Exhibits
|
Description
|
Condensed
Interim Consolidated Financial Statements for the three and nine months ended September 30,
2021 and 2020
|
|
Management’s
Discussion & Analysis For The Three And Nine Months Ended
September 30, 2021
|
|
CEO
Certification of Interim Filings
|
|
CFO
Certification of Interim Filings
|
|
|
First Mining Gold
Corp.
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
November 10, 2021
|
|
/s/
Samir Patel
|
|
|
Samir
Patel
|
|
|
General
Counsel and Corporate Secretary
|
|
|
|
Exhibits
|
Description
|
99.1
|
Condensed
Interim Consolidated Financial Statements for the three and
nine months ended September 30, 2021 and 2020
|
99.2
|
Management’s
Discussion & Analysis For The Three And Nine Months Ended
September 30, 2021
|
99.3
|
CEO
Certification of Interim Filings
|
99.4
|
CFO
Certification of Interim Filings
|
|
September
30,
2021
|
December
31,
2020
|
|
|
|
ASSETS
|
|
|
Current
|
|
|
Cash and cash
equivalents
|
$30,348
|
$28,901
|
Investments (Note
3)
|
17,331
|
18,425
|
Prepaid expenses,
accounts and other receivables
|
868
|
2,700
|
Total
current assets
|
48,547
|
50,026
|
|
|
|
Non-current
|
|
|
Mineral properties
(Note 4)
|
165,073
|
179,429
|
Investment in
Treasury Metals Inc. (Note 5)
|
16,260
|
63,812
|
Investment in PC
Gold Inc. (Note 6)
|
21,570
|
-
|
Investment in Big
Ridge Gold Corp. (Note 7)
|
1,569
|
-
|
Mineral property
investments (Note 8)
|
6,210
|
6,726
|
Property and
equipment
|
850
|
570
|
Other
assets
|
431
|
650
|
Total
non-current assets
|
211,963
|
251,187
|
TOTAL
ASSETS
|
$260,510
|
$301,213
|
|
|
|
LIABILITIES
|
|
|
Current
|
|
|
Accounts payable
and accrued liabilities
|
$2,258
|
$2,013
|
Current portion of
lease liability
|
123
|
112
|
Provision for
Pickle Crow reclamation funding (Note 4(b))
|
710
|
-
|
Current portion of
environmental reclamation provision
|
-
|
250
|
Option – PC
Gold (Note 4(b))
|
4,347
|
4,410
|
Obligation to
distribute investments (Note 5(c))
|
-
|
34,040
|
Total
current liabilities
|
7,438
|
40,825
|
|
|
|
Non-current
|
|
|
Lease
liability
|
348
|
442
|
Environmental
reclamation provision
|
-
|
3,133
|
Silver Stream
derivative liability (Note 9)
|
23,768
|
13,260
|
Total
non-current liabilities
|
24,116
|
16,835
|
TOTAL
LIABILITIES
|
31,554
|
57,660
|
|
|
|
SHAREHOLDERS’
EQUITY
|
|
|
Share capital (Note
10)
|
318,434
|
317,167
|
Warrant and
share-based payment reserve (Note 10)
|
46,681
|
44,648
|
Accumulated other
comprehensive gain (loss)
|
(376)
|
(1,392)
|
Accumulated
deficit
|
(135,783)
|
(116,870)
|
Total
shareholders’ equity
|
228,956
|
243,553
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$260,510
|
$301,213
|
|
Nine
months ended September 30,
|
|
|
2021
|
2020
|
|
|
|
Cash
flows from operating activities
|
|
|
Net loss for the
period
|
$(31,867)
|
$(33,345)
|
Adjustments
for:
|
|
|
Gain on
deconsolidation of subsidiary (Note 4)
|
(9,280)
|
-
|
Impairment of
non-current assets (Note 5(b))
|
23,555
|
24,870
|
Share-based
payments (Note 10)
|
1,585
|
777
|
Depreciation
|
238
|
233
|
Fair value loss on
Silver Stream derivative liability (Note 9)
|
700
|
6,112
|
Investments fair
value loss (Note 3)
|
4,672
|
426
|
Other
expenses
|
42
|
-
|
Accrued interest
receivable
|
(84)
|
-
|
Unrealized foreign
exchange loss (gain)
|
40
|
(606)
|
Deferred income tax
recovery
|
-
|
(1,539)
|
Finance
cost
|
38
|
62
|
Equity and dilution
loss on equity accounted investments
|
5,675
|
(467)
|
Loss on disposal of
subsidiaries
|
-
|
303
|
Operating
cash flows before movements in working capital
|
(4,686)
|
(3,174)
|
Changes in non-cash
working capital items:
|
|
|
Increase in
accounts and other receivables
|
(35)
|
(71)
|
Increase in prepaid
expenditures
|
(31)
|
(8)
|
Decrease in
accounts payables and accrued liabilities
|
(751)
|
(244)
|
Total
cash used in operating activities
|
(5,503)
|
(3,497)
|
Cash
flows from investing activities
|
|
|
Mineral property
expenditures (Note 4)
|
(11,241)
|
(9,474)
|
Investment in
Treasury Metals Inc.
