First Mining Gold Corp (FFMGF)

[TommyJ7651]

Nationalization is of course a huge threat and that would pretty much be the end for the Canadian mining industry as it is now. But how realistic is this really?

Looking at the approval ratings, Trudeau is basically at an all time low right now. You can see on his Twitter feed that a lot of average people are really pissed off at his government's liberal policies and seem to hate him. A lot of people really don't like the direction he has put Canada on, so my suspicion is that there will be a change of leadership here in 2025. Pierre Poilievre is the likely candidate to take over and my thinking is that he will have lots of support both from industry and just average people wanting to see a more right leaning and business friendly direction. I really do hope his party receives a massive win in the elections.

Ford's government while having received lots of criticism from leftists is actually quite well liked when you look at the polls in Ontario. I still think they are the favorite to win the 2026 elections. A majority of people still support him and his policies, it's just the left leaning media that tries to tell you otherwise. You can also clearly see this trend all over Europe and also in the US with Trump. People are really fed up with leftist liberals and their insane green policies, immigration etc. Right wing parties are rising in popularity every year and this is a trend I see continue all over the Western world.

If you get Pierre Poilievre as PM and Ford continuing his government with also George Pirie as his mining minister, then I think we could be looking at a fantastic situation for the mining industry. Ontario is already really one of the best mining jurisdictions on the planet even with all of the regulation currently in place. Minister Pirie has also enacted the "Build More Mines Act" which already shows you quite clearly what they are trying to achieve here. I see less and better regulation in the future for Canada, it really could not get much worse than what we have now.

So to sum it all up, I really don't think that nationalization is a major risk here if we get this more conservative new leadership into power. That's just so bad for business and not even the most left leaning politicians could really afford to take the risk of ruining the Canadian mining industry from foreign investment. With all of this talk about us needing to shift to renewables and more electrification of our economies there really is no way Canada could afford to miss out on this with its massive mineral reserves.

At the end of the day, politicians lie for votes but they all want the money. Without money you have no government, and the government like you said is pretty much broke. They will need lots of new tax revenue in the years to come and mines are really one of the greatest wealth creators there is. With a new "super commodity cycle" at hand, these undeveloped mining projects are getting more and more valuable. Believe me, in the end the money is what will win here.

[Implanting]

Anybody see this article? I've been curious as to why the markets are staying up and elevated even with all the liquidity SUPPOSEDLY being drained out of the economy. Interesting analysis of why that's happening. Trump is already on record for saying he would get rid of Powell if he gets reelected. My guess is the Fed wouldn't want Trump to get back in office.

https://www.zerohedge.com/news/2024-03-27/how-fed-juicing-stocks-help-biden-administration

[Implanting]

Yes, there's no doubt, the Springpole mine is in no uncertain terms a MUST HAPPEN for all parties concerned. That includes the Canadian Feds, Ontario, FN tribes, like Cat Lake, and of course FMG.

The Ontario gov may be pushing this thing harder than Keith and Dan are. I assume that most of the money that the FN people receive comes from the government and if the gov is broke, that's a big problem for them. They can forget about that road they need.

Let's face it Canada is broke, and IMO what our biggest concerns as shareholders may be once both Springpole and Duparquet are up and operational is nationalization of the mining in Canada a possibility? That discussion has been talked about here many times. My personal opinion is that it would be, especially with the Socialist regime they have running the country there now. It's hard to say how such a move by the government would effect the mining there, but it certainly wouldn't be positive.

TommyJ, you may have an opinion or further insight into that question, so please feel free to delve in with your thoughts.

[TommyJ7651]

Just read these couple of articles (referenced in the end) about the fiscal situation in Ontario. They are now projecting a deficit of almost 10 billion dollars in 24-25 and are not expecting things to get better until 26-27. This is quite important for us as FFMG investors to take note of. Why? Because it means the government of Ontario will be in desperate need of more tax revenues in the coming years and will certainly be looking at those projects where the potential is the highest.

If you look at the pre-tax and after tax numbers (2000$ gold) for Springpole and Duparquet you get an idea about what I'm talking about:

Springpole: Pre-tax NPV = $2,361 billion After Tax NPV = $1,599 billion

Duparquet: Pre-tax NPV= $1,15 billion After Tax NPV = $640 million

These rough estimates means total tax revenues for both Springpole and Duparquet will be north of $1 billion dollars easily at current gold prices. Just Springpole alone could generate over a billion dollars in tax revenues if gold prices rose to 2,3-2,5k per ounce which is very probable during the life of the mine. Keep in mind that if we really see a gigantic rise in the price of gold to say 5-10k during the next decade or so then these projects will be absolute cash flow monsters for Ontario. The overall economic benefits from these two projects will be billions of dollars for the entire region.

"The outlook for economic growth has "deteriorated significantly" over the last year, the government says."

"You can either put on the brakes or you can keep going forward, supporting the infrastructure spend, supporting the economy, supporting workers, and that's the way we've chosen."

Think about these statements from the government and what they are thinking in a situation like this when they look at projects like Springpole and Duparquet. Do you really think they will pass an opportunity like this? I don't think so.

This is really the main reason I believe the permit is pretty much already decided for Springpole after all the "boxes have been checked". They will get the permits simply because the political and economic incentive for the government will be too great to pass. Not only the money but the jobs, roads, infrastructure, powerlines etc. is an opportunity that Cat Lake cannot afford to pass either. They know this will get permitted because it will be a cash cow.


https://www.cbc.ca/news/canada/toronto/ontario-budget-2024-1.7155581
https://www.northernminer.com/subscribe-login/?id=1003865429

[Implanting]

I would add this thought to my prior post. We haven't seen an actual fall in interest rates yet and the gold price is already $2200 right now. Most of the pundits I see on the biz news are calling for just 2 or 3 twenty-five basis point rate drops this year, when the SHTF moment comes with this CRE deal and they have to take rates back down in a big hurry, where will that drive the gold price? That could take it right up to $3000 in short order IMO.

We don't know when this CRE crisis might happen, but it's drawing ever closer. That could also be the reason money is moving into gold right now. It's called anticipation.

[Implanting]

My guess would be that with interest rates being as low as they were FOR 15 YEARS that this problem will be international in nature. Remember the U.S. still had the highest rates (just above zero) prior to the Fed embarking on the current rate hiking cycle. So, this shouldn't only be a problem for the U.S., it's going to have to hit ALL loans taken at those lower rates that have to be refinanced at the much higher rates that are in place now. That ain't gonna happen.

That's going to be a very big problem and we should see some sort of banking contagion come from it. Sure, not all loans will come due at the same time, but maybe it creates a series of rolling defaults, as the loan borrowers won't be able to refinance at the current much higher rates.

