) | | (218) | | (409) | | (2,036) | | (798) | | (1,094) | | (3,364) |

| Basic and diluted net income (loss) per share (in dollars) | | (0.02) | | 0.02 | | 0.01 | | (0.01) | | (0.02) | | (0.01) | | - | | - |

| | 2025-Q1 | | 2024-Q4 | | 2024-Q3 | | 2024-Q2 | | 2024-Q1 | | 2023-Q4 | | 2023-Q3 | | 2023-Q2 | |

| Cash and cash equivalents | | 10,102 | | 11,351 | | 10,368 | | 10,368 | | 7,732 | | 12,211 | | 1,949 | | 5,234 |

| Short-term investments | | - | | - | | - | | - | | - | | - | | 4,798 | | 4,634 |

| Marketable securities | | 1,630 | | 2,388 | | 2,845 | | 2,845 | | 106 | | 263 | | 30 | | 2,290 |

| Working capital (deficit)^(1)^ | | 3,499 | | 744 | | 1,943 | | 1,943 | | (1,687) | | 2,162 | | (3,049) | | 1,789 |

| Mineral properties | | 259,219 | | 256,059 | | 240,964 | | 240,964 | | 235,830 | | 244,234 | | 239,500 | | 234,737 |

| Investment in NexGold Mining Corp. ^(2)^ | | - | | - | | - | | - | | 3,034 | | 3,269 | | 3,302 | | 5,115 |

| Investment in PC Gold Inc. | | 21,525 | | 21,527 | | 21,527 | | 21,527 | | 21,527 | | 21,527 | | 21,528 | | 21,572 |

| Investment in Big Ridge Gold Corp. | | - | | - | | - | | - | | - | | 1,406 | | 1,479 | | 2,068 |

| Total assets | | 295,446 | | 294,852 | | 271,528 | | 278,899 | | 271,528 | | 289,067 | | 276,098 | | 279,277 |

| Total non-nurrent liabilities | | 59,113 | | 36,095 | | 40,508 | | 51,094 | | 40,508 | | 36,486 | | 29,473 | | 33,354 |

(1)	These are non-IFRS measures with no standardized meaning under IFRS Accounting Standards. Refer to the section in this MD&A titled “Non-IFRS Measures” and “Trends in Liquidity, Working Capital, and Capital Resources”.

| (2) | During Q2 2024, the Company reclassified its equity investment in NexGold Mining Corp to marketable securities as a partial disposition of its interest to strengthen its liquidity position. |

Key trends in the quarterly results are as follows:

Non-current liabilities – Changes predominantly due to the Silver Stream derivative liability fair value movement at each period end date.

RESULTS OF CONTINUING OPERATIONS

Unless otherwise stated, the following financial data was prepared on a basis consistent with IFRS Accounting Standards, including IAS 34. The data was extracted from the financial statements.

Page 19

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Q1 2025 compared to Q1 2024

For the first quarter ended March 31, 2025, net loss increased by $0.8 million compared to the prior year comparable period. The most significant components of this overall change are explained by the following:

Income Statement Category	Three months ended March 31,

| (in $000s) | 2025 | | 2024 | | Variance | | Explanation |

| General and administration | | 1,128 | | 1,255 | | (127) | Due to lower corporate payroll allocations, somewhat offset by higher insurance and consulting costs |

| Exploration and evaluation | | 210 | | 221 | | (11) | Immaterial change |

| Investor relations and marketing communications | | 422 | | 384 | | 38 | Immaterial change |

| Corporate development and due diligence | | 236 | | 274 | | (38) | Immaterial change |

| Impairment of non-current assets | | - | | 11,955 | | (11,955) | Hope Brook Impairment in Q1 2024 |

| Loss from operational activities | | 1,996 | | 14,089 | | (12,093) | |

| Interest and other income | | (30) | | (257) | | 227 | Variance primarily due to Moly sale in Q1 2024 |