|
-
|
(118)
|
Proceeds from sale
of investments (Note 3)
|
11,386
|
-
|
Property and
equipment purchases
|
(425)
|
(197)
|
Option payments and
expenditures recovered (Note 4)
|
1,968
|
148
|
Total
cash provided by (used in) investing activities
|
1,688
|
(9,641)
|
Cash
flows from financing activities
|
|
|
Net proceeds from
bought deal financing
|
-
|
26,647
|
Net proceeds from
private placements
|
-
|
9,124
|
Proceeds from
Silver Stream (Note 9)
|
4,757
|
3,263
|
Proceeds from ATM
program
|
-
|
125
|
Proceeds from
exercise of warrants and stock options
|
668
|
706
|
Repayment of lease
liability
|
(83)
|
(67)
|
Finance costs
paid
|
(37)
|
(41)
|
Total
cash provided by financing activities
|
5,305
|
39,757
|
Foreign exchange
effect on cash
|
(43)
|
(44)
|
Change
in cash and cash equivalents
|
1,447
|
26,575
|
Cash
and cash equivalents, beginning
|
28,901
|
5,902
|
Cash
and cash equivalents, ending
|
$30,348
|
$32,477
|
|
Three months
ended
September
30,
|
Nine
months ended
September
30,
|
||
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
OPERATING EXPENSES (Note
11)
|
|
|
|
|
General and
administration
|
$1,195
|
$441
|
$3,820
|
$2,449
|
Exploration and
evaluation
|
174
|
213
|
621
|
571
|
Investor relations
and marketing communications
|
399
|
346
|
1,830
|
892
|
Corporate
development and due diligence
|
100
|
59
|
347
|
285
|
Impairment of
non-current assets (Note 5)
|
-
|
2,372
|
23,555
|
24,870
|
Loss from
operational activities
|
(1,868)
|
(3,431)
|
(30,173)
|
(29,067)
|
|
|
|
|
|
OTHER
ITEMS
|
|
|
|
|
Gain on
deconsolidation of subsidiary (Note 4(b))
|
449
|
-
|
9,280
|
-
|
Fair value gain
(loss) on Silver Stream liability (Note 9)
|
7,704
|
(6,112)
|
(700)
|
(6,112)
|
Investments fair
value loss (Note 3)
|
(4,039)
|
(3,439)
|
(4,672)
|
(426)
|
Foreign exchange
gain (loss)
|
112
|
(64)
|
(54)
|
543
|
Other
expenses
|
(15)
|
(25)
|
(68)
|
(71)
|
Interest and other
income
|
61
|
31
|
195
|
85
|
Loss on disposal of
subsidiaries
|
-
|
-
|
-
|
(303)
|
Gain
(loss) before income taxes
|
$2,404
|
$(13,040)
|
$(26,192)
|
$(35,351)
|
Deferred income tax
recovery
|
-
|
221
|
-
|
1,539
|
Equity income
(losses) and dilution impacts of equity accounted investments (Note
5,6 & 7)
|
15
|
467
|
(5,675)
|
467
|
Net
income (loss) for the period
|
$2,419
|
$(12,352)
|
$(31,867)
|
$(33,345)
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
Items that will not be reclassified to net income or
(loss):
|
|
|
|
|
Investments fair
value gain (loss)
|
(1,263)
|
1,648
|
1,533
|
1,721
|
|
|
|
|
|
Mineral property
investments fair value gain (loss) (Note 8)
|
(73)
|
423
|
(516)
|
1,326
|
|
|
|
|
|
Items that are or may be reclassified to net income or
(loss):
|
|
|
|
|
Currency
translation adjustment of foreign subsidiaries
|
10
|
(10)
|
(1)
|
25
|
Recycling of
currency translation adjustment on disposal of foreign
subsidiaries
|
-
|
-
|
-
|
(630)
|
Other comprehensive
income (loss)
|
(1,326)
|
2,061
|
1,016
|
2,442
|
|
|
|
|
|
Net
income (loss) and comprehensive income (loss)
for
the period
|
$1,093
|
$(10,291)
|
$(30,851)
|
$(30,903)
|
Income (loss) per
share
|
|
|
|
|
Basic
|
$0.00
|
$(0.02)
|
$(0.05)
|
$(0.05)
|
Diluted
|
$0.00
|
$(0.02)
|
$(0.05)
|
$(0.05)
|
Weighted average
number of shares outstanding
|
|
|
|
|
Basic
|
699,523,115
|
656,270,866
|
698,177,258
|
632,847,071
|
Diluted
|
705,398,997
|
656,270,866
|
698,177,258
|
632,847,071
|
|
Number of common
shares
|
Share capital
|
Warrant reserve
|
Share-based payment reserve
|
Accumulated other comprehensive income (loss)
|
Accumulated deficit
|
Total
|
|
|
|
|
|
|
|
|
Balance
as at December 31, 2019
|
591,997,138
|
$282,666
|
$14,532
|
$18,798
|
$(3,649)
|
$(50,015)
|
$262,332
|
Proceeds from bought deal
financing
|
57,500,000
|
25,339
|
3,411
|
-
|
-
|
-
|
28,750
|
Bought deal financing share
issuance cost
|
-
|
(1,854)
|
(249)
|
-
|
-
|
-
|
(2,103)
|
Proceeds from private
placements
|
40,198,095
|
8,160
|
1,122
|
-
|
-
|
-
|
9,282
|
Flow-through share
premium liability
|
-
|
(300)
|
-
|
-
|
-
|
-
|
(300)
|
Private placements share
issuance cost
|
-
|
(136)
|
(22)
|
-
|
-
|
-
|
(158)
|
At-the-market
distributions
|
532,000
|
125
|
-
|
-
|
-
|
-
|
125
|
Exercise of options
(Note 10(d))
|
2,092,500
|
1,049
|
-
|
(428)
|
-
|
-
|
621
|
Exercise of warrants
(Note 10(c))
|
247,500
|
98
|
(13)
|
-
|
-
|
-
|
85
|
Shares issued for prior
mineral property acquisition
|
24,220
|
4
|
-
|
-
|
-
|
-
|
4
|
Warrants issued to First
Majestic Silver Corp.
