Pickle Crow Project (30% Interest)

Pickle Crow Project (30% Interest)

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Overview:

On March 12, 2020 entered into a definitive earn-in agreement with Auteco Minerals Ltd (“Auteco”) (ASX: AUT) whereby Auteco may earn up to an 80% interest in the Company’s wholly-owned subsidiary PC Gold Inc., which owns the Pickle Crow Gold Project located in the mining friendly jurisdiction of northwestern Ontario, Canada. The project hosts a NI 43-101 compliant inferred resource of approximately 9.5 Mt grading 4.1 g/t gold containing approximately 1.23 million ounces of gold.

On June 9, 2021, Auteco completed the Stage 1 earn-in to own 51% of PC Gold Inc.

On August 30, 2021, Auteco completed the Stage 2 earn-in increasing its ownership to 70% of PC Gold Inc. with First Mining currently owning 30%.

Earn-In Details 1
Upfront Consideration (Complete)
• $100,000 cash upon signing term sheet and agreement
• 25 million shares of Auteco on signing of formal agreement
Stage 1 Earn-in (51% earn-in) (Complete)
• $5 million exploration spend
•100 million AUT shares
Stage 2 Earn-in (Complete)
• $5 million exploration spend
• $1 million cash
• 2% NSR (1% buyback for US$2.5M)
Buy-in (+10% to 80% earn-in at anytime post Stage 2)
• $ 3 million cash
Additional Terms
• JV to be created upon completion of Stage 1
• First Mining free carried to decision to mine
1   See First Mining News Release dated January 27,2020 for further details link

Project Highlights

  • Formerly a high-grade operating mine until the 1960s
  • High-grade underground and open pit resources:
    • Inferred Resource: 9.5 Mt at 4.1 g/t Au containing 1,230,500 ounces of gold
  • Extensive infrastructure in-place or proximal to project including:
    • 200 tonnes per day (tpd) gravity mill onsite
    • Generators and fuel storage
    • Paved road access to property
    • Within 10 km of paved airport at Pickle Lake
  • Project is located within a pro-mining jurisdiction that is covered by the Treaty Nine First Nations Agreement

Pickle Crow Mineral Resource Estimate for Gold*

Inferred Resource
Tonnes
Diluted
Au Grade (g/t)
Cut-off
Au Grade (g/t)
Contained
Au (oz.)
Underground
7,565,000
4.73
4.73
1,150,700
Open Pit
1,887,000
1.3
0.50
79,800
Total
9,452,000
4.1
 
1,230,500

Notes:

* Based on the technical report titled “An Updated Mineral Resource Estimate for the Pickle Crow Property, Patricia Mining Division, Northwestern Ontario, Canada” dated June 15, 2018 and available at www.sedar.com under First Mining Gold.’s SEDAR profile

* Diluted to a minimum 1.0 metre width.

* Entirely classified as an inferred mineral resource.

* The narrow-vein, selective underground component of the mineral resource has been estimated at a cut-off grade of 2.6g/t Au.

* The long-hole bulk underground (moderate-grade) component of the mineral resource has been estimated at a cut-off grade of 2.0 g/t Au.

* The open pit (low-grade) component of the mineral resource has been estimated at a pit discard cut-off grade of approximately 0.5 g/t Au, using a preliminary Whittle pit shell to constrain the resource estimate and other assumed pit parameters.

* The mineral resource has been estimated using a gold price of US$1,300/oz.

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