| Investments fair value gain | | (33) | | - | | (33) | Immaterial change |

| Foreign exchange gain | | (6) | | (76) | | 70 | Immaterial change |

| Other expenses | | 25 | | 194 | | (169) | Immaterial change |

| Fair value loss on Silver Stream liability | | 17,246 | | 3,901 | | 13,345 | Primarily due to the advanced payment of US$5M received, and revaluation as a result of a 30% increase in market volatility, 42% increase in forward curve and a 27% increase in the silver spot price compared to Q1 2024 |

| Deferred income tax recovery | | (113) | | (167) | | 54 | Due to amortization of flow through share liability driven by incurring eligible expenditures |

| Equity gain (loss) of equity accounted investments | | 2 | | 616 | | (614) | Equity loss for investments held in Treasury Metals, Big Ridge and PC Gold in Q1 2024 vs immaterial loss on PC Gold in Q1 2025. |

| Net loss for the period | | 19,087 | | 18,300 | | 787 | |

| Fair value loss on Investments | | (68) | | (157) | | 89 | Primarily due to mark-to-mark adjustments on marketable securities |

| Net loss and comprehensive loss | | 19,155 | | 18,457 | | (698) | |

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

(in $000s)	Three months ended March 31,

| | 2025 | | 2024 | |

| Operating activities | $ | (1,817) | $ | (2,036) |

| Investing activities | | (6,489) | | (2,488) |

| Financing activities | | 7,141 | | (33) |

| Foreign exchange effect on cash | | (84) | | 78 |

| CHANGE IN CASH AND CASH EQUIVALENTS | | (1,249) | | (4,479) |

| Working Capital ^(1)^ | | 3,499 | | (1,687) |

| Cash and cash equivalents, beginning | | 11,351 | | 12,211 |

| Cash and cash equivalents, ending | $ | 10,102 | $ | 7,732 |

(1)	Working capital is a non-IFRS measurement with no standardized meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. For further information, please see the section in this MD&A titled “Non-IFRS Measures – Working Capital” and “Trends in Liquidity, Working Capital, and Capital Resources".

Page 20

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Key reasons for variances over the prior year comparable period include:

●	Cash used in operating activities was relatively consistent over the prior year.

| ● | Cash flows related to investing activities during the current period were primarily impacted by the mineral property expenditures, whereas the prior year cash flows were impacted by mineral property expenditures, partially offset by proceeds from the sale of marketable securities. |

| ● | Working capital is higher at the end of the current period primarily due to the lower accounts payable balance. |

Trends in Liquidity, Working Capital, and Capital Resources

The Company’s financial statements were prepared on a going concern basis, which assumes that the Company will continue its operations for at least twelve months from the current reporting period and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

As of March 31, 2025, the Company had cash and cash equivalents of $10,102,000 (December 31, 2024 - $11,351,000), working capital of $3,499,000 (December 31, 2024 - $774,000), which is calculated as current assets less current liabilities, and an accumulated deficit of $199,982,000 (December 31, 2024 - $180,895,000). The Company had a working capital balance of $7,473,000 excluding the 10% Option on PC Gold with Firefly from current liabilities (December 31, 2024 - $4,718,000). For the three months ended March 31, 2025, the Company had a net loss of $19,087,000 (2024 - $18,300,000) primarily due to the impairment on non-current assets and change in fair value of Silver Stream.

The Company has historically financed its activities through equity raises, sales of investments and marketable securities and the sale of its non-core royalty portfolio. In addition to a reduction in spending, disposing of assets and seeking other non-equity sources of financing, the Company remains reliant on equity markets for raising capital through the issuance of new shares until it can generate positive cash flow from operations to finance its exploration and development programs. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and liquidate its marketable securities. There can be no assurance that the Company will be able to continue to secure additional financing in the future on terms that are favourable. This gives rise to a material uncertainty that may raise substantial doubt about the Company’s ability to continue as a going concern.

