First Mining Gold (TSX: FF; US-OTCQX: FFMGF) announced positive results from an updated pre-feasibility study for its Springpole gold project in Ontario. The 2025 PFS supports a 30,000 tonnes-per-day open pit mining operation.
The study revealed a pre-tax NPV5% of US$3.2 billion at $3,100/oz gold, which increased to $5.6 billion at $4,200/oz gold. The after-tax NPV5% stands at $2.1 billion at $3,100/oz gold and rises to $3.8 billion at $4,200/oz gold. The pre-tax IRR reaches 54% at $3,100/oz gold and increased to 82% at $4,200/oz gold, while the after-tax IRR is 41% at $3,100/oz gold and rises to 63% at $4,200/oz gold. The project boasted a 9.4 year mine life with initial capital costs estimated at $1.1 billion.
CEO Dan Wilton expressed satisfaction with the updated PFS, stating that it reinforces Springpole's position as one of Canada's largest and most robust undeveloped gold and silver projects. The PFS evaluated the recovery of gold and silver from a 30,000 tpd open pit operation. The process plant includes crushing, grinding, flotation, leaching, and recovery circuits to produce doré bars.
Since the 2021 PFS, First Mining has optimized several aspects of the project design, including tailings management, gold recovery, and site infrastructure. The company continues to advance environmental assessments and consultation with local communities.
The updated mineral resource estimate shows 191 Mt of indicated resources at 0.78 g/t gold and 4.6 g/t silver. Inferred resources total 64 Mt at 0.38 g/t gold and 3.1 g/t silver.
First Mining has identified opportunities to further enhance the project economics, including resource upgrades, mine plan optimization, and exploration of additional mineralization.
More information is posted on www.FirstMiningGold.com.
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