First Mining Gold (FF) AI Stock Analysis

• Market Cap: C$710.18M
• Dividend Yield: N/A
• Average Volume (3M): 3.48M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.30
• Revenue Growth: N/A
• EPS Growth: 50.54%
• Country: CA
• Employees: 33
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.02
• Shares Outstanding: 1,291,239,000
• 10 Day Avg. Volume: 3,766,027
• 30 Day Avg. Volume: 3,479,500
• PEG Ratio: -0.09
• Price to Book (P/B): 0.48
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.65
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$0.58
• Price Target Upside: 1.75% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: C$0.57 ▲(0.18% Upside)

The score is held back primarily by weak financial performance (pre-revenue, widening losses and ongoing cash burn), partly offset by a low-debt balance sheet. Technicals are supportive with price above key moving averages and positive MACD, while valuation is constrained by the negative P/E. Corporate events are a meaningful positive, reflecting progress on Springpole and incremental funding/strategic transactions.

Positive Factors

Financial Stability

A strong balance sheet with low leverage provides financial stability, enabling the company to fund exploration and development activities without excessive reliance on external debt.

Regulatory Approval

Securing regulatory approval for the Springpole Gold Project is a critical milestone that reduces project risk and paves the way for future development, potentially leading to increased production and revenue.

Exploration Expansion

The expansion of exploration activities at the Duparquet Project indicates a strategic focus on resource growth, which can enhance long-term asset value and attract potential partnerships or acquisitions.

Negative Factors

Profitability Challenges

Persistent operational losses highlight the difficulty in achieving profitability, which is crucial for long-term viability and attracting investment in the competitive mining industry.

Negative Cash Flow

Ongoing negative cash flow reflects operational and investment outflows typical of a development-stage company, raising concerns about the sustainability of operations without continued external funding.

Lack of Revenue

The absence of revenue generation poses a significant challenge, as it limits the company's ability to self-fund operations and increases reliance on external financing, impacting long-term sustainability.

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 of 8 mineral assets located in Canada and the United States, as well as has an option to acquire an 80% interest in Pelangio's Birch Lake and Birch Lake West properties located in northwestern Ontario. In addition, the company holds 80% interest in Hope Brook Gold Project covering approximately 26,650 hectares located in Newfoundland and includes six mineral licenses, as well as holds interest in Cameron Project comprising of 1,789 mining claims, 24 patented claims, and 4 mining leases located in Ontario. First Mining Gold Corp. was incorporated in 2005 and is headquartered in Vancouver, Canada.

How the Company Makes Money

First 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

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-142.00K	-486.00K	-479.00K	-235.00K	-168.00K	-146.00K
EBITDA	-7.59M	-17.48M	-6.60M	-6.82M	-9.61M	-35.54M
Net Income	-26.93M	-15.31M	-7.04M	-15.29M	-61.88M	-34.26M
Balance Sheet
Total Assets	334.02M	294.85M	286.07M	266.93M	260.31M	301.21M
Cash, Cash Equivalents and Short-Term Investments	37.64M	13.74M	12.47M	13.74M	42.90M	47.33M
Total Debt	192.00K	221.00K	172.00K	315.00K	442.00K	554.00K
Total Liabilities	97.62M	50.41M	47.67M	39.26M	36.38M	57.66M
Stockholders Equity	236.40M	244.44M	238.39M	227.67M	223.93M	243.55M
Cash Flow
Free Cash Flow	-30.26M	-25.05M	-23.61M	-40.95M	-22.92M	-22.12M
Operating Cash Flow	-5.52M	-3.95M	-5.10M	-5.08M	-6.44M	-4.22M
Investing Cash Flow	-19.42M	-17.87M	-11.31M	-15.81M	1.85M	-12.82M
Financing Cash Flow	49.73M	20.74M	15.12M	4.89K	5.26M	40.34M

First Mining Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.57
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 0.57 is above the 20-day moving average (MA) of 0.54, above the 50-day MA of 0.46, and above the 200-day MA of 0.27, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 61.19 is Neutral, neither overbought nor oversold. The STOCH value of 64.29 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MKO	76 Outperform	C$781.34M	20.99	29.30%	―	45.36%	-14.35%
HSTR	72 Outperform	C$700.47M	8.39	―	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JAG	56 Neutral	C$717.90M	-31.39	-5.98%	―	-5.94%	-153.35%
FF	54 Neutral	C$710.18M	-25.11	-11.85%	―	―	50.54%
TAU	54 Neutral	C$705.20M	-179.75	-1.82%	―	―	-251.92%
RML	45 Neutral	C$789.70M	-11.37	―	―	―	-12.17%

First Mining Gold Corporate Events

First Mining Gold Named to 2026 OTCQX Best 50 on Strong 2025 Performance

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 company’s strong market performance in 2025 and underscores its status as an established, investor-focused issuer that meets higher financial, governance and regulatory standards, potentially enhancing its visibility and credibility with global investors as it advances its portfolio of large-scale Canadian gold projects.

The most recent analyst rating on (TSE:FF) stock is a Hold with a C$0.57 price target. To see the full list of analyst forecasts on First Mining Gold stock, see the TSE:FF Stock Forecast page.

First Mining Files Robust Pre-Feasibility Study for Springpole Gold Project

First Mining Gold has filed an independent NI 43-101 compliant Pre-Feasibility Study technical report for its 100%-owned Springpole Gold Project in Ontario, outlining a 30,000 tonnes-per-day open-pit operation with robust economics at current and higher gold price assumptions. The study supports a 9.4-year mine life with average annual payable production of 330,000 ounces of gold in the first five years (281,000 ounces over the life of mine), an after-tax NPV of US$2.1 billion and IRR of 41% at US$3,100/oz gold, and strong leverage to higher prices, underpinned by initial capital costs of US$1.1 billion and competitive cash and all-in sustaining costs, reinforcing Springpole’s significance within First Mining’s development pipeline and its potential impact on the company’s growth profile once construction and permitting milestones are achieved.

The most recent analyst rating on (TSE:FF) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on First Mining Gold stock, see the TSE:FF Stock Forecast page.

First Mining Gold Secures $6 Million from Warrant Exercise to Boost Key Projects

First Mining Gold Corp. has received C$6.41 million from First Majestic Silver Corp. through the exercise of 32,050,228 common share purchase warrants. The proceeds will be used to advance the Springpole and Duparquet gold projects and for general corporate purposes. This transaction increases First Majestic’s ownership in First Mining to 3.5% of the company’s total common shares, potentially strengthening First Mining’s operational capabilities and market position.

The most recent analyst rating on (TSE:FF) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on First Mining Gold stock, see the TSE:FF Stock Forecast page.

First Mining Gold Announces Strategic Partnership to Advance Cameron Project

First Mining Gold Corp. has entered into an agreement to sell its subsidiary, Cameron Gold Operations Ltd., to Oronova Energy Inc. for C$27 million, comprising cash and shares. Following the transaction, Oronova will be renamed Seva Mining Corp., with First Mining becoming its largest shareholder and retaining influence through board nominations. This strategic move, supported by the Fiore Group, aims to advance the Cameron Gold Project, benefiting local and Indigenous communities and enhancing First Mining’s industry positioning.

The most recent analyst rating on (TSE:FF) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on First Mining Gold stock, see the TSE:FF Stock Forecast page.

First Mining Gold Releases Updated Pre-Feasibility Study for Springpole Project

First Mining Gold Corp. has announced an updated Pre-Feasibility Study for its Springpole Gold Project in Ontario, Canada, revealing a pre-tax net present value of $3.2 billion and an after-tax NPV of $2.1 billion at a gold price of $3,100 per ounce. The study highlights the project’s potential to produce an average of 330,000 ounces of gold annually in its initial five years, with significant economic benefits for the region, including job creation and infrastructure improvements for Indigenous communities.

The most recent analyst rating on (TSE:FF) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on First Mining Gold stock, see the TSE:FF Stock Forecast page.

First Mining Gold Corp. Reports Q3 2025 Financial Results and Strategic Developments

First Mining Gold Corp. announced its third-quarter financial results for 2025, highlighting several strategic developments. The company signed a Long-Term Relationship Agreement with Mishkeegogamang First Nation for the Springpole Gold Project, completed significant public and non-brokered offerings raising over $36 million, and sold its remaining interest in the Hope Brook Gold Project. Additionally, First Mining reported promising drilling results from its Duparquet exploration program, indicating potential resource expansion. The company also strengthened its leadership team with the return of CFO Lisa Peterson and the appointment of Vincy Benjamin as Director of Projects, aiming to enhance its project management capabilities.

The most recent analyst rating on (TSE:FF) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on First Mining Gold stock, see the TSE:FF Stock Forecast page.

First Mining Gold Reports Significant Drilling Success at Duparquet Project

First Mining Gold Corp. announced successful drilling results from its Miroir target at the Duparquet Gold Project, revealing significant gold mineralization. The results indicate strong potential for resource growth, enhancing the project’s development options and reinforcing the company’s strategic positioning in the gold mining sector.

The most recent analyst rating on (TSE:FF) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on First Mining Gold stock, see the TSE:FF Stock Forecast page.