|
-
|
-
|
6,278
|
-
|
-
|
-
|
6,278
|
Share-based
payments
|
-
|
-
|
-
|
1,165
|
-
|
-
|
1,165
|
Obligation to distribute
investments
|
-
|
-
|
-
|
-
|
-
|
(37,222)
|
(37,222)
|
Loss for the
period
|
-
|
-
|
-
|
-
|
-
|
(33,345)
|
(33,345)
|
Other comprehensive
income
|
-
|
-
|
-
|
-
|
2,442
|
-
|
2,442
|
Balance
as at September 30, 2020
|
692,591,453
|
$315,151
|
$25,059
|
$19,535
|
$(1,207)
|
$(120,582)
|
$237,956
|
Balance
as at December 31, 2020
|
697,216,453
|
$317,167
|
$25,056
|
$19,592
|
$(1,392)
|
$(116,870)
|
$243,553
|
Exercise of options
(Note 10(d))
|
2,287,500
|
841
|
-
|
(265)
|
-
|
-
|
576
|
Exercise of warrants
(Note 10(c))
|
265,650
|
104
|
(12)
|
-
|
-
|
-
|
92
|
Shares issued on acquisition
of Birch-uchi mineral
property tenure (Note
4)
|
857,035
|
310
|
-
|
-
|
-
|
-
|
310
|
Cameron Gold exploration
agreement
|
25,000
|
12
|
9
|
-
|
-
|
-
|
21
|
Share reduction due to
expiry
|
(701,579)
|
-
|
-
|
-
|
-
|
-
|
-
|
Share-based
payments
|
-
|
-
|
-
|
2,301
|
-
|
-
|
2,301
|
Obligation to distribute
investments fair value adjustment
|
-
|
-
|
-
|
-
|
-
|
12,954
|
12,954
|
Loss for the
period
|
-
|
-
|
-
|
-
|
-
|
(31,867)
|
(31,867)
|
Other comprehensive
loss
|
-
|
-
|
-
|
-
|
1,016
|
-
|
1,016
|
Balance
as at September 30, 2021
|
699,950,059
|
$318,434
|
$25,053
|
$21,628
|
$(376)
|
$(135,783)
|
$228,956
|
|
Marketable
Securities (FVTPL)
|
Marketable
Securities
(FVTOCI)
|
Warrants
(FVTPL)
|
Total
Investments
|
Balance as at December 31, 2020
|
$9,267
|
$3,386
|
$5,772
|
$18,425
|
Additions
|
13,691
|
216
|
-
|
13,907
|
Disposals
|
(9,043)
|
(668)
|
-
|
(9,711)
|
Gain recorded in
other comprehensive loss
|
-
|
1,531
|
-
|
1,531
|
Loss recorded in
net loss
|
(1,049)
|
-
|
(3,698)
|
(4,747)
|
Reclassification
to assets held for distribution
|
-
|
-
|
(2,074)
|
(2,074)
|
Balance as at September 30, 2021
|
$12,866
|
$4,465
|
$-
|
$17,331
|
|
Marketable
Securities (FVTPL)
|
Marketable
Securities
(FVTOCI)
|
Warrants
(FVTPL)
|
Total
Investments
|
Balance as at December 31, 2019
|
$-
|
$1,775
|
$-
|
$1,775
|
Additions
|
11,134
|
-
|
9,812
|
20,946
|
Disposals
|
(6,672)
|
-
|
-
|
(6,672)
|
Gain recorded in
other comprehensive loss
|
-
|
1,611
|
-
|
1,611
|
Gain (loss)
recorded in net loss
|
4,805
|
-
|
(4,040)
|
765
|
Balance as at December 31, 2020
|
$9,267
|
$3,386
|
$5,772
|
$18,425
|
|
Springpole
|
Cameron
|
Duquesne/Pitt
|
Hope Brook
(Note 4(c))
|
Pickle Crow
(Note 4(d))
|
Goldlund
(Note 5)
|
Others
(1)
|
Total
|
Balance December 31, 2020
|
$87,907
|
$31,875
|
$7,229
|
$20,612
|
$24,986
|
$-
|
$6,820
|
$179,429
|
Acquisition
|
$1,342
|
21
|
-
|
-
|
-
|
-
|
791
|
$2,154
|
Concessions,
taxes and royalties
|
$684
|
32
|
3
|
20
|
-
|
-
|
-
|
$739
|
Salaries and
share-based payments
|
$2,263
|
136
|
4
|
44
|
22
|
-
|
75
|
$2,544
|
Drilling,
exploration, and technical consulting
|
$2,894
|
56
|
4
|
16
|
3,251
|
-
|
230
|
$6,451
|
Assaying,
field supplies, and environmental
|
$3,761
|
72
|
-
|
3
|
-
|
-
|
10
|
$3,846
|
Travel and
other expenditures
|
$1,022
|
26
|
-
|
17
|
-
|
-
|
4
|
$1,069
|
Total Expenditures
|
$11,966
|
$343
|
$11
|
$100
|
$3,273
|
$-
|
$1,110
|
$16,803
|
Disposal,
impairment or reclassification
|
-
|
-
|
-
|
(2,685)
|
(28,259)
|
-
|
(215)
|
(31,159)
|
Balance September 30, 2021
|
$99,873
|
$32,218
|
$7,240
|
$18,027
|
$-
|
$-
|
$7,715
|
$165,073
|
|
Springpole
|
Cameron
|
Duquesne/
Pitt
|
Hope
Brook
|
Pickle
Crow
|
Goldlund
|
Others (1)
|
Total
|
Balance
December 31, 2019
|
$76,775
|
$27,374
|
$7,217
|
$20,071
|
$19,263
|
$98,894
|
$3,221
|
$252,815
|
Acquisition
|
$-
|
4,219
|
-
|
-
|
-
|
-
|
-
|
$4,219
|
Concessions,
taxes and royalties
|
$740
|
11
|
3
|
20
|
20
|
2
|
60
|
$856
|
Salaries and
share-based payments
|
$1,300
|
145
|
1
|
148
|
71
|
430
|
7
|
$2,102
|
Drilling,
exploration, and technical consulting
|
$4,828
|
52
|
8
|
140
|
4,409
|
796
|
37
|
$10,270
|
Assaying,
field supplies, and environmental
|
$3,555
|
50
|
-
|
123
|
1,217
|
255
|
8
|
$5,208
|
Travel and
other expenditures
|
$709
|
24
|
-
|
110
|
6
|
126
|
2
|
$977
|
Total Expenditures
|
$11,132
|
$4,501
|
$12
|
$541
|
$5,723
|
$1,609
|
$114
|
$23,632
|
Disposal,
impairment or reclassification
|
-
|
-
|
-
|
-
|
-
|
(100,503)
|
3,485
|
(97,018)
|
Balance December 31, 2020
|
$87,907
|
$31,875
|
$7,229
|
$20,612
|
$24,986
|
$-
|
$6,820
|
$179,429
|
|
June 9,
2021
|
Fair Value of
retained interest in PC Gold Inc.
