First Mining Gold Corporation (QX) (FFMGF) Quote

Speak of the devil and he shows up. Here's a must watch video with Michelle M. at Kitco talking about the BRICS, gold, dedollarization, etc. The reset that seems to be coming.

Great discussion.

I'm hoping in this upcoming BRICS conference they talk about gold fitting into their payment system. Maybe then it will wake up the fools that aren't accounting for that coming. Many gold followers were expecting it to happen last year, and it didn't. Maybe that news comes next month.

Harry Dent's brain is a pet rock as far as I'm concerned. Talk about a Snake Oil pusher. I put him in the Jim Cramer/Dennis Gartman group.

We may see a shaky week with all these new shares coming into the market. I would expect more big volume days and most likely a continued push lower in our share price until these shares get absorbed.

It might be a good time to add a few shares depending on how far we fall. JMO

I indeed have noticed this. Gold has been so "hated" for so long it's as if almost nobody dares to mention it now that it has indeed risen spectacularly in the last decade. The major banks are indeed quite bullish on gold with lots of of them predicting 3k$ gold in the near future, so it's not as if the banks are against gold rising.

The problem as I see it is that the "general investment community" is still so focused and drunk on this AI bubble they really cannot see any other opportunities yet. We must have a big enough correction in the AI stocks so that the majority of investors understand that trade is over with. Right now, we are sort of in a twilight zone where people are starting to get skeptical if AI will deliver the ROI that has been promised (spoiler alert: it won't). But people are still long this stuff.

When we eventually get that big correction for whatever reason then people will start to look for new trades to go long and that is where commodities and precious metals especially will start to shine. This is exactly what happened back in the early 2000's when the IT bubble burst and investors were suddenly hit with horrible losses and were left out without any major investment themes. It was exactly from this macro setup we got one of the greatest commodity bull markets started. I see sort of the same happening now, but we really need to get a big crash in the AI stocks first.

Keep in mind that back then, gold stocks had already started their bull market during the IT crash, so we might very well get the same happening now. When investors will see their beloved "Mag 7" stocks in the reds while also seeing that gold stocks are outperforming everything else then that is when they will start to aggressively chase performance. I think it is very probable we will get a scenario like this. This will be a repeat of 2000-2010/11 only this time it will be on steroids due to all the money printing done during covid. The dollar, at some point, will start to weaken massively due to the FED's upcoming reaction to the AI crash. The dollar will not become worthless or anything like this, it will just weaken massively against gold and other major currencies.

Have you heard anyone say gold is a pet rock or any other similar nonsense lately? Remember when people were making a big deal out of Harry Dent predicting $700 or $800 gold? WRONG. Now that the corrupt folks have feasted off shorting paper gold and silver they have gone long and are touting it. Good, because small fry investors like me will benefit from gold assuming its proper place higher up in the monetary food chain. Even some larger investors will be off the mark to the low side if the world moves to factor gold into their currencies. Assuming no EMPs and/or WW III, FF will have its day and by extension we all will too.

Gold is so undervalued in dollars IMO because the West still has some belief in the dollar system. Gromen spoke to that change coming in this video. I NEVER hear anyone on MSM business news talk about the dollar being on its way out as the reserve currency, but we can see many countries around the world, those banding together in the BRICS alliance that aren't joining to stay in a dollar-based system. The momentum is beginning to swing away from the dollar, but investor's in the West don't want to come to grips with it.

Gromen also spoke to all the gold being accumulated in a big way by the central banksters. These are the same scam artists that claim gold's not money, but they're not buying Bitcoin or hoarding fiat. They keep buying gold.

Gromen also said something in the video that really surprised me He made the claim that he thought physical gold was still more undervalued now than the miners are currently. I don't know how he comes to that comparison, but IMO most of the miners are unbelievably cheap. Not sure I agree with him on that remark.

Luke Gromen has an interesting take on the stock market priced in Dollars vs priced in Gold somewhat towards the end of the video. Maybe around the 45 minute mark.

The meat of the conversation about gold starts around the 36 minute mark.

Minute 41:45 "Gold is effectively the BRICS currency.".

Gromen had a comment about the norms of gold "priced in foreign debt" that I didn't really understand completely.

Gold is still very under valued when priced in Dollars. Gold needs to go 3× just to get back to the low end of historical norms. Needs to go 5× to 7× to get back to norms.

