Springpole Gold Project

On November 13, 2015, First Mining Finance Corp. ("First Mining") closed the acquisition of Gold Canyon Resources Inc., which wholly owned the Springpole Gold Project. Springpole is one of Canada's largest undeveloped gold projects and the project's land position covers a total of 32,448 hectares (over 80,000 acres). The project is located in northwestern Ontario, approximately 110 kilometres northeast of the Town of Red Lake, and is situated within the Birch-Uchi Greenstone Belt.



Project Highlights:

  • Large open-pittable resources:
    - Indicated Resource: 128.2 Mt at 1.07 g/t Au, 5.7 g/t Ag,
    containing 4,410,000 ounces of gold and 23,800,000 ounces of silver
    - Inferred Resource: 25.7 Mt at 0.83 g/t Au, 3.2 g/t Ag,
    containing 690,000 ounces of gold and 2,700,000 ounces of silver
  • Significant infrastructure in-place or proximal to project: 72-man camp onsite,
    winter road access, logging road within 10 km, and power lines nearby
  • Project is located within a pro-mining jurisdiction that is covered by
    Treaty Three First Nations Agreement
  • Positive Preliminary Economic Assessment ("PEA") dated October 7, 2016

PEA Highlights* (Using a 1:1 Canadian $ to US $ Exchange Ratio)(1):

  • Post-tax NPV = US$760M(2) (0% discount)
  • Post-tax NPV = US$388M(2) (5% discount)
  • Pre-tax IRR = 25.4% and Post-tax IRR = 13.8%(2)
  • Estimated Cash Cost = US$636/oz. AuEq. and All-in Cash Cost = US$860/oz. AuEq.(3)
  • 20,000 tpd processing facility
  • At full production, Est. Avg. Annual Production = 217,000 ounces of gold & 1,200,000 ounces of silver
  • Mine Life = 11 years
  • Initial capital cost = US$438 M
  • Strip ratio of 1.7:1
  • Exchange Ratio = US$1 : CDN$1
  • Post-tax Payback Period = 35 months (non-discounted)

1. See technical report entitled “Preliminary Economic Assessment for the Springpole Gold Project, Ontario, Canada” dated
October 7, 2016, which is available at www.sedar.com under First Mining’s SEDAR profile. The preliminary economic assessment (or PEA)
is preliminary in nature. It includes inferred resources that are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.
2. Estimated at $1,300.00/oz. Au and $25.00/oz. Ag.
3. Estimated with an in-situ cut-off grade of 0.64 g/t AuEq.



Springpole Mineral Resource Estimate for Gold and Silver at cut-off grade of 0.4 g/t Au*
Category Tonnes
Au Grade
(g/t)
Ag Grade
(g/t)
Contained
Au (oz.)
Contained
Ag (oz.)
Indicated 128,200,000 1.07 5.7 4,410,000 23,800,000
Inferred 25,700,000 0.83 3.2 690,000 2,700,000

*Notes:

1. See technical report entitled “Preliminary Economic Assessment for the Springpole Gold Project, Ontario, Canadadated October 7, 2016, which is available at www.sedar.com under First Mining’s SEDAR profile.
2. Cut-off grades are based on US$1,400/oz. Au price and Au recoveries of 80%; and a US$15/oz. Ag price and 60% Ag recoveries.
3. The gold grades reflect applications of domain-specific raw assay capping factors that range between 55 g/t and 3 g/t.
4. The rounding of tonnes may result in apparent differences between tonnes, grade and contained ounces.
5. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.