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First Mining Gold
(TSX:FF)
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Rating:55Neutral
Price Target:
C$0.61
▼(-2.42% Downside)
Action:Reiterated
Date:07/03/26
The score is held back primarily by weak financial performance (no revenue, widening losses, and ongoing cash burn), partially offset by a low-debt balance sheet. Technicals are a key positive with strong momentum and price above all major moving averages. Valuation remains constrained by negative earnings and lack of dividend data.
Positive Factors
Conservative balance sheet (very low debt)
Extremely low debt materially reduces refinancing and solvency risk for a development-stage miner. This durable financial flexibility lets management pursue multi-year exploration, permitting and deal processes without immediate covenant pressure, improving survival odds through cycles.
Negative Factors
No revenue and widening losses
Zero revenues and growing net losses are a fundamental weakness for a developer: without operating income, the company must rely on financing or asset deals to fund operations. Persistent losses erode capital and increase dependence on dilutive funding or partner transactions.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet (very low debt)
Extremely low debt materially reduces refinancing and solvency risk for a development-stage miner. This durable financial flexibility lets management pursue multi-year exploration, permitting and deal processes without immediate covenant pressure, improving survival odds through cycles.
Read all positive factors
First Mining Gold (FF) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$816.68M
Dividend YieldN/A
Average Volume (3M)3.48M
Price to Earnings (P/E)―
Beta (1Y)1.75
Revenue GrowthN/A
EPS Growth-217.54%
CountryCA
Employees30
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.05
Shares Outstanding1,384,196,500
10 Day Avg. Volume3,766,027
30 Day Avg. Volume3,479,500
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)2.95
Price to Sales (P/S)0.00
P/FCF Ratio-23.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$1.40Price Target Upside125.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.01
Revenue Forecast (FY)N/A
First Mining Gold Business Overview & Revenue Model
Company Description
First Mining Gold Corp. primarily focuses on the exploration and development of gold properties. In addition to its gold endeavors, the company also conducts exploration for other valuable metals, including silver, copper, and iron ore deposits. A...
How the Company Makes Money
First Mining’s business model is oriented around mineral project exploration and development rather than ongoing mine production. As a result, it generally does not generate recurring revenue from selling gold from operating mines; instead, it see...
First Mining Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
67
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -208.00K | -135.00K | -486.00K | -479.00K | -235.00K | -168.00K |
| EBITDA | -9.50M | -8.82M | -17.48M | -6.60M | -6.82M | -9.61M |
| Net Income | -69.57M | -77.92M | -15.31M | -7.04M | -15.29M | -61.88M |
Balance Sheet | ||||||
| Total Assets | 362.36M | 348.79M | 294.85M | 286.07M | 266.93M | 260.31M |
| Cash, Cash Equivalents and Short-Term Investments | 44.81M | 45.35M | 13.74M | 12.47M | 13.74M | 42.90M |
| Total Debt | 157.00K | 175.00K | 221.00K | 172.00K | 315.00K | 442.00K |
| Total Liabilities | 141.84M | 130.74M | 50.41M | 47.67M | 39.26M | 36.38M |
| Stockholders Equity | 220.52M | 218.05M | 244.44M | 238.39M | 227.67M | 223.93M |
Cash Flow | ||||||
| Free Cash Flow | -31.42M | -27.40M | -25.05M | -23.61M | -40.95M | -22.92M |
| Operating Cash Flow | -8.38M | -7.39M | -3.95M | -5.10M | -5.08M | -6.44M |
| Investing Cash Flow | -13.02M | -14.26M | -17.87M | -11.31M | -15.81M | 1.85M |
| Financing Cash Flow | 53.27M | 53.99M | 20.74M | 15.12M | 4.89K | 5.26M |
First Mining Gold Technical Analysis
Positive
0.62
Price Trends
0.58
Positive
0.53
Positive
0.52
Positive
Market Momentum
<0.01
Positive
51.27
Neutral
25.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FF, the sentiment is Positive. The current price of 0.62 is below the 20-day moving average (MA) of 0.63, above the 50-day MA of 0.58, and above the 200-day MA of 0.52, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 51.27 is Neutral, neither overbought nor oversold. The STOCH value of 25.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FF.
First Mining Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$866.89M | 12.60 | 33.97% | ― | 75.17% | 73.99% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | C$446.58M | 11.38 | 22.20% | ― | ― | ― | |
55 Neutral | C$816.68M | -10.35 | -30.98% | ― | ― | -217.54% | |
53 Neutral | C$784.19M | -88.77 | -3.32% | ― | ― | -788.57% | |
49 Neutral | C$459.93M | -29.62 | -3.94% | ― | -0.97% | -40.86% | |
42 Neutral | C$685.83M | -1.91 | 87.93% | ― | ― | -397.07% |
* Basic Materials Sector Average
TSE:FF
First Mining Gold
0.69
0.52
305.88%
TSE:TAU
Thesis Gold Inc
3.00
1.98
194.12%
TSE:MKO
Mako Mining Corp
11.49
5.77
100.87%
TSE:HSTR
Heliostar Metals
1.85
0.54
41.22%
TSE:RML
Rusoro Mining
1.16
0.12
11.54%
TSE:JAG
Jaguar Mining
6.24
2.12
51.46%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.