First Mining Gold Corp (FFMGF)

[TommyJ7651]

Yeah, that answer about "crossing his mind" etc. might just have been a way to keep his FM shareholders calm about any new merger plans since the Jeritt Canyon mine shutdown was probably seen as quite a negative even though I think it will be a great asset for FM long term as well. You do make a strong case about this all being about merging the two companies eventually. I really do believe Keith wants the assets for himself if there is a scenario to develop them within one company or in partnership with FM.

The question is as always in what way it will be financed. These are very big assets and will cost almost a billion dollar each to develop, but this is not going to be that big of a problem if the gold and silver prices keep rising and FM will make several hundred millions of free cash flow in the years ahead. FM is now projected to make 150-200m per year in FCF during 2025 and 2026 and it is very probable that trend will just get stronger from here to say 2030 and onwards. It means they will probably make a billion in FCF in the next 5 years or so. In such a scenario it won't be that hard to get financing for at least one of the projects. I still think it will be Springpole because they already own that silver stream and Keith has said he likes to buy projects that are permitted and ready for construction. It will be an easy sell for FM shareholders once the Jeritt Canyon is again up and running and he can prove he still got the eye for good assets.