The financial statements do not give effect to any adjustments to the carrying values of the assets and liabilities, the reported expenses, and the statements of financial position classifications used that would be necessary should the Company be unable to continue as going concern. Such adjustments could be material.

OUTLOOK

We remain focused on advancing the Company’s strategic objectives towards near-term milestones, which include:

·	Advancing the Springpole EA process which includes a focus on community, Indigenous rights holder and stakeholder engagement, with a focus on addressing all technical questions on the Final EIS/EA report in 2025 and working with local and Indigenous communities.

| · | Advancing exploration, environmental and technical work at the Duparquet Gold Project, including environmental baseline monitoring, bunker construction for environmental remediation, geological data compilation and targeting, commencement of the 2025 drill program. |

| · | Progressing some key Feasibility Study areas at Springpole, such as geotechnical optimization, further process optimization, and power connection studies, as well as advancing Springpole and Birch-Uchi exploration activities to identify and follow-up on regional targets. |

| · | Striving to achieve a strong balance sheet and improving cash position to fund investing activities. |

Page 21

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

FINANCIAL INSTRUMENTS

All financial instruments are required to be measured at fair value on initial recognition, net of transaction costs in some cases. Fair value is based on quoted market prices unless the financial instruments are not traded in an active market. In this case, the fair value is determined by using valuation techniques like the Black-Scholes option pricing model or other valuation techniques. Measurement in subsequent periods depends on the classification of the financial instrument. A description of the Company’s financial instruments and their fair value is included in the condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024, filed on SEDAR+ at www.sedarplus.ca. Risks related to financial instruments are discussed under Risks and Uncertainties.

In the normal course of business, the Company is inherently exposed to certain financial risks, including market risk, credit risk and liquidity risk, through the use of financial instruments. The timeframe and the manner in which we manage these risks varies based upon our assessment of these risks and available alternatives for mitigation. We do not acquire or issue derivative financial instruments for trading or speculative purposes. All transactions undertaken are to support our operations.

RELATED PARTY TRANSACTIONS

The Company’s related parties consist of the key management personnel, Company’s Directors and Officers.

Key management of the Company includes the members of the Board of Directors, Officers and Vice Presidents of the Company. The compensation paid or payable to key management for services during the periods ended March 31, 2025 and 2024 is as follows:

Service or Item	Three months ended March 31,

| (in $000s) | 2025 | | 2024 | |

| Directors’ fees | $ | 75 | $ | 74 |

| Salaries and consultants’ fees | | 602 | | 476 |

| Share-based payments (non-cash) | | 567 | | 308 |

| Total | $ | 1,244 | $ | 858 |

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company including, without limitation, such considerations as liquidity and capital resources.

FINANCIAL LIABILITIES AND COMMITMENTS

The Company’s financial liabilities based on the undiscounted contractual cash flows as at March 31, 2025 are summarized as follows:

(in $000s)	Carrying Amount		Contractual Amount		Less than 1 year		1 – 3<br> <br>years		4 – 5<br> <br>years		After 5 years

| Accounts payable and accrued liabilities | $ | 1,976 | $ | 1,976 | $ | 1,976 | $ | - | $ | - | $ | - |

| Other liabilities | | 486 | | 500 | | 500 | | - | | - | | - |

| Lease liability | | 212 | | 247 | | 75 | | 172 | | - | | - |

| Total | $ | 2,674 | $ | 2,723 | $ | 2,551 | $ | 172 | $ | - | $ | - |

NON-IFRS MEASURES

Alternative performance measures in this document such as “cash cost”, “AISC” and “AIC” are furnished to provide additional information. These non-IFRS performance measures are included in this MD&A because these statistics are used as key performance measures that management uses to monitor and assess future performance of the Springpole Gold Project, and to plan and assess the overall effectiveness and efficiency of mining operations.

