First Mining Gold Corporation (QX) (FFMGF) Quote

I would argue the opposite - sell other non core assets for pennies on the dollar if needed to avoid further dilution. More dilution could quickly mean end game for FMG. A reverse stock split? For it then to decay back down to current levels most likely. Maybe run a tighter budget for 2025 and not pay people to fly around the world repeating the same things over and over. Has to be some alternatives to dilution.

Thanks for letting us know. Like you I think selling our interests in the other projects does not make financial sense as those shares have come down quite bit in value.......you would have to wait for their shares to appreciate before you got any kind of bang for your buck. That could take a while.....or maybe not in the case of NexGold as Goliath is further along on the Lassonde curve than any of the others.

I feel that every time additional shares of FF get issued the chances of a reverse split go up a little. I know Keith and Dan have addressed this quite frequently basically saying that is the last thing they want. Me too as those of us who invested or started investing in FF in 2015 and later have the most to lose when it comes to that. Looking down the road I guess it is not a big deal if FF gets a partner on Springpole. If the deal is right a lot of FF's financial concerns are alleviated and by extension so are a lot of ours as shareholders.

On another note.....have you heard anything about Judy Shelton and a possible position in the next administration? I have not heard boo about her until a day or two ago when I heard her name come up in radio talk while I was busy working so I did not have the chance to really zero in on what was being said.

Just got off the phone with Paul in IR. I didn't feel like he told me very much after we were through, but I'll share what we talked about.

My main question was around further share dilution going forward and this was his response. He said he thought we were good to go through 2025 before they would have to do another offering. I personally have my doubts about that being the case. I didn't ask him how much we have in the bank, but I don't think it will get us through all of 2025. He told me they are discussing ways to raise cash without more share dilution, like selling stakes in some of the other
holdings we still have like Big Ridge, Pickle Crow and Nexgold. This has been a standard response from Paul about this in the past and until some of those assets go up in value, they're the same as FMG....grossly undervalued. If they sold some of those, IMO they wouldn't get much for them right now. IMO it doesn't make a lot of sense to sell when they're not worth much.

The biggest thing I took from our conversation is when I asked him at what point in time he thought the FMG share price would start moving up? His response was basically that when the mining sector begins moving, so would our share price. Hmmm, I said what about if we get a deal done before that happens and he told me he thought our share price needed to be at higher levels from where it is now BEFORE a deal gets done. That answer surprised me and implied to me that a deal may not be as close as what I had hoped for. I think he was trying to tell me we'll get a much better offer is our share price isn't down at these depressed levels.

I didn't get to ask him about the Cat Lake or FN issues, but I suspect I know what his response would have been.

Yeah, it's good, but I think what it represents is that the EA is in the stove and still has some cooking to do. I say that because in this last Crux interview Dan made the comment about how now that the EA has been submitted, his expectations were that it would be approved by the end of 2025. That may be more wishful thinking on his part.

Dan said that any questions or issues that came up during this examination period would STOP THE CLOCK on the process moving forward. In other words, depending on how timely they resolve problems through the course of the EA approval this could take longer than expected. What those potential problems might be is up in the air, but let's hope Steve Lines and his people are nimble enough to minimize the hold ups and get the job done on time.

I try to base my "guesses" on what I hear coming out of Dan's mouth in some of these interviews he does. Having said that things can change, and I wouldn't expect Dan to be fully forth coming about what might be going on behind closed doors.

As I said in a prior post, in this last interview it seemed Dan's focus was that Springpole was the JV deal property and that Duparquet was not. Is that the course our Management want to take? Who knows, but that was certainly the way it sounded to me. I suppose if the right partnership was reached even Duparquet could be partnered with, but maybe their goal is to retain it for ourselves? We should have the money to move Durparquet forward AFTER a deal is done at Springpole.