Of course, Powell and his minions are playing down this whole scenario. It's only the little banks, not the big banks. LOL The article you posted says otherwise. So, Mr. Powell tell me how you can keep rates higher for longer when these defaults begin? They'll be forced to drop rates like a rock when these loans can't be refinanced. JMHO

P.S. Of course the faster interest rates fall the higher the gold/silver prices will go. LOL

[SeaBlue]

It really lays bare the fraud Powell is perpetrating and as you said will never be acknowledged until the crisis hits. I just hope the banks in Canada don't have the same CRE exposure as it could have an impact on rates and lending across all sectors, not just CRE.

Heck, if FF gets their timing right they could probably buy their own building in Vancouver by the time the dust settles.

[Implanting]

Excellent article, thanks for sharing that. It revealed some interesting facts about which of these banks ACTUALLY have exposure to CRE. Powell claimed the bigger banks weren't as exposed as some of smaller banks, which is total BS. The article proved that in spades.

I chuckled at the way the article ended with the Author calling Powell a brazen Liar and in no uncertain terms to get your money out of these banks before they go tits up. LOL. This next round of bank failures will most likely be the BAIL IN variety.

It's the same old story with these people, they try and quell any talk about bank problems or credit issues until the SHTF moment arrives and then they claim never to have seen it coming.

When will anyone ever hold them accountable for their actions? My guess would be not while they're alive and still on this planet.

[SeaBlue]

Good article about CRE. Looks like some bigger banks have hefty exposure too.
https://winepressnews.com/2024/03/25/jerome-powell-caught-lying-fdic-data-reveals-mega-banks-have-large-exposure-to-commercial-real-estate-not-just-regionals/

[SeaBlue]

Great posts, interesting reading. EOM

[Implanting]

There's no doubt the Chief understands and is most likely extremely excited at the prospects of not only a mine at Springpole Lake, but also in the district areas around the Springpole mine site. That ensures the money stream coming to the FN tribes and Cat Lake will last for a very long time. This will be generational wealth for them, so they don't want to screw it up. They want to negotiate all they can get out of FMG without killing the goose that lays the golden eggs. No pun intended.

As You say, that will take a collaborative effort from the three parties involved. It will happen because for Cat Lake, it HAS to happen. This deal is their future, plain and simple. So, IMO after they go through with their EA plan, approval from them will be given, because their lives depend on it. Ontario and the Canadian Feds will be easy.

IMO Dan's biggest focus now should be creating a real revenue stream out of Duparquet. Acquire permitting to begin digging into those old tailings areas that still contain enough gold to truck somewhere close to be milled. That might be a good shot in the arm for our share price. If we can raise enough cash out of such an endeavor that could stop or at least slow down our share dilution issues.

There's always been concern here about the Company being taken out by bigger players. The feedback I've gotten from Dan and Paul is that if we were approached as a takeout target that there would enough shares in STRONG HANDS to fend off such an event. That may be true, but the way I see it that may depend on what takeout price is offered. What would the strong hands deem as a fair takeout offer from where we currently are price-wise?

I've stated here on many occasions that our biggest ace-in-the-hole is Keith and First Majestic. Why? Because IMO Keith wouldn't allow FMG to be sold for a song. If we got a low ball bid offer for the Company, my gut tells me we would get a better offer from First Majestic. I also think if we don't get the deal most of us expect for an outside JV partner or a valid buyout offer from a bigger player, then we see some sort of merger or buyout from First Majestic. I definitely see that as happening.

You may have more insight as to how you see what goes on after we get Springpole permitted, but IMO we're going to be in a very good place, especially if we continue to see the gold price march higher. We should at that point be perceived by the Street as being in a position to ask for higher valuations, not just be flying in the wind as we are now.

[TommyJ7651]

Agreed.

Basically my own thinking is that the Chief must understand that for Cat Lake to prosper in any meaningful way going forward they must get on board here with Springpole. The government - as far as I know - will not build a road or anything else to Cat Lake unless there is a clear economic reason to do so. That's really the reality here. While I'm very sympathetic towards this community and the issues they have been facing, I sadly think their future looks bleak without Springpole. If the warm winters continue then Cat Lake could be at very serious risk with regards to getting supplies / food / medicines etc. to their already vulnerable community. I would think the Chief is very well aware of this and that is probably one of the main reasons he has been trying to get the government to fund a permanent road. The community has sadly suffered from other social problems as well and I really think this mine could do a world of good for them and provide them with a clear path for future prosperity.

They are doing their own Indigenous Environmental Assessment, but as far as I understand this is really not part of the official process in any way. The government is the one who will make the final decision in the end. But First Mining has been very respectful of this and my understanding is that they really want to include all of the feedback they have received from Cat Lake into the final EA submission. This is the right way to do it. Cat Lake wants to be included in this process and they really should benefit from this as well. I want to see Cat Lake, First Mining and the government all coming together here and working out a solution whereby everyone wins. There is no point for any one actor here to try and force their way over any other. In this sense I understand the Chiefs frustration with the government. Collaboration is the way to go. You need good negotiators here and I fully trust Keith, Dan and Steve to get the job done.

Sure I understand Cat Lake has legit environmental concerns as well with regards to the mining operation itself but there really is nothing there that cannot be solved with engineering and physics. If they can form a good partnership between First Mining and Cat Lake then the sky is the limit. The money that will come from this operation will enable them to solve everything, really. First Mining could use some of the money to help build out the road network and work with the government together on this. They could build new infrastructure and power lines which could benefit Cat Lake. Keep in mind that mining jobs easily pay north of 100k a year in Canada, so I'm really not joking when I'm saying that this mine could quite literally "shower gold" on this community. It could enable them to build new housing, schools, hospitals, water treatment etc. Anything they would like could realistically be built because there would be so much income from this mine.

Money can also solve any and all of the environmental issues they might face. A portion of the money could for example be allocated to local conservation work, wildlife protection, fish habitat restoration, help the community preserve their sacred sites and other traditional ways of life. First Mining has already done detailed plans for some of these things. Like there is nothing that they cannot achieve if they can reach an agreement to cooperate here.

I think we will get answers soon to all of these concerns as I know Dan and Steve are working around the clock to make this happen. I would still like to point out that Duparquet really could be the "ace in the sleeve" here because I think Springpole is taking way too much of investor attention. If they can get Duparquet going and producing cash flow in the next say two years or so then that will be a massive catalyst for this story. I actually think it is very possible that Duparquet will be the first project to form a JV or something similar with a major (or maybe First Majestic?). The path there to near term cash flow is very attractive and while they process the tailings for a few years they can prepare all of the necessary EA work there to get that operation into a major mine. This cash flow could also enable much more flexible funding options to eventually build Springpole and get that going as well.

