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First Mining Gold (TSE:FF)
TSX:FF

First Mining Gold (FF) AI Stock Analysis

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First Mining Gold

(TSX:FF)

Rating:51Neutral
Price Target:
First Mining Gold's overall score reflects its status as a development-stage mining company. The robust balance sheet and positive corporate events are significant strengths, while the lack of revenue and profitability remain key concerns. Technical analysis shows positive momentum but suggests caution due to overbought conditions. Overall, the company's future potential is tied to its successful transition from exploration to production.
Positive Factors
Exploration Success
Initial drilling at Miroir and Valentre zones showed strong mineralization and efficient use of exploration capital.
Project Advancement
The 2025 exploration program is expected to be a primary catalyst for enhancing the project's resource potential and driving shareholder value.
Valuation Upside
The valuations of First Mining’s Tier 1 and 2 assets are considered conservative based on current spot pricing, suggesting potential for upside.
Negative Factors
Valuation Concerns
The valuations for First Mining's assets are considered conservative based on current spot pricing.

First Mining Gold (FF) vs. iShares MSCI Canada ETF (EWC)

First Mining Gold Business Overview & Revenue Model

Company DescriptionFirst Mining Gold (FF) is a Canadian gold exploration and development company focused on acquiring and advancing high-quality mineral assets in North America. The company is committed to developing its portfolio of gold projects, which include key assets such as the Springpole Gold Project and the Goldlund Gold Project, both located in Ontario, Canada. First Mining Gold's core operations involve the exploration, development, and potential production of gold resources, aiming to create value for its shareholders through strategic advancement of its projects.
How the Company Makes MoneyFirst Mining Gold generates revenue primarily through the exploration and development of its gold properties, with an emphasis on increasing the value of these assets for eventual sale or partnership with larger mining companies. The company may engage in joint ventures, sell interests in its projects, or enter into royalty agreements to secure funding and share the risks associated with mining exploration and development. Additionally, First Mining Gold may raise capital through equity financing to support its ongoing exploration activities and operational expenditures. Revenue generation is heavily dependent on the successful advancement of its projects to stages where they become attractive for acquisition by major players in the mining sector or can commence production, thereby enabling cash flow through gold sales.

First Mining Gold Financial Statement Overview

Summary
First Mining Gold exhibits the characteristics of a development-phase mining company with no revenue and ongoing losses. While the balance sheet is robust with low leverage, the income statement and cash flow analysis reveal significant challenges in achieving profitability and positive cash flow.
Income Statement
10
Very Negative
The company has consistently reported zero revenue over the years, which is typical for mining exploration companies in the development phase. Gross profit, EBIT, and net income are negative, indicating ongoing operational losses. The absence of revenue growth and profitability poses significant challenges.
Balance Sheet
65
Positive
The company maintains a solid equity base with a high equity ratio, indicating financial stability. The debt-to-equity ratio is low, reflecting minimal leverage. However, the lack of revenue generation and negative net income are concerning for future equity returns.
Cash Flow
20
Very Negative
The company consistently reports negative free cash flow, reflecting ongoing cash outflows from operations and investments typical of a development-stage mining company. While financing cash flows are positive, indicating external funding, the sustainability of cash flows remains a concern.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.00
Gross Profit-486.00K-479.00K-235.00K-168.00K-146.00K
EBITDA-17.48M-6.60M-6.82M-9.61M-35.54M
Net Income-15.31M-7.04M-15.29M-61.88M-34.26M
Balance Sheet
Total Assets294.85M286.07M266.93M260.31M301.21M
Cash, Cash Equivalents and Short-Term Investments13.74M12.47M13.74M42.90M47.33M
Total Debt221.00K172.00K315.00K442.00K554.00K
Total Liabilities50.41M47.67M39.26M36.38M57.66M
Stockholders Equity244.44M238.39M227.67M223.93M243.55M
Cash Flow
Free Cash Flow-25.05M-23.61M-40.95M-22.92M-22.12M
Operating Cash Flow-3.95M-5.10M-5.08M-6.44M-4.22M
Investing Cash Flow-17.87M-11.31M-15.81M1.85M-12.82M
Financing Cash Flow20.74M15.12M4.89K5.26M40.34M

First Mining Gold Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.18
Price Trends
50DMA
0.17
Positive
100DMA
0.15
Positive
200DMA
0.14
Positive
Market Momentum
MACD
<0.01
Positive
RSI
47.26
Neutral
STOCH
15.93
Positive
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 0.18 is below the 20-day moving average (MA) of 0.19, above the 50-day MA of 0.17, and above the 200-day MA of 0.14, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.26 is Neutral, neither overbought nor oversold. The STOCH value of 15.93 is Positive, 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