Keith may see Duparquet as being a blue sky type asset with more resource upside in a better jurisdiction would be my guess. If I heard Dan correctly in this last interview he said it might be 3 years before they got something going with a high grade, starter-pit mine at Duparquet, that timeline might be moved up if we got a partner, but if Dan expects to do it in 3 years, my guess it would be 4 or 5 years from most of his past timelines being met.

That is good news, thanks for that. EOM

This really would be the ultimate setup for a massive increase in the share price. Announcing a 50/50 JV with a major/mid-tier while getting Duparquet going with that smaller operation would be such a total game changer in the next 1-3 years. I'm betting on both happening here soon. We might even partner up on Duparquet as well because maybe that will speed things up if we can structure a partnership where we remain the major shareholder, maybe like a 70/30 or 80/20 deal structure.

I'm planning on adding some more shares here in the next month or two because I really think this is getting close now. The majors are looking for assets and they know Springpole is now on the clock to receive its EA approval since we passed the conformity so quickly. This means many eyeballs are on this asset which again generates competitive tension to get it before everyone else rushes in.

At this point, a major that sits on billions in cash and credit limits can easily afford to take some minor permitting risk (at this point it's basically zero) on a 50/50 JV deal for Springpole. They would maybe need to put down 500 million or so, with an option to buy the rest of the project at a later stage. 500 million is peanuts to a major / mid-tier at these gold prices.

Dan spoke quite convincingly in that recent interview that Duparquet will get to that 10m oz. resource mark. This is also what I have been expecting with the drill results they have put out. I was expecting the resource base to grow to at least 8-10m ounces in the ground. I hope people realize how massive this is. I mean 5m oz. deposits are already very rare and we are talking double that amount here with a very possible scenario of growing it over time to 15-20m oz. This is something EVERY MAJOR gold miner will want in it's portfolio. Especially when we have such a world class jurisdiction.

Hang tight guys! I think we are going to be rewarded massively in a year or two. Add more cheap shares while you still can.

Hopefully we get more than a 37% premium to current pps

I would be VERY surprised if Dan is not already screening potential partner candidates. My guess is they're probably in the picking the right deal phase currently.

There should be multiple suitors for Springpole and picking the best fit is very important. If we can structure a deal like the Osisko/Goldfields deal I think that would be acceptable to our Management. That is only for Springpole, we keep Duparquet for ourselves and shouldn't be part of what they do at Springpole. We'll see what they figure out, but IMO Keith will put us in a good place moving forward.

This is a Seller's market now with the gold price @$2600 and going higher.

Acquisition Season has started in a big way.

https://finance.yahoo.com/news/northern-star-buy-grey-deal-213612676.html

Yes! I was just going to post this as well. The fact that they received this so quickly just shows the work they have put in and also gives you an idea of how much the government wants this approved. The EA approval is in the bank guys, I'm telling you. Now the exciting phase will begin where they get to screen the best deal for us to partner up.

Additionally, we also will get the new resource base from Duparquet I guess during Q1-Q2 2025.

I can almost smell the money already.

Good news from the Springpole EA submission.

https://firstmininggold.com/news/first-mining-announces-positive-federal-conformity-determination-for-the-springpole-gold-project-final-environmental-impact-statement

So, what I heard Dan say outright is more significant than what he's said in prior interviews. He came right out and said Springpole was a "partnership" asset more than Duparquet would be. He's implied that thought before without coming out and actually saying it. That tells me they want to do a JV with someone at Springpole and most likely keep Duparquet in house to develop in the future.

He also made mention of theoretically doing a 50/50 JV deal where the partner, I assume in large part, pays for the mine build-out and we get half the gold that's produced. IMO that would be a pretty sweet deal for us. Dan keeps mentioning the Osisko/Goldfields deal and how that model worked out well for Osisko. That makes me think that this is what they want to do with Springpole. Osisko later sold out the balance of their holdings to Goldfield. My guess would be that might be what a potential partner at Springpole would want to do.

IMO such a deal would be a good move for the Company AND our share price short-term. It would give us the capital required to move Duparquet forward and make FMG financially secure.

