Dan Wilton

Advancing Two of Canada’s Largest Undeveloped Gold Projects | Daniel Wilton - First Mining Gold Corp

• Top takeaway Lays out Springpole's path to production: federal EA approval in hand at the end of June after eight and a half years in assessment, provincial approval expected in October, staged permits and detailed engineering next, a definitive feasibility study around this time next year, financing shortly after, and a final investment decision targeted for Q1 2028.
• Argues you cannot mandate a timeline to build relationships with Indigenous communities, calling that the rate-determining step for most Canadian projects, and notes First Mining funded the community review work the government did not.
• Is optimistic his company's eight-and-a-half-year EA process proves the high-water mark and hopes other Canadian projects clear faster.
• Is enthusiastic about Duparquet: about 50,000 metres drilled since the 2022 acquisition with another 15,000 metres planned by year-end, connecting areas that were not connected before and finding new horizons, with a resource update expected in Q1 of next year and a pre-feasibility study by the middle of next year.
• Believes the market currently assigns Duparquet very little value within the company's market cap and argues it could be a project with a multiple-billion-dollar NAV.

Wilton argues Canada's mine approvals stay slow because building trust with Indigenous communities takes time no government mandate can compress. Springpole, five million ounces in northwestern Ontario, won federal environmental assessment approval in June after eight and a half years. Permits and detailed engineering come next, with a definitive feasibility study and a final investment decision (FID — the build commitment) targeted for early 2028. At Duparquet in Quebec, six million ounces and 50,000 metres drilled since 2022 support a resource update targeted for Q1. Wilton claims the market assigns Duparquet almost no value today and argues the project could carry a multibillion-dollar net asset value.

This Gold Stock Is Up 300% — And He Says It’s Still Cheap | Dan Wilton - First Mining Gold Corp

• Top takeaway Argues the federal EA approval for Springpole, after an 8.5-year process, definitively settles the permitting question — from the federal perspective, the answer on building the mine is yes.
• Describes Springpole as 'remarkably robust' at current gold prices, citing the PFS update from November 2025 with an upside scenario at $4,200/oz gold: about a 60% after-tax IRR, a 1.2-year payback and a $3.8 billion NPV against $1.1 billion of upfront capital.
• Lays out a financing path of 50-60% project debt, streaming and royalties, and a possible earn-in partner covering the construction equity, saying those discussions can now happen 'in earnest' after the EA approval.
• Targets a provincial EA decision before the end of summer 2026, full First Nations project agreements in the same window, a Springpole feasibility study around mid-2027 and a construction decision in early 2028.
• Despite the stock being up 300% over the year to July 2026, he argues First Mining still trades cheap at about $50/oz versus peers at about $200/oz, and hopes his two 5-million-ounce-plus projects re-rate toward $150/oz.

Springpole's federal environmental approval after an 8.5-year review clears the key permitting hurdle ahead of a targeted early-2028 construction decision. Wilton cites Springpole's $4,200-gold upside case: roughly 60% after-tax IRR (project return rate) and $3.8 billion NPV on $1.1 billion upfront. Duparquet advances from PEA (early study) toward PFS (pre-feasibility study), using historic tailings deposited from 1933 to 1955 as feed while cleaning up the site. Financing options include 50-60% project debt, streaming and royalties (upfront payment for future metal), and an earn-in partner covering construction equity. Ontario projects are discounted despite a strong permitting record, he argues, with First Mining near $50 per ounce in the ground versus peers near $200.

Why This Gold Story Still Has Room to Run | Dan Wilton - First Mining Gold

CEO Dan Wilton argues the current gold price environment remains highly constructive for advanced-stage developers like First Mining Gold. The company is leveraging strategic partnerships at Cameron and Pickle Crow to advance projects while minimizing shareholder dilution. Key near-term catalysts include the Springpole environmental assessment process and unlocking value at the under-recognized Duparquet project.