I always try to envision what Keith himself would like to see happen here. He has been quite vocal I think in his recent interviews about First Mining actually becoming a real miner unless we get taken out before that. Sadly, it does seem likely that this will happen because I think a major will snap these project up in the next 1-4 years or so. Hopefully at least we can squeeze a billion dollars out of these assets if it comes to that. I certainly would like to see the other route here where First Mining forms JVs with a major (or First Majestic?) and starts mining these assets itself. That is the scenario where this stock really could be rising 20-50x over many years. No I'm not kidding. The valuations right now are so out of touch with reality it is not at all difficult to envision the company being worth 3-6B (CAD) in the long run if gold prices rise to 3-5k/ounce.

Exciting times for sure! Best of luck to you all and sit tight!

[Implanting]

Thank you for that excellent response to my questions. You actually answered some questions that I didn't ask. Like how much would this road cost to build?

$117 million isn't chicken feed and I'm sure most of that revenue would have to come from the money earned from mining gold AFTER the mine is operational. The Canadian government or FMG doesn't have that money available at this point and Chief Wesley has to know that. This road can happen for them, but the sooner they come to an agreement for the mine to be built, the sooner their road gets built. The Chief has to know that too, this isn't rocket science.

From the article You posted it would appear they have other infrastructure needs and issues also. It talked about an airport that hasn't been built to date and is five years overdue to be built. The best thing that could have happened to Cat Lake is for the Springpole mine to be built, it will change their way of life there for the better. The Chief knows this and IMO is why he wants to stay on good terms with FMG, BECAUSE IN REALITY HE WANTS THIS MINE TO BE BUILT TOO. Cat Lake stands to be a big winner in the grand scheme of things. This all comes down to a big negotiations event, which is nothing new in building mines. Like You mentioned before, I would like to have them bring Steve Lines
in for a webinar after our final EA is submitted this Summer.

I was also wondering about how the Cat Lake EA study, funded by FMG, might affect the overall EA timeline, but from what I can tell their study should be completed in Spring 2025, before the government approvals are given, according to Dan in this last webinar, in the second half of 2025. So that shouldn't be an issue one would think.

IMO the long-suffering shareholders of this Company have been patient and deserve a nice reward at some point, I HOPE we see that in the next couple of years. As I said, I believe in Keith and I think he wants that to happen for us all, but if the overall stock market dumps going forward, then I would expect our share price to suffer too. I'll add more shares on future weakness. I have very little confidence in the Company being able to support our share price in a bad stock market. That's more of a macro problem going forward, but it can definitely effect our share price and we all know the cheaper the share price the more stock dilution has to happen. No one wants to see that.

[TommyJ7651]

Thanks man! I will give my opinions on your questions and include an article further below as source. Probably going to be a longer post.

Regarding the "road issue". It is quite clear to me from all the information I have gathered over the years that Cat Lake have been wishing for a permanent road for quite a while and built up quite a bit of frustration with the government. Some quotes from the article referenced in the end shines some more light on this issue:

"Wesley said he has asked Indigenous Services Canada for $93 million to build a 90-kilometre permanent road to Cat Lake First Nation, which he said will cost $117 million overall, according to studies he had conducted for the community. Wesley said he was told by the Ottawa and Ontario governments that no capital exists for the road."

"Wesley said his community wants a permanent road. “They say we need a road for our youth in the future, and we also need that road because we have a land use plan that’s legislated under the Far North Act,” he said, adding these plans involve development in forestry and biomass diversity for the area."

We can probably assume here that any permanent road built to reach Cat Lake is a 100 million+ project for sure. If it is to be built, it needs to be partly funded by government and First Mining Gold. I am quite sure that nothing will happen from the Government's side unless Springpole gets developed into a mine. I would think the Chief is very well aware of this but wants to get some kind of guarantees from the government that a permanent road will actually be built if they get on board. This is where I think both Dan & Steve come very well into play. This really is a potential win / win / win situation if they can get a community agreement in place. Cat Lake must be aware of the fact that in order for their future generations to prosper they need new roads, infrastructure, and jobs into the region. The warm winters make it more and more difficult to get supplies and food to their community because the ice roads are only open for a few weeks each year. This is not sustainable in the long run. A new permanent road is a must for this community's future and I really understand the Chief's frustration about this, but the fact of the matter is that nothing can get built without money. This is where Springpole comes into play. You get that mine up and running, and the amount of wealth it could bring to this community is spectacular. I'm not just talking about new roads, powerlines and jobs but actually getting schools, hospitals, water infrastructure etc. Go look at what First Majestic Silver built in Mexico and you get an idea of how much wealth a single mine can bring to a region. They built entire towns from nothing with poor Mexican kids getting schools and computer equipment, new housing, water pipes, along with all kinds of economic development. This is what Keith said he would like to see also happen in Northern Ontario and this is also what I would like to see as an investor. It really would be the best outcome if everyone wins here. So to answer your question from purely a technical & judicial viewpoint, yes this mine will get permitted and built with or without Cat Lake. I know the government mostly cares about the tax revenues this project generates so they will approve this mine in the end no matter what, but I would still like to get a situation where everyone wins.

Regarding your question about the Final EA submission. Again this is just my opinion, but my understanding is that it is a very "back and forth" process in the way First Mining is doing it. They submitted the draft, got all of the questions from the government, answered them all, and now they want to make sure the final version really has everything included for the approval. Also, they are consulting with Cat Lake all the time and have received feedback and questions about their concerns as well which will be included in the final EA submission. They are being very thorough here and that is something investors must understand is for the benefit of us all. This is a process where you don't "mess around" so to speak. You do it properly all the way to the end. This is why it has been hard for Dan to give any final timeline on the process because, as I said, it is still ongoing and they want to make sure everything is in place before the final submission. But it will be done before the end of summer, that's for sure. And when that happens, you can be pretty much sure the approval will be given because it's just a formal process after that where they "check the boxes" so to speak. Cat Lake is doing its own "EA process" as well (funded by First Mining) and that will be completed somewhere around spring 2025. It would be fantastic if they get that done and give their consent before Springpole receives its final EA approval from the government. But this is not part of the "official" process. In the end, the government decides what gets built.