Future share dilution was only mentioned in passing. The question still to be answered is our future partner going to wait for the government approval of the EA and FN deals to pull the trigger? I hope not, but who knows?

This video does a good job of showing how far along the Springpole project is versus other large competitive projects in Canada.  Kinross Great Bear project was mentioned as a reference. 

Duparquet is becoming more interesting as a smaller startup project (quicker cash-flow) under the existing Environmental guidelines from 70 years ago.  More work required to approve or define the smaller startup project.

Great Bear was acquired by Kinross before any EA work.  

First Mining has the gold in the ground.  Major Producers are adding major cashflow to their balance sheet right now. 

New video of Dan by Crux Investor.
Interesting.  Maybe not much new.

Keith's buying more shares on the open market again. Looks like Tuesday of last week.

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

Had to post this interview after watching it just now. Chris Whalen is a long-time banking analyst that I've followed for years and his knowledge of the banking sector is one of the best out there.

This is a fantastic interview from him with David Lin. They cover a lot of ground about of lot different topics, including Bitcoin and gold. He makes some comments about crypto that IMO are correct. A very good listen. He also makes some very telling comments about the dollar and its demise.

I would liken this as all just a big stage play being done for the benefit of FN's. They have to be coddled by FMG and the government because after all they stand to benefit in a very big way in the end. They know these mines are environmentally friendly and, in the end, bring their lives out in the middle of nowhere to a much better place, but they still want to impede the process. IMO what they seem to want is attention given to them. In reality, they're just a pain in the ass.

The sooner they give their approval the sooner they get their roads. Can't they figure that out?

To read that anyone has described the assessment process as "expedited" is laughable. I literally laughed when I read that. Thanks for brightening up what has been an otherwise boring morning. You and Implanting have some really good commentary on this.

Yes, it's really nothing but local politics. The Chief knows fully well (I would think) that Springpole will be approved. 14 years of hard scientific work not to talk about millions of dollars spent upon engineering work to make sure the operation works without any harm to the environment. I mean stuff like this has a procedure for a reason. You need to go through all of the loops and check all the boxes and then the government will give the EA permit. It's not like companies are just gambling on a long shot on these things. Like Keith said in that removed interview companies never even bother to go through this very hard process unless they are basically already sure they will get the permit.

What the Chief is trying to accomplish here is to get a promise from the government to develop a new road net work to reach Cat Lake. This is what it's all about and the only way it can ever happen is if Springpole gets developed. If the Chief won't get on board here soon then I'm afraid they will be left behind and might never even see that road. The government already sees the billions of dollars this project will create and Doug Ford's government has stated specifically they want to get new infrastructure built into the region. This is a done deal, believe me. First Nations have been protesting these new mines quite a lot in the last few years. The result? Lots of new mines have been approved and built. I mean it's just what it is and their protests seldom accomplish anything meaningful. I'm not against these FNs in any way and they have suffered from massive poverty and social problems for decades. But the reality is that they need to get on board here if they want to change their community. They really can't keep playing the victim here forever, no matter what or how previous governments may have treated them. With money you can change pretty much everything and Springpole can literally shower the region with money.

Also, it's not just Cat Lake that has a say here. Lac Seoul also has an interest in the project and it's economics so they might very well approve of this project before Cat Lake. In the end, money talks here and there is no way this remote community of 600 or so members can decide the fate of such a massive operation with huge economic benefits for the region. The political wind is blowing in a different direction now and next year when we get a new right wing government and Trudeau is cast out you will see lots of good things happening with regards to mining development. Cat Lake has this one chance now to make a lasting change to their community and if they blow this they will sadly most likely become a ghost town in a decade or two. Springpole will get developed with or without them and that's all there is to it.

Thanks for posting that article. I found it comical that the Tribe wants to slow down the process to move Springpole forward because they're too busy to put it on their plate. What a joke. That's just another example of the big Chief attempting to squeeze as much as possible out of FMG and the Canadian gov. This shit is all just a big negotiating ploy.