Gold miners are very under value to recent gold prices but will eventually catch up.


Lots of great information.
Thanks

This should really get the PM prices jumping in a big way. I've read many people talking about 2027 as a critical year for war and conflict.

Just imagine what a cluster-fuck it will be with Harris as Pez. Wars are inherently very inflationary, we may not even be able to get our minds around how bad the inflation will be by then.

Of course, we also know the Elites want war to get everyone distracted from how bad they've made it for everyone. Get ready.

https://www.zerohedge.com/military/us-navy-directed-prepare-war-china-2027

Good Luke Gromen interview with David Lin. He speaks to bigger picture issues at the start of the interview, but at the end speaks about gold and gold miners still being way undervalued. He sees big inflation coming down the road.

Good Luke Gromen interview with David Lin. He speaks to bigger picture issues at the start of the interview, but at the end speaks about gold and gold miners still being way undervalued. He sees big inflation coming down the road.

I'm unsure on how many shares they want to sell in these offerings. We know what they want to give the Underwriters and as far as the private placement goes I suppose it comes down to how many more shares they want to release. So, I see that as an unknown. I don't think they want the blowback from doing another offer unless they absolutely have to.

I hope this is the last one they have to do and I have the feeling it is. Paul told me our deadline for getting the EA submission done is the end of October, so that should happen barring any impending problems. IMO all this action is pointing to that getting done.

If this is $12 million total from both offerings instead of just $7 million then we might be talking about 100 million Units instead of just 50 million units. That would be 200 million shares and 20% of the company. If that is what happened yesterday that is a lot of shares and a lot of interest in First Mining at this point in time.

I'm convinced in my own little brain that the two offerings yesterday is a strong sign that Springpole final environmental permit really will be submitted by the end of October and then Big Gold will start knocking on the door. Maybe more drilling at Duparquet as well.

Like Keith said on the Ron's basement interview management can see the light at the end of the tunnel now. Obviously more work ahead, but Big Gold will buy in long before dirt starts moving. Look at Kinross and Great Bear.

The companies in the mining sector are ALL relatively unknown. The general investing public has absolutely no knowledge of companies like FMG.
The only time we see money coming into this sector is when gold prices spike higher and eventually people realize the PRODUCING miners are really making a shitload of money, then those companies benefit. This sector is feast or famine, mostly famine.

As the cycle begins to mature and play out the money coming into the mining sector broadens out. Moving next into the developers and juniors. That's starting to begin, so most of the attention we should be getting is still in front of us. That rotation out of the broader stock market and into commodities has to also come about.

Most investors don't mess with specific miners because they know nothing about them. They just buy an ETF or index when the sector heats up. If you don't know the companies that probably the wise way to go.

Volume on OTC was less than $500,000 USD. That is not much money. I think all the volume on OTC yesterday was retail investors.

Maybe all the meetings and presentations are getting a few more eyeballs watching. StockTwits board only has 231 people watching.

In spite of the years of work and all the good news, First Mining is barely noticed.

Just let big money start rolling out of Big Tech and start rolling into commodities.

I'm thinking a lot of the action we saw in the share price yesterday was caused by the new offering. Those newly diluted shares we're most likely being issued yesterday. I don't know that for fact, but why not, the news about the offering broke yesterday.

Near the end of the PR it states this: The Bought Deal offer is expected to close on before Sept.26, 2024 and the non-brokered offering is expected to close on or before Oct.10 2024

So, what that tells me is we can expect some weakness in the share price moving forward as the market digests these new shares. As we get closer to those closing dates, I would expect to see some good buy-in prices showing up. It will be interesting to see how low our share price goes.

Yes, I think you're making a good point with most of our shares being held in strong hands. I'm not losing sleep over a hostile takeover because depending on how many potential suitors are in the mix to do a deal or buy us outright we could get into a bidding war and that could move our shares higher very quickly. I hope whoever is in talks with us has the mining background to do this right and not play games by trying to steal something. I think that has much to do with our Management too.

IMO most of the share even on the retail side are looking for much higher returns, I don't see our shares being day traded a lot, most folks are holding for big gains down the road.

Yes, that's it. As I read this PR a time or two it appears to me that this may be the last offering before we finally get some good news on a deal.

I say that only because it looks to me like FMG is ALLOWING these Underwriters to load up on shares before the lift off. That in addition to the private placement. I may be wrong, but that's my take.

