First Mining Gold Corporation (QX) (FFMGF) Quote

Interesting comparison. I don't know what the potential is for resource growth around the Greenstone Mine, but we know the areas around Springpole present very good potential for more gold to be mined and milled at Springpole. FMG has already done good work to acquire and expand in those areas. That would also be an area that potential suitors are looking at very closely as an extension of the mine life.

We're currently approaching 3 months that Keith hasn't made an open market purchase of FF shares. You made the point when I brought it up before that there may be something going on now behind closed doors with a deal or partnership with someone. The longer this goes on the more likely I think that's the case.

If you watched the Keith interview, I posted yesterday, he made the point in no uncertain terms to the fellow doing the interview that FM WOULD BE GETTING BIGGER through M&A. What that means specifically I'll leave to people's imagination, but it could mean them doing a deal with FMG.

I'm sure offers and talk with other parties have taken place already and may be ongoing, so our Management should already have a strong feel for how the wind is blowing and what they need to do to position themselves going forward. We could see a bidding war for some or all of our properties before all is said and done. Time will tell.

I recommend to go and read about the recent acquisition of the Greenstone mine by Equinox Gold. It really shines a good light on what we can expect to see with regards to future deals with FFMG's assets. Equinox Gold purchased the remaining 40% interest it did not own in the Greenstone mine for $995m. Take a close look at the operating metrics for the Greenstone project and then compare them to what we have in Sprinpole:

Greenstone Mine:
- 5.05 million ounces life-of-mine gold production.
- More than 400,000 ounces average annual gold production for the first five years.
- More than 360,000 ounces average annual gold production over the initial 14-year mine life.
- 5.54 million ounces of Proven and Probable Mineral Reserves grading 1.27 grams per tonne gold.
- $1.23 billion initial capital (C$1.53 billion at spot rate of USD:CAD 1.25), including $125 million for the mining fleet of which approximately $100 million could be leased to reduce the upfront cash spend.
- 14-year initial mine life with expansion potential from underground and near-mine deposits.
- 800 local and 1,300 regional jobs during construction, 500 jobs during operations, plus numerous opportunities for indirect and support businesses in the region.

Springpole Mine:
- Probable Reserves of 3.8 million ounces gold at 0.97 g/t, 20.5
million ounces silver at 5.2 g/t and M&I resources of around 5 million ounces gold.
-Average annual gold production of 335,000 ounces in years 1
through 9 and LOM production of around 287 000 ounces annually.
-Length of mine 11,3 years with potential expansion in near mine deposits.
-$718 million initial capital costs and another $55m in sustaining capex.
-Around 700 jobs created during life of mine (think I read this in the draft EA)

Benchmarking against Greenstone, a fully EA permitted Springpole would definitely be a $1 billion+ acquisition if it comes to wanting a 100% interest in the project. Both projects are quite similar. It really does not matter that the Springpole deposit sits under a lake. It's just a technical issue which bigger miners are very familiar with in Canada. Equinox also made agreements with several First Nations to develop the mine, so there really is no obstacle with FN's unless you completely ignore them and their needs. Cat Lake (and other FN's) will 100% be onboard with Springpole when they see other FN's getting good jobs and new infrastructure from other mining projects.

Also look at what the CEO of Equinox Gold commented about the Greenstone acquisition:
“Opportunities to own gold mines like Greenstone are incredibly rare in our industry, and the Greenstone Mine will now be the foundation for long-term value creation in our company."

This is probably the biggest thing investors are missing in the FFMG story. They really don't seem to understand how incredibly rare these bigger 5m+ oz. gold deposits are. With recent acquisitions like these, you can be 100% sure the bigger players are very well aware of FFMG's assets. What I think they are waiting for is the EA permit submission because given the current bad sentiment in the sector I think they are still in no rush to acquire assets. Another reason could also be that they know Keith will instantly counter with a better offer from First Majestic if they try to do a hostile takeover. FM still owns close to 2% of FFMG I believe, at least according to their investor presentation, and Keith is not exactly known to gently step aside in such a situation. It is very possible FFMG has already received offers for deals but turned them down because of Keith being very greedy with the assets (as he should). Dan did say in an interview they have signed several non-disclosure agreements with companies over the years so for sure there has been a lot of talks already behind the scenes.

Good recent interview with Keith. He talks about what we've said here before about a market correction and mostly speaks to what's going on with silver and FM. It would seem they're getting the bugs worked out at Jerritt Canyon, as he talks about more drilling going on there. He mentions FMG at the very end and doesn't sound real enthusiastic when he does. Dull permitting phase.

I was surprised at the end of the interview they talked about lower interest rates and he said he thought that didn't make any difference for the gold price. I disagree with him on that point. IMO when the Banksters begin lowering rates that signals to the world cheap money is returning and fiat money creation will be returning in a big way. IMO that moves PM prices higher. I'm not sure why he doesn't see that, pretty much everyone else does.

Ultimately, the sentiment change comes with a higher gold price. We get the big move higher in gold when the recession hits and fear in the stock markets finally rears its ugly head. Panic will ensue and as usual, there will be a flight to safety. That means selling of the tech sector, which is in a bubble, and AI-type stocks. Some of that action is trying to happen now, but when the SHTF moment comes there will be a stampede out of risk stocks.