IMHO this process moving the mine forward will be driven by the Canadian and Ontario governments. Cat Lake will be FORCED to fall in line when the EA approval is finally given by the gov., if they want to play hard ball, they may get left out of the deal altogether. but I don't expect that to happen. Even they're not that stupid. I suspect this kind of game is played when every mine in Canada is to get permitted to build.

Sadly, whatever Dan tells someone about when a milestone gets met that has proven to be wrong more often than not. Most of his predictions about when milestones get met have been way off. I take his future predictions with a grain of salt. IMO he shouldn't even be making them.

Disaster is right. IMO four more years of what we've had the last four wouldn't have been good for anyone, with the exception of our enemies. Our enemies were the most disappointed people to see Trump get reelected.

If the people in Canada would get Trudope out and replace him and the progressive party there with leaders that actually care about the people and have some rational ideas about how to run a country, I believe the mining sector would thrive again. The regulation has killed it currently. Lassonde and Frank G. both said as much.

Minor article I found, but gives some ideas about what we could be looking at here timeline wise.

"By Dan Wilton’s reckoning, there could be a new gold mine on the shore of Springpole Lake by 2030.

Wilton, chief executive officer of First Mining Gold, said in an interview that a recently completed environmental impact statement should clear the path for construction to start in 2027."

Cat Lake and Lac Seul will complete a “sufficiency review” of the document by the end of January under their Kita-ki-nan (“Our Land”) process, the letter states.

The First Nations “will continue to the next phase and conduct a fulsome Anishinaabe review” if the impact statement is deemed sufficient, the letter says.

“As a final comment,” Cat Lake and Lac Seul say in their letter, they “remain deeply concerned by the expedited assessment process being championed by Canada and Ontario.

I guess from the above we could expect to get a community agreement in place also during 2025 or 2026 at the latest. Like many have already stated here before, the FN led assessment is not a requirement to get the EA permit. It's just something that would look really good because it would mean we have full consent on paper from Cat Lake. But the EA permit will be granted either way. The Final EA submission included so much commentary from Cat Lake (and other FNs) which has now been incorporated into the project plan so there is no way in hell Cat Lake could claim they have not been consulted. When you also consider that FFMG supports their own internally conducted FN assessment you can be sure the company has indeed consulted with Cat Lake. The EA permit is guaranteed at this point which should pave the way for a deal in 2025.

I think FFMG has played this very well with regards to the first nation issues. They have done everything they can to make sure their concerns have been heard. All of this will mean a lot in the coming years when we move forward towards construction.

https://www.nwonewswatch.com/local-news/new-gold-mine-closer-to-reality-ceo-says-9858415

Ba ha ha! Harris would have been an unmitigated disaster. The moronic idea of taxing unrealized capital gains says it all. I can't even imagine all the other things that would have occurred. Instead of toilets in public bathrooms they would have had big kitty litter boxes.

The overall taxation and regulation scheme under Harris would have driven out most business capable of moving that has not left already. The mining and oil sectors would have been decimated. Hoping things improve and that our share price picks back up to the IPO price of .25 sooner rather than later.

I guess the FMG dog and pony show are over pumping the Company in Europe this week. I e-mailed Paul earlier today and he returned my call at 11:30 PM Stuttgart, Germany time. Told him to call me when he returned to Toronto.

I give him E for effort anyway.

I view Trump as more of a capitalistic individual than anyone from the dems. side. If Kamala had been elected, IMO you could have just flushed this country down the toilet. That's where it would have been after 4 more years of this last regime. Under Kamala it would IMO been worse. Is Trump an Elite? I think you have to probably say Yes, but he's not a Trudope, Macaroni, or Klaus Schwab. Those fuckers aren't capitalists.