I actually thought about this, but I'm not really sure about what the insider trading rules state about insiders participating in a financing round if the company is also negotiating a bigger deal behind the scenes?

Because I cannot see how it would be illegal for a publicly traded company to raise money from insiders even if a deal was in the works. If a company needs money then it has to be allowed to raise money in an offering. What if a deal negotiation took over a year and the company was running short on cash? Should the company go bankrupt simply because it could not accept money from insiders? This really makes no sense at all and I think it is allowed for insiders to participate in financing offerings even when a deal is in the works. Otherwise you could end up in very problematic situations and companies like FFMG could very well fail if they were unable to raise money anywhere else.

Buying stock on the open markets is a different situation all together and of course should be restricted for insiders if they are sitting on information not available to other investors. We STILL have not seen a single insider buy / sell on the registry which again could indicate something is up because that type of insider activity would of course be insider trading.

So here is just another thought that struck me with this latest financing round and lack of insider activity in the last 3-4 months. What if all of the insiders participated heavily (Keith especially) in this latest offering because they knew this would probably be the last time they had any chance of getting more stock before a deal would be announced? The shares were underwritten by the two investment banks who then probably sold lots of shares to their private clients whom most likely also figured out this could be a very good entry point.

Pure speculation of course on my part, but the lack of insider buying / selling is really making me think something is up. Keith has consistently said he will be in the markets buying up stock. So why hasn't he done it in the last months or so? I mean no insider has sold either thank god, which would be a very alarming fact if that were to happen.

It all just feels so weird to me right now with the heavy volume days right up until the latest offering was made public, and now lots of shares traded hands in one day when you look at both exchanges. I just have a feeling something is up and I mean that in a good way. The fact that FFMG is able to raise money so easily every time makes me think somebody knows something here. Yes, we have been issuing a hell of a lot of shares to get where we all today, but Keith seems as calm as ever in every interview I have seen. It's like he just knows we will get these two mines up and running and the end will justify the means so to speak. I sure like his confidence because without Keith behind the scenes I would have not invested. My sole reason for investing from the beginning was to participate in Keith's vision. Time will tell if that turned out to be a wise decision or not, but at least in First Majestic I ended up making a killing.

As far as I can tell it was mostly retail who was selling. The other question is of course who was buying? Usually during bottoms the shares move from weak hands into strong hands so my guess would be the "smart money" so to speak was buying heavily here. I know I would have bought heavily today if I only had the funds available, but right now I don't. Because the only reason anyone would buy at this point of peak negative sentiment would be that they still believe in the company and think the valuation is off. If you really think about this logically then why the hell would any long term bigger shareholder sell now when we are so close to finally achieving the big milestone we all have been waiting for? It would make no sense at all to invest heavily in this company for many years only to sell just before we submit the final EA. It really makes not sense at all, which tells me it was mostly retail investors selling on the news of more financing.

To me it seems Keith & management are now just determined to get this Springpole EA permit done no matter how much it costs. They will issue shares and do financing until we reach that point which is, after all, what they have been trying to achieve since the beginning. Any additional funding will of course also be used to further drill out and scope the Duparquet deposit for the updated PEA.

I think this story will unfold exactly as First Majestic some 20 years ago. I remember very well how all of a sudden the share price skyrocketed in a years time and suddenly everyone seemed completely happy and fine with everything. This was after many years of completely miserable performance where the stock basically went down or was flat and nothing seemed to help the stock. The problem is that you just don't know when it will happen. It is very possible the stock might suddenly catch a bid even without any significant news. We might submit the final EA and maybe nothing happens with the stock, and then maybe a few months after that one day it suddenly rises several fold. It is impossible to predict these things.

Not to sound like a total halfwit, but the action today was just regular retail investors selling and buying shares frontrunning the dilution news release correct? Meaning the insane 7 million (GDXJ volume today was 6.5m, our volume beat GDXJ’s single handed) traded was just regular retail reacting to the news, it wasn’t caused by the parties receiving the newly issued because those shares won’t actually be issued until later this/next month correct?

Just trying to understand the forces and dynamics of stock price movements.

Including nose trimmers had me laughing! EOM

They def should be, at this market cap my day-trading Uncle Sal could lob a competitive offer, LOL.

I just think Keith will need a lot of friendly shares in his back pocket when he is negotiating the best deal.

If a hostile takeover happens the share price will bump up and trigger 50 million more friendly shares from this current offering.