The Banksters will start dropping rates at a fast clip to catch up with the falling stock market and we know that's what we want to see for MUCH higher PM prices. Lower interest rates.

So, IMO after the initial sell off in all assets, gold and then silver will make their big move higher with the PM stocks following in turn. When gold takes that next big leg higher (most likely well north of $3K) that's when the big money investors move into the miners and the sentiment finally comes. The wind is at long last behind us, pushing our share price higher. Good news will be seen as good news and get rewarded for it.

That's the way I see it anyway.

Yup, really does suck to wait for years, but it is what it is. Just like to remind everyone that when this stock has turned in the past it usually shoots up 4-5x in a matter of a few weeks/months. Happened first in 2016 and then again in 2020. I expect FFMG to shoot up 5-10x in a month or two when this entire sector finally turns bullish again and we get some major deals done. Could easily even go higher than that. In 2016, this company was a very different company and the portfolio was much much more risky than what we have now. Still, the company was valued at a 650m market cap. Why? Simply because investor sentiment suddenly changed. In 2020, investor sentiment suddenly changed again and a single bigger institutional investor buying the stock caused it to rise 4-5X in a few months. This is what will happen eventually. It's pretty much inevitable.

There is just so much stored up energy in the gold space after such a brutal multi year bear market. During longer bear markets most of the shares move from weak hands into strong hands, so when the sector finally turns bullish the available float of shares for trading will be quite limited. This can cause spectacular gains in share prices in a very short time when you get the capital rushing back to buy the sector. This was definitely the case after the 20 year bear market we had from 1980-2000 when the mining sector was super hated, sort of what we have right now. Back then, you could also buy miners for pennies on the dollar. After the "dot com crash" when investor capital finally shifted from tech to commodities many shares in the sector rose 20-50x in a few years. It then continued and finally peaked in the 2010/11 gold and silver stock mania.

Thinking about our setup right now, we have two of the largest gold assets getting developed and ready for permits, gold/silver prices have clearly broken out into a new upwards cycle, and we have Keith and his management in place. All stars really are aligning for us here. The only thing missing really is the investor sentiment. Sure, like you said, any and all news about deals to develop the assets are welcome, but until we get the sentiment change nothing meaningful will happen. So the question really becomes, what will cause investors to change course and bring capital back in to miners? My opinion is still that we must get a BIG CRASH in the "mag 7" and AI type stocks. Investors must be scared

I think we're aware of the "waiting game" with these mining stocks, we've talked about that ad nauseum.

It's obvious Dan has been under the gun with shareholders of this Company for some time and because of his timeline failures IMO he keeps digging a deeper hole for himself. It's pretty clear the Man hasn't learned from his past mistakes in that area.

I've advocated for many years that the gains in ANY of these mining companies aren't going to come until money moves back into the mining sector. What companies like FMG need to do is position themselves for a lot of good news WHEN that time arrives.

All the good news in the world won't change the sentiment for any mining company until large investors come back into this sector. Our acquisition of Duparquet is a perfect example of that. That's when we'll see a rising tide lift all boats, including ours.

Rising PM prices and good, timely news will be what moves our share price when that time comes.

Yes, I agree Dan could definitely have handed it better overall with regards to clearly stating it to be a challenge to give specific dates. I guess he has felt pressure as a CEO to at least try to appeal to shareholders in some way by always giving some definite timeline. Most investors these days are just so impatient it is very hard as a CEO to tell your investors you have no idea when the final EA submission will happen. I can understand this.

Having said that, like I have stated before I still believe Keith is the real "invisible hand" behind this company and he is a very long term investor so he just does not care how long it takes to permit the mine. He has stated in recent videos permitting is a very long game and you just have to be patient if you get involved in these stocks. There really is no way around it. He has said the payday in this stock will most likely come when they will do major deals on the two flagship assets. If Keith actually cared about the share price day to day and he thought another CEO could do a better job then believe me, he would have fired Dan on the spot. But since he still has Dan as CEO tells me we are on the right track in Keith's mind. After all, most of us invested in this company due to Keith's track record in the industry. Nobody invested in this company because Dan is the CEO.

I really really doubt the share price would be much higher right now if we had someone else in place as a CEO. This company suffers like all the others in the entire industry due to a lack of investor sentiment. Like would it even matter if the share price was say 20cents or 30 cents or even 40 cents? I still would be holding on to my stock until we are either bought out or at least valued at a billion dollars minimum. Sure it would be psychologically a relief to have the share price higher but it really does not change this situation. Even at a slightly higher share price we would still be in the exact same situation waiting for a final EA submission and for major deals to be announced for Springpole and Duparquet.

I hate to say it, but we still just have to wait.... but like they say, good things come to those who can wait.

I went into my brokerage account over the weekend and saw the change from Treasury to Nexgold. I now own only 25% of the shares I had with Treasury after
the share consolidation.

Here's the new company website. This looks to be a good move going forward.

https://nexgold.com/

This is one of the big problems I have with Dan. He rarely comes good on what he says about when these milestones will close or be met.