Page 22

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

The Company has included certain non-IFRS measures in the annual and quarterly information tables above for the calculation of the working capital as current assets less current liabilities. The Company believes that these measures provide investors with an improved ability to evaluate the performance of the Company.

Non-IFRS measures do not have any standardized meaning prescribed under IFRS Accounting Standards. Therefore, such measures may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards.

MATERIAL ACCOUNTING POLICIES

The Company’s material accounting policies are in accordance with IFRS Accounting Standards and are disclosed in financial statements.

CRITICAL ACCOUNTING ESTIMATES

The preparation of the Company’s financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continually evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.

Estimation uncertainties are described in the Company’s financial statements.

CRITICAL ACCOUNTING JUDGMENTS

The preparation of financial statements requires management to exercise judgment in the process of applying its accounting policies. Judgments are regularly evaluated and are based on management’s experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances. In preparing the Company’s financial statements, the Company used the same accounting policies and methods of computation as in the Company’s annual consolidated financial statements for the year ended December 31, 2024. The following section discusses significant accounting policy judgments which have been made in connection with the financial statements for the three months ended March 31, 2025:

Mineral Property Impairment Indicators

In accordance with the Company’s accounting policy for its mineral properties, exploration and evaluation expenditures on mineral properties are capitalized. There is no certainty that the expenditure made by the Company in the exploration of its property interests will result in discoveries of commercial quantities of minerals. The Company applies judgment to determine whether indicators of impairment exist for these capitalized costs.

Management uses several criteria in making this assessment, including the period for which the Company has the right to explore, expected renewals of exploration rights, whether substantive expenditures on further exploration and evaluation of mineral properties are budgeted, and evaluation of the results of exploration and evaluation activities up to the reporting date.

Impairment of Investment in Associates

With respect to its investments in PC Gold, which are accounted for using the equity method, the Company is required to make estimates and judgments about future events and circumstances and whether the carrying amount of the asset exceeds its recoverable amount. Recoverability of each investment depends on various factors, including the identification of economic recoverability of reserves at the respective exploration properties, the ability for each company to obtain the necessary financing to complete the development, and future profitable production or proceeds from the disposition of the underlying company shares themselves. The publicly quoted share price of each company, where applicable, is also a source of objective evidence about the recoverable amount of the equity investment.

Page 23

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

NEW ACCOUNTING STANDARDS ISSUED

Certain new accounting standards and interpretations have been published that are either applicable in the current year or not mandatory for the current period. We have assessed these standards, including Amendments to IAS 1 – Non-current Liabilities and Covenants, and determined they do not have a material impact on the Company in the current reporting period. In addition, the following standards have been issued by the IASB and we are currently assessing the impact on our consolidated financial statements:

·	Amendments to the Classification and Measurement of Financial Instruments (IFRS 9 and IFRS 7) with mandatory application of the standard in annual reporting periods beginning on or after January 1, 2026;

| · | IFRS 18 Presentation and Disclosure in Financial Statements with mandatory application of the standard in annual reporting periods beginning on or after January 1, 2027. |

No standards have been early adopted in the current period.

RISKS AND UNCERTAINTIES

The Company is subject to a number of risks and uncertainties, each of which could have an adverse effect on its business operations or financial results. Some of these risks and uncertainties are detailed below. For a comprehensive list of the Company’s risks and uncertainties, see the Company’s AIF for the year ended December 31, 2024 under the heading “Risks that can affect our business”, which is available under our SEDAR+ profile at www.sedarplus.ca, and on EDGAR as an exhibit to Form 40-F.

Risks related to Financial Instruments

The Company thoroughly examines the various financial instruments and risks to which it is exposed and assesses the impact and likelihood of those risks. These risks include market risk (including equity price risk, foreign currency risk, interest rate risk and commodity price risk), credit risk, liquidity risk, and capital risk. Where material, these risks are reviewed and monitored by the Board.