I understand very well (as a rather large shareholder) the frustration investors have experienced with this stock, but there really is no shortcuts here. When you invest in this stock what you really are investing in right now is the ability of Keith, Dan, Steve (and the rest of the team) to make this vision happen for us all. The assets this company sits on are fantastic, but in the end the people are what matters. Keith's track record in this business is phenomenal and I sincerely believe he really does want to create wealth not only for shareholders but the entire communities around Springpole. Both Dan & Steve seem to be very decent and goodhearted people and that is what you want in a situation like this. First Mining Gold and Cat Lake are on good terms and I really don't see any kind of hostility with the two. I have a strong belief in that First Mining and Cat Lake will be able to get a community agreement in place where they permit development on their lands and in return get guarantees from FM and the government for a permanent road to be built and maybe some other profit sharing mechanism. Unless they can be helpful, the government basically needs to stay away from this until the two can come to an agreement. If this gets up and running, the amount of money it will generate is insane and that will solve all future problems and concerns Cat Lake might have as well as giving them a fantastic opportunity to prosper economically.

My whole thesis with my big investment in First Mining Gold really comes down to this vision where everyone wins and both Springpole and Duparquet get developed into big mines that will shower wealth on these regions like nothing has before. All the stars are aligning here for a massive win for us all.

https://www.indigenouswatchdog.org/update/these-ontarians-rely-on-roads-made-of-snow-and-ice-but-what-happens-when-winter-is-too-warm/

[douginil]

I bought shares in this company simply because Keith N. is behind it. I put faith in his ability to build mining companies and he's got a pretty damn good record of it from his prior endeavors. As for our share price, I'm not thrilled at all to see it down here and it wouldn't surprise me in the least to see it get even cheaper in a bad overall stock market. In fact, I think that's a very good possibility going forward. We NEED them to get this starter mine at Duparquet up and running to create some revenue. Let's see if Dan can make that happen.

Yes I did also back in 2016, still waiting.

[Implanting]

TommyJ, I would like to welcome You here to the board and after reading your very detailed post I've come to the conclusion that you are very well informed about what's going on with FMG. That's good, we're looking for shareholders IN THE KNOW.

If You go back and read some of my old posts I think you'll find that I've made some of the very same calls you have in your post. I won't bother listing them all, but we're pretty much on the same page. The Cat Lake saga is IMO just going to come down to negotiations and who's paying for what needs to be built for Cat Lake after all is said and done. The Cat Lake Tribe has to in no uncertain terms know that no roads get built until AFTER they agree to the mine being built and IMO until after the mine is up, running, and bringing in revenue. How else would their road be funded? Unless the Ontario and Canadian gov. have the money to start the work. My guess would be that ain't gonna happen. IMO the Chief at Cat Lake is upset because the Ontario government isn't doing what he wants them to do. Is there any validity to that question?

I would also add that Paul in IR told me FMG didn't require the approval of Cat Lake to build Springpole. That approval is given by the national and provincial governments, so although it would be our desire to have Cat Lake's blessing to build Springpole it's not necessary to have. Any comment about that?

You've done your homework on the EA process and say that there's nothing significant the Company hasn't addressed. My question to you is why isn't the final EA submission already completed then? Why are we waiting for that to happen this, Summer? If you know the answer, please elaborate.

What has been very frustrating for me and other shareholders is that the final completion of the Springpole permitting has become a moving target that Dan doesn't seem to have a firm handle on. I understand Covid played a role in the delay, and they totally reset the permitting strategy when Steve Lines took over, but still the permitting timeline continues to get longer. Every time Dan does a webinar his timeline on Springpole final permitting is longer than the prior time he talks about it.

I bought shares in this company simply because Keith N. is behind it. I put faith in his ability to build mining companies and he's got a pretty damn good record of it from his prior endeavors. As for our share price, I'm not thrilled at all to see it down here and it wouldn't surprise me in the least to see it get even cheaper in a bad overall stock market. In fact, I think that's a very good possibility going forward. We NEED them to get this starter mine at Duparquet up and running to create some revenue. Let's see if Dan can make that happen.

[TommyJ7651]

Thanks man for your posts. I'm new to this forum although been a shareholder since 2016, have about a million shares. Nice to see other "bigger" shareholders being active with management etc. I still very much believe in this company and their long term prospects are imo fantastic given the current macro environment for gold. Mining projects take their time and the big industry insiders often state you need to have a 10-20 year horizon if you intend to invest in miners in any serious way. This is also my belief when I started buying stock back in 2016, I knew it would take a while but I said to myself back then I will commit to this company as long as they are progressing meaningfully. I think it has actually taught me quite a bit to see this company transform from a "mineral bank" shell company of sorts to being this close to actually being developed into a real miner. You really start to appreciate how hard these guys are working to get things done in this very difficult industry. I believe we have a future multi billion dollar company here unless we get taken out before that. I have had my own suspicions for a while that Keith is brewing something behind the scenes with First Majestic now actively looking for new projects outside of Mexico. Even though they are very focused on silver, they bought Jerrit Canyon and they might very well be looking to expand more into Canada? I can definitely see a situation here where Keith would just buyout the company outright or make JV agreements to develop Springpole or Duparquet (or both?). Why not, First Majestic already bought that streaming deal with Springpole so It's really not far fetched to think they could do a future merger. Keith even admitted in a recent interview that this idea "has crossed his mind" and that "he would actually love to do it" but would probably need to convince his board about it quite well. Of course, it is also very probable that a major will come in soon since we know there are a number of these guys that have signed NDAs with First Mining, so we know they are watching all the time. I actually hope we won't get taken out too cheaply because I want our patience to be rewarded well. I would actually love to see Duparquet start out as a small starter pit and start producing cash flow which the company could then use to develope over time into a bigger miner. This is the "slamdunk" scenario I see when it comes to maximum share price appreciation potential. Time will tell, but I can almost "feel it" that we are very close to a major breakout now with lots of key catalysts around the corner. Good things come to those who wait, as they say.

[TommyJ7651]

As a quite large and longtime shareholder of FFMG, I want to bring my two cents here. I think Cat Lake as a community has suffered quite a bit in the last few years from all kinds of social / housing problems and most recently their only nursery also burned to the ground. If you read the recent articles about this community then I think we can all understand there is a lot of frustration built up in this community directed at the government of Ontario. When the road permit was granted, I think the Chief was just so overwhelmed by all of the other stuff on his desk he simply had to do a "time out" of sorts. First Mining seems to be on good terms with Cat Lake and I really got the feeling that Dan cares a lot about this community and wants to include them in the whole "approval process". The two spoke at the PDAC and I understand there is no hostility between them. Chief Wesley has also stated many times that his community is not at all against development on their lands, they just need the time to do their own assessment (which btw is funded by First Mining). The draft EA was already submitted some time ago and they have answered all of the questions that have come up. If you actually read the EA material on their website you can see they have done an enormous amount of work regarding all kinds of mitigation measures for the fish habitat, water treatment, wildlife protection etc. First Mining has also collaborated a lot with Cat Lake already regarding their community concerns, so it's not as if the company has completely ignored them, far from it. This is important for investors to keep in mind.