|
|
112,146,017 shares
at $0.32 per share (deemed FV based on underlying property
interest)
|
$36,000
|
Provision for
Pickle Crow reclamation funding
|
(710)
|
|
|
Fair value of
Auteco shares received as additional consideration (Note
3)
|
8,640
|
|
|
Option – PC
Gold liability fair value of Stage 2 and final earn in
options
|
(17,306)
|
|
|
Net assets of PC
Gold
|
|
Prepaids
|
3
|
Reclamation
deposit
|
120
|
Mineral property,
net
|
20,358
|
Environmental
reclamation liability, net
|
(3,137)
|
Net assets of
subsidiary
|
17,344
|
|
|
Gain
on loss of control of subsidiary, Net
|
$9,280
|
|
September
30,
2021
|
December
31,
2020
|
Balance,
beginning of period
|
$63,812
|
$-
|
Acquisition
– Initial Recognition on August 7, 2020
|
-
|
78,000
|
Equity (loss)
income
|
(56)
|
1,446
|
Dilution event in
Q2, 2021
|
(5,000)
|
-
|
Impairment of
Investment in Treasury Metals Inc.
|
(23,555)
|
(15,634)
|
Reclassification
to assets held for distribution
|
(18,941)
|
-
|
Balance,
end of period
|
$16,260
|
$63,812
|
|
September
30,
2021
|
December
31,
2020
|
Balance, beginning of period
|
$-
|
$-
|
Acquisition
– Initial Recognition on June 9, 2021
|
36,000
|
-
|
Equity
loss
|
(2)
|
-
|
Dilution event in
Q3, 2021-Stage 2 earn-in completion
|
(14,428)
|
-
|
Balance, end of period
|
$21,570
|
$-
|
|
September
30,
2021
|
December
31,
2020
|
Balance, beginning of period
|
$-
|
$-
|
Acquisition
– Initial Recognition on June 7, 2021
|
2,185
|
-
|
Equity
loss
|
(28)
|
-
|
Dilution event in
Q2 2021
|
(588)
|
-
|
Balance, end of period
|
$1,569
|
$-
|
|
Silver Stream
derivative liability
|
Balance,
December 31, 2019
|
$-
|
Fair value of
Silver Stream derivative liability - Initial Recognition on July 2,
2020
|
(7,378)
|
Change in fair
value during the period
|
(5,882)
|
Balance,
December 31, 2020
|
$(13,260)
|
Advance payment
received (Tranche 2) (US$7.5 million)
|
(9,808)
|
Change in fair
value during the period
|
(700)
|
Balance,
September 30, 2021
|
$(23,768)
|
|
Number
|
Weighted average
exercise price
|
Balance
as at December 31, 2019
|
15,872,998
|
$0.410
|
Warrants
issued
|
77,460,159
|
0.494
|
Warrants
exercised
|
(247,500)
|
0.344
|
Balance
as at December 31, 2020
|
93,085,657
|
$0.480
|
Warrants
issued
|
2,100,228
|
0.375
|
Warrants
exercised
|
(265,650)
|
0.328
|
Warrants
expired
|
(3,027,615)
|
0.440
|
Balance
as at September 30, 2021
|
91,892,620
|
$0.449
|
Exercise
price
|
Number of
warrants outstanding
|
Weighted average
exercise price ($ per share)
|
Weighted average
remaining life (years)
|
$0.336
|
18,247,009
|
$0.336
|
1.08
|
$0.374
|
44,845,611
|
0.374
|
2.86
|
$0.421
|
50,000
|
0.421
|
1.83
|
$0.654
|
28,750,000
|
0.654
|
0.90
|
|
91,892,620
|
$0.449
|
1.46
|
|
Number
|
Weighted average
exercise price
|
Balance
as at December 31, 2019
|
46,927,500
|
$0.57
|
Options
granted
|
11,350,000
|
0.25
|
Options
exercised
|
(3,717,500)
|
0.33
|
Options
expired
|
(2,790,000)
|
0.40
|
Options
forfeited
|
(5,950,000)
|
0.52
|
Balance
as at December 31, 2020
|
45,820,000
|
$0.53
|
Options
granted
|
11,290,000
|
0.23
|
Options
exercised
|
(2,287,500)
|
0.25
|
Options
expired
|
(8,020,000)
|
0.73
|
Options
forfeited
|
(2,037,500)
|
0.38
|
Balance
as at September 30, 2021
|
44,765,000
|
$0.44
|
|
Options
Outstanding
|
Options
Exercisable
|
||||
Exercise
price
|
Number of
options
|
Weighted average
exercise price ($ per share)
|
Weighted average
remaining life (years)
|
Number of
options
|
Weighted average
exercise price ($ per share)
|
Weighted average
remaining life (years)
|
$0.25 – 0.50
|
32,450,000
|
$0.36
|
2.75
|
22,701,250
|
$0.36
|
4.11
|
$0.51 – 1.00
|
12,315,000
|
0.61
|
3.23
|
12,615,000
|
0.43
|
4.10
|
|
44,765,000
|
$0.44
|
2.88
|
35,316,250
|
$0.38
|
4.11
|
|
For the three
months ended September 30,
|
For the nine
months ended September 30,
|
||
Statements
of Net Loss:
|
2021
|
2020
|
2021
|
2020
|
General and
administration
|
$229
|
$74
|
$1,026
|
$435
|
Exploration and
evaluation
|
19
|
44
|
225
|
116
|
Investor relations
and marketing communications
|
57
|
10
|
201
|
132
|
Corporate
development and due diligence
|
34
|
-
|
133
|
94
|
Subtotal
|
$339
|
$128
|
$1,585
|
$777
|
Statements
of Financial Position:
|
|
|
|
|
Mineral
Properties
|
142
|
39
|
716
|
389
|
Total
|
$481
|
$167
|
$2,301
|
$1,166
|
|
Nine months
ended
|
Year
ended
|
|
September
30,
2021
|
December
31,
2020
|
Risk-free interest
rate
|
0.44%
|
1.72%
|
Share price at
grant date (in dollars)
|
$0.42
|
$0.25
|
Exercise price (in
dollars)
|
$0.42
|
$0.27
|
Expected life
(years)
|
5.00 years
|
4.96 years
|
Expected volatility
(1)
|
68.32%
|
69.10%
|
Forfeiture
rate
|
7.50%
|
5.26%
|
Expected dividend
yield
|
Nil
|
Nil
|
|
Number
|
Weighted average
fair value
|
Balance
