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

The Deep Dive Jul 10, 2026

Summary

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.

Key points on Agnico Eagle Mines

  • The guest argues that once an Ontario project reaches the end of permitting it becomes an asset everyone in the industry wants to own, naming Agnico Eagle among the majors that come calling at that stage.

Key points on Newmont

  • The guest cites Newmont as an example of a major producer that suddenly wants to get involved once a fully permitted Ontario project becomes available.

Key points on First Mining Gold

  • Received federal environmental approval for the Springpole project as of July 2026, closing out an 8.5-year federal EA that the CEO says definitively answers whether the mine can be permitted.
  • The provincial EA draft decision document is in public comment through the end of July 2026 with a ministerial signature hoped for before the end of the summer, while term-sheet agreements with Cat Lake and Slate Falls First Nations are being converted into full project agreements.
  • The CEO cites Springpole's PFS-update upside case at $4,200/oz gold — roughly a 60% after-tax IRR, a 1.2-year payback and a $3.8 billion NPV on $1.1 billion of upfront capital — and targets a feasibility study around mid-2027 with a construction decision in early 2028.
  • Financing plans as of July 2026: conventional project debt of about 50-60% of the $1.1 billion capital, room for streaming and royalties, and openness to a partner funding construction equity on an earn-in basis, with the market cap now around C$1 billion.
  • Duparquet is being advanced back toward a PFS, with a resource update expected by the end of 2026, a full year of environmental baseline data, and a plan to process historic tailings deposited between 1933 and 1955 as an environmental cleanup.

Dan Wilton's takeaways

  • 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.

Steve Hyland's takeaways

  • Top takeaway Argues the market 'hates' Ontario and unfairly discounts its mining projects, even though the province hosts some of Canada's most advanced gold developments.
  • Notes First Mining's stock is up 300% over the year to July 2026 and asks what an equally successful next 12 months would look like, drawing out the CEO's 2027 milestones.