Trump is all about HIM. He wants to look good and be able to brag about his accomplishments. I think we can all agree, he doesn't have a humble bone in his body, but I can live with that if he can accomplish just half of what he claims he will in draining the Swamp. I'm skeptical of it happening because the Deep State is so entrenched in this country and the welfare/entitlement state only wants more, not less. I want to see LESS government, not more. I think that's what Trump wants, although he didn't do a very good job of it in his first term.

I wanted to see another nominee win instead of Trump, but it didn't happen. Trump is a much better alternative IMO to Harris. He wasn't my first pick.

Full disclosure: I don't like ANY politician, elite, bankster, who did I leave out?

Having said that this is the world we live in and as You noted, on this flawed playing-field of the haves and have-nots, the have-nots are the horse's ass. The Elites run the Show, we're just living here. That's not gonna change in my lifetime.

Trump campaigned on having NO CBDC under his watch. Whether that is his or his minion's grand plan I don't know, but he campaigned on no CBDC. IMO Trump backed crypto to win votes in the election and I think it worked pretty well for him, especially with a lot of younger crypto investors.

To my knowledge the central banksters are still buying gold and not crypto, so until that changes OR they get rid of the central banks, I'm still in the camp that crypto will at some point fail. We'll see how this plays out, but the ending may not be a very pretty one.

I'm not sure how legalizing crypto would be any good for the fiat money system. In theory crypto is doing what gold has done for thousands of years and that's limit the production and quantity of fiat.
Right?

So do you view Trump as a reprieve from these WEF-type folks or controlled opposition? At times he seems like one and at other time he seems like the other.

I absolutely could not believe Trumper has allowed Jared Kushner to advise on staffing. Absolutely unbelievable and a real disappointment, but it supports your argument that this is more or less all a clown show to keep us locked within their narrative.

Your analysis of the current situation as a vehicle to lock us into a CBDC is valid in my mind. Once the CBDC is in place they outlaw everything else.

Except their replacements are also cut from the same cloth. Trump and Vance/Musk won, but they’re the other side of the same coin. Zionist central planners (j’s) control and own both sides so no matter who wins, we lose. The two sides pretend to disagree on the small stuff to create the dichotomy to give liberals and conservatives the mirage of representation, but in reality they agree on the important issues and are all on the same page supporting the same entity: Rothschild and their gargantuan orbit of ill spawned outfits like WEF, Blackrock, Federal Reserve, Bank of England, and a bazillion others.

There is no voting your way out of this. JFK tried, he got whacked, and everyone since has either been a cooperative or coerced puppet be it through intimidation or blackmail (AIPAC) and so forth.

I’m pretty sure Trump is the volley Trojan horse they’ve been setting up for a spike for a decade to inconspicuously sneak in their digital CBDC system with.

Why is Musk, Ramadwamy, Vance, and Trump so aggressively suddenly pro-crypto now? Why are they talking about abolishing the fed or income tax and touting and promoting DOGE or Bitcoin? Could it be perhaps it’s got something to do with the “elites” (j’s) plans to use cryptos and a trusted controlled opposition like Trump and Musk to SEGUE US into a CBDC system? Because you know banksters (j’s) aren’t going to give up their golden calf, the income tax and the federal reserve, for nothing.

But it doesn’t matter anymore, we’re all sitting ducks waiting for the piano to fall on our heads.

When you’re ruled by people who are told since birth that they’re superior and chosen, and how everyone that isn’t part of your tribe is cattle that deserves death, and then you give that tribe godlike power and control over every facet of civilization on an entire planet, bad evil things happen.

Yes, you're right. All of those Fools are cut from the same cloth. IMO their highest priority is for continued wars and suffering of their countries. They're all from the Klaus Schwab school of everyone having less and liking it, EXCEPT FOR THEM. A bunch of lying, two-faced, scumbags.

The next two that need to get kicked out on their ass is Trudope and Macaroni.