I don't know anything about the negotiating process. But it sounded like Dan and maybe Keith are more concerned now about a hostile takeover.

Good call-out. Btw, I just noticed this is two different offerings for a total of $12 million.

"Bought Deal Offering" for $7 million and
“Non-Brokered Offering” for $5 million.
I don't see how many Units associated with the Non-Brokered Offering.

Am I reading this correctly?


51,852,000 units of the Company (“Units”) at a price of $0.135 per Unit for aggregate gross proceeds of approximately $7 million (the "Bought Deal Offering").  The Underwriters have been granted an option (an "Over-Allotment Option") to purchase up to an additional 15% of the number of Units issuable under the Bought Deal Offering, exercisable in whole or in part, up to 30 days following the closing of the Bought Deal Offering.

In addition, the Company intends to complete a non-brokered private placement of Units (the “Non-Brokered Offering” and together with the Bought Deal Offering, the “Offering”) for gross proceeds of up to $5 million.

Most important thing is for all of us to be as inclusive, compassionate, and even tempered as possible so that we can minimize any accidental flares of hate speech or misogyny, else our iPhones, electric toothbrushes, nose trimmers, electric shavers, portable power banks, laptops, electric vehicles might randomly explode
"There are only 2 genders and men can't get pregn..." Mossad: *click* kaboom

Maybe, but depending on when a deal is announced and the Company has access to money from the deal, would anything make a difference, but we don't know that.

My suspicion is we need the money from the offering and that even though we may be talking to potential deals getting done, nothing's been finalized yet. The company still needs working capital, but I noticed in the PR that two of the companies that cover FMG are big buyers in this offering, so was this offering some sort of pay-off to them? Who knows, but one hand washes the other.
IMO the Company Insiders have all their shares and are loaded for the move higher.

https://firstmininggold.com/news/first-mining-announces-7-million-bought-deal-public-offering-and-non-brokered-private-placement

The first scenario would likely be insider trading.

2nd scenario doesnt make sense either. They could just buy the shares on the open market if they really wanted to prevent a hostile takeover. At least then - they could benefit from the higher share price.

In the end - given the facts we have, it is just more of the same and I have been a long time reader of this forum and finally registered to add my frustration on the overall trajectory/strategy being employed.

I tend to agree with Implanting that we are walking through dilution valley until some event/entity puts us out of our misery - one way or another.

I don't want to see the dilution, but I perceive it as something that has to happen UNTIL we get a deal done. If they can't raise money through share dilution now, the company won't exist. We go broke. I see this dilution as a bridge for the company surviving until we get a deal done. I'm almost desensitized to it now because it's literally gone on for years. As COminer said this has probably been about offer 5 or 6 since Dan said we wouldn't have to do another offering. LOL

IMO nothing short of a much higher gold price, a big pivot into the miners, or more specifically a deal getting done for us is going to change anything for our share price. I only hope this is the last share offering, but it may not be. The cash they're raising gets smaller as our share price falls.

This dilution is almost 10% of the company if the share price hits 20 cents.

That is A LOT of shares.
Maybe it means the "smart people" are buying up cheap shares before the BIG DEAL is announced AFTER the final Environmental Permit document is submitted.

Here is another idea I had.
It
Maybe this current dilution is worth more than just the cash.

Maybe Keith and Dan are trying to "buy" enough friendly shares in this dilution to limit the possibility of a hostile takeover? I don't know. Just another thought I had.

Just a guess.

Hello Implanting
As a large shareholder of AG - I have the full Keith dilution experience. It is good to hear that he has said no reverse split.

The fact that they have done this dilution means there are likely no serious deals in process. You don't go and dilute your shareholders and offer warrants if there is a serious deal in the works - or even a bite. This proves to me that we are still at ground zero with little interest at best. If they had 13m in the bank - they could have delayed and bought more time to make a deal.

So yes - as you indicated...still a long road it seems. This long road I hope doesnt forever traverse dilution valley (highly likely). Soon to be 1.2B+ in shares is getting U.S. debt level absurd. I did see Keith say once that # of outstanding shares doesnt matter to him but I question that logic. FFMGF really could use a share buyback once/if they turn the corner. I inquired on all of these topics to Paul but no response and not expecting one as I asked very direct questions. In the interviews - he came across as a bootlicker and not expecting a response despite my investment which is on par with Tommy but perhaps much smaller than some of you. Maybe some of you can press these questions.

