First Mining Files Pre-Feasibility Study Technical Report for the Springpole Gold Project, Ontario, Canada
First Mining Gold Corp. has released an independent Pre-Feasibility Study (2025 PFS) for its Springpole Gold Project in Ontario, Canada. The report, prepared by Ausenco Engineering Canada ULC, outlines strong financial projections and operational details for the proposed open-pit mine.
The 2025 PFS supports a large-scale mining operation, with plans for a 30,000-tonne-per-day open pit. Over its estimated 9.4-year life, the project expects to produce an average of 330,000 ounces of gold annually in the first five years, dropping slightly to 281,000 ounces per year over the full mine life.
Initial capital costs are projected at US$1,104 million, with sustaining capital at US$323 million and closure costs at US$40 million. Operating expenses remain competitive, with net cash costs estimated at US$742 per ounce in the first five years and US$802 per ounce over the mine’s lifetime. All-in sustaining costs (AISC) are forecast at US$877 per ounce in the early years, rising to US$938 per ounce long-term. The financial outlook is robust. At a gold price of US$3,100 per ounce, the pre-tax net present value (NPV5%) stands at US$3.2 billion, climbing to US$5.6 billion if prices reach US$4,200 per ounce. After-tax figures show an NPV5% of US$2.1 billion at US$3,100/oz, increasing to US$3.8 billion at US$4,200/oz. The study also highlights a pre-tax internal rate of return (IRR) of 54% at US$3,100/oz, rising to 82% at US$4,200/oz, while the after-tax IRR sits at 41% and 63% respectively. The project’s payback period is estimated at 1.8 years after tax at US$3,100/oz, shortening to just 1.2 years if gold prices hit US$4,200/oz. The technical report, titled *Springpole Gold Project NI 43-101 Technical Report and Pre-Feasibility Study*, carries an effective date of December 1, 2025.
The 2025 PFS positions the Springpole Gold Project as a high-margin, short-payback operation with significant upside at higher gold prices. With detailed cost estimates, production forecasts, and financial metrics now public, the project moves closer to potential development. The study provides a clear framework for investment decisions in the coming years.