He gives dates and timelines that are NEVER met. IMO this is a big part of why our share price has languished. Dan has a credibility issue. IMO he could remedy the situation by giving broader timelines to cover his ass, instead of giving too specific dates that are never met and end up making him look like a Fool. When's he going to figure that out?

Dan's been saying for years now that once the Springpole EA is submitted it would ba one year or 12 months before approval is given. On the Steve Lines webinar, Steve said it would be anywhere from 12-18 months to be approved, so which is it 12 or 18 months?

I don't think any of them know.

Thanks for the video. Just really want to emphasize this issue about when they submit the final EA. Steve Lines have repeatedly said it is very difficult to give an exact date when it's going to happen because the most important thing is to do it right. The final submission will happen in H2, that's more or less baked in now and comletely fine for me. I understand it is very frustrating for long term shareholders because we all want potential catalysts for the lagging share price, but believe me it is crucial that we get this EA done right. It will only lead to more delays and problems down the road if we half ass this process. Steve and his team knows this business better than any of us so they will do the final EA submission when he feels the time is right and every issue has been addressed.

Thanks for posting the video. The very first thing I heard come out of Dan's mouth is the Springpole EA submission will be in October now. I swear every video this Guy does the date for the EA is being pushed back.

The only other things he said that I suppose could also change, is that Springpole is something they may choose to partner with someone on and that because Duparquet has the potential to be a start-up mine that they would possibly go that route. Of course, the big question to be answered is WHEN will we know what's going to happen? Dan's still working on it I guess.

No real new news, but he had to also mention how undervalued we are. That's on YOU Dan.

Latest Crux Investor discussion with Dan.

What Hanke, Schiff, and any Austrian economist speak to is just very simple logic. These theories aren't complicated. Common people can understand this, but unfortunately the PHD's at the Fed can't or won't choose to accept simple logic.

We know that if we have too much of anything that it's worth LESS, not more, and on the other hand if something is in very SHORT supply or scarce, then it's worth MORE. Simply put, that's inflation and deflation, when the supply of money is either high or low. As Hanke comments in almost every video I post of him, he's amazed at how the Fed doesn't factor this into their economic dealings. These people have lost all common-sense rationality IMO or they're just choosing to drive the economy over a cliff.

Maybe they think they're too smart to accept simple economic logic anymore and that by having no controls on money printing and spending bear no consequences for us. Hanke and Schiff believe it does and I agree with them. The rest of the world is figuring that out now too.

Nobody cares until the SHTF day comes, then they all want to know what happened?

Thanks for posting the Hanke video. He is so straightforward and easy to listen to. He also speaks at a normal rate, which allows me a little more time to digest the information. I would recommend watching the whole video.

Like Hanke, I would give the Fed a grade of F - meaning failure and f you. I laughed when he discussed how the Fed does not view money supply as a driver of inflation. Gee, let us travel back a whopping 3 to 4 years. To get us through the crisis, the Fed printed a whole bunch of money. Hanke, Schiff and others were warning this would cause inflation. Gee, what happened? Inflation about 20 to 24 months later, just as Hanke mentioned being the time window where inflation appears after an increase in the money supply. Not just during the recent period, but in other periods of money printing historically.

Also, he brings up and important point in talking about the cost of taxation - damage to the economy AND the cost to collect the taxes. What was proposed a year or two ago - increasing the amount of IRS agents by 87,000? The cost of that would be ENORMOUS. 87,000 people being paid $100,000 to $150,000 per year. Their government benefits - healthcare, retirement, vacation, sick time, etc. Of course, who would they focus on? The middle class. The upper class can afford attorneys to fight them or to structure their transactions initially so that no problems arise. The lower class does not have any assets to seize.

As you mentioned, we'll probably need a constitutional amendment to get these folks to stop the printing. Almost none of them have the guts to tell people that we have to tighten our belts and act responsibly for several years. Why would they when our leaders are not doing it? Remember hand-me-downs from your brothers and sisters? I don't know of anyone who does that these days. Everyone has something new on. If you don't have money you don't buy anything - whether you have a credit card, debit card or anything else you can use.

We need the government to change but we also need people to stop being irresponsible with their finances. Do you think either group will do it?

The last tranche of shares Keith bought on the open market was back on May 6th. That's been well over two months ago now. I'm very curious as to why he's not added any shares since then because he had been buying on a monthly basis.

https://www.insidertracking.com/node/7?menu_tickersearch=FF*CA+%7C%7C+First+Mining+Gold

Is there something going on behind closed doors that we're not aware of now? The share price has actually been holding its own since this market has started correcting. I may have to add some shares soon in lieu of positive news breaking in the not-too-distant future. A significant announcement of a partnership or JV deal might get us into another higher price range, IF some sort of agreement is made.

I may be wrong about why Keith's NOT adding shares here, but I find it very curious none the less.

Here's someone talking about the debt and deficits. Steve Hanke. He even talks about what needs to be done to solve the problem. Why in God's name this Man isn't helping guide the monetary policy of this country is a mystery to me.