as at December 31, 2020
|
-
|
$-
|
Granted –
February 2, 2021
|
1,550,000
|
0.40
|
Balance
as at September 30, 2021
|
1,550,000
|
$0.40
|
|
Number
|
Weighted average
fair value
|
Balance
as at December 31, 2020
|
-
|
$-
|
Granted –
February 2, 2021
|
40,000
|
0.40
|
Granted –
June 17, 2021
|
263,000
|
0.35
|
Balance
as at September 30, 2021
|
303,000
|
$0.36
|
|
For the three
months ended
September 30,
2021
|
For the three
months ended
September 30,
2020
|
||
|
General and
administration
|
Investor
relations and marketing communications
|
General and
administration
|
Investor
relations and marketing communications
|
Administrative and
office
|
$86
|
$(1)
|
$67
|
$9
|
Consultants
|
21
|
30
|
(45)
|
-
|
Depreciation
|
43
|
-
|
40
|
-
|
Directors
fees
|
160
|
-
|
58
|
-
|
Investor relations
and marketing communications
|
-
|
252
|
-
|
241
|
Professional
fees
|
198
|
-
|
47
|
-
|
Salaries
|
243
|
68
|
171
|
56
|
Share-based
payments (non-cash) (Note 10(d))
|
229
|
40
|
74
|
10
|
Transfer agent and
filing fees
|
210
|
3
|
25
|
25
|
Travel and
accommodation
|
5
|
7
|
4
|
5
|
Total
|
$1,195
|
$399
|
$441
|
$346
|
|
For the nine
months ended
September 30,
2021
|
For the nine
months ended
September 30,
2020
|
||
|
General and
administration
|
Investor
relations and marketing communications
|
General and
administration
|
Investor
relations and marketing communications
|
Administrative and
office
|
$270
|
$59
|
$172
|
$25
|
Consultants
|
110
|
75
|
97
|
10
|
Depreciation
|
128
|
-
|
104
|
-
|
Directors
fees
|
239
|
-
|
201
|
-
|
Investor relations
and marketing communications
|
-
|
1,168
|
3
|
509
|
Professional
fees
|
982
|
-
|
714
|
-
|
Salaries
|
712
|
283
|
556
|
159
|
Share-based
payments (non-cash) (Note 10(d))
|
1,026
|
201
|
435
|
132
|
Transfer agent and
filing fees
|
346
|
37
|
147
|
41
|
Travel and
accommodation
|
7
|
7
|
20
|
16
|
Total
|
$3,820
|
$1,830
|
$2,449
|
$892
|
Service
or Item
|
Three months
ended September 30,
|
Nine months
ended September 30,
|
||
|
2021
|
2020
|
2021
|
2020
|
Directors’
fees
|
$80
|
$58
|
$239
|
$201
|
Salaries and
consultants’ fees
|
398
|
283
|
1,329
|
839
|
Share-based
payments (non-cash)
|
171
|
137
|
974
|
778
|
Total
|
$649
|
$478
|
$2,542
|
$1,818
|
|
September 30,
2021
|
December 31,
2020
|
||||||
|
|
Fair value
measurement
|
|
Fair value
measurement
|
||||
|
Carrying
value
|
Level
1
|
Level
2
|
Level
3
|
Carrying
value
|
Level
1
|
Level
2
|
Level
3
|
Financial
assets:
|
|
|
|
|
|
|
|
|
Investments (Notes 3,
5)
|
$17,331
|
$17,331
|
$-
|
$-
|
$18,425
|
$12,653
|
$5,772
|
$-
|
Mineral property investments (Note
8)
|
6,210
|
-
|
-
|
6,210
|
6,726
|
-
|
-
|
6,726
|
Financial
liabilities:
|
|
|
|
|
|
|
|
|
Silver Stream derivative
liability
(Note 9)
|
23,768
|
-
|
-
|
23,768
|
13,260
|
-
|
-
|
13,260
|
Option – PC Gold (Note
4(b))
|
$4,347
|
$-
|
$-
|
$4,347
|
$4,410
|
$-
|
$-
|
$4,410
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
COMPANY
OVERVIEW AND STRATEGY
|
2
|
2021
HIGHLIGHTS
|
2
|
SELECTED
FINANCIAL INFORMATION
|
4
|
ONTARIO
MINERAL PROPERTY PORTFOLIO LOCATIONS (1)
|
5
|
MINERAL
PROPERTY PORTFOLIO GOLD RESERVES (1)
|
6
|
MINERAL
PROPERTY PORTFOLIO GOLD RESOURCES (1)
|
7
|
MINERAL
PROPERTY PORTFOLIO REVIEW
|
8
|
SELECTED
QUARTERLY FINANCIAL INFORMATION
|
18
|
RESULTS
OF CONTINUING OPERATIONS
|
19
|
FINANCIAL
CONDITION, LIQUIDITY AND CAPITAL RESOURCES
|
21
|
FINANCIAL
INSTRUMENTS
|
22
|
RELATED
PARTY TRANSACTIONS
|
22
|
OFF-BALANCE
SHEET ARRANGEMENTS
|
22
|
NON-IFRS
MEASURES
|
23
|
ACCOUNTING
POLICIES
|
23
|
CRITICAL
ACCOUNTING ESTIMATES
|
23
|
CRITICAL
ACCOUNTING JUDGMENTS
|
23
|
ACCOUNTING
STANDARDS ISSUED BUT NOT YET APPLIED
|
24
|
RISKS
AND UNCERTAINTIES
|
24
|
QUALIFIED
PERSONS
|
27
|
SECURITIES
OUTSTANDING
|
27
|
MANAGEMENT’S
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
|
28
|
FORWARD-LOOKING
INFORMATION
|
29
|
CAUTIONARY
NOTE TO U.S. INVESTORS REGARDING MINERAL RESOURCE AND MINERAL
RESERVE ESTIMATES
|
30
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Financial Results (in $000s Except for per Share
Amounts):
|
For the nine months ended September 30,
|
||
|
2021
|
2020
|
2019
|
Mineral Property
Cash Expenditures(1)
|
$11,241
|
$9,474
|
$4,096
|
Net
Loss
|
(31,867)
|
(33,345)
|
(4,686)
|
Total Cash Used in
Operating Activities(3)
|
(5,503)
|
(3,497)
|
(3,163)
|
Basic and Diluted
Net Loss Per Share
(in
Dollars)(4)
|
$(0.05)
|
$(0.05)
|
$(0.01)
|
Financial Position (in $000s):
|
September 30,
|
December 31,
|
December 31,
|
|
2021
|
2020
|
2019
|
Cash and Cash
Equivalents
|
$30,348
|
$28,901
|
$5,902
|
Working Capital(2)
|
41,109
|
9,201
|
5,780
|
Investments
|
17,331
|
18,425
|
1,775
|
Mineral
Properties
|
165,073
|
179,429
|
252,815
|
Investment in
Treasury Metals Inc.
