First Mining Gold (TSX: FF): Springpole and Duparquet

First Mining Gold Corp. (TSX: FF) is a Vancouver-based gold developer with no mine in production. Its value rests on two Canadian projects, Springpole in Ontario and Duparquet in Quebec, and on the price of gold. Newmont (NYSE: NEM) is the opposite case, a producer with about 6 million ounces of attributable gold output in 2025. Goro is not a gold stock at all: it is a nickel-cobalt mine in New Caledonia. This page sets out the dated facts for all three, side by side, so you can see what each one actually is.

Every figure below carries its source and date. We show no price targets and make no forecast. Company numbers are self-reported in filings and news releases, so read the original document before you rely on one.

What First Mining owns: Springpole, Duparquet and a stake in Pickle Crow

First Mining was established in 2015 by Keith Neumeyer, the founder of First Majestic Silver, and describes itself as a gold developer. A developer is a company that holds mineral deposits and works on studies, permits and financing, but does not yet mine. Its shares trade on the Toronto Stock Exchange as FF, on the OTCQX market as FFMGF and in Frankfurt as FMG (First Mining, Q2 2026 results, 12 August 2026).

Springpole Gold Project, Ontario

Springpole is a proposed open-pit gold and silver mine about 110 kilometres northeast of Red Lake in northwestern Ontario. The province lists a production life of 12 years (the 2025 PFS gives a life of mine of 9.4 years) and a plan that includes an open pit, a processing plant, a tailings and waste rock facility, a grid power line and an all-season access road (Ontario, Springpole Gold Project page).

The latest study is the 2025 pre-feasibility study, or PFS, announced on 18 November 2025 (technical report effective 1 December 2025, prepared by Ausenco). It replaced the earlier 2020 PFS, which showed 3.8 million ounces of reserves. A PFS is a mid-stage engineering study that tests whether a deposit can pay for itself. The 2025 PFS gave probable reserves of 102.0 million tonnes at 0.94 grams of gold per tonne (g/t), holding 3.1 million ounces of gold and 16.1 million ounces of silver, plus an indicated resource of 191 million tonnes at 0.78 g/t holding 4.8 million ounces of gold and an inferred resource of 64 million tonnes at 0.38 g/t holding 0.8 million ounces (reserves effective 13 November 2025, resources 30 September 2025). The study supports a 30,000 tonne-per-day open pit with a life of mine of 9.4 years, a pre-tax NPV (5% discount) of US$3.2 billion and after-tax NPV of US$2.1 billion at an assumed US$3,100 per ounce gold, and initial capital of US$1,104 million (First Mining, 2025 PFS news release, 18 November 2025). Grade is the amount of metal per tonne of rock. A reserve is the part of a resource that a study shows can be mined at a profit; a resource has a lower level of proof. Mineral reserves are stated at a gold price of US$2,100 per ounce; the 2025 PFS base case uses US$3,100 per ounce.

First Majestic’s Springpole page records a silver stream (First Majestic, Springpole silver stream). A stream is a financing deal where a buyer pays money up front and then receives a share of a mine’s metal at a fixed low price. First Majestic agreed in June 2020 to buy 50% of Springpole’s payable silver, paying 33% of the silver spot price per ounce up to a cap of US$7.50 per ounce.

Duparquet Gold Project, Quebec

Duparquet lies on the Destor-Porcupine Fault Zone in the Abitibi region, close to the town of Duparquet and about 50 kilometres northwest of Rouyn-Noranda. First Mining owns 100% of it. A 2023 preliminary economic assessment, or PEA, prepared by G Mining Services (effective 15 September 2023) is the latest full study. A PEA is an early-stage study with a lower level of confidence than a PFS (First Mining, PEA technical report news release, 23 October 2023).

• Plan: a 15,000 tonne-per-day open pit and underground mine over 11 years, with a flotation plant that produces a gold concentrate.
• Output: 2.5 million ounces of recovered gold over the mine life, or 233,000 ounces a year on average.
• Costs: initial capital of C$706 million; average all-in sustaining cost (AISC) of US$976 per ounce. AISC is the cost of mining an ounce including the capital needed to keep the mine running.
• Economics at an assumed US$1,800 per ounce gold: pre-tax net present value (NPV, discounted at 5%) of C$1.07 billion and after-tax NPV of C$588 million; pre-tax internal rate of return of 24.9%.
• Resource at the time: 3.4 million ounces Indicated and 2.6 million ounces Inferred. Inferred means the lowest confidence class, which a study may not count as reserves.