Overall Rating
UnderperformOutperform
Sector (44)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
TSVGZ
61
Neutral
C$171.02M13.4397.51%
TSTAU
55
Neutral
C$242.51M53.85-0.95%12.63%
TSFF
51
Neutral
C$195.00M-7.19%-158.67%
TSITH
51
Neutral
$278.57M-6.29%-5.56%
44
Neutral
C$992.05M-6.68-13.59%2.53%17.48%-32.48%
TSMFG
36
Underperform
C$185.78M-49.68%17.11%
27
Underperform
C$194.07M-22.20%0.84%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:FF
First Mining Gold
0.18
0.05
38.46%
TSE:ITH
International Tower Hill Mines
1.34
0.60
81.08%
TSE:GOLD
GoldMining
0.99
-0.27
-21.43%
TSE:VGZ
Vista Gold
1.37
0.74
117.46%
TSE:TAU
Benchmark Metals Inc
1.04
0.36
52.94%
TSE:MFG
Mayfair Gold
1.70
-0.30
-15.00%

First Mining Gold Corporate Events

Business Operations and Strategy
First Mining Gold Expands Exploration at Duparquet Project
Positive
Apr 28, 2025

First Mining Gold Corp. has added a second drill rig to its Duparquet Gold Project in Quebec, as part of its 2025 exploration strategy to expand and delineate mineralization. The project, located in the prolific Abitibi gold region, covers a significant land package with a compliant gold resource and benefits from existing infrastructure. The company has also engaged GRA Enterprises LLC for investor relations and marketing services, highlighting its commitment to advancing the project’s development and enhancing stakeholder engagement.

Spark’s Take on TSE:FF Stock

According to Spark, TipRanks’ AI Analyst, TSE:FF is a Neutral.

First Mining Gold’s overall score reflects the challenges and opportunities typical for a development-stage mining company. The strong balance sheet and recent positive corporate events indicate potential for future growth, but the lack of revenue and profitability are significant concerns. The technical analysis shows positive momentum but suggests caution due to overbought conditions. The valuation is not attractive due to negative earnings, yet the company’s strategic progress offers some optimism.

To see Spark’s full report on TSE:FF stock, click here.

Private Placements and FinancingBusiness Operations and StrategyFinancial Disclosures
First Mining Gold Corp. Reports 2024 Financial Results and Key Project Advancements
Positive
Mar 31, 2025

First Mining Gold Corp. reported its financial results for 2024, highlighting a cash balance of $13.7 million and significant equity in the Pickle Crow Project. Key developments include the positive Federal Conformity Determination for the Springpole Gold Project, successful exploration drill results, and the submission of the Final Environmental Impact Statement. The company also completed significant financing activities, raising over $15 million through private and public offerings, and engaged with local First Nations for community-based assessments. These developments position First Mining Gold for potential growth and enhanced stakeholder engagement.

Private Placements and FinancingBusiness Operations and StrategyFinancial Disclosures
First Mining Gold Announces 2024 Financial Results and Key Project Milestones
Positive
Mar 31, 2025

First Mining Gold Corp. released its year-end 2024 financial results, highlighting a cash and investments balance of $13.7 million and a $21.5 million equity interest in the Pickle Crow Project. Key developments included positive federal conformity for the Springpole Gold Project’s final EIS, promising exploration drill results, and strategic agreements with First Nations. The company also raised significant funds through private and public offerings, supporting its ongoing exploration and development initiatives.

Private Placements and FinancingBusiness Operations and Strategy
First Mining Gold Amends Silver Stream Agreement with First Majestic
Positive
Mar 14, 2025

First Mining Gold Corp. has amended its agreement with First Majestic Silver Corp. to accelerate the final payment for the Springpole Silver Stream, now set as a cash-only payment of $5 million due by March 31, 2025. This agreement also revises the terms of warrants issued to First Majestic, reducing the exercise price and extending the expiry date, reflecting confidence in the Springpole Gold Project’s development. The project is expected to significantly impact Ontario’s economy by providing jobs, government revenue, and benefits to local communities, while supporting the clean energy sector.

Business Operations and Strategy
First Mining Gold Corp. Launches Extensive 2025 Exploration Program at Duparquet Project
Positive
Mar 5, 2025

First Mining Gold Corp. has announced its 2025 exploration program at the Duparquet Gold Project, marking its largest exploration drill initiative since acquiring full ownership in 2022. The company plans to undertake approximately 18,000 meters of exploration drilling, targeting resource growth and development opportunities. This program builds on previous successes and aims to further advance resource confidence and discovery-level targets across the 5,800-hectare mineral tenure. The initiative is expected to unlock new growth catalysts for the project, which is strategically located in the Abitibi gold region.

Business Operations and Strategy
First Mining Gold Expands Opportunities at Springpole Project
Positive
Feb 12, 2025

First Mining Gold Corp. announced favorable results from its East Extension Phase 1 diamond drilling program at the Springpole Gold Project, highlighting the potential for expanding mineralization within the existing pit design. The results demonstrate significant potential to convert existing waste into ore, potentially reducing the strip ratio and increasing processed ore tonnes, which could enhance the project’s economic viability and sustainability.

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.Date of analysis: Apr 29, 2025