Regarding the "road issue", I think First Mining / Cat Lake / Government all have a very good opportunity here to come to an "win / win / win" type of situation. I find it quite hard to envision how a road network would be developed and funded without the mining projects also being approved. Many First Nations have suffered quite a bit from the warm winters which make the ice roads they depend upon for supplies / food quite dangerous to use. I would like to think that they too will realize that modern roads are simply a must if they are to survive/prosper in the future. Roads just make life so much more convenient and makes transportation of goods way cheaper than what they have now. The government of Ontario just signed infrastructure / road agreements with two First Nations with regards to the Ring of Fire development. I think there is good momentum now building for collaboration between the government and FNs. Mining Minister George Pirie even said he is aware of the situation with Cat Lake and First Mining and stated he has every bit of confidence it can be worked out. All of the parties are interested in the money this massive project generates because the reality here is that money is what will solve all of the problems Cat Lake faces. They could get new roads, new power lines, lots of well paying mining jobs, economic opportunities for local businesses, profit sharing agreements etc. I mean there is just so much economic upside here for the community if they get on board. The amount of money this mine will create will easily solve all future problems.

I have done my homework regarding all of the environmental questions that have come up from the draft EA and there really is nothing significant left which the company has not addressed. First Mining has a development plan that provides for a significant net improvement of fish habitat over the life of the project, water treatment plans are in place, studies about caribou, wolverine, aquatic life have been done, tailings management etc. There have been just so much work done here which investors don't really seem to understand. I really have zero doubts about this project getting the EA approval. I have followed other mining companies and their project developments for years and years and usually those projects which fail to be approved have some kind of "big red flag" already in the beginning. Nothing like this has come up with Springpole. The project itself is actually not at all difficult to build or manage, it's just simple engineering and physics. It has been done many times before in Canada, and in much bigger scopes. It's just that people get emotional about the deposit being in a lake etc. Springpole is actually quite a small project (despite its deposit size) in terms of its overall effects on the environment compared to other similar sized projects which have been developed.

It will all now come down to the negotiations. I think Dan and Steve are the perfect team to make this happen, I especially want to hear more from Steve after they are done submitting the final EA. This guy clearly knows his business when it comes to the whole approval process and my sense is that he will be a fantastic asset for the company in the current situation they are facing. Like I said, getting the EA approval is pretty much already baked into the cake. The government - as far as I see it - is already on board with this project simply because it will create so much tax revenues and jobs. What we need now is a community agreement in place which allows for the development of Springpole while also giving Cat Lake the promise of the extension of the road network to their reserve. Other potential revenue/profit sharing agreements could also be on the table for Cat Lake if they get on board here. This is all up to First Mining and Cat Lake to negotiate while the government supports both parties to come to an agreement. To back it all up you have Keith himself in the background supporting all parties here and he is putting his money where his mouth is. I find it very hard to believe Keith would be buying shares every month and aiming for 50m shares total (he has 30m now) if he had zero belief in this company being able to pull this off. Also, Dan has put a significant portion of his family's net worth in to this company. Would he really gamble his family's wealth on a long shot? I doubt it. These guys are the ones for the job. We as investors just need to be patient.

I have been heavily adding more shares in the recent weeks simply because I still believe in this company long term and I think the valuation is absolutely ridiculous. I think we will see both Springpole and Duparquet developed into big mines. Regarding Duparquet, the potential for near term cash flow from a small starter pit operation could be a massive catalyst for this company. I think investors are completely missing this development because they are so focused on Springpole. There are quite a bit of tailings with lots of gold sitting there ready to be processed, I think something like 120k ounces total. All they need is some contractor agreements in place and we could be looking at quite decent cash flow here.

Even though it looks like this company is completely forsaken based upon the share price, I think we are actually in a very exciting place right now where all of the years of hard work that have gone into this company will suddenly materialize. Stay patient guys and add more when you still have the chance. We will soon be rewarded when this sector finally turns.

[Implanting]

Another really good George Gammon vid on how the Banksters KNOW what's coming and won't admit what their own data says is coming. In other words, they lie about what's coming down the road and attempt to paint a rosy picture instead.

George reveals what past history says will happen with an inverted yield curve and that EVERY TIME with no exceptions the inverted yield curve indicates recession is coming. It takes the YC to UNINVERT for the SHTF moment to arrive.

[Implanting]

O.K., this is important and as straight-forward as Rick Rule can say it.

Go to 22:35 in this video and listen to Rule answer a question from the Interviewer about what happens to mining stocks when the market sells off, crashes, or maybe even goes into a bear market for a time.

Rule in no uncertain terms says they will SELL OFF with the market. He makes that crystal clear and gives his reasoning for that happening. He talks about how physical gold will rebound BEFORE the miners do. I remember that being the case in the 2008-09 downturn before gold reversed and went on its epic run to $1900 in 2011.

I wanted to post that so everyone who might be under the impression that the gold miners would move up in a down market are hearing it straight from the horse's mouth. Rick Rule would know and he couldn't make it any plainer than he has here.

If you think the market's going to continue straight up from here, indefinitely, then disregard this warning. LOL

[Implanting]

I see Keith added more open market shares this week. Does that mean the coast is clear???

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

[Implanting]

Just watched this Mike McGlone interview with Tom at Palisades Gold. I like posting some of Mike's videos because IMO he gives a very unbiased, middle of the road view of what he sees coming. He even likes Bitcoin and says so.

If I understood him correctly, near the end of the interview he mentions the gold price and the S&P 500 index converging at around 3000. So, he sees gold making it to $3000 when the S&P comes back down to the 3000 area. I thought that was an interesting take on things.

[Implanting]

Paul told me the last time we spoke that management thought a big player was selling FMG shares. I'm not sure why they would unloading shares down here?

[Implanting]

Well, I appreciate your finding some of these videos, especially from Crux or other company related interviews that you seem to find easier/sooner than I can. I know your time is limited to do so.

Yeah, I'm great in giving my 2 cents on almost ANY topic. That's my specialty, whether anybody else agrees with me or not. LOL

I know that eyes glazing over feeling. I get the same thing when I give my opinions to friends or family members about what I think may be coming. Nobody wants to hear it or come to face with reality.

My life will be complete if the time comes when I can say...."I TOLD YOU SO".

[Alaska12345]

Sun valley looks like the private hedges fund that has been selling. Hopefully there done

[SeaBlue]

I try to throw what I can up on the board. It’s not anything that can’t be found with minimal searching. I enjoy reading your posts as I think your analysis and thought process are typically deeper and better than mine. That goes for others on the board – Nsnz33, Pollisis, traderjoe3227 and several others who have posted here over the years. All have great knowledge and viewpoints when it comes to FF in particular and on broader topics like the economy, currencies, central banks, precious metals, society, history, etc.