The Board has overall responsibility for the determination of the Company’s risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as much as possible without unduly affecting the Company’s competitiveness and flexibility.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk includes equity price risk, foreign currency risk, interest rate risk and commodity price risk.

Equity Price Risk

The Company is exposed to equity price risk as a result of holding investments in equity securities of several other mineral property related companies.

If the fair value of our investments in equity instruments designated as fair value through other comprehensive income (FVTOCI) had been 10% higher or lower as at March 31, 2025, other comprehensive loss for the three months ended March 31, 2025 would have decreased or increased, respectively, by $163,000 (2024 - $239,000).

Page 24

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Foreign Currency Risk

The Company is exposed to financial risk related to the fluctuation of foreign exchange rates. As at March 31, 2025, the Company was exposed to currency risk on the following financial instruments denominated in US$. The sensitivity of the Company’s net loss due to changes in the exchange rate between the US$ against the Canadian dollar is included in the table below in Canadian dollar equivalents:

(in $000s)	March 31, 2025

| Cash, cash equivalents | $ | 8,773 |

| Net exposure | $ | 8,773 |

| Effect of +/- 10% change in currency | $ | 877 |

Interest Rate Risk

Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company does not have any borrowings that are subject to fluctuations in market interest rates. Interest rate risk is limited to potential decreases on the interest rate offered on cash and cash equivalents held with chartered Canadian financial institutions. The Company manages its interest rate risk by maximizing the interest income earned on excess funds while maintaining the necessary liquidity to conduct its day-to-day operations. The Company considers this risk to be immaterial.

Commodity price risk

The Company is subject to commodity price risk from fluctuations in the market prices for gold and silver. Commodity price risks are affected by many factors that are outside the Company’s control including global or regional consumption patterns, the supply of and demand for metals, speculative activities, the availability and costs of metal substitutes, inflation, and political and economic conditions. The financial instruments impacted by commodity prices are the Silver Stream derivative liability and indirectly the PC Gold Option held relating to the net dilution from Firefly Metals Ltd completing its additional 10% equity interest in PC Gold and reducing First Mining’s ownership to 20%. The Company’s net loss sensitivity changes in commodity price risk would have increased or decreased by approximately $5,753,000 if the commodity price had been 10% higher or lower as at March 31, 2025.

Credit Risk

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments which are potentially subject to credit risk for the Company consist primarily of cash and cash equivalents, accounts and other receivables, short-term investments and the reclamation deposit. The Company considers credit risk with respect to its cash and cash equivalents and short-term investments to be immaterial as cash and cash equivalents and short-term investments are mainly held through high credit quality major Canadian financial institutions as determined by ratings agencies. As a result, the Company does not anticipate any credit losses.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it will have sufficient cash to allow it to meet its liabilities when they become due. The Company manages its liquidity risk by preparing annual estimates of exploration and administrative expenditures and monitoring actual expenditures compared to the estimates to ensure that there is sufficient capital on hand to meet ongoing obligations.

See the section in this MD&A titled “Financial Liabilities and Commitments” for a summary of the maturities of the Company’s financial liabilities as at March 31, 2025, based on the undiscounted contractual cash flows. As at March 31, 2025, the Company had cash and cash equivalents of $10,102,000 (December 31, 2024 - $11,351,000) (please refer to the section in this MD&A titled “Trends in Liquidity, Working Capital, and Capital Resources”).

Capital Risk Management

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration and retention of its mineral properties. The Company has historically demonstrated the ability to raise new capital through equity issuances and/or through surplus cash as part of its acquisitions. In the management of capital, the Company includes the components of shareholders’ equity. The Company prepares annual estimates of exploration and administrative expenditures and monitors actual expenditures compared to the estimates to try to ensure that there is sufficient capital on hand to meet ongoing obligations.