Go to about 17:20 in the interview and Hanke talks about what they need to do. What he's saying is probably what they'll end up doing. A constitutional amendment to make the fucking politicians control their spending.

He makes the obvious point if spending doesn't come under control SPENDING STOPS. Listen to the part where he talks about how much more it takes to run a government than what they're telling us.

I like the term "debt charade" you used. Funny I never heard one individual talk about it at the Republican convention this week. You know damn well it won't be mentioned at the Dems convention.

No one is holding anyone's feet to the fire about it, that's IMO why it's going to be such a devastating event when it finally hits. Everything's fine if you have the money to print to pay for anything your heart desires, but when you can't do that anymore it becomes a VERY BIG PROBLEM and people suffer for it. It's called living above your means and has gone on for too long in this country.

As David Hunter has said, they probably have ONE more round of money printing coming, then they're done. That number will be mind-boggling and the inflation that comes after it will be off the rails.

Enjoyed the article. Most congressman want the lower rates to continue the US debt charade. Banksters want them to foster lending which, of course, generates fees and interest income for the banksters. Can you imagine how much they'll have to print in the next round of QE?

I heard the budget deficit is projected to be 1.3 trillion next year. Outrageous but no one is holding their feet to the fire over it.

A very good read on how the Bankster SCAM works and what's coming. Like it says near the end of the article, Powell will decide to start dropping interest rates whether they're close to a 2% inflation target or not. He's promised that they'll hold until then, but of course, that's a lie.

Cooking the inflation numbers is not a problem for them, if it serves their purpose.

https://www.zerohedge.com/economics/real-story-behind-feds-soft-landing-narrative-0

I just listened to this David Lin interview with a trader. I like getting different points of view on what we could see in the future and this Fellow gives us some different opinions on what he thinks is happening. His take on the market climbing a WALL OF WORRY and Trump now winning in November are probably right. That's why the markets have continued higher.

Later in the interview David asks him about mining stocks and his take is to buy the commodities, not the miners. What I think he doesn't understand is that as the metals continue to move higher the miners will EVENTUALLY join the party. That happens later down the road, as the bull market in gold/silver broaden out.

It just makes a lot more sense to me that with these rare assets we have that our Management would do everything they can do to keep them in house. Keith should be connected enough in this industry to make it work with the right gameplan and his industry chops. This isn't his first rodeo.

I would agree with your point, much of this may hinge on where gold and silver prices are in the next couple of years. I expect them BOTH to be significantly higher.

When the question was asked of Keith about a possible merger/partnership with FM he couldn't say that's the gameplan or they're working on it. All he could say is what he said and that's "it's crossed my mind" and leave it there. He has to get Jerritt Canyon fixed first.

Many of the AI stocks are taking it on the chin today. The Nasdaq is down nearly 500 points as I post and the AI stocks leading the fall down. Is this move a head fake? Who knows, but its really clear to me that its a bubble that in time will deflate. How long that takes is anyone's guess.

I also think this rotation out of AI and tech is moving into the small cap stocks, which the Street perceives will be a growth area IF Trump wins in November. The debt bomb is coming and IMO Trump won't reduce spending or want Powell to keep interest rates elevated if he's our next President. I would expect Trump to INSIST that Powell rapidly drop rates if a recession comes along. Depending on how overboard the Banksters go, we may see inflation come back sooner than later.

I just heard on the biz news that Jamie Dimon is still saying don't drop rates TOO SOON, so that may be his fear too.

Yeah, that answer about "crossing his mind" etc. might just have been a way to keep his FM shareholders calm about any new merger plans since the Jeritt Canyon mine shutdown was probably seen as quite a negative even though I think it will be a great asset for FM long term as well. You do make a strong case about this all being about merging the two companies eventually. I really do believe Keith wants the assets for himself if there is a scenario to develop them within one company or in partnership with FM.

The question is as always in what way it will be financed. These are very big assets and will cost almost a billion dollar each to develop, but this is not going to be that big of a problem if the gold and silver prices keep rising and FM will make several hundred millions of free cash flow in the years ahead. FM is now projected to make 150-200m per year in FCF during 2025 and 2026 and it is very probable that trend will just get stronger from here to say 2030 and onwards. It means they will probably make a billion in FCF in the next 5 years or so. In such a scenario it won't be that hard to get financing for at least one of the projects. I still think it will be Springpole because they already own that silver stream and Keith has said he likes to buy projects that are permitted and ready for construction. It will be an easy sell for FM shareholders once the Jeritt Canyon is again up and running and he can prove he still got the eye for good assets.

It will be very interesting to see how the economy / markets will do under Trump. I would really hope the "AI tech bust" would come before he is elected so it is absolutely clear that it was a bubble under Biden and not in any way Trumps making. I think he will be very pro business and his policies will be wildly inflationary and good for gold. Rates will probably be cut and fiscal stimulus will be directed towards industry/ infrastructure / military spending. The debt will probably explode under Trump too, I don't really care who is in charge. The US faces a structural fiscal problem which it really cannot solve any more. The only way really is to keep inflating the debt.