China Joe and Harris have Trudope beat - one going to visit the rain forest and the other visiting Hawaii while the US and some Euro counties are on the verge of world war with Russia. China Joe, Harris, Trudope, Starmer, Macaroni in France and Scholz are not calling for peace or steps in that direction.

God forbid Trudope couldn't go see the Taylor Swift concert. That's more important than rioting in the streets. You can't make this shit up.

https://www.zerohedge.com/markets/justin-trudeau-watches-taylor-swift-while-riots-erupt-montreal

They CAN'T stop the share dilution until they get a deal done or some other money source to run the Company with. That also means the share price will continue to languish. Getting some sort of deal done should alleviate that issue.

If I can get an audience with Paul next week I'll see if I can find out where we are with that.

Yes, this is more or less the reality we are dealing with. What still needs to happen is a collapse in the AI/Tech stocks and complete shift in money flows. Before this "sector rotation" happens, our best shot at getting share price appreciation will be a deal announcement. Other than that, I don't think there will be any meaningful action in the share price no matter what news we put out. The market does not really care about miners or developers as long as you can make 50% in a week on stocks like Nvidia, Microstrategy, and cryptos etc.

There are still literally trillions of loose dollars floating around all over the world even at these relatively high interest rates. Anybody who claims we are in period of restricted liquidity needs to have their head examined. The speculative fever is still going strong everywhere. Investors are all long stocks in record amounts with the least amount in cash in years. The only major whale who sits on record amounts of cash right now is good old Warren Buffet. The man knows exactly what's going on and he knows we are due for a massive crash. He just does not want to be public about it, but just look at the balance sheet at Berkshire. They are sitting upon hundreds of billions in cash. I trust this guy's judgement about market conditions more than anything the talking heads claim on the media. He knows.

I think this time around the crash/shift will be so sudden and fast it will catch most investors completely off guard. Since the herd mentality is so strong these days and you also have the AIs trading trillions in seconds we really have the potential here for an atomic bomb in the financial markets. We already saw the major indices halt trading during the Covid crash. This time I think it will be similar. We might see several consecutive days of -10% drops in major markets and trading halts one after another. All of a sudden you will have the SP500 and Nasdaq cut in half and people will wonder what the hell just happened. Of course, it will mostly be due to the Mag 7 stocks being such a big part of the indices.

There is definitely a sector rotation coming, it has already taken place somewhat with traditional value stocks outperforming growth stocks if you exclude the Mag 7.

Thanks for posting that. They keep upping the overall numbers....

I don't think dilution will stop until we have a deal and extra cash from it.

Interesting, thanks for the information. EOM

IMO Duparquet has NEVER been on our share price radar screen. Our share price has fallen since they acquired Duparquet in total, so what's that tell you?
It tells me nobody cares or gives a shit, bluntly put. Much like the mining sector, no one cares about it until something changes. The same is true with FMG.

If anyone actually valued that property or where we are with Springpole, even in this crappy mining market we should be trading at much higher valuations. We're not, so until the rest of the world wakes up and sees what FMG has, we won't be shown any love. We'll remain down here in mining stock Hell, wafting to be discovered by investors.

Yes. I have been trying to work the numbers here for a while and given we had quite stellar drill results back on June 18th which included 5.97 g/t Au over 33.0 m, I think we should be on good track here to grow Duparquet into an 8-10m oz. deposit at the very least. It seems to me Duparquet has gone completely under the radar for most investors because everyone is so focused on that EA permit for Springpole. I've said it before but it might very well be that Duparquet ends up stealing the show here with regards to a deal announcement. There are LOTS of active miners around the Duparquet region, the infrastructure is already there etc. so this deposit definitely could be seen as much less risky compared to Springpole. A deposit of this size is basically guaranteed to be on the radar for every major gold miner on the planet simply because they are incredibly rare, especially in such a world class jurisdiction. The fact that there is an optionality to start smaller in Duparquet should also potentially attract smaller mid-tier companies. I just cannot see a situation where we are sitting at $3k gold and two world class multi billion dollar assets in our portfolio with no interest from anyone. Something will happen here soon.