The US$1,800 price in that PEA is far below the realised prices that Newmont reported in 2026 (shown below), so the study’s economics are a snapshot of 2023 assumptions rather than a current valuation. First Mining began a 2026 drilling campaign at Duparquet in May 2026 with a drilling partner owned in part by the Pikogan First Nation (First Mining, Q2 2026 results).

Pickle Crow, Seva Mining and cash

First Mining holds a 20% interest in the Pickle Crow Gold Project in Ontario. In April 2026 its joint-venture partner Bellavista Resources paid C$3 million to cut First Mining’s share from 30% to 20%, and the 20% is carried (First Mining does not pay its share of costs) up to a decision to mine. As of 30 June 2026 the company reported cash and marketable securities of C$40.5 million, an equity stake in Seva Mining carried at C$29 million and its Pickle Crow interest at C$14.3 million (First Mining, Q2 2026 results).

Springpole permit timeline, step by step

For a developer, permits are the main event that can move a share price. The Springpole sequence, from public documents, is:

1. August 2020: the Ontario terms of reference for the provincial environmental assessment were submitted, and the decision to approve them followed on 8 November 2021.
2. 8 November 2024: the environmental assessment was submitted to Ontario; the public comment period closed on 17 January 2025 (Ontario, Springpole project history).
3. 23 April 2026: First Mining agreed to move the federal decision date from 22 May to 30 June 2026 so the Impact Assessment Agency of Canada could finish its report (First Mining, update of 23 April 2026).
4. 16 June 2026: Cat Lake First Nation and Lac Seul First Nation finished their own Anishinaabe-led impact assessment and authorised the project subject to 35 negotiated terms.
5. 22 June to 31 July 2026: Ontario ran a public comment period on its ministry review.
6. 30 June 2026: the federal Minister of the Environment issued a Decision Statement allowing the project to proceed, with conditions (First Mining, federal approval release, 30 June 2026). The federal assessment has run since 2018 and is tracked by the Impact Assessment Agency of Canada.

Approval of an environmental assessment is not a construction decision. The company still has to finish engineering, obtain remaining permits, close agreements with the communities and raise construction money. In its own news release First Mining says it is working on post-assessment engineering towards construction readiness.

How First Mining has been funding itself

Developers sell new shares to pay for studies and drilling. On 24 September 2026 First Mining closed a bought-deal offering, in which banks buy the whole issue and resell it. It issued 68,459,500 shares at C$0.84 for gross proceeds of C$57.5 million, including the over-allotment option, and said the net proceeds would go to Springpole, Duparquet and working capital (First Mining news release via Yahoo Finance, 24 September 2026). Issuing shares adds to the share count, which is called dilution: each existing share then owns a smaller slice of the company.

On 14 September 2026 First Mining announced that it joined the MVIS Global Junior Gold Miners Index, the benchmark behind the VanEck Junior Gold Miners ETF (GDXJ), effective at the close on 18 September 2026 (First Mining, 14 September 2026). Funds that track an index buy its members, which can change trading volume.

For market data, the aggregator StockAnalysis showed a Toronto close of C$0.67 on 15 October 2026, a market value of about C$999 million on 1.49 billion shares, and a 52-week range of C$0.27 to C$0.98 (StockAnalysis, TSX: FF, 15 October 2026). Not investment advice.

Newmont: the producer benchmark for gold stocks

Newmont is a Denver-based gold producer, incorporated in 1921, with operations in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, the Dominican Republic, Chile, Peru, Ecuador, Mexico and Canada. Its annual report for 2025 states attributable proven and probable gold reserves of 118.2 million ounces at 31 December 2025, attributable measured and indicated resources of 88.1 million ounces and inferred resources of 60.6 million ounces. The same report says Newmont ranks as the top gold producer with about 5% of estimated world mined gold, and that the top ten producers together make about 25% (Newmont, Form 10-K for 2025).

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Gold reserves: Newmont and three of its mines vs Springpole

Million ounces (Moz); reserves as each company reports them

Attributable production was about 6 million ounces in 2025, 14% lower than the year before, mostly because Newmont sold several mines (CC&V, Musselwhite, Eleonore, Akyem and Porcupine) and the Coffee project. At year end it held US$7.6 billion in cash.