|
16,260
|
63,812
|
-
|
Investment in PC
Gold Inc.
|
21,570
|
-
|
-
|
Investment in Big
Ridge Gold Corp.
|
1,569
|
-
|
-
|
|
|
|
|
Total
Assets
|
260,510
|
301,213
|
268,020
|
Total Non-current
Liabilities
|
$24,116
|
$16,835
|
$3,139
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Category
|
Tonnes (Mt)
|
Grade
Au (g/t)
|
Grade
Ag (g/t)
|
Contained Metal
Au (Moz)
|
Contained Metal
Ag (Moz)
|
Proven
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
Probable
|
121.6
|
0.97
|
5.23
|
3.8
|
20.5
|
Total
|
121.6
|
0.97
|
5.23
|
3.8
|
20.5
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Project
|
Tonnes
|
Gold
Grade (g/t)
|
Silver
Grade (g/t)
|
Contained Gold Ounces (oz)
|
Contained Silver Ounces (oz)
|
Measured
Resources
|
|||||
Cameron Gold
Project(2)
|
3,360,000
|
2.75
|
-
|
297,000
|
-
|
Duparquet Gold
Project(3)
|
18,470
|
1.52
|
-
|
901
|
-
|
Indicated
Resources
|
|||||
Springpole Gold
Project(4)
|
151,000,000
|
0.94
|
5.00
|
4,600,000
|
24,300,000
|
Hope Brook Gold
Project
|
5,500,000
|
4.77
|
-
|
844,000
|
-
|
Cameron Gold
Project(5)
|
2,170,000
|
2.40
|
-
|
167,000
|
-
|
Duparquet Gold
Project(3)
|
7,122,070
|
1.73
|
-
|
396,134
|
-
|
Duquesne Gold
Project
|
1,859,200
|
3.33
|
-
|
199,161
|
-
|
Inferred
Resources
|
|||||
Springpole Gold
Project(4)
|
16,000,000
|
0.54
|
2.80
|
300,000
|
1,400,000
|
Hope Brook Gold
Project
|
836,000
|
4.11
|
-
|
110,000
|
-
|
Cameron Gold
Project(6)
|
6,535,000
|
2.54
|
-
|
533,000
|
-
|
Pickle Crow Gold
Project (30%) (7)
|
2,835,600
|
4.10
|
-
|
369,150
|
-
|
Duparquet Gold
Project(3)
|
4,066,284
|
1.85
|
-
|
242,312
|
-
|
Duquesne Gold
Project
|
1,563,100
|
5.58
|
-
|
280,643
|
-
|
Pitt Gold
Project
|
1,076,000
|
7.42
|
-
|
257,000
|
-
|
|
|||||
Total
Measured Resources
|
3,378,470
|
2.74
|
-
|
297,901
|
-
|
Total
Indicated Resources
|
167,651,270
|
1.14
|
5.00
|
6,206,295
|
24,300,000
|
Total
Measured and Indicated Resources
|
171,029,740
|
1.18
|
5.00
|
6,504,196
|
24,300,000
|
Total
Inferred Resources
|
32,911,984
|
1.96
|
3.10
|
2,092,105
|
1,120,000
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
|
|
|
|
(in $000s)
|
|
|
|
|
|
Springpole
|
Cameron
|
Duquesne/
Pitt
|
Hope Brook
|
Pickle Crow
|
Goldlund
|
Others (1)
|
Total
|
Balance December 31, 2019
|
$76,775
|
$27,374
|
$7,217
|
$20,071
|
$19,263
|
$98,894
|
$3,221
|
$252,815
|
2020
acquisition and capitalized net expenditures
|
11,132
|
4,501
|
12
|
541
|
5,723
|
1,609
|
114
|
23,632
|
Disposal,
impairment or reclassification
|
-
|
-
|
-
|
-
|
-
|
(100,503)
|
3,485
|
(97,018)
|
Balance December 31, 2020
|
$87,907
|
$31,875
|
$7,229
|
$20,612
|
$24,986
|
$-
|
$6,820
|
$179,429
|
2021
acquisition and capitalized net expenditures
|
11,966
|
343
|
11
|
100
|
3,273
|
-
|
1,110
|
16,803
|
Disposal,
impairment or deconsolidation
|
-
|
-
|
-
|
(2,685)
|
(28,259)
|
-
|
(215)
|
(31,159)
|
Balance September 30, 2021
|
$99,873
|
$32,218
|
$7,240
|
$18,027
|
$-
|
$-
|
$7,715
|
$165,073
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Gold Price (US$/oz)
|
$1,400
|
$1,600
|
$1,800
|
$2,000
|
Pre-Tax
NPV5%
|
US$1.04
billion
|
US$1.48 billion
|
US$1.92
billion
|
US$2.36
billion
|
Pre-Tax
IRR
|
28.9%
|
36.4%
|
43.2%
|
49.5%
|
After-Tax
NPV5%
|
US$690
million
|
US$995 million
|
$1.30
billion
|
$1.60
billion
|
After-Tax
IRR
|
23.3%
|
29.4%
|
35.0%
|
40.1%
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Initial Capital Costs
|
+10%
|
US$718 million
|
-10%
|
Pre-Tax
NPV5%
|
US$1.34
billion
|
US$1.48 billion
|
US$1.61
billion
|
Pre-Tax
IRR
|
30.1%
|
36.4%
|
44.1%
|
After-Tax
NPV5%
|
US$875
million
|
US$995 million
|
US$1,102
million
|
After-Tax
IRR
|
23.8%
|
29.4%
|
36.3%
|
Operating Costs
|
+10%
|
US$2.21 billion
|
-10%
|
Pre-Tax
NPV5%
|
US$1.33
billion
|