It is a great outlet for me and helps me avoid talking about such matters to the Mrs. – whose eyes just glaze over and who does not pay attention despite the topics being of such importance. 😊

[Implanting]

Yes, thanks for that information. IMO this would be a very important event for this company. A REAL revenue source that could hopefully be enough to at least slow down our dilution rate going forward. I agree that if they can pull this off it would be perceived as being very positive by the Street.

ANY non-dilutive revenue producer for the Company is a win. Let's see if they can make it happen.

[Implanting]

Well, all I can say is it's about time Dan painted a clearer picture of the situation in general. That's concerning what's going on at Cat Lake and also shedding a little light on the Sprinpole permitting and a few words about Duparquet. It always seems to take Matt doing his usual thorough questioning to make Dan talk. If Matt weren't conducting these videos we'd be much less informed as shareholders.

IMO it's fairly evident now to see what's happening at Cat Lake. The Tribe there want their all-season road and until they get it, they'll be difficult to deal with. Remember the Big Chief's problem wasn't so much with FMG, it was with Ontario and most likely the Feds. That may be the bigger problem for them getting the road. It should be made very clear to the Big Chief that any road building for Cat Lake begins AFTER the mine is operational and producing gold. That's the only way the money is available to build the road. PERIOD.

Without having a clue what building this road will cost, I can't see how between FMG, Ontario, and the Canadian federal government they wouldn't be able to give it to them. UNLESS, it doesn't matter to the government and the Feds tell the Tribe to go fuck themselves about a road. Remember my conversation. with Paul was that the government gives the authority to build the mine after all is said and done. All the PERKS obtained by the Tribe are in essence to make them happy and stay in their good grace, so I guess we'll see how it all plays out. IMO the mine's going to be approved. We know Canada wants to see that happen, too much money is lost if they don't build it.

Most of what Dan said about Springpole was old news. I want to hear from Steve Lines shortly after this final EA is submitted over the Summer. He can give FMG shareholders a blow-by-blow story on where we are and what still needs to be done. ALSO WHEN IT SHOULD HAPPEN. Now the timeline Dan was talking about in this video was another year and a half away. Hope I'm still alive by then....

He spoke briefly about Duparquet, but again nothing specific. He talked about not needing to build a mill for the gold, but what about getting permits to mine and dig the ore out of the ground first? How long's that going to take to obtain? Is he talking smack about that or is it doable in a time frame that will help the cause? Give us some hard facts please.

P.S.: Seablue, as usual thanks for posting this very important video for us.

[SeaBlue]

https://www.cruxinvestor.com/posts/first-mining-gold-two-of-canadas-10-largest-undeveloped-gold-projects

[SeaBlue]

Thanks for the information. That would be a welcome development if they can make it happen. I did not realize the timeline on that could be so short.

[Pollisis]

Surprisingly fast. I had a conversation with management in January where it was conveyed that theoretically they could be pulling gold out of the ground by the end of this year. They said it probably wouldn’t happen that fast but it could be done. There’s not much for us to do as we wouldn’t need a full EA and we wouldn’t need to build a mill. As long as we are under 2000 tons per day, it’s a very fast approval process. There are multiple mills within 30-50 kilometers from us so we would need to make an agreement with one of those and then put together the logistics on trucking the tonnage to the chosen mill. The costs per ounce would be a bit more expensive as we would have to pay the mill a per ounce fee and we would incur the transportation cost but with gold above $2100, that’s easily digested.

The upfront cost is virtually zero. I don’t see much in the way of drawbacks to moving forward this way. Based on my conversations, I believe that FF will institute a plan for this. There would be immediate revenue and decent cash flow. In addition, I think the market would view this plan favorably.

[SeaBlue]

Enjoyed your post. Any idea on what kind of timeline we would be looking at for a smaller starter pit operation at Duparquet?

[Implanting]

So, I was curious as to actually WHEN Steve Lines and his Crew were hired, I went on the Company website and found out.

Here's the link for the PR they put out on Nov. 17, 2020, and it speaks to Steve Line starting on Dec.1, 2020 That would put Steve with the company for four years in November. Time really flys, it doesn't seem that long ago.

https://firstmininggold.com/news/releases/first-mining-announces-appointment-of-vp-environment-and-community-relations

Lines may have still been working on getting the Hardrock mine permitted before we hired him, but our permitting process changed when he took over and that reset the process altogether.

[Implanting]

All I can say is I hope you're right.

I also bought my first shares in 2016 at much higher prices and have cost averaged down about 9 cents below where you are, so I'm deeply underwater too.

My opinions on Dan I'll keep to myself, but it's a sweet and sour opinion for sure. No one can be happy with where the share price has gone over the years, and I agree with You that Dan as the CEO is responsible for the poor share price performance. I have a very positive opinion of Paul since he came onboard. I can only imagine the shit he's gone through.

I haven't talked to Dan or Paul specifically concerning the handling of the Springpole permitting, but until they hired Steve Lines and changed their procedure methods, the procedure wasn't the current one. That set us back at least a year in the process and I believe Dan should have been on top of that situation sooner. I'll admit he had a lot on his plate when he took over, but Steve Lines came onboard at least two, maybe three years AFTER Dan did.

On the subject of being at a bottom in our shares is I'm skeptical we are there just yet. My feeling is if we see a big swoon in the overall markets are some point this year or after the election that all risk assets will fall. Money will go into the dollar and U.S.treasuries until the Fed pivots and begins QE again. IMO after that happens we'll see gold and eventually the mining sector take off. I do think it's going to be interesting to see how our share price reacts to our final admission of the EA this Summer.
I'm hoping it's very positive.

Time will tell on how this plays out, but we should be getting ever closer to some sort of turning point for sure. THANK GOD.

[traderjoe3227]

Great post Pollisis. Right here entire time as well. Also been in contact with them a lot over the years but don’t write as well as you. Agree with everything wrote. We shall see.