Trump told Maria Bartaromo several months ago in an interview he wouldn't keep Powell as the Fed Head. I guess he's changed his mind. Not real surprising for Trump. If he could get Jamie Dimon as head of treasury IMO that would be perceived as a big win for him, because of Dimon's status in the banking sector. Dimon would bring much more credibility to that position than what Janet Felon has. No doubt about that.

Some of the other issues mentioned in the article I'm hot and cold with, but there's one thing we know for sure and that's if Trump wins in Nov. this country will be much better off. Oil prices will fall and onerous regulations put on businesses in this country should subside. Nothing wrong with that.

I'm less optimistic about sanctions or tariffs put on other countries will be beneficial to us.

Well, if you believe in what Prof.Hanke has been saying (along with many other pundits) an economic downturn is coming REGARDLESS of Trump winning in November.

Why, because it's all about a falling money supply going forward and a slowing economy. The beginnings of that are already starting to show, so unless after Trump wins and he tells Powell to start dropping rates immediately will we see a flood of money coming back into the System. That's exactly what I would expect to happen. That may stoke inflation back up very quickly after the effects of the rate hikes subside. IMO we in the end of this big move higher in the markets, my guess is we see a sell off come fairly quickly after the election. REGARDLESS OF WHO WINS.

I am truly surprised. I thought he would demand the removal of Powell if he won. That alone is surprising. To hear he is considering Dimon is even more surprising. I guess he wants to line up more money printing and lowering of interest rates and those are two people who would go along.

I can understand the lowering of the corporate tax rate to spur business. The question is will the companies bring production back to the US or would it just make corporations who have manufacturing done outside the US (most companies these days) more short-term money at the overall expense of the country?

The lowering of the corporate tax rate would be good for miners in the US. Couple that with reasonable folks in charge of mining oversight and we could see the miners in the US move higher.

In addition, lowering the corporate rate would help with oil production, lowering the price of oil, which in turn would help the miners move projects forward and improve profits on existing mines.

What do you think of a Powell / Dimon team in staving off a real economic downturn? Knowing how people are, I could see them giving lip service to whatever Trumper wants while behind the scenes betting on a downturn .

Anybody else see this article? More sanctions to other countries should just accelerate the BRICS initiative it would seem. Jamie Dimon as Treasury Secretary and keeping on J. Powell? Hmmmm

https://www.zerohedge.com/markets/trump-reveals-key-pillars-truponomics-low-taxes-sky-high-tariffs-powell-not-fired-treasury

I remember when Keith said "the idea had crossed his mind" about a FM and FMG deal getting done. I believe that was a huge UNDERSTATEMENT on his part and his attempt to most likely deflect the question. IMO a merger/partnership has been the game plan all along. That crap about staying a pure silver play is just fluff as I see it. It's pretty clear to me that Keith wants to diversify into both gold and silver.

Why in the world would you have the insight to acquire these fantastic mining assets just to give it up to an outside entity? Why wouldn't you want to keep it in the family so to speak, IF at all possible. I'm not an FM shareholder, but it makes a lot more sense to me IF I'M KEITH to make both of these companies wealthier. That IMO should be a top priority for him. Why partner or sell it to say Barrick if you don't have to? These assets are finite, why would you consider selling them on the cheap under any circumstances? Hold onto them if at all possible would be my thinking.

Keith's short-term dilemma is with Jerritt Canyon and the issues there, so it would appear he has to get that situation cleaned up before FM shareholders would allow him to deal with us.

If a bigger Player comes in and makes a hostile offer for us, then we'll have to cross that bridge when we get there, but until that happens this makes more sense to me. I won't be voting to sell my shares on the cheap for sure.

The dream scenario for me would of course be that we partner up with First Majestic to develop the assets ourselves. That really is what I have been wishing for all these years and I would probably never sell in that scenario unless the shares get ridiculously overvalued at times during manias. This would mean we get to develop both assets with Keith's long term visions of maybe eventually merging the two companies and form one new giant gold/silver mining company focused on North-America. This scenario would really create generational wealth that I would want to pass on to my kids.

Keith did say in one interview that it has crossed his mind and that he would "love to do it". First Majestic is of course according to their strategy focused on silver assets but they still generate 50% of revenue from gold sales. They did buy Jeritt Canyon (a gold asset) but had to shut it down now temporarily while they develop the asset. I think it is still very much a possibility that we might do a deal with First Majestic on either Springpole or Duparquet. First Majestic already owns the silver stream on Springpole anyways so it would not be that much for FM shareholders to digest I think if it was announced. Having said that, Keith did say in many interviews that for FM to buy an asset it has to either be in production or be permitted for production so that might give us some clues. I think Springpole would therefore be the logical choice here for a JV with FM.

I hope you are right about the shareholder base being in it for the long term, and I certainly won't give up my shares easily after such a long wait. I can so easily visualize where this company will be in the future. The assets are there, we just need time to work the magic.

Keith doing an interview at Rick Rule's show last week. He mentions First Mining Gold.

I think it's safe to say the whole complexion of the situation here can change with a rising gold price. Many pundits I've read are calling for $3K gold in the next year or so, as the Fed has to begin reducing interest rates, coupled with a deflating stock market bubble.

