First Mining Gold (TSE:FF)
TSX:FF
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First Mining Gold
(TSX:FF)
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Rating:51Neutral
Price Target:
C$0.61
▲(17.88% Upside)
Action:Reiterated
Date:06/17/26
The score is primarily held back by weak financial performance driven by no revenue, widening losses, and ongoing cash burn, which increases funding risk. Technicals provide support with a clear uptrend versus moving averages and mildly positive momentum, though near-overbought RSI tempers that strength. Valuation remains constrained by a negative P/E and lack of dividend yield data.
Positive Factors
Conservative balance sheet
Very low debt materially reduces refinancing and solvency risk for a development-stage miner. This balance sheet strength gives management optionality to pursue multi-year exploration and permitting programs, seek JV partners, or time financings more favorably, supporting project continuity.
Negative Factors
No revenue and widening losses
As a pre-production explorer with zero operating revenue and enlarging net losses, the company cannot self-fund development. Continued losses erode equity and limit internal capital for advancing studies or permitting, making long-term project delivery contingent on external funding or asset sales.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low debt materially reduces refinancing and solvency risk for a development-stage miner. This balance sheet strength gives management optionality to pursue multi-year exploration and permitting programs, seek JV partners, or time financings more favorably, supporting project continuity.
Read all positive factors
First Mining Gold (FF) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$830.52M
Dividend YieldN/A
Average Volume (3M)3.48M
Price to Earnings (P/E)―
Beta (1Y)1.67
Revenue GrowthN/A
EPS Growth-217.54%
CountryCA
Employees33
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.05
Shares Outstanding1,384,196,500
10 Day Avg. Volume3,766,027
30 Day Avg. Volume3,479,500
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)2.95
Price to Sales (P/S)0.00
P/FCF Ratio-23.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$1.42Price Target Upside174.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.01
Revenue Forecast (FY)C$554.35M
First Mining Gold Business Overview & Revenue Model
Company Description
First Mining Gold Corp. primarily focuses on the exploration and development of gold properties. In addition to its gold endeavors, the company also conducts exploration for other valuable metals, including silver, copper, and iron ore deposits. A...
How the Company Makes Money
First Mining Gold generally does not generate recurring revenue from gold production because it is primarily an exploration and development-stage company. Its potential and historical sources of funds typically include: (1) equity financing (issui...
First Mining Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
67
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -208.00K | -135.00K | -486.00K | -479.00K | -235.00K | -168.00K |
| EBITDA | -9.50M | -8.82M | -17.48M | -6.60M | -6.82M | -9.61M |
| Net Income | -69.57M | -77.92M | -15.31M | -7.04M | -15.29M | -61.88M |
Balance Sheet | ||||||
| Total Assets | 362.36M | 348.79M | 294.85M | 286.07M | 266.93M | 260.31M |
| Cash, Cash Equivalents and Short-Term Investments | 44.81M | 45.35M | 13.74M | 12.47M | 13.74M | 42.90M |
| Total Debt | 157.00K | 175.00K | 221.00K | 172.00K | 315.00K | 442.00K |
| Total Liabilities | 141.84M | 130.74M | 50.41M | 47.67M | 39.26M | 36.38M |
| Stockholders Equity | 220.52M | 218.05M | 244.44M | 238.39M | 227.67M | 223.93M |
Cash Flow | ||||||
| Free Cash Flow | -31.42M | -27.40M | -25.05M | -23.61M | -40.95M | -22.92M |
| Operating Cash Flow | -8.38M | -7.39M | -3.95M | -5.10M | -5.08M | -6.44M |
| Investing Cash Flow | -13.02M | -14.26M | -17.87M | -11.31M | -15.81M | 1.85M |
| Financing Cash Flow | 53.27M | 53.99M | 20.74M | 15.12M | 4.89K | 5.26M |
First Mining Gold Technical Analysis
Positive
0.52
Price Trends
0.49
Positive
0.53
Positive
0.47
Positive
Market Momentum
0.02
Negative
64.84
Neutral
71.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FF, the sentiment is Positive. The current price of 0.52 is above the 20-day moving average (MA) of 0.49, above the 50-day MA of 0.49, and above the 200-day MA of 0.47, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 64.84 is Neutral, neither overbought nor oversold. The STOCH value of 71.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FF.
First Mining Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$979.85M | 15.17 | 33.97% | ― | 75.17% | 73.99% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | C$491.24M | 19.90 | 22.89% | ― | ― | ― | |
53 Neutral | C$860.30M | -132.47 | -2.73% | ― | ― | -160.00% | |
51 Neutral | C$830.52M | -11.01 | -30.98% | ― | ― | -217.54% | |
49 Neutral | C$477.85M | -36.13 | -3.94% | ― | -0.97% | -40.86% | |
44 Neutral | C$689.42M | -1.91 | 109.85% | ― | ― | -397.07% |
* Basic Materials Sector Average
TSE:FF
First Mining Gold
0.60
0.40
192.68%
TSE:TAU
Thesis Gold Inc
3.08
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TSE:RML
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TSE:JAG
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First Mining Gold Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
First Mining Gold ends 2025 with record cash as Springpole and Duparquet advance
Positive
Mar 31, 2026
First Mining Gold reported its 2025 year-end results with a record cash and investments position of $45.3 million, plus a significant equity stake in the Pickle Crow Project, underscoring improved financial flexibility. The company monetized its n...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.