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FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

Risks Generally

For a comprehensive discussion of the risks and uncertainties that may have an adverse effect on the Company’s business, operations and financial results, refer to the Company’s latest AIF for the year ended December 31, 2024 filed with Canadian securities regulatory authorities at www.sedarplus.ca, and filed under Form 40-F with the United States Securities Exchange Commission at www.sec.gov/edgar.html. The AIF, which is filed and viewable on www.sedarplus.ca and www.sec.gov/edgar.html, is available upon request from the Company.

QUALIFIED PERSONS

Hazel Mullin, P.Geo., Director of Data Management and Technical Services at First Mining, is a Qualified Person as defined by NI 43-101, and is responsible for the review and verification of the scientific and technical information in this MD&A.

James Maxwell, P.Geo., VP, Exploration and Project Operations for First Mining, is a Qualified Person as defined by NI 43-101, and he has reviewed and approved the scientific and technical disclosure in this MD&A relating to the Company’s mineral projects in Quebec.

SECURITIES OUTSTANDING

As at the date on which this MD&A was approved and authorized for issuance by the Board, the Company had 1,080,941,877 common shares issued and outstanding; 141,686,740 warrants outstanding; 73,767,500 options outstanding; 16,359,275 restricted share units outstanding; 14,066,000 performance share units; and 1,909,000 deferred share units outstanding.

DISCLOSURE CONTROLS AND PROCEDURES

The Company’s Management, with the participation of its Chief Executive Officer (“CEO”) and its Chief Financial Officer (“CFO”), have evaluated the effectiveness of the Company’s disclosure controls and procedures. Based upon the results of that evaluation, the Company’s CEO and CFO have concluded that, as of March 31, 2025, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is recorded, processed, summarized and reported, within the appropriate time periods and is accumulated and communicated to Management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The Company’s Management, with the participation of its CEO and CFO, is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in the SEC’s rules and the rules of the Canadian Securities Administrators. The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of annual financial statements for external purposes in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. The Company’s internal control is effective. The Company’s internal control over financial reporting includes policies and procedures that:

●	address maintaining records that accurately and fairly reflect, in reasonable detail, the transactions and dispositions of assets of the Company;

| ● | provide reasonable assurance that transactions are recorded as necessary for preparation of financial statements in accordance with IFRS Accounting Standards; |

| ● | provide reasonable assurance that the Company’s receipts and expenditures are made only in accordance with authorizations of Management and the Company’s Directors; and |

| ● | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the Company’s consolidated financial statements. |

The Company’s internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness for future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Company’s policies and procedures. There have been no significant changes in our internal controls during the three months ended March 31, 2025 that have materially affected, or are likely to materially affect, the Company’s internal control over financial reporting.

Page 26

FIRST MINING GOLD CORP.	Management’s Discussion & Analysis

| (Presented in Canadian dollars, unless otherwise indicated) | For the three months ended March 31, 2025 |

LIMITATIONS OF CONTROLS AND PROCEDURES

The Company’s Management, including the CEO and CFO, believes that any disclosure controls and procedures or internal control over financial reporting, no matter how well conceived and operated, may not prevent or detect all misstatements because of inherent limitations. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any control system is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected.

