Epic Adventure To Find Gold: Inside Billion Dollar Mine

One of Canada's largest undeveloped gold deposits

Spring Pole holds 150 million tonnes of indicated resources grading 1 g/t gold and 5 g/t silver, plus 16 million tonnes inferred, representing approximately 4.5 million ounces of gold.

Underwater open-pit design

The deposit sits beneath Spring Pole Lake's north basin, requiring construction of dikes and temporary dewatering of 6% of the lake's surface to mine 300 meters deep before refilling the basin upon closure.

Environmental assessment nearing completion

First Mining submitted its final EA in November 2024 and targets federal and provincial approval by Q1 2026 following the current comment response period with Indigenous communities.

Construction decision by 2027-2028

The company plans to complete its feasibility study in 2026, secure detailed construction permits, and make a final investment decision within two to three years.

Industry-leading cost structure

All-in sustaining costs are projected at approximately $600 per ounce net of silver credits, driven by a low strip ratio of 2-3:1 compared to typical open-pit ratios of 5-7:1.

Grid power connectivity

The project will connect to Ontario's hydroelectric grid via approximately 90 kilometers of transmission lines, significantly reducing both energy costs and carbon footprint versus diesel-dependent remote mines.

Deep value acquisition strategy

Acquired for roughly $10 per ounce during the 2015 bear market, Spring Pole trades at a fraction of the $100-$200 per ounce valuation typical of construction-ready advanced projects.

Scarcity creates M&A opportunity

With major producers generating record cash flows but facing a 'desert' of development opportunities through 2030, this advanced project represents a rare acquisition target as it approaches construction readiness.