Keith doesn't have a history of partnering or JVing with other people, so that's why I keep thinking he may want to try and hold onto Duparquet and Springpole. Is that a realistic assumption? Maybe not. I think its naive to think our assets aren't actively being looked at by bigger Players to buy and as cheap as our shares are currently they could offer a bid at much lower values than we're actually worth. Having said that IMO I don't see our shareholder base selling out on the cheap. Most of the folks in this Company are like us and have been holding for a long time. We've been holding for a home run here, not a single.

That's why I've said here for a long time now our ace-in-the-hole is probably First Majestic. Dan told me years ago when I spoke to him about our being taken out on the cheap that Keith would intervene and a bidding war for the Company could ensue. With our share price where it is now, that plan should still be very much in play and as the gold price continues to march higher the probability of a hostile takeover should be increasing.

Would the ever-increasing chances of a hostile takeover push Keith to partner or JV with someone? I guess it could if that meant holding onto these great assets for the long haul in much the way you described.

There's a few ways this could all work out, but my hope is that we are still involved and can participate in the coming gold stock mania I feel is coming in the next few years. Valuations for crappy mining companies can go crazy higher and a company with the potential this company has should go parabolic when the mania hits. The wait has been long, I'm looking for a big pay-off for my time spent, even if that means holding a while longer.

P.S. Yes, we have the stake still in Pickel Crow, but don't forget about our Cameron asset. That could be at least a 4-5 million ounce asset itself.

Yes, I'm also definitely in this for the long term. I think Keith will of course do what he perceives to be the best deal for the company. Just based upon what he has said in interviews and webinars it is quite clear he wants these assets developed into mines asap. Obviously he would like the assets to be developed by the company itself, but that might not always be the easiest and most feasible scenario. It will depend upon many factors when the time comes to close a deal on both Springpole and Duparquet. If I had to guess I would think we are going down a JV route of sorts where First Mining will remain with a big project interest (maybe 30-49%) in both mines, hopefully free carried to a decision to mine. Hopefully this would be done with a senior / mid tier producer. I think for long-term investors this would make the most money since we would participate in the upward cycle in gold prices when the mines get operational. It would also turn us into an actual gold mining company with substantial assets on the books. With Duparquet this could be done in a step by step fashion with a partner where we start out smaller and then grow in time. Also remember that we still own a 30% interest in Pickle Crow which is by no means a small project, something like 3m oz. if I remember correctly.

But it is also still a likely scenario that we will get taken out by a major and that is the scenario I am most worried about because it would then be up to the shareholders vote. The problem is that there are a lot of frustrated shareholders who would probably be happy to settle for a fraction of the real value in this company and they would then vote for the take over. I'm sure Keith would be trying his best to tell shareholders not to accept the bid in this case, but if shareholders want to sell then there is nothing we can do. I would certainly vote NO for any bid less than a billion dollars (USD). A billion dollars would still be way undervalued compared to what I think these assets will be worth in the next 5-10 years, but we might have to accept this outcome.

I can't disagree with any of the points you made. Unless something is brewing behind closed doors Keith HAD BEEN making monthly purchases up until recently.

Why did he stop making those 250K monthly purchases? Speculation can run rampant as to why.

Our Springpole asset is significant, but IMO what is most likely drawing BIG attention from other larger Players is Duparquet. Since we acquired that total asset IMO has been a game-changer for this Company and we still have gotten no credit in share price appreciation for it. I agree with You, that we should be valued at least $1 per share right now. In a mining sector bull market where any news is perceived as bullish we should go much higher and we're not close to a gold mining mania yet. That's going to take a higher gold price.

Getting some big JV or partnership news should be the catalyst to significantly move the share price higher, but is that the road Keith wants to travel? I still believe Keith may want to keep these assets for himself and not partner or sell them. The problem there may be fending-off hostile takeovers going forward.

We'll have to wait and see what happens. I'm not selling one share until we see a $2 share price.

Yeah, no insiders have sold any shares either so if a deal is indeed in the making then they are all in a locked period until an announcement is made. Of course, there have been periods before where Keith has not bought any shares in the open market, but usually he is in there at least every other month or so. Keep in mind he has bought almost 2m shares on the open market just during Q1, and he bought 10m shares in the December financing round. Deal negotiations can take a long time and it is possible Keith loaded up on shares during Q4/23-Q1/24 because maybe he knew that they would eventually end up in a period where he cannot buy any more shares. But whatever, this is just pure speculation on my part, lets hope a big deal is soon accounced!

We are now flirting with all time highs with gold and i suspect silver will soon join the party and get a massive spike up in the price to around $35-40 or so by the end of the year.

Springpole is the next big gold asset to get permitted and Duparquet is by the looks of it the next +10m ounce monster deposit ready for further development. And we have both assets in the same company. There is just no way in hell the bigger players won't buy these assets at some point if the gold price keeps rising. I mean if Duparquet is defined as a 10m+ oz. asset it could be another multi billion dollar asset with $2500-3000 gold. I think we are sitting right now at the very least on $2 billion of pure net asset value in the company. This company "should" trade like easily north of a dollar (CAD) in the current development phase.