I'll take the full loss before I sell and hope that Dan realizes if he does actually own 10m shares - he has far more to gain not fucking things up with endless dilution. If I were him, I would already have a press release ready to go next week of a major new discovery or positive news that would justify this dilution in unequivocable terms. Also unlikely.

I will be very happy to be wrong in all my assessments of course but I can only go on what I am seeing.

Yep, a lot of selling and maybe some buying too.

I think this last interview Keith did may have been front running this news today. Get the share price up before a big flush down.
Imagine where the share price would be now if we had been trading below .10 before today's news?

Zen, many of us have been complaining about the continued share dilution, unfortunately IMO this is the route Keith has taken. It hasn't stopped and I wouldn't in reality expect it to stop until we obtain some financial freedom by doing a deal that ensures we don't have to dilute going forward. I hate to say it, but even with the assets we have the story here hasn't been believable to a larger audience. I truly think that will change in time with a higher gold price and interest finally coming back into the mining sector. These moves seemingly take forever to happen.

There's no doubt that the massive share count we have has also been a downer for anyone wanting to invest into this Company. When people see the float we have they turn and run. I hope when we finally get a deal done they do as You suggested and start up a share buy back program. That would be fantastic to see when we have the money to do so.

Good things are coming I think, so keep the faith and keep posting. thanks

P.S.: Keith has repeatedly said NO REVERSE STOCK SPLITS. I hope to God he stands by his words on that.

Lots of selling pressure today, over 4.6M shares traded OTC.

I'm with you Implanting, end of Q1 2025 should be the deadline for some "good news" for once. Tired of this crap.

Nsnz33, IMO this is one of your best posts to date on this board. I think I agree with almost everything you said.

It may have been the last time or one before that I asked Paul Harris why the Hell the EA was being pushed back to October. I was under the impression it was an issue stemming from the Canadian gov. side, but Paul told me that October was our DEADLINE to have it submitted. In other words our time was up to get it submitted. Paul didn't know the details, but that certainly struck me as odd. Take from it what you will. Could dragging your feet be a reason? I don't know.

Your cow milking theory is plausible IMO too, but what about this? Dan may already know his time AFTER Springpole gets EA approval and the mine building phase of the journey starts that his time as CEO may be numbered. My geuss is he would either be demoted in some fashion with the Company or let go altogether, so Keith sets him up with his golden parachute. LOL

Whatever they may have cooked up between themselves I could really give a rat's ass. Let's get the ball rolling on our share price before we all die of old age here. The Snake Oil Salesman isn't a very good one for our share price and after all, that's really what matters.

I wrote today and expressed my dissatisfaction with the additional dilution. Not sure it helps but the more shareholders complain about the current trajectory / 'strategy' - perhaps it will have an impact going forward. The last thing we should do though is defend or support what is going on now without real accountability. If Dan is unable to reach certain milestones by expected dates - then someone else needs to take over. This can't be an open-ended lifestyle company for management.

I'm going to be very disappointed if we don't have some sort of deal done giving this Company financial freedom by the end of Q1 2025. If it hasn't happened by then IMO we're either not talking with who we need to be talking to or there are no legit deals on the table.

Dan can talk all he wants about the starter pit at Duparquet, but until we get some money from some source other than share dilution, that I don't see happening.
More rhetoric to get people interested. I want to see some results and nothing's going to happen without money to do it.

EA submission July deadline b.s, no more dilution was b.s, Duparquet open pit b.s

We're in September now, why hasn't the EA been submitted yet?

And one has to speculate that Keith might be using Dan as a lightning rod to avoid being held culpable and is really the one pulling the strings and green lightning the bulk of these decisions. Then on the other hand it's also likely Keith truly did delegate Dan autonomy and discretion and Dan deliberately dragged his feet to ensure the processes take longer than they should so he can keep his post and thus his $500k salary ($300k after taxes using Canada taxes I'm guessing) for Dan's future after this will likely not be as lucrative paywise as what he has got now so naturally he's gonna be incentivized to b.s and milk the cow for every drop. I've witnessed this in companies I've worked for, higher ups hiding under pretenses when in reality they don't care about the company, employees, or doing the right thing, they're just trying to prolong their tenure, squeeze more months/years of paychecks, garnish their resumes, rinse and repeat with the next company. First Mining might very well be Dan's retirement cash cow that he's milking for every drop, afterall the $1 million he's spent on the shares he's purchased is small relative to how much he has made through his salary over what is it now, 5 years of being with FF?

