Richard Gray Initiates Buy on First Mining, Citing Springpole De-Risking and Deep Discount to NAV

In a report released yesterday, Richard Gray from ATB Cormark Capital Markets maintained a Buy rating on First Mining Gold, with a price target of C$1.65.

Richard Gray has given his Buy rating due to a combination of factors that highlight both asset quality and valuation upside. He points to the flagship Springpole project, where an environmental assessment decision is expected soon and where a robust PFS underpins a substantial NPV at higher gold prices, with a clear permitting and development timeline.

At the same time, he notes that First Mining has crystallized value and retained upside at Pickle Crow and Cameron through cash proceeds, significant equity stakes, board representation, and free-carried project interests with well-funded partners. In his view, the company trades at a deep discount to its net asset value, making it one of the most attractively valued gold developers in the sector and justifying a Buy recommendation.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is neutral on the stock.