I'm planning on making one final purchase here soon, but I will wait for the tech stocks to correct big time first because I want to see how the sector reacts to the incoming "AI tech bust".

I didn't think of it, but that's an interesting thought. As You say, if something's brewing behind the scenes unknown to us, then Insiders can't accumulate shares.

Keith's last couple of buys have been toward's the first week of each month. Time will tell I guess on what's happening. The more gold found at Duparquet the bigger the interest in FMG will be with the Big Boys.

I also find the unfortunate passing of Massie's wife troubling. EOM

Just a thought that crossed my mind: Maybe a deal is in the making and Keith (and other insiders) are forbidden from buying more shares because it would be insider trading. Not saying this is the case but certainly could be an explanation for him not buying for a while. No other insiders have bought either. Could possibly be a deal in the making and an upcoming announcement soon. But it is of course possible he just did not buy any for a month or two and will buy maybe 500k shares next time.

I did a search for David Hunter because I hadn't heard from him lately. This Hunter interview with Jay Martin is really insightful.

I highly recommend listening to the whole interview, but the part that I really agree with David on begins at about 33:00 into the video when they begin talking about the "cycle of empire" portion. I really think David is spot on with his views on what's coming.

We'll see how this story plays out, but IMO most of what Hunter is predicting is correct. PM's will be in big demand as the debt becomes unsustainable and future fiat money creation grows out of control.

I predicted the JFK’ing of Trump

This was nothing more than a failed JFK 2.0 attempt. Secret service snipers were staring directly in the direction of the shooter, crowds of people yelled and pointed “shooter! roof!” to the police and nothing was done. I’m no Trump fanatic, despite having voted for him twice, but if the Rothschild owner central banking Reuters media outlets are after you for 7 years 24/7, then they try to put you in jail, and then they try to kill you, you’re DOING SOMETHING RIGHT because they want you OUT.

They tried to do to Trump EXACTLY what they successfully did to Congressman Thomas Massie’s wife last month on June 27th. Interview from last month in mid June that Tucker Carlson gave to Rep. Thomas Massie where Massie for the first ever explicitly dared to reveal that everybody in Congress has an “AIPAC guy” babysitter. 2 weeks later on June 27 (2 weeks ago), his wife died of a “sudden mysterious death” and they won’t disclose how.

These same powers tried to take Trump out yesterday. They failed but they will TRY AGAIN. “Food poisoning,” sudden heart attack, or an outright second attempt via gun. These trillionaire banksters aren’t called banksters for no reason.

I don’t think Trump will make it to November. Kamala is too unpopular, Biden has now been exposed for the brain dead dementia patient us “conspiracy theorists” have been saying he is, and picking Gavin Newsom would be a very weak move. They’re stuck between a rock and a hard place and the path of least resistance is taking Trump out. Either that or they’ll say screw it and rig the election again even if that means making it overtly obvious and suspicious that they cheated because a Biden or Kamala win will look very suspicious.

Check this out. I assume this is the Guy from the conservative side that wants Trudope's job.

This is a video from this past week with him addressing First Nations. Looks like he's kissing some ass to get their votes. Interesting.

I would assume these people would be a much better alternative for FMG moving forward. He actually mentions he wants to reduce the bureaucracy from government to get mining projects done. Wonderful.
Elect him NOW.

Depending on how fast they can take over this may help our mining endeavors move ahead at a much faster pace.

Very insightful commentary from Nomi Prins this week. This Lady knows her stuff and she's calling for $3K gold very soon. Good listen.

It's been over a month since Keith added to his holdings, wonder if he's waiting for the share price to fall?

I'd like to see him add every month, regardless of share price.

https://www.insidertracking.com/node/7?menu_tickersearch=FF*CA+%7C%7C+First+Mining+Gold

The money won't stop being spent, it will just be diverted to another area to be spent. That's the way big government works. IMO Trump is in that camp. I sse him as a big spender in the places he wants to spend in. He's not looking for any austerity.

The politicians will ONLY stop spending more money when they're forced to do so. People are all the same, you do what you can get away with until you can't any more or until the wheels come off. That's why people are overleveraged with their credit cards and have no savings. Like the government,
they're living far above their means.

This has been going on for so long now everyone thinks it won't stop. They think the government has their back and if they're broke or lose their job, the government will take care of it. What happens IF the government is broke and can't come to the rescue? The student loan forgiveness crap is a good case in point, that debt doesn't just vanish, the Taxpayer is paying the bill.

We've talked about that outcome here too. I'll be dependent on myself as my as possible to take measures to take care of ME and my family. I want this to end well for everyone, but I'm not real optimistic it will. The turning point is not that far away. The chickens are coming home to roost.

Sadly, I think you are right. I also feel that whoever gets in there will just continue with the out of control spending. Perhaps as you stated there might be attempts to rein in the government spending in some areas. That needs to occur. Will it? We'll see.

I don't think Trumper's ego could handle austerity because short-term it would create problems and he would get blamed. So just like every other politician he will continue to kick the can down the road instead of having honest dialogue with the people - explaining that we need to tighten our belts now and deal with some adversity instead of doing it later and dealing with a lot more adversity.