But it's too late now, let's hope they keep finding more gold at Dup and Spring to offset the dilution AND net a gain in asset value and thus market cap. Like Tommy said, getting financing alone isn't easy and so long as it is spent on a healthy ROI oriented basis, it's alright.

We just need sentiment to return, rotation from tech to value to take place. Gold is doing its job, albeit it will likely drop to $2300-2400 in the coming market crash prior to the jew infested and owned federal reserve coming to the rescue with more money printing.

But when is the EA being submitted? We're in September, October now. That snake oil used car salesman said July.

Wow, VERY WELL SAID! Your 100% right on every point you made.
Is there any wonder every time he talks about why our share price is so undervalued that's
a fucking slap in our face. No credibility tends to work that way.

Zen, thank you for your input here. Most of my concerns revolve around some of what you're talking about.

The main one being continued share dilution and why IMO it's so crucial to get a deal done to finally put to rest this continuing dilution. Dilution that I might add Dan said would stop literally years ago. More bullshit on his part because that never came close to happening.

It's clear in my mind that this dilution is going to continue UNTIL a deal is announced and the financial situation with FMG changes dramatically. A deal that makes further share dilution NO LONGER NECCESARY and puts FMG in a place of financial security. The good news, if I'm right, is that process may be going on as we speak. Keith even made the statement in this last interview that Dan was talking to various interested parties. How far are we from getting something done? That's up to speculation, but if they're talking to interested parties IMO that's a good thing.

I know big deals don't get done overnight and if they're speaking to multiple parties my guess is it could get long and drawn out. All shareholders in this Company want to see this Management get the best deal possible for us, because we've damn sure waited long enough to see it happen.

My hope is this is the last share dilution we have to endure before this long wait is finally over. That's my 2 cents.

I really don't care how many shares Dan has purchased. I don't question Dan's hopes & dreams for this company. I do question his truthfulness and credibility, the latter of which is zero at this point.

I distinctly remember Dan (at least 5 or more equity offerings ago) telling shareholders that we were all set with equity raises and we should be able to get through the approvals without further equity dilution. BS! If memory serves me correctly, that was at least 2.5 to 3 years ago and we were hanging around $.25/shr with ~750M fully diluted shares outstanding and approx 1.5 to 2yrs until expected approvals. I could be off there b/c that's just from memory but it illustrates my point.

Fast forward to today. I don't have time to go back and count how many equity raises we've done but it has to be at LEAST 5 or more. We are still more than 1yr away from EA approval at Springpole, and out share price is at $.10 with almost a BILLION fully diluted shares outstanding.

I don't need to be told that I don't understand dilution. I agree with you, not all dilution is a bad thing but when it's executed through deception you get exactly what we have, a shitty share price held by retail bagholders because the Street doesn't believe a DAMN thing Dan says. Neither do I, btw.

Well - I hope you and everyone else lives long enough to see a positive outcome. The point is that further dilution is just that - shareholder dilution. My concern is that this trend will continue and who knows we may even get a reverse split as a previous poster experienced with a different company. If that happens - watch the price glide down to pennies again. Now let's see if they can somehow achieve a deal with shareholders in mind before they return to the trough for their next feast. I want to believe this will not become a 'lifestyle' company for Dan and others with us shareholders constantly footing the bill.

What if we don't have any interest in the other assets right now? You cannot sell something which no one wants to buy unless you let it go at firesale prices which is also a stupid idea. I think we can all agree management for sure is considering all financing options all the time. If there was a reasonable way of monetizing the portfolio then I'm sure they would have done it.

After all, Keith owns 30m shares and Dan still owns 10m shares himself. I don't think they want to "dilute" their existing holdings for nothing tangible in return. Did people forget Dan has put almost 2m of real cash into this company? He stated in a personal conversation with me he has a significant portion of his family's entire net worth in the company stock. Keith has also participated in all financing rounds and bought a significant amount of shares on the open market. You think he wants to be "diluted" by the company any more than we do? Both Dan & Keith have not sold a single share as of today. I can show you several companies where management got all of their stock through option grants and sold all of their holdings as soon as they got hold of them. I don't think we could have a more committed Chairman & CEO in FFMG, but maybe that's just me.