[Pollisis]

This is going to be a long post. I’ve seen some posts lately about Dan’s performance and the share price. Here are some of my thoughts for what it’s worth. Full disclosure, I have been in this stock since 2016, I have multi seven figure share count and my average price per share is a little over .39 cents USD. I say this to show that I’m down a tremendous amount and I’m not happy about it. I also participated in the latest offering round where I picked up shares at .091 as well as the options.
I certainly recognize that at the end of the day, it is the CEO’s primary job to increase the share price for the shareholders. In that respect, current management has failed. With that said, we are in uncharted waters when it comes to the mining industry as it relates to valuations compared to the gold price. I just read an article a couple of weeks ago discussing how Barrick has never been at a lower valuation compared to their NPV (net present value) then now. In its entire history. The point being that this is not an issue affecting just us. It’s the entire mining industry. The valuations of mining companies follow 10-15 year cycles and we are at the low currently. I believe that we’ve bottomed and will begin a sustained move up. Historically, developers are valued at about .5 to NPV. At $1600 gold, our NPV is around 1.6 billion which means our current valuation is around .05 to NPV. This is undeniably the worst bear market the mining industry has ever seen. I’m not sure what Dan or for that matter Keith could do differently to make a difference the last couple of years. Based on conversations that I’ve had with them, it appears the plan has been to just keep working on Springpole and Duparque to advance them so that when the industry comes back into favor, everything lines up for our share price.

Speaking about Springpole, we’re very close to submitting our final environmental approval application. It’s slated for June or July of this year. It’s important to note that there are two ways to conduct this process. One way is to do your work, submit the application and then spend a couple of years going back and forth with the regulators answering thousands and thousands of questions, concerns and clarifications. The other way to do it is to go back and forth with the regulators ahead of time, work through all the issues prior to submitting the final draft. We opted for the second approach. If I recall, early last year we submitted a draft and after a few months, the regulators sent back 1200 questions. We responded to all of those and then a few months later, we received somewhere around 500 follow up questions to which we responded to all of those. This option takes more time to the point of final submission but much less time to get final approval after submission. By doing it this way, once you submit the final submission, you’re all but guaranteed to receive approval because you’ve already addressed all the issues prior to submission. Full approval takes about 12 months from final submission but it’s really just crossing T’s and dotting I’s. I asked management if there was ever an example of a company going this route and not receiving approval. The response was yes but only because a few companies ran into financial difficulties and shut down their operations not because the regulators denied them the environmental approvals. So essentially, once we submit the final draft, (June or July of this year) we’re on the clock for final approval. This is important because the smart money knows this as well. Institutional investors, big mining specific funds and most importantly, senior producers.

All of this is to say that I believe the bottom is in. Not just for us but the entire mining sector. That’s not to say that if the stock market were to crash that we wouldn’t experience a sharp drop as well but it would be brief and would set up an epic bull run for PM’s and miners. Looking at FF specifically, it appears to me that everything is lining up perfectly for a huge run in our stock price over the next few years. It appears the gold price has begun a sustained move up, we by all accounts are at the absolute bottom of the 10-15 year miner valuation cycle, we’re months away from final submission on one of the largest projects in North America that fits exactly into what the senior producers are looking for and desperately need and we seem to be moving forward on a small scale mining operation on Duparque (by limiting to sub 2000 tons per day, we can get approved without having to go through the tedious process of environmental approvals).

So what does all this mean to our share price? My guess is that we’ve seen the low (baring a near term stock market crash) and we will soon see our share price break above .10 and continue to appreciate as we head into the summer. I would bet that we put a deal together on Springpole with a major prior to receiving full approval which would be Q2-Q3 of 2025. If the gold price continues to go up (2400-2600), the sector comes back into favor in terms of valuations and we put a blockbuster deal together with one of the largest mining companies on the planet, I believe our share price will be magnitudes higher then it is now. Run the math yourself on what our share price would be if we just mean revert to historical norms of .5 to NPV with the gold price at $2600. I have and it’s a really big number. In short, I believe the stars are aligning for us over the next 12-18 months. We’ve weathered the storm that lasted many years longer than I ever thought possible.

And to Ron and Marv up in BC, since I know you’ll be reading this, hang tight, we’re very close to a breakout in the stock price.

[Implanting]

I don't have a crystal ball to tell the future, but I think you're going to have more chances to add FMG shares at cheaper levels. That's for ALL risk on assets, not just the miners, so have your "buy" wish list ready. My view is until that time comes, keep your powder dry. I say that because we're certainly closer to a market TOP and not a market BOTTOM.

I'm going to post a recent interview with David Hunter that I would in most part agree with. He's been accurate with his macro views to date. He sees us heading for a blow-off top and then a huge bust after that. Obviously you want to buy closer to the bottom and when blood is in the streets. He also speaks
to where he thinks gold is headed, which is higher. I disagree with him that gold will rise when the market sells off AT LEAST IN THE SHORT RUN.

The gold price should reverse when interest rates begin dropping and the money printing cranks back up in a very big way. JMO

[Implanting]

What's so laughable to me is how so called Banksters like Felon can pretend to be so neutral when they're at the Fed and be so politically biased as she is as treasury secretary. It's all just bullshit, as I perceive her to be.

If her mouth is moving, she's lying.

[SeaBlue]

Watching Janet Felon makes me wish Norm Macdonald the comedian was still alive and could do a fake interview with her to really show what a joke she is.

[Nsnz33]

Godamn it I didn’t pull the trigger at .073. I had the $10k in my etrade and thought the market downturn / crash would bring down the entry / avg down point to a better level.. greed cost me $2500 in lost profits.

Sigh. I hate being a coward. Come on gold price / general market, crash for me on Monday.. joking. 😢😭

[Implanting]

Issues like this in Canada are the reason I'm concerned about ANYTHING going on in that country. If you don't have free speech rights, how can they have free markets? This is why I'm concerned about the mining industry there.

https://www.zerohedge.com/political/oh-canada-parliament-moves-impose-potential-life-imprisonment-speech-crimes

[Implanting]

Janet Felon and Joe Biden are like two peas in a pod. If their mouth is moving, rest assured, they're lying.

This interview is a great example of that. She had to admit that she and Powell were both wrong about the temporary inflation BS they were trying to sell everybody.

The only thing that will be TEMPORARY is that prices may fall for a time before they go back up in a much bigger way. They think people are stupid and believe the crap they're dishing out.

https://www.foxbusiness.com/economy/janet-yellen-warns-inflation-decline-might-not-be-smooth

[Implanting]

So, now even JPM is calling for $2500 gold in 2024. Gold is their #1 commodity pick for this year.

https://www.argaam.com/en/article/articledetail/id/1712700

[SeaBlue]

Agree, thanks for posting. EOM

[Implanting]

Thanks for posting the post from Stockhouse.

This is the way I see it. Instead of Dan or Paul telling every individual shareholder what's going on at Cat Lake, why don't they schedule a webinar to inform EVERYONE about what's going on at Cat Lake from the company perspective. Maybe bring Steve Lines into the webinar to give his expert perspective too. He doesn't have to talk about what's going on behind the curtain with the Chief or the Ontario government, just speak to what's actually happening. I don't see that as being a big deal. It's called communicating.

