First Mining Gold (TSE:FF)
TSX:FF
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First Mining Gold
(TSX:FF)
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Rating:46Neutral
Price Target:
C$0.49
▼(-3.92% Downside)
Action:ReiteratedDate:04/06/26
The score is primarily held back by weak financial performance—no revenue, expanding losses, and worsening negative free cash flow—despite the offsetting benefit of very low leverage. Technical signals are weak-to-neutral (below key moving averages with negative MACD), while valuation provides limited support due to a negative P/E and no dividend yield data.
Positive Factors
Low leverage
Extremely low debt relative to equity materially reduces solvency and refinancing risk, giving First Mining runway to advance studies, permitting and JV talks without immediate pressure to raise debt. This financial flexibility supports strategic optionality over the coming quarters.
Negative Factors
No revenue; widening losses
Zero operational revenue combined with a sharp increase in net losses markedly weakens operating viability. Persistent negative results erode investor confidence, limit internal funding capacity for project work, and increase dependency on external capital or asset sales to sustain operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Extremely low debt relative to equity materially reduces solvency and refinancing risk, giving First Mining runway to advance studies, permitting and JV talks without immediate pressure to raise debt. This financial flexibility supports strategic optionality over the coming quarters.
Read all positive factors
First Mining Gold (FF) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$671.02M
Dividend YieldN/A
Average Volume (3M)3.48M
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue GrowthN/A
EPS Growth50.54%
CountryCA
Employees33
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.03
Shares Outstanding1,383,547,500
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$1.10Price Target Upside115.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)C$554.35M
First Mining Gold Business Overview & Revenue Model
Company Description
First Mining Gold Corp. develops and explores for gold projects. It also explores for silver, copper, and iron ore deposits. The company primarily holds interests in the Springpole Gold Project located in northwestern Ontario. It holds a portfolio...
How the Company Makes Money
First Mining Gold does not typically generate recurring operating revenue because it is primarily an exploration and development-stage company rather than an active gold producer; therefore, ongoing revenue from metal sales is generally null. Its ...
First Mining Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -135.00K | -486.00K | -479.00K | -235.00K | -168.00K |
| EBITDA | -8.82M | -17.48M | -6.60M | -6.82M | -9.61M |
| Net Income | -77.92M | -15.31M | -7.04M | -15.29M | -61.88M |
Balance Sheet | |||||
| Total Assets | 348.79M | 294.85M | 286.07M | 266.93M | 260.31M |
| Cash, Cash Equivalents and Short-Term Investments | 45.35M | 13.74M | 12.47M | 13.74M | 42.90M |
| Total Debt | 175.00K | 221.00K | 172.00K | 315.00K | 442.00K |
| Total Liabilities | 130.74M | 50.41M | 47.67M | 39.26M | 36.38M |
| Stockholders Equity | 218.05M | 244.44M | 238.39M | 227.67M | 223.93M |
Cash Flow | |||||
| Free Cash Flow | -27.40M | -25.05M | -23.61M | -40.95M | -22.92M |
| Operating Cash Flow | -7.39M | -3.95M | -5.10M | -5.08M | -6.44M |
| Investing Cash Flow | -14.26M | -17.87M | -11.31M | -15.81M | 1.85M |
| Financing Cash Flow | 53.99M | 20.74M | 15.12M | 4.89K | 5.26M |
First Mining Gold Technical Analysis
Positive
0.51
Price Trends
0.57
Negative
0.54
Negative
0.39
Positive
Market Momentum
-0.01
Negative
49.24
Neutral
65.91
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 0.51 is above the 20-day moving average (MA) of 0.48, below the 50-day MA of 0.57, and above the 200-day MA of 0.39, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 49.24 is Neutral, neither overbought nor oversold. The STOCH value of 65.91 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | C$823.98M | 19.30 | 28.92% | ― | 45.36% | -14.35% | |
63 Neutral | C$649.15M | 37.95 | 22.89% | ― | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | C$921.72M | -64.16 | -1.82% | ― | ― | -251.92% | |
49 Neutral | C$624.96M | -26.89 | -6.57% | ― | -5.94% | -153.35% | |
46 Neutral | C$671.02M | -8.26 | -34.32% | ― | ― | 50.54% | |
45 Neutral | C$664.35M | 11.75 | 27.30% | ― | ― | -12.17% |
* Basic Materials Sector Average
TSE:FF
First Mining Gold
0.49
0.34
234.48%
TSE:TAU
Thesis Gold Inc
3.31
2.44
280.46%
TSE:MKO
Mako Mining Corp
9.47
5.02
112.81%
TSE:HSTR
Heliostar Metals
2.53
1.43
130.00%
TSE:RML
Rusoro Mining
1.06
0.36
51.43%
TSE:JAG
Jaguar Mining
7.33
4.37
147.64%
First Mining Gold Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
First Mining Gold ends 2025 with record cash as Springpole and Duparquet advance
Positive
Mar 31, 2026
First Mining Gold reported its 2025 year-end results with a record cash and investments position of $45.3 million, plus a significant equity stake in the Pickle Crow Project, underscoring improved financial flexibility. The company monetized its n...
Business Operations and StrategyRegulatory Filings and Compliance
First Mining Extends Duparquet Miroir Zone and Advances Environmental Work
Positive
Mar 9, 2026
First Mining Gold reported strong 2025 drill results from the Miroir and Valentre targets at its Duparquet Gold Project in Quebec, including intercepts of up to 7.18 g/t gold over 8 m and 1.56 g/t gold over 33.15 m. The Miroir zone has now been ex...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
First Mining Gold Files C$500 Million Cross-Border Shelf for Added Financing Flexibility
Positive
Feb 24, 2026
First Mining Gold has filed a final short form base shelf prospectus in all Canadian provinces and territories and a corresponding Form F-10 registration statement with the U.S. SEC, replacing its prior shelf filing. The move keeps the company pos...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
First Mining’s Pickle Crow JV Shifts to Bellavista in A$45 Million Deal
Positive
Feb 3, 2026
First Mining Gold’s joint-venture partner FireFly Metals has agreed to sell its 70% stake in PC Gold Inc., owner of the Pickle Crow Gold Project in Ontario, to Bellavista Resources for a mix of Bellavista shares and performance rights, along...
Financial Disclosures
First Mining Gold Named to 2026 OTCQX Best 50 on Strong 2025 Performance
Positive
Jan 15, 2026
First Mining Gold Corp. has been named to the 2026 OTCQX Best 50, a ranking of the top-performing companies on the OTCQX Best Market based on one-year total return and average daily dollar volume growth. The recognition highlights the company̵...
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.