FORWARD-LOOKING INFORMATION

This MD&A is based on a review of the Company’s operations, financial position and plans for the future based on facts and circumstances as of March 31, 2025. This MD&A contains “forward-looking statements” within the meaning of applicable Canadian securities regulations (collectively, “forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. These statements relate to future events or the Company’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to: statements regarding the advancement of the Company’s mineral assets towards production; statements regarding the potential for the Company to acquire additional mineral assets in the future; the Company’s plans to advance the Duparquet Gold Project in 2025 by continuing exploration programs and project derisking coupled with mining scenario optimization studies; statements regarding the next stages and anticipated timing of the metallurgical study or the environmental; statements regarding the completion of a FS for the Springpole Gold Project; statements regarding opportunities to enhance project economics identified under the PFS for the Springpole Gold Project; statements regarding the potential increase in gold and silver recoveries at the Springpole Gold Project; statements regarding opportunities for resource expansion within the existing footprint of Springpole and in the under-explored Birch-Uchi greenstone belt; statements regarding the continuation in 2025 of environmental data collection at Springpole, and consultation and engagement with Indigenous communities, regulators and stakeholders to support the final EA; statements regarding the anticipated receipt, timing and use of proceeds received by First Mining pursuant to the Silver Purchase Agreement; statements regarding the Company’s intentions and expectations regarding exploration, infrastructure and production potential of any of its mineral properties; statements relating to the Company’s working capital, capital expenditures and ability and intentions to raise capital; statements regarding the potential effects of financing on the Company’s capitalization, financial condition and operations; forecasts relating to mining, development and other activities at the Company’s operations; forecasts relating to market developments and trends in global supply and demand for gold; statements relating to future global financial conditions and the potential effects on the Company; statements relating to future work on the Company’s non-material properties; statements relating to the Company’s mineral reserve and mineral resource estimates; statements regarding regulatory approval and permitting including, but not limited to, Final EIS/EA approval for the Springpole Gold Project and the expected timing of such Final EIS/EA approval; statements regarding the Company’s compliance with laws and regulations including, but not limited to environmental laws and regulations; statements regarding the Firefly Metals Ltd Earn-In Agreement and cash payments, share issuances and exploration expenditure commitments thereunder; statements regarding the Big Ridge Earn-In Agreement and payouts, share issuances and exploration expenditure commitments thereunder; statements regarding the Company’s engagement with local stakeholders including, but not limited to, local Indigenous groups; statements regarding achieving a strong balance sheet and cash position to fund investing activities consistent with the Company’s business strategy; statements regarding key personnel; statements regarding non-IFRS measures and changes in accounting standards; statements relating to the limitation of the Company’s internal controls over financial reporting; and statements regarding the preparation or conduct of studies and reports and the expected timing of the commencement and completion of such studies and reports; and statements regarding the Company’s intention to continue with the ESG reporting framework outlined in the Company’s third annual ESG report that was published in June 2024.

Page 27

There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed under the heading “Risks that can affect our business” in the Company’s AIF for the year ended December 31, 2024 and other continuous disclosure documents filed from time to time via SEDAR+ with the applicable Canadian securities regulators. Forward-looking statements are based on the estimates and opinions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments on the date the statements are made, and the Company does not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change, except as required by applicable laws. Actual results may differ materially from those expressed or implied by such forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievement expressed or implied by these forward-looking statements. The Company believes that the expectations reflected in any such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein this MD&A should not be unduly relied upon.

CAUTIONARY NOTE TO U.S. INVESTORS

The technical information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the United States securities laws applicable to U.S. companies. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards. Technical disclosure contained in this MD&A has been prepared in accordance with the requirements of United States securities laws as it allows for MJDS filers to use Canadian requirements and uses terms that comply with reporting standards in Canada with certain estimates prepared in accordance with NI 43-101.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer’s material mineral projects.

firstmining_ex993.htm

EXHIBIT 99.3

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Daniel W. Wilton, Chief Executive Officer of First Mining Gold Corp., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of First Mining Gold Corp. (the “issuer”) for the interim period ended March 31, 2025.
2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.
3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the 2013 Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
5.2	N/A.

5.3	N/A.
6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2025 and ended on March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 13, 2025

(signed) “Daniel W. Wilton”

Daniel W. Wilton

Chief Executive Officer

firstmining_ex994.htm EXHIBIT 99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Darren Prins, the Interim Chief Financial Officer of First Mining Gold Corp., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of First Mining Gold Corp. (the “issuer”) for the interim period ended March 31, 2025.
2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.
3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the 2013 Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
5.2	N/A.
5.3	N/A.
6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2025 and ended on March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 13, 2025.

(signed) “Darren Prins”

Darren Prins

Interim Chief Financial Officer