First Mining Gold Corp (FFMGF)

[TommyJ7651]

Yes, I'm also definitely in this for the long term. I think Keith will of course do what he perceives to be the best deal for the company. Just based upon what he has said in interviews and webinars it is quite clear he wants these assets developed into mines asap. Obviously he would like the assets to be developed by the company itself, but that might not always be the easiest and most feasible scenario. It will depend upon many factors when the time comes to close a deal on both Springpole and Duparquet. If I had to guess I would think we are going down a JV route of sorts where First Mining will remain with a big project interest (maybe 30-49%) in both mines, hopefully free carried to a decision to mine. Hopefully this would be done with a senior / mid tier producer. I think for long-term investors this would make the most money since we would participate in the upward cycle in gold prices when the mines get operational. It would also turn us into an actual gold mining company with substantial assets on the books. With Duparquet this could be done in a step by step fashion with a partner where we start out smaller and then grow in time. Also remember that we still own a 30% interest in Pickle Crow which is by no means a small project, something like 3m oz. if I remember correctly.

But it is also still a likely scenario that we will get taken out by a major and that is the scenario I am most worried about because it would then be up to the shareholders vote. The problem is that there are a lot of frustrated shareholders who would probably be happy to settle for a fraction of the real value in this company and they would then vote for the take over. I'm sure Keith would be trying his best to tell shareholders not to accept the bid in this case, but if shareholders want to sell then there is nothing we can do. I would certainly vote NO for any bid less than a billion dollars (USD). A billion dollars would still be way undervalued compared to what I think these assets will be worth in the next 5-10 years, but we might have to accept this outcome.