Newmont second-quarter results

Kitco reported Newmont’s second-quarter 2026 results on 23 July 2026 (Kitco News, 23 July 2026):

• Attributable gold production of 1.29 million ounces, down 1% from the first quarter, with a pause at the Cadia mine in Australia after seismic events; Cadia was back to normal levels by mid-June.
• Realised gold price of US$4,414 per ounce, against US$4,900 in the first quarter and US$3,320 a year earlier. The realised price is the average price Newmont actually received on its sales.
• Gold by-product AISC of US$1,621 per ounce, up from US$1,029 in the first quarter. By-product means that revenue from copper, silver and other metals is credited against the gold cost.
• Net income of US$2.2 billion, cash flow after capital spending of US$2.2 billion, cash of US$9.0 billion and a quarterly dividend of US$0.26 per share.

For context, the World Gold Council reported that global average gold-producer AISC was US$1,785 per ounce in the first quarter of 2026, based on Metals Focus data (World Gold Council, Goldhub, August 2026).

Goro is a nickel mine, not a gold stock

Older articles, including an earlier version of this page, wrote about gold output at Goro. That is wrong. Goro is a nickel and cobalt operation in the south of New Caledonia, a French territory in the South Pacific. Vale sold it in 2021 to Prony Resources, a consortium reported by Bloomberg in 2022 to include employees, the trader Trafigura, Agio Global and the New Caledonian government (MINING.COM, 14 November 2022). Goro is held through Prony Resources, a privately held consortium, so no Goro share trades on an exchange and there is no “Goro stock” to forecast.

What can be dated and sourced:

• August 2022: a leak of salt-laden liquid from the tailings dam after heavy rain led regulators to require corrective measures, and Prony said nickel output would fall in the fourth quarter (MINING.COM, 14 November 2022).
• January 2024: Bloomberg reported that Trafigura declined to add funds to a French government rescue, so Prony needed a new investor (MINING.COM, 31 January 2024).
• November 2024: after a six-month stop caused by unrest in the territory, Prony brought staff back and aimed for 3,500 tonnes of product a month, a nickel-cobalt chemical used in electric-vehicle batteries (MINING.COM, 18 November 2024).

The USGS estimates New Caledonia’s nickel mine output at 116,000 tonnes in 2024 and 140,000 tonnes in 2025, out of a world total of 3.9 million tonnes in 2025, with reserves of 7.1 million tonnes (USGS, Mineral Commodity Summaries 2026, nickel). Those are territory totals, not Goro alone. The last dated status in the sources above is November 2024: staff back on site and a target of 3,500 tonnes a month.

First Mining, Newmont and Goro compared

Moz means million ounces. The columns are not like-for-like: a developer reports plans and studies, a producer reports sales and costs, and Goro reports a different metal.

What moves the shares of a gold developer versus a gold producer

The gold price is the common driver, but it acts differently on each type. A producer earns the gap between its realised price and its AISC. Newmont’s second-quarter gap was about US$2,800 per ounce (US$4,414 less US$1,621, using the figures above). A developer earns nothing yet; the market values its projects on the metal price assumed in each study and on how likely the project is to be built.

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Newmont: price received vs cost per ounce

US$ per ounce, first and second quarter 2026

The main fact-based items to watch are these:

• Study stage. A PEA, PFS and feasibility study each carry less uncertainty than the one before. First Mining has a PFS at Springpole and a PEA at Duparquet.
• Study price versus today’s price. The Duparquet PEA used US$1,800 per ounce. Costs have also risen: the global average AISC reached US$1,785 per ounce in the first quarter of 2026.
• Permits and community agreements. Springpole cleared the federal assessment on 30 June 2026, and First Mining signed project agreements with Slate Falls Nation (25 August 2026) and with Cat Lake and Lac Seul First Nations (27 August 2026).
• Financing. Building a mine costs hundreds of millions of dollars. Duparquet’s initial capital was estimated at C$706 million in 2023. Equity sales dilute existing holders.
• Operating events at producers. Newmont’s Cadia pause is a reminder that one mine can move a quarter’s output.

For the Canadian market side, see our guides on TSX, TSXV and CSE listing requirements for miners and on mineral exploration spending in Canada, and the comparison of Vancouver and Toronto mining listings.

Where the world’s gold comes from

The USGS estimates world gold mine production at 3,300 tonnes in 2025, with China, Russia and Australia in front. Canada produced an estimated 200 tonnes and the United States 160 tonnes, with Nevada giving about 64% of US output. The USGS also gives an average 2025 gold price of US$3,300 per troy ounce (USGS, Mineral Commodity Summaries 2026, gold). One tonne holds about 32,150 troy ounces, so Duparquet’s planned 233,000 ounces a year would be about 7 tonnes.