US$1.48 billion
|
US$1.63
billion
|
Pre-Tax
IRR
|
34.1%
|
36.4%
|
38.6%
|
After-Tax
NPV5%
|
US$890
million
|
US$995 million
|
US$1,098
million
|
After-Tax
IRR
|
27.6%
|
29.4%
|
31.3%
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Canada
|
USA
|
Duquesne,
Québec (1)
|
Turquoise
Canyon, Nevada (2)
|
Pitt,
Québec
|
|
Duparquet,
Québec
|
|
Horseshoe
Island, Ontario
|
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Royalty
|
NSR Rate
|
Key Terms
|
Pickle
Crow (Ontario, Canada)
|
2.00%
|
1.00%
buy-back for US$2.5 million
|
Hope
Brook (Newfoundland, Canada)
|
1.50%
|
0.5%
buy-back for $2.0 million
|
Goldlund
(Ontario, Canada)
|
1.50%
|
0.5%
buy-back for $5.0 million
|
Mexican
Projects (1)
(11
including Las Margaritas)
|
1.00%
|
1.00%
buy-back for US$1.0 million on each project
|
Turquoise
Canyon (Nevada, USA)
|
2.00%
|
1.00%
buy-back for US$1.0 million
|
Joutel,
Québec
|
1.00%
|
No
buy-back option
|
Morris,
Québec
|
1.00%
|
No
buy-back option
|
Ronguen
(Burkina Faso)
|
1.00%
|
1.00%
buy-back for US$1.0 million
|
Pompoi
(Burkina Faso)
|
1.50%
|
1.50%
buy-back for $1.5 million
|
Lac
Virot Iron Ore (Labrador, Canada)
|
2.00%
|
1.00%
buy-back for $1.0 million
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Financial
Results (in $000s Except for per Share Amounts):
|
||||||||
|
2021-Q3
|
2021-Q2
|
2021-Q1
|
2020-Q4
|
2020-Q3
|
2020-Q2
|
2020-Q1
|
2019-Q4
|
Net
Income (Loss)
|
$2,419
|
$(1,283)
|
$(33,001)
|
$530
|
$(12,352)
|
$(19,531)
|
$(1,462)
|
$(2,274)
|
Impairment of
non-current assets
|
-
|
-
|
23,555
|
-
|
2,372
|
22,498
|
-
|
-
|
Total cash used in
operating activities (2)
|
(1,689)
|
(1,940)
|
(1,874)
|
(725)
|
(1,056)
|
(1,128)
|
(1,313)
|
(1,037)
|
Basic and Diluted
Net Income (Loss) Per Share (in dollars) (3)
|
0.00
|
(0.00)
|
(0.05)
|
0.00
|
(0.02)
|
(0.03)
|
(0.00)
|
(0.00)
|
Financial
Position (in $000s):
|
||||||||
Cash and Cash
Equivalents
|
30,348
|
33,762
|
39,174
|
28,901
|
32,477
|
6,475
|
10,497
|
5,902
|
Working Capital
(1)
|
41,109
|
34,898
|
19,893
|
9,201
|
14,324
|
8,596
|
9,946
|
5,780
|
Investments
|
17,331
|
20,450
|
13,907
|
18,425
|
24,016
|
5,601
|
1,398
|
1,775
|
Mineral
Properties
|
165,073
|
160,322
|
186,761
|
179,429
|
168,188
|
159,630
|
256,532
|
252,815
|
Investment in
Treasury Metals Inc.
|
16,260
|
16,236
|
39,867
|
63,812
|
62,833
|
-
|
-
|
-
|
Investments in PC
Gold Inc.
|
21,570
|
35,999
|
-
|
-
|
-
|
-
|
-
|
-
|
Investment in Big
Ridge Gold Corp.
|
1,569
|
1,577
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
260,510
|
299,750
|
287,856
|
301,213
|
296,343
|
258,044
|
276,776
|
268,020
|
Total
Non-Current Liabilities
|
$24,116
|
31,855
|
$32,522
|
$16,835
|
$15,332
|
$1,959
|
$3,306
|
3,139
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Income Statement Category
|
Variance between
Periods - (Increase) decrease
|
Explanation
|
Loss
from operational activities
|
|
|
General and
administration
|
$(754,000)
|
Increases primarily
due to higher professional fees and transfer agent fees related to
the Treasury Metals distribution in the current period, along with
higher salaries related to an increased headcount and related
share-based payment expenses in the current period.
|
Impairment of
non-current assets (non-cash)
|
$2,372,000
|
Relates to the
impairment of the Goldlund mineral property in the prior period
which was based on the recoverable amount per terms of the Share
Purchase Agreement with Treasury Metals.
|
Other
items
|
|
|
Gain on
deconsolidation of subsidiary (non-cash)
|
$449,000
|
Following
completion of the Stage 2 earn-in by Auteco, First Mining’s
percentage ownership of PC Gold was reduced from 49% to 30% which
led to a reduction in its pro-rata provision for the Pickle Crow
reclamation funding.
