Gold Developer Uncovers High-Grade Gold at Quebec's Duparquet

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

First Mining Gold Corp. (FF:TSX; FFMGF:OTCQX; FMG:FSE) has released early assays from its 2026 exploration campaign at the Duparquet Gold Project in Quebec's Abitibi region, according to a September 10 release.

The company began the program in May and expects to complete about 15,000 meters of drilling aimed at exploration and resource-growth opportunities. The initial results focus on Miroir, a priority discovery area that First Mining identified in 2024 and continued to define through drilling in 2025 and 2026.

Holes DUP26-093 through DUP26-096 tested the Miroir zone along its eastern and down-plunge extensions. DUP26-093 returned 5.26 grams per tonne (g/t) gold over 19.55 meters, including 7.58 g/t over 12.95 meters and 21.80 g/t over 1 meter. DUP26-095 cut 3.36 g/t gold over 15.8 meters, including 15.1 g/t over 2 meters, as well as 3.54 g/t over 4.2 meters, including 7.28 g/t over 1 meter. DUP26-096 returned 3.43 g/t gold over 28 meters, including 10.36 g/t over 7.2 meters, together with 2.99 g/t over 4.6 meters and 4.9 g/t over 2.7 meters. Hole DUP26-092 also intersected 3.33 g/t gold over 5 meters, including 7.2 g/t over 1 meter, supporting the extension of mineralization westward and at depth.

"We continue to be very active with our exploration program at Duparquet and are excited to announce the initial results from our 2026 program," said Chief Executive Officer Dan Wilton. "The continued high-grade results from Miroir are very encouraging and demonstrate the potential of this target to become an important contributor to future resource growth and development planning at our Duparquet Project. We are pleased with the progress made through our successive drill programs and the continued expansion of mineralization at Miroir. With additional results still pending, we look forward to further advancing this target and evaluating its potential within the broader Duparquet Project."

During 2025, drilling outlined Miroir across 150 meters of strike and to 250 meters vertically. This year's work has extended the known strike length to about 220 meters and identified further mineralization at depth on both the eastern and western sides. The target remains open in every direction, and First Mining continues to test its geometry, scale, and continuity while it awaits further assay results.

Duparquet Drilling Extends Shallow Gold Zones at Miroir

First Mining's 2026 Duparquet drilling campaign began in May and is expected to continue through the fourth quarter, with approximately 15,000 meters planned across priority exploration and resource-expansion areas, the company said. First Mining continues to receive assays, with additional results and interpretations to be disclosed in future updates as ongoing integration and modeling work progresses.

The company has also started revising the project's resource model, which currently carries an effective date of September 12, 2022. First Mining has completed roughly 48,000 meters of drilling across known resource zones and newer targets since that estimate, and the updated model will assess how the additional data affect both the mineral-resource inventory and geological interpretation.

Results reported so far cover about 1,553 meters of the 2,994 meters drilled in 11 holes at Miroir during 2026. The program has examined the controls on mineralization, tested deeper extensions, and evaluated down-dip potential. Miroir sits within an exploration-growth area on Duparquet's eastern mineralized trend, which also includes the CVD deposits and open ground to the north and south. First Mining sees the area as prospective for additional gold continuity and discoveries along strike, down dip, and down plunge.

Drilling has continued to build on shallow gold zones discovered in 2024. Work completed in 2025 confirmed several near-surface zones, extended mineralization to 250 meters vertically, and outlined about 150 meters of strike. Recent drilling has increased the defined strike length to approximately 220 meters while identifying further shallow mineralized zones, the release noted.

The higher-grade material at Miroir occurs within brittle deformation in volcanic rocks near syenite contacts. The mineralized intervals align with northeast-southwest D2 structural zones associated with an interpreted basalt-syenite contact that plunges eastward. The newest holes encountered a heavily brecciated assemblage dominated by basalt with syenite fragments, altered by silica and containing 2% to 5% fine bronze pyrite in disseminated and fracture-controlled forms. Intense alteration has locally obscured the original rock textures.

Newsletter Sees Two-Project Upside

First Mining's Springpole project in Ontario remains its principal development asset, but recent drilling at the Duparquet Gold Project in Quebec has added exploration momentum, according to Jeff Clark and Daniel Flynn of The Paydirt Prospector on September 10.

The company began the 15,000-meter program in May to pursue resource-growth and discovery opportunities, with the first assays largely testing extensions of the Miroir zone.