Maybe I'm just getting old or whatever, but I don't really feel the company has done anything wrong since the IPO. I think we have been trough an awfully long bear market which has depleted most investors emotionally and that is understandable. I still believe in what Keith & Dan is trying to achieve here and I myself see a fantastic future for the company. Sure, if the sentiment in the market for miners would have been fantastic the last 10 years this company would probably already have been bought out for a billion dollars plus. But the market seldom behaves in the way that you think it will. Sometimes you get lucky on the timing and sometimes you don't. What is important is that the company progresses on it's goals. The share price will eventually catch up to reality as long as the company makes meaningful progress. And I think we can all agree that FFMG has made substantial progress from what it was back in 2015-16. If the share price turns out to be between 1-2 (CAD) dollars in a year or two for whatever reason, then all of a sudden people will forget it took 10 years of hard work to get there. It's funny how that works out sometimes.

It is possible that I have been wrong this entire time and the company will end up failing, but that is a risk I am willing to assume. I lose no sleep with my position in FFMG other than maybe being too excited at times about it's future.

You are making great points that I agree with.

I invested in another Red Lake area gold exploration company. Honestly, I wish I would have been investing in First Mining instead of that company the last few years. That company did a reverse split and changed names. My investment there is worth pennies to the dollars I spent. I understand the gold exploration space.

But at the same time if I recently bought a lot of shares (Translation: a lot of shares to me as a poor retail investor.) just a week or two ago, it makes a lot of sense for me to at least feel sad to see the price drop 20% today and to wish I had 20% more shares if I had a crystal ball and waited until today.

Obviously I can see the value here. Obviously I am happy to have my current investment here and hope for a payday within 15 or 18 months or less. But yes, today sucks because I was a buyer last week and earlier this week. I'm a part owner now and i have a right to state the facts.

I am also a large shareholder and I disagree - this is dilution. As suggested below - they could try to sell off other assets before further diluting shareholders. At this rate of dilution - unless they get outside interest fast, earlier investors will likely lose money on this company. I want to hear their plans to self fund with non core assets. Are they considering share buybacks if a JV is signed?

I think the entire word "dilution" is so stupid because most people really don't get what it means. A better term is "raising money". Dilution only occurs if the money being raised is completely wasted and you have nothing to show for it. If you are a mining company and raise 10 million dollars through equity and drill out a deposit with excellent results then you cannot say that is dilution because there was something of value which was surfaced. Whether the market recognizes that value is another question, but the fact of the matter is that unless you have revenues then your only way of progressing as a company is through equity or debt financing. It really makes no difference whether you are a mining company or a tech start up. I don't get why investors get so mad when a company like FFMG announces new rounds of financing even though Dan has made it very clear that further financing rounds was to be expected to get us to the finish line. It's not like we can advance our assets without money. People just automatically assume that just because a company is issuing shares then it must mean they are getting screwed somehow. It all depends upon what the company is raising the money for and how they use it. FFMG has done - at least according to me - a very good job of using the money (and the portfolio) to advance Springpole and Duparquet.

People also need to keep in mind that the current bear market has been one of the most brutal ones the industry has ever seen. Many similar juniors / developers have gone bankrupt during this period because they could not raise any money. Go look around for some other companies in this space and you will see they are basically done because they are left without any money and they are just sitting on the assets. FFMG seems to have a very loyal investor base because they seem to be able to raise 10m dollars quite easily in almost every financing round. This is something we need to be very happy about because it has meant FFMG has been able to advance its assets in a very harsh environment. It's no like this period has been a walk in the park for any company in this sector. Having said all of this, I think we are now well set funding wise to reach our final destination of final EA permits by year end 2025.

I get the idea that people think us having a billion shares outstanding was a horrible price to pay as shareholders. But what would have been the alternative? The company would be in a very awful position right now had management not been able to raise any money and the EA process would still be in it's infancy compared to where we are today. Imagine if we had not made any progress. It would really suck to still be 5-7 years away in the permitting process when gold is hitting all time highs every day. The sad fact is that you cannot skip the EA process no matter what. Springpole is so far advanced right now, I mean we almost have the EA permit in our hands guys. I think it is nothing short of amazing we have been able to even survive this bear market yet alone advance Springpole to the finish line during all this negativity and horrible market conditions for miners.

