December 12, 2022 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has entered into a definitive royalty purchase agreement with an affiliate of Sprott Resource Streaming and Royalty Corp. (“Sprott”) to sell its 1.5% net smelter return (“NSR”) royalty on the Goldlund gold property in Ontario (the “Goldlund Royalty”) owned by Treasury Metals Inc. for total cash consideration of approximately C$9.5 million (US$7 million) (the “Goldlund Royalty Transaction”).

“We are very excited to announce the sale of our Goldlund royalty to Sprott,” stated Dan Wilton, CEO of First Mining. “Sprott is an existing royalty holder across the Goliath Gold Complex with a deep understanding of the project and this transaction is a further endorsement of the potential of the asset. First Mining continues to retain exposure to the success of the project as the largest shareholder of Treasury Metals while the proceeds from this royalty sale will provide the Company with additional financial flexibility as we continue to focus on advancing our two flagship assets, Springpole and Duparquet.”

Following the completion of the Goldlund Royalty Transaction, First Mining’s royalty portfolio will be comprised of 20 royalties across four countries, which includes a 2.0% NSR royalty on the Pickle Crow gold project in Ontario operated by Auteco Minerals Ltd., a 1.5% NSR royalty on the Hope Brook gold project in Newfoundland operated by Big Ridge Gold Corp. and NSR royalties on a number of other exploration and development projects.

The Goldlund Royalty Transaction is expected to close on or before December 31, 2022.

Stifel GMP acted as financial advisor to First Mining.

About First Mining Gold Corp.

First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility Study and permitting activities are on-going with a draft Environmental Impact Statement (“EIS”) for the project published in June 2022, and the Duparquet, Pitt and Duquesne Gold Projects in Quebec, a collection of advanced stage development assets located on the Destor-Porcupine Fault in the prolific Abitibi region. First Mining also owns the Cameron gold project in Ontario and a portfolio of gold project interests including the Pickle Crow gold project (being advanced in partnership with Auteco Minerals Ltd.), the Hope Brook gold project (being advanced in partnership with Big Ridge Gold Corp.), an equity interest in Treasury Metals Inc., and a portfolio of 21 gold royalties.

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