I think Keith said that Dan is more or less completely responsible for us getting Duparquet for almost nothing, so I think he definitely deserves to get some credit for that even though we are bashing him for other things. I understand those were some very long and difficult negotiations with the families that had owned the company for decades. It Duparquet ends up becoming a billion dollar operation then we definitely owe Dan all the credit for this.

Conversation between David Lin and a mining exec., some good discussion from this Guy about junior miners and even though I don't agree with everything he's saying, I found him spot on about what he says starting at about 12:00 into the interview when they begin talking about the performance of gold vs gold miners.

Listen to how he describes the moves in the prices of the miners when the sector FINALLY starts to move. It becomes just like everything else as the mania starts rolling and picking up steam. No one wants to own the shares at .10, (sound familiar?) then when it moves to .30 people start taking notice and by the time it hits .50 everybody and his brother want to be in the stock. That's when the parabolic move higher comes, and the REAL money is made.

More drill results from Duparquet. Decent numbers.

https://firstmininggold.com/news/first-mining-further-defines-buzz-zone-and-north-zone-expansion-targets-at-the-duparquet-gold-project

Having talked to Paul as many times as I have, I'm pretty confident that even if he knows the timeline on a deal getting done or when the next dilution may have to take place, he couldn't tell me. That doesn't mean I won't go through the motion of asking the questions.

That $18M in the bank is being spent as we speak and growing smaller every day. This dilution issue is a concern of every shareholder, and my guess would be that our Management is being flooded with questions like ours concerning it. Dan said about half a dozen offerings ago that the share dilution would stop, and it's only accelerated. IMO that's the biggest reason for him having a tainted reputation. He made that claim knowing full well it wasn't true.

When I talk to Paul I'll post what he tells me. His problem is he is required to answer questions, most of which he can't answer.
The waiting game continues.......

I don't think asking Paul about future equity financings will yield much substance. It's not like the guy has a crystal ball and he can tell us exactly how future financing rounds will emerge or what situations we might find ourselves in. He will most likely tell us the same old story about them trying to do everything they can to minimize future dilution by looking at all financing options available. Sadly, as long as the sentiment in the sector is in the toilet the only real means of raising money is through equity. If we can get the sector to turn around then there might be more options available.

Having said that, with $18 million in the bank as of October, I think we are right now in a quite good place financing wise. Investors need to understand the mentality of Keith. The guy has made it quite clear he will try advance these two assets into production as soon as possible really no matter what the cost will be in the end. Is a billion shares outstanding a lot? Maybe, but if we are suddenly looking at a situation where we are brining two of the biggest undeveloped gold assets into production then a billion shares outstanding really won't mean much, not to me at least. If Keith does not worry about the shares outstanding then why should we? Are we really in any position here to judge what they have done financing wise? What would any of you guys have done differently during this period where the entire sector has been basically abandoned and sources of financing are very limited? I really just want to stress here that the period we have been through has been one of the most brutal bear markets the sector has seen. I think it is really nothing short of a miracle this company has even been able to survive much less advance the permitting to the point where we are today. Permitting mines is a very costly process which requires lots of money. People should not forget Dan and his team did raise some $60 million in non-dilutive cash during this period, so it's not like we have just been issuing shares all the time without any concern about dilution.

Don't get me wrong. I am a big shareholder in the company and of course I am also very disappointed with the share price performance to say the least. But this is just the reality of what we have been facing. I'm telling you if we had been through a similar period as we had in 2010-2011 then this would already be a billion dollar company long ago and we would have been bought out. But markets seldom work as one would expect.

I'm probably getting quite repetitive here but I really think we are going to see a deal in 2025 when we get some more clarity where we are in the EA permitting process and get an updated resource base for Duparquet. There is an insane amount of "stored up energy" in our share price in the sense that when the sector does wake up - and it will - the rise will most likely be spectacular when you get people rushing back in. I have seen this a few times before.