In addition, many people in America need to stop their level of consumerism. If you have debt, stop spending on things that are not needed to live. Get the debt down. Stop being a debt slave to the extent that one can. It amazes me at how many people I see on TV, on the internet and hear on podcasts that have debt problems that need someone's help to figure out how to cut their debt. The "helper" comes in and basically tells them to stop eating out, stop buying clothes, go a family plan where possible on bills, pay off their cars, get cars that are more fuel efficient, rein in vacations and go to lower-price destinations......all common sense stuff that they should not need help figuring out.

How far will the world allow US debt to go before they stop buying our Treasuries? 40 trillion? 60 trillion? 100 trillion?

Jamie Dimon talks about rates being higher for longer - can the US afford the interest on the debt as it is continually baked back into the ever-growing cake of underlying debt?

If Trump wins the election, he wouldn't take office until late Jan. 2025. Trump has always been for easy money and lower rates. IMO the rate cut cycle by the Banksters should have already started by that time, so depending on whether or not the economy has started to tank should determine how many cuts have been made already. My guess is Trump will tell Powell to accelerate the rate cut process after he takes office. That could be very inflationary later if done in haste.

As I recall in his last term, Trump bitched about the Fed not reducing rates fast enough when he was in office and raised Hell for them not doing so. We know Trump is all about good optics and being able to brag about how good everything is, so loose money is his preference.

Will Trump reduce spending? No, not enough IMO. The money being spent will just shift from wasteful GND policies to areas like the military. IMO Trump is not a fiscal conservative and will continue the spending, but if he can actually REDUCE the government machine itself that might cut some costs. That would be a big step in the right direction, let's see if it can happen. That, in the end, may be what makes or breaks this country.

I'm skeptical that anything short of some sort of debt bubble bursting is going to force the politicians to spend less. No matter who's in office. That's been the root problem in this country for many years now.
We have the printing press, so spend unlimited amounts of money until it all blows up. MMT doesn't work.

Your analysis makes total sense. In addition, I believe Trumper has indicated Jay is gone if he gets in, so Powell can cut without worrying about the long-term ramifications. Meanwhile, Jay can inform his buddies on Wall Street of the decision so they can front-run related trades and Jay will then exit the Fed and walk into one of their firms, where his salary will have already been pre-paid from the trades the firms made. This is all mere speculation, of course.

A cut in rates also allows Bro Joe (or his replacement) to continue to assert his economic policies are working.

Do you think Trumper or any other candidate will cut spending when they start their term in office?

Well, if Dimon is right and he probably is, that should keep the Fed on hold, but J.Powell is in denial and he's obviously scared to NOT begin dropping interest rates

This has been the ongoing question to be answered for a long time now. When to start dropping rates without rekindling higher inflation? IMO we're not there yet, but it would seem Powell is getting ansy about not dropping rates sooner than later. He signaled that earlier this week, so my guess is they'll do what it takes to make it look like inflation is falling to levels that give them the green light to start cutting. The talk this week has been they'll cut in September, but who knows.

We also know the Fed is always behind the curve on where the economy really is and that because of all the fiscal spending Dementia Joe has been doing that is very inflationary too. That's what has Powell screwed IMO.

At the end of the day I think the Banksters are less concerned about higher inflation and maybe more concerned about a hard economic landing. The problem is they may get BOTH. The higher interest rates stay the more likely we see some sort of Black Swan event showing up forcing these Fools to drop rates very quickly instead of slowly, which is what they'd prefer.

Nicely said, Seablue. We don't know how they're going to restructure SS or Medicare, but its going to HAVE to be done.

I totally agree that people that paid into SS should get the cut they deserve from it, whether they have low or high incomes. Robbing from the rich to pay for the poor isn't the American way. I'm not sure if that way is enough to save the System anyway. If they are forced to reduce payouts or not give cost of living increases that will bring into play a huge outcry from the people. As we all know most folks in this country have NO savings and attempting to live off of SS is not realistic now, much less if payouts are cut.

You make an excellent point about what will happen because of all the illegal aliens. That will only SHORTEN the time until we hit the wall with these government programs. It's difficult for me to see how this won't turn into a massive trainwreck at some point.

Implanting, what do you think about Dimon's commentary?
https://www.cnbc.com/2024/07/12/jpmorgans-jamie-dimon-warns-inflation-and-interest-rates-may-stay-higher.html

I will most likely wait until 65 or 67. I am roughly 10 years out. Depending on my health and how I feel at that time I may continue working. Once I retire I plan on continuing to "work", hopefully in something like tutoring, coaching, etc. I will do the tutoring for free if parents do not have a lot of income. Coaching would be part-time, most likely in either football and/or track.

I really hope social security payments don't go to a staggered payout system based on assets and/or income - if people paid into it based on representations by the govt. they should receive what they were told they would get. Structure it however you want for folks far in the future and let them know you're restructuring it so they can prepare. That would be the fairest way to do things.

Of course, the illegal aliens will have a huge impact on social security and Medicare. They will add an extra burden on those programs as they sign up for and receive them despite never having contributed to them.