In the end, I don't see the shares outstanding as a problem as long as we reach the permits and get deals done. I will keep adding shares as long as I can because I am committed to see this story to the end.

I'm a believer in the FFMGF portfolio in this gold market. But I sure wish I would have known about this dilution a week or two ago. I would have bought more shares.

I'm not sure why this information is not being distributed in the US. That doesn't seem fair.

But, I still think there will be a payday here in less than 15 months. Maybe sooner.

Dan almost choked at the Denver Gold Forum preso when he mentioned the fully diluted shares outstanding. The only clock spinning faster is the national debt clock.

51 million "Units" could turn into
102 million shares.

Ouch.
I wish I would have waited until today to buy my shares. That is a lot of dilution for just $7 million.

https://ca.finance.yahoo.com/news/first-mining-announces-7-million-201400431.html

Ultimately, we just have to trust in Keith getting the best deal for us. I also noted Dan spoke of the JV option for Springpole and this is what I also envision right now for us.

Ideally, we should get a mid/major producer to partner with us and buy a meaningful interest in the Springpole project at some point or at the latest when we have the final EA permits. I would like to see them buy say 30-50% in a JV for something like 400-600m where they have the option to buy the rest of the project at a later date if certain conditions apply. This deal should include the partner to take on all of the construction and financing risk in getting Springpole into production. This would be the most attractive option for Springpole as I see it because our job really has been to get the permits in place and then negotiate a good JV for FFMG shareholders. If we can get this done, then we can basically sit back and enjoy the rest of the ride until our partner buys us out completely in a few years or around 2030 or so. A deal like this could probably net us between 1-2B (USD) when all is said and done. If gold just keeps rising over 3k (after a major correction at some point) this is a very probable outcome for us for Springpole.

Now, that's just the scenario for Springpole mind you. Duparquet should be ideally drilled out and redefined in the upcoming PEA next year to include the starter pit and the recent drilling results. Hopefully, we can show somewhere between 8-10m+ ounces in the project in the updated PEA along with a NPV north of a billion dollars (USD). Dan said he thinks most investors will be very surprised how robust the economics will be in the updated PEA This is a project that I would ideally like for us to stay "in house" for as long as possible. Maybe we indeed are able to start small here for ourselves since the initial capital required for this is quite low in the bigger picture. But a partner here would work as well, maybe ideally First Majestic although they have so much on their hands right now I would not count on them. But you never know with Keith.. dude is making deals all the time it seems.

What I would really like to see also right now would be for us to monetize Cameron in some way, I really don't care if we can't get a very good deal on that since that asset is basically just a burden for us. Getting that project sold for maybe some tens of millions would really come in handy right now when we are preparing Springpole and Duparquet for the future. We also still have a 30% interest in Pickle Crow which is still quite a sizable and valuable project. If we can get lucky, then maybe Firefly Metals might sell that project for 100m dolalrs+ which would also net us a nice chunk of cash from a non-strategic asset. We really should be letting go of these interests since the big money makers will be Springpole and Duparquet.

I think they are looking at Springpole very much. What I think at least some of them are also waiting for is to see the final EA submission just to have confirmation that the formal clock has started ticking so to speak. Some of them might also be waiting for FFMG to get community agreements in place. Could be a lot of reasons but make no mistake, this project for sure is on the radars of the majors simply because there is no other similar project as far advanced in the EA process.

Like Keith said in the last interview you basically already know the EA permit will be granted. He said there really is no case that he knows of where an EA has been filed but not granted because you basically already know when you file an EA that the government is on "your side" so to speak. There really would be no point in going through an awful lot of work just to sort of gamble on getting the EA approval in the end. The government/ministry will let you know quite early if there are any red flags and FFMG has already answered all of the questions. It's basically just going through the loops now and checking all the boxes in the formal process until we get the final permits.

I would be shocked if we don't see any major deals or moves announced by year end 2025. I just cannot see a scenario where we are sitting with a fully permitted Springpole worth billions with current gold prices and our market cap still being in the 100-200m(CAD) range. This just can't happen by any logic.

Dan said they will release an updated PEA for Duparquet during Q1 next year which will incorporate the "starting small" scenario. He spoke quite well of this in the last two interviews saying it will surprise most investors how robust that operation will be, so I'm quite excited about that as well.

Gold just keeps making new highs now every day which means our portfolio grows more valuable by the day. At some point these insane valuation discrepancies must close between the juniors/developers and the gold price.