|
Change in fair
value on Silver Stream derivative liability (non-cash)
|
$13,816,000
|
Fair value gains on
the silver stream derivative primarily the result of changes to the
silver price futures curve which was marginally offset by changes
to the estimated credit spread since the prior period.
|
Investments fair
value loss (non-cash)
|
$(600,000)
|
Increased fair
value losses between periods primarily due to the decrease in the
First Majestic share price in the current period which was not
consistent in the prior period end.
|
|
|
|
Net
income for the period
|
$14,771,000
|
Predominantly
relates to the change in fair value gain of the silver stream
derivative liability which was recorded in the period.
|
|
|
|
Other
comprehensive income (loss)
|
|
|
Investments fair
value gain (non-cash)
|
$(2,911,000)
|
The fair value
losses on marketable securities recorded through OCI were higher
than the prior period.
|
|
|
|
Net
income and comprehensive income
|
$11,384,000
|
Predominantly
relates to the change in fair value gain of the silver stream
derivative liability which was recorded in the period.
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
Income Statement Category
|
Variance between
Periods - (Increase) decrease
|
Explanation
|
Loss
from operational activities
|
|
|
General and
administration
|
$(1,371,000)
|
Increase is
primarily due to higher share-based payment expense as a result of
the number of grants and fair value of grants being higher when
compared to the prior year. In addition, professional fees were
higher due to the increased legal expenditures associated with
corporate transactional activities.
|
Investor relations
and marketing communications
|
$(938,000)
|
Increase due to
increases in marketing expenditures and higher share-based payment
expense allocation.
|
Impairment of
non-current assets (non-cash)
|
$1,315,000
|
Relates to the
decrease in the impairment recorded for the reduction in the equity
accounted interest of Treasury Metals ($23,555,000) in the current
period when compared with the prior period write-down of the
Goldlund mineral property which was based on the recoverable amount
per the terms of the Share Purchase Agreement with Treasury Metals
and initial equity accounted impairment in the prior period
($24,870,000).
|
Other
items
|
|
|
Gain on
deconsolidation of subsidiary (non-cash)
|
$9,280,000
|
Following
completion of the Stage 1 and 2 earn-in by Auteco, First
Mining’s percentage ownership of PC Gold was reduced from
100% to 49% which led to a loss of control and deconsolidation of
PC Gold. The resultant gain was calculated as the recognized fair
value/consideration received less PC Gold’s net assets
derecognized from First Mining’s balance sheet.
|
Change in fair
value on Silver Stream derivative liability (non-cash)
|
$5,412,000
|
Fair value gains on
the silver stream derivative primarily the result of change in the
silver price futures curve which was marginally offset by changes
in the estimated credit spread since the prior period.
|
Investments fair
value gain (loss)
|
$(4,246,000)
|
Increased
fair value losses between periods primarily due to the decrease in
the First Majestic share price in the current period which was not
consistent in the prior period end.
|
Deferred income tax
recovery (non-cash)
|
$1,539,000
|
Prior period
deferred income tax recovery resulting from the reversal of tax
expenses connected with the Goldlund mineral property impairment
following the Share Purchase Agreement with Treasury
Metals.
|
Equity loss from
investment in Treasury Metals, PC Gold, Big Ridge
(non-cash)
|
$(5,208,000)
|
Reflects the
current year estimated equity loss pick-up for accounting purposes
on the Company’s equity investments Treasury Metals, PC Gold
and Big Ridge Gold, and any amounts recorded for associated losses
on dilution in the period.
|
|
|
|
Net
loss for the period
|
$1,478,000
|
Predominantly
relates to the recorded gain on deconsolidation of PC Gold and by
fair value gains on the Silver Stream derivative liability which
was partially offset by investment losses and equity losses and
dilution impacts of equity accounted investments.
|
|
|
|
Other
comprehensive income (loss)
|
|
|
Mineral property
investments fair value loss (non-cash)
|
$(1,842,000)
|
The fair value loss
on mineral property investments recorded through OCI was higher
than the prior period.
|
|
|
|
Net
loss and comprehensive loss
|
$50,000
|
Predominantly
relates to the recorded gain on deconsolidation of PC Gold which
was partially offset by fair value losses on the Silver Stream
derivative liability.
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
(in $000s)
|
Nine months ended September 30,
|
|
|
2021
|
2020
|
CASH
PROVIDED BY (USED IN)
|
|
|
Operating
activities
|
$(5,503)
|
$(3,497)
|
Investing
activities
|
1,688
|
(9,641)
|
Financing
activities
|
5,305
|
39,757
|
Foreign exchange
effect on cash
|
(43)
|
(44)
|
CHANGE
IN CASH AND CASH EQUIVALENTS
|
1,447
|
26,575
|
Working
capital(1)
|
41,109
|
14,324
|
Cash and cash
equivalents, beginning
|
28,901
|
5,902
|
Cash
and cash equivalents, ending
|
$30,348
|
$32,477
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
(in $000s)
|
Carrying Amount
|
Contractual Amount
|
Less than 1 year
|
1 – 3 years
|
4 – 5 years
|
After 5 years
|
Accounts payable
and accrued liabilities
|
$2,259
|
$2,258
|
$2,258
|
$-
|
$-
|
$-
|
Lease
liability
|
471
|
556
|
164
|
336
|
56
|
-
|
Total
|
$2,730
|
$2,814
|
$2,422
|
$336
|
$56
|
$-
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
FIRST MINING GOLD CORP.
|
Management’s Discussion & Analysis
|
(Expressed in Canadian dollars, unless otherwise
indicated)
|
For the three and nine months ended September 30, 2021
|
|
|
|
|
|
|
|
|
Date: November 10,
2021.
|
By:
|
/s/
Daniel
W. Wilton
|
|
|
|
Daniel W.
Wilton
|
|
|
|
Chief Executive
Officer
|
|
|
|
|
|
|
|
|
|
Date: November 10,
2021.
|
By:
|
/s/ Andrew
Marshall
|
|
|
|
Andrew
Marshall
|
|
|
|
Chief Financial
Officer
|
|
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