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Gold mine production, leading countries

Tonnes of gold, 2025 estimate, selected countries

▶ Follows gold from rock to ring: drilling, crushing, dissolving, carbon capture, melting and refining. · 5:27

How to read a gold company filing in six steps

Use the same checklist for First Mining, Newmont or any other gold company.

Infographic

Reading a gold company filing: four key checks

1. 1StageFind each project’s study stage: PEA, PFS or feasibility.
2. 2OuncesSplit reserves, indicated and inferred ounces.
3. 3Cost vs priceCompare study price and AISC with today’s market.
4. 4FundingCheck cash, debt and recent share issues.

1. Find the filing home. Canadian companies file on SEDAR+ and US-listed companies on SEC EDGAR; the company site only repeats them.
2. Check the stage of each project: exploration, PEA, PFS, feasibility, permitted, built or producing.
3. Read the resource table. Note the split between reserves, measured and indicated, and inferred ounces, and the gold price used.
4. Compare cost and price. Look at AISC per ounce and at the gold price in the study.
5. Check cash, debt and the share count, including any recent share issue.
6. Check the permit and community-agreement status in the regulator’s own record.

The calculator below turns a study’s production and cost numbers into a margin at a gold price you choose. Its starting values are the Duparquet PEA output and AISC, with a price entered as an example only.

Gold project margin calculator

Enter the annual output, the gold price and the all-in sustaining cost for any project you are reading about. The result is a simple pre-tax margin before capital repayment, tax and royalties, so it is a screening number and not a valuation.

How satellite data helps with gold project screening

Satellite data shows surface clues around a deposit, such as iron-oxide staining, clay alteration and faults, which explorers use to rank ground before they drill. It cannot see gold itself and it does not replace a resource estimate under NI 43-101, the Canadian reporting standard. Farmonaut analyses licence areas with multispectral satellite data. Licence holders and consultants can send a query for their area or read about satellite-based mineral detection. For a Canadian claim context, see the guides to Golden Triangle satellite signals and Ontario claim and permit steps.

▶ Explains how satellites map the rocks, stains and faults around gold rather than the gold itself. · 4:25

Related reading on this site: Hudbay Stock TSX: Copper World Facts and Key Numbers.

Frequently asked questions

What does First Mining Gold own?

It owns 100% of the Duparquet Gold Project in Quebec and is the developer of the Springpole Gold Project in Ontario. It also holds a 20% carried interest in Pickle Crow and an equity stake in Seva Mining (First Mining, 12 August 2026).

Is First Mining Gold producing any gold?

No. It calls itself a gold developer, and StockAnalysis shows no revenue for the company. Springpole is at PFS stage and Duparquet at PEA stage.

Where is the Springpole gold project?

About 110 kilometres northeast of Red Lake in northwestern Ontario (Ontario government project page).

Has Springpole been approved?

The federal Decision Statement of 30 June 2026 allows it to proceed with conditions. This is an environmental approval, not a decision to build; further permits, engineering and financing are still needed.

What is the First Mining Gold ticker?

TSX: FF, OTCQX: FFMGF and Frankfurt: FMG, per the company’s August 2026 release.

What is the Goro stock?

Goro is a mine, not a listed stock. It is a nickel-cobalt operation in New Caledonia run by Prony Resources, and it does not produce gold.

Who owns the Goro mine?

Prony Resources bought it from Vale in 2021. Bloomberg’s 2022 report named employees, Trafigura, Agio Global and the New Caledonian government as the consortium; this is the ownership as reported in 2022.

How big is Newmont compared with other gold producers?

Newmont’s 10-K says it is the top gold producer, with about 5% of world mined gold, and that the top ten producers together make about 25% (Newmont, 2025 annual report).

Why does the gold price matter more to a developer than a producer?

A producer already sells ounces, so its profit follows price minus cost. A developer’s project value depends on the price used in its study and on whether it can finance construction, so a move in gold changes the odds of the project going ahead.

What do PEA and PFS mean on a gold project?

A preliminary economic assessment is an early, lower-confidence study that may include inferred resources. A pre-feasibility study is a more detailed step that supports a reserve estimate.

Where can I check a company’s official numbers?

Use SEDAR+ for Canadian companies and SEC EDGAR for US filers. USGS Mineral Commodity Summaries give world production by country.