First Mining Gold (FFMGF) 40-F 25 Mar 22 2021 FY Annual report (Canada) Financial data

Cover

Cover - shares	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022
Document Information Line Items
Entity Registrant Name	FIRST MINING GOLD CORP.
Entity Central Index Key	0001641229
Document Type	40-F
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		700,200,059
Document Annual Report	true
Entity File Number	000-55607
Entity Incorporation State Country Code	Z4
Entity Address Address Line 1	Suite 2070– 1188 West Georgia Street
Entity Address City Or Town	Vancouver
Entity Address State Or Province