I was hoping the last dilution was the last one as well.


Even though the Springpole East drill results looked promising, my mind was drifting to:
 "How much will this cost?"  
"How much is in the bank?"  
"Will this spend delete the bank before a solid offer is agreed to?"

On the other hand, I do appreciate the company trying to maximize any offers that may already be on the table or being tossed around.  Add some good drill results to maximize the Springpole project.  

Two sides to the coin.  
We already know a payday is coming.  We just don't know when.

Btw, I was somewhat surprised by the Silver in the results.  

Yeah, I would agree. The big money to be made for any of these miners is going to come AFTER the sector finally wakes up and gets noticed by investors. Even with gold at these levels that has yet to happen. It's going to take a higher gold price coupled with a market correction IMO for that to happen.

FMG shares should soar after the foundation laid with all the milestones being met, we've talked about ad nauseum here AND after we get a deal done that stops further share dilution and puts the Company on solid financial footing. That's when all the Naysayers in this Company won't have a leg to stand on.

IMO that time is coming. When it happens is anyone's guess.

That's another good question for Paul. When are these dilutions going to finally cease?

I was hopeful that this one they just did might be the last one, but without knowing exactly where we stand in getting some sort of deal finalized how can we be sure if they have to do more future offerings? I can't answer that question, and I would bet money Paul can't/won't reveal anything to me.
That doesn't mean I won't attempt to weasel it out of him.

I would agree with You that any future FMG share price appreciation most likely won't happen until the dilution stops and we're on better footing financially holding an agreement with a bigger fish.

I believe we are one more dilution away from share price at zero. I would like to know their plans to sell interest or assets elsewhere even at a loss to avoid dilution. Similarly - either through a JV or some other deal - I would like to see a share buyback. Outside of FFMGF buying back some of its 1.4B shares or whatever it is now... I think it will be difficult to get significant lift. Forget about a return if we are still diluting in 2025.

I think it sort of would depend upon what kind of a deal we would get. We have seen other partnership announcements in the developer space where the share price did not move much simply because the entire sector is still so hated. But if we get a good JV deal announced on either Springpole or Duparquet (or both?) then I would be very surprised indeed if that would not move our share price at least to the CAD 0.3-0.5 range. It could definitely shoot straight up over a dollar as well if the gold price making new highs would wake up the sector at the same time. But a deal announcement is really what we need share price wise. I don't think it matters much for the share price even if we publish the greatest drill results or updated PEAs for Duparquet. As long as the sentiment is bad it will most likely mean we are going to have to wait. But a deal announcment should definitely give us the first 2-3x from these levels.

I plan on talking to Paul H. in the next week or so. I want to quiz him on where we stand now with some of these timelines with final EA approval, Cat Lake talks, and the Duparquet PEA. I hope he can speak to those issues, but we know these are events happening down the road, not right away.

I would expect IF we got some sort of partnership agreement announcement that such an event would move our share price UP and OUT of this trading range we've been in for what seems like years now. I would guess that such an announcement might be timed to come around other significant company events to maximize the push higher for our share price. That's speculation on my part, but IMO makes some sense. Maybe it will coincide with the push higher for the gold price through that $3K mark? Sometime before mid-year 2025. We'll see what happens, but if all goes to plan, we should finally get some move higher in the FMG share price next year. Hope springs eternal.

Yes, more or less agree upon what he predicts here. The timeline would also fit perfectly with regards to a payoff in FFMG. I really hope we are able to close some kind of a deal during 2025 or 2026 at the very latest. But I think a deal in 2025 is a very high probability right now because we will get the updated PEA/resource base for Duparquet and Springpole in all likelihood will get the EA approval around year end. Maybe it will drag along a few months but they will get it. Someone in the mining space must be interested in either asset if gold is around $3k. These assets will literally be worth billions in the next few years if what Gary predicts will indeed happen.