The rest of this fellow's post just confirms what I've been saying. For Dan to get more specific about the ROAD situation at Cat Lake and to talk more in detail about how and when they might resume mining again at Duparquet. Dan apparently quelled his concerns with what he said, why doesn't he do the same for the rest of us? This wouldn't be too difficult IMO.

P.S.: The articles that Seablue posted about Cat Lake are just about the ONLY news we've had to go on here and those are and can be biased depending on who's writing the article. Hearing something right out of Dan's mouth should clear the air for everyone. It's obvious the PR about the road to the Springpole Camp being put on hold spooked investors and our share price. You would think Dan would want to quell any further concerns? Why not schedule a webinar to do that? Makes sense to me.

[Nsnz33]

Insightful Call w/Dan from another board

Someone from stockhouse had a private call with Dan and posted what they talked about. Thought you’d find it illuminating and positive

So the call went well and here are the list of things I think people should take note of:

Lets start with Cat Lake. We talked quite a lot about all of the issues that have been plaguing Cat Lake, like the substance abuse, lack of good healthcare, and just a lot of poverty and social problems. The community has sort of been so overwhelmed with problems in recent years so this is one of the major reasons why the Chief has been quite upset with the government. Dan stated many times that First Mining is actually on very good terms with Cat Lake itself, he knows Chief Russel Wesley very well and the two seem to have a good understanding with each other and they keep good open dialogue. Dan also repeated many times that Cat Lake and Chief Wesley is not at all against development on their land, this seems to have been completely missed by a majority of investors according to Dan. Cat Lake has been wishing for a winter road for many years and when First Mining was issued the permit for a winter road of their own this seems to have been too much for Chief Wesley to digest, so he took the issue to court. Not because he has anything against First Mining, but because he has felt the government does not care about Cat Lake. My sense here is that this winter road issue is really what it all boils down to in the end, and Dan was quite vocal about this and stated the biggest focus right now for the company is to negotiate a community agreement with Chief Wesley. The agreement should basically cover development of the winter road to Cat Lake with the condition that they also allow First Mining the rights to continue the progress on the project development. Dan stated First Mining has done and funded lots of engineering and environmental work already on how this potential road would be constructed to Cat Lake, so basically it’s all there ready to be developed as soon as the parties can come to an agreement about it.

I really got the feeling and noted that Dan actually cares a lot about this community and he really seemed to show a lot of sympathy for the Chief. This is very important to keep in mind for investors because this community agreement requires the Chief especially to feel his community is being included in the whole process. If he would not trust Dan at all then this would be a real issue for me. They really seem to be on good terms and that made me feel very good about this issue getting resolved in the end, especially when Steve Lines (head of EA) is also involved in the negotiations. Other than that, Dan said basically the government is on board here completely because the leverage with them is very simple: The project will generate an enormous amount of wealth and jobs to this region, which for the government means lots of taxes and infrastructure being developed. He said many times this would probably be the major factor in the end to also get Cat Lake on board because they would benefit immensely from the project being developed, the road would just be the start. They are still working together on the Indigenous Environmental Assessment (done by Cat Lake) and First Mining is funding this as well. First Mining has received lots of feedback from Cat Lake about fishing, caribou movement and other Indigenous concerns which they will address in the final EA. I asked many times if there are any major disagreements that have come up from the Cat Lake led EA which would collide with First Mining's EA and Dan said basically those issues are already known and relate to the previously mentioned impacts on the wildlife there. They have included all kinds of mitigation measures for this in the final EA, so I'm not concerned about this at all.

All in all, my biggest take away from this whole issue with Cat Lake was that reading the news about this really gives you a completely different picture than knowing what is going on behind the scenes. I had previously written about my own "analysis" of this whole situation and basically it was correct, except that I know got to know Dan better and was able to read between the lines that the man really cares about this community and is deeply committed to resolving this and any other issues with them. We really could not be asking for a better CEO here guys.

Regarding Duparquet: We spent almost all of the call time discussing the Cat Lake issue so I really had to squeeze in all of the rest of the questions, but I would like investor to really focus on what Dan said about Duparquet. He was pretty surprised about the fact that most investors (in his view) have completely missed what is happening at the project and the potential they have there for getting a starter pit operation going. They are doing major drilling work this year and are in the process of trying to grow the resources and if they succeed in what Dan thinks is possible, the deposit could grow to potentially 8-10m ounces. Dan also reminded me many times that this starter pit operation would basically be easy to get going and required very little capital because most of the infrastructure is already in place. You just need the permits and make some agreements with a few contractors and basically the operation would be cash flow positive from day one.

Other than this Dan stated many times the company has a committed shareholder base (including Keith) which will fund this company to the finish line and stated with a very serious tone that his own personal/networth is pretty much tied up to the success of his company. I think we can all rest assured this man works day and night to make this company's vision happen.

I bought some more shares yesterday after the call simply because I really felt good about it. Will keep adding to my position as long as we stay in this 10-20 cent range.

I have full faith in these people getting us to the finish line.

[traderjoe3227]

Like the positive attitude as always. Did we not say that say thing years ago when Gold was 14, 15, 1600. Now it’s $2,156. Seems we did. I certainly did. How wrong I was on FF. And how wrong we remain. Well. Back to positive thinking

[Implanting]

I heard it again today, a regular guest on Charles Payne's show, was talking about buying gold miners.

This is a guy that is normally very bullish tech stocks. He said the miners were cheap and their company was buying select miners. He also made mention of what we already know that the mining shares rise AFTER gold makes its move up.

IMO this is a very bullish sign for us. The MSM is starting to talk about getting into the mining shares. A continued higher move in the gold price will stoke the fire for investors to get in soon.

[Implanting]

Heard something on MSM biz news this afternoon that's rarely ever talked about. The gold miners. WOW

A guy came on speaking to the gold price breakout and that a higher move would be very beneficial to the miners. He then went into a talk about how undervalued and beat up the miners are. He showed the Van Eck gold miners chart. Not very pretty.

Maybe if gold can hang in there, the miners will begin picking up also. Hope springs eternal.

[Implanting]

I hate to admit it, but Dan being hired to run FMG all comes home to roost with Keith. As You say Dan's getting a very nice paycheck and to this point the only problem is for the suffering shareholders. US Keith's not stupid, he can see what's going on, but IMO his hands are tied to dump Dan until AFTER this permitting finally gets done. Whenever that happens? I think there's a high probability of that happening.

IMO Dan's overall demeanor doesn't exude much confidence. He makes a lot of excuses for why our shares are suffering, but has very little to say about how he plans to fix the problem. Mining Duparquet is a perfect example, he says we may get it up and going again, but has zero specifics about how it gets done.

Just a lot of lip service IMO.

That's about all the ammunition he has currently. To talk about what he hopes can get done. JMO