Springpole continues to anchor the investment case. Its updated prefeasibility study outlined an after-tax net present value, discounted at 5%, of US$2.1 billion using a US$3,100-per-ounce gold price. First Mining has received federal environmental assessment approval, while provincial approval and additional permits remain outstanding. The project is targeting initial production in 2031, leaving time for potential valuation gains as it moves through permitting and construction.

Duparquet offers a separate source of potential value. The project contains 3.44 million ounces (Moz) of measured and indicated gold resources grading 1.55 g/t, plus 2.64 million inferred ounces grading 1.62 g/t. First Mining is updating its resource model to include 48,000 meters of drilling completed since the previous estimate, and continued success at Miroir could increase Duparquet's importance within the company's portfolio.

Shares rose 3% in early trading after the release despite a weaker gold market.

"Be careful chasing this one," the report said. "First Mining has risen around 120% since mid-June, a testament to the quality of the work being done in a volatile gold market, but it also means we want to look for better entry points on dips. This is a long-term hold, assuming everything goes to plan."

The article continued, "The pre-production sweet spot should remain open for some time once construction begins, with first production slated for 2031. And now Duparquet is offering another source of upside, too. Jeff continues to hold a full position, and I'll be looking to buy on dips."

Analysts See Springpole De-Risking as Buy Ratings Hold

According to an updated research note by Cantor Fitzgerald Analyst Matthew O'Keefe on August 28, First Mining signed definitive Project Agreements with Cat Lake First Nation, Lac Seul First Nation, and Slate Falls Nation (SFN) covering the development of the Springpole Gold Project in northwestern Ontario. The agreements establish a framework for collaboration through construction, mine operations, and closure, with commitments to environmental stewardship and direct benefits for the participating First Nations. The agreements represent a significant step in reducing development risk, given the importance of Indigenous support for advancing Canadian resource projects.

Springpole also received federal environmental assessment approval in June after a process that began in 2018 and incorporated input from Indigenous communities, the public, federal departments, and agencies. These included Environment and Climate Change Canada, Fisheries and Oceans Canada, Natural Resources Canada, and Transport Canada.

First Mining now awaits a decision on its provincial environmental assessment. The company plans to complete an updated feasibility study by mid-2027 and make a construction decision by the end of 2027, providing several potential catalysts as the project advances.

"We continue to value First Mining on a sum-of-parts NAV basis applying a NAV multiple of 0.3x for Springpole for our CA$1.50/share price target," said the analyst, who rated the stock a Buy.

On August 25, Ventum Capital Markets Analyst Robin Kozar noted that the First Nations agreement marks an important de-risking step, particularly because SFN had previously expressed the most public concerns about Springpole.

The agreement establishes SFN's involvement in environmental management and monitoring and provides for adaptive management measures, as well as preferential training and employment opportunities, Kozar wrote. It also includes a framework for sharing financial benefits generated by the Springpole project, although First Mining did not disclose specific amounts. SFN has about 260 registered members, with most living on reserve along Bamaji Lake, directly downstream of Springpole.

First Mining shares have gained 50% over the past month, compared with a 35% increase in the GDXJ index, while the stock is up 75% year to date, the report said. The recent performance is viewed as justified, with additional potential catalysts including an updated mineral resource estimate for Duparquet and a provincial environmental assessment decision for Springpole expected later this year. The company has already secured federal environmental approval for Springpole, strengthening the project's development outlook.

Despite the year-to-date advance, the shares remain significantly below the estimated net asset value. At a gold price of US$3,600 per ounce, the NAV stands at CA$2.87 per share, leaving the stock at a 68% discount, while using the roughly US$4,680 spot gold price at the time of the note increases the NAV to CA$4.64 and the discount to 80%.

Kozar set a price target of CA$1.40 for the stock, a more than 50% return from the time of writing.

"First Mining offers exposure to two large undeveloped gold projects in Canada," Kozar wrote. "We view the recent positive federal EA decision for the Springpole project as the catalyst that converts a near-decade-long valuation gap into a near-term re-rating opportunity. Beyond Springpole, we view Duparquet as an underappreciated gold project in Quebec. Trading at just 0.3x P/NAV and with a list of catalysts on the horizon, we expect continued upside share price momentum."

The Catalyst: Gold Finds a Base, and Goldman Says the Bull Run Isn't Over

Gold prices climbed more than 1% Friday as the metal recovered from recent declines, even as stronger U.S. inflation data increased expectations that the Federal Reserve will raise interest rates next week, a September 11 Reuters report published by The Korea Times noted. Spot gold gained 1.2% to US$4,366.69 per ounce by 11:22 a.m. ET, although it remained about 1.4% lower for the week. U.S. gold futures added 0.1% to US$4,409.30.

Tai Wong, an independent metals trader, said, "Gold is recovering rapidly after a brief dip, as CPI data may be cementing expectations of a Fed rate hike next week. The volatility is somewhat muted, as the market had a hike 70% priced in," and added, "Price action here suggests that gold is finding a short-term base after the recent retreat."

Gold had fallen nearly 2% Thursday after U.S. Producer Price Index data showed prices rose in August in line with expectations. The latest Consumer Price Index report showed a 0.4% monthly increase in August, accelerating from July's 0.1% gain. Meanwhile, oil prices declined on Friday but remained on track for a weekly advance, which could add to inflation concerns and reinforce expectations for tighter monetary policy. Higher rates generally weigh on gold because the metal does not generate income.

Markets now assign an 87% probability to a Federal Reserve rate hike at next week's policy meeting, up from 67% before the latest inflation figures, according to the CME FedWatch Tool. Physical gold demand in India remained weak as price volatility discouraged buyers, while investment demand continued to show strength in China.

Anthony Kim, Goldman Sachs' Global Head of Metals Trading, said gold's prolonged weakness since February does not mark the end of its larger advance, according to a September 8 report by Kitco's Ernest Hoffman. Speaking on Goldman's The Markets podcast, Kim said the US$5,589.38-per-ounce record reached in late January should not be considered the cycle's ultimate high. "From our perspective, this isn't the end of the bull market," he said. "It's an elongated pause."

Kim pointed to two developments behind the extended consolidation. Markets continue to evaluate the implications of Warsh's nomination and confirmation as Federal Reserve chair, including how his monetary-policy views could align with the Trump administration. At the same time, the conflict involving Iran has disrupted energy markets and influenced the movement of global reserves into precious metals.

Gold positioning has fallen considerably among Goldman's clients as those factors have increased uncertainty, although central-bank purchases continue to provide an important source of support. "The one flow that does remain […] is the central bank accumulation," Kim said, with Goldman expecting gold's broader advance to resume and the metal to eventually reach fresh records.

Kim also said rising bond yields may have a less direct relationship with gold over time if concerns about government fiscal stability increasingly shape investment decisions. He argued that fiat currencies have been losing some of their relative appeal versus gold and that fiscal pressures across Western economies and Japan could encourage greater gold allocations even if longer-term yields remain elevated. While the near-term link between rates and gold remains relevant, he said the longer-term relationship could become less dependable as fiscal considerations gain influence. "Locally, we do think these rates and gold correlations will hold, but the longer-term trajectory is certainly being called into question," he said.

Ownership and Share Structure¹

About 5.1% of First Mining Gold Corp. is owned by management and insiders. Institutions hold approximately 9.02%, while the rest is retail.

Its market capitalization is about CA$1.27 billion, with approximately 1.4 billion shares outstanding. It trades in a 52-week range of about CA$0.23 to CA$0.98.

Common Investor Questions

What did First Mining announce? The company released early assays from its 2026 drilling at the Duparquet Gold Project in Quebec's Abitibi region, headlined by 5.26 g/t gold over 19.55 meters (including 21.80 g/t over 1 meter) in hole DUP26-093, as it expands the shallow Miroir discovery.

What is Miroir, and why does it matter? Miroir is a priority discovery area First Mining identified in 2024. Drilling has grown it from about 150 meters of strike in 2025 to roughly 220 meters now, and it remains open in every direction, making it a potential contributor to future resource growth at Duparquet.

How big is the Duparquet resource today? Duparquet holds 3.44 million ounces of measured and indicated gold at 1.55 g/t and 2.64 million inferred ounces at 1.62 g/t. First Mining is updating the resource model to fold in about 48,000 meters of drilling completed since the prior estimate.

What is Springpole, the company's flagship? Springpole is a large, undeveloped gold project in northwestern Ontario. Its updated prefeasibility study outlined an after-tax net present value of US$2.1 billion (at a 5% discount and US$3,100-per-ounce gold), with initial production targeted for 2031.

What recent progress has Springpole made? It received federal environmental assessment approval in June and signed definitive Project Agreements with Cat Lake First Nation, Lac Seul First Nation, and Slate Falls Nation, which analysts view as major de-risking steps. Provincial approval is still pending, an updated feasibility study is planned by mid-2027, and a construction decision is expected by the end of 2027.

What do analysts say? Cantor Fitzgerald's Matthew O'Keefe kept a Buy with a CA$1.50 target, valuing Springpole at 0.3x NAV. Ventum's Robin Kozar set a CA$1.40 target, calling the federal approval a catalyst that could convert a near-decade valuation gap into a near-term re-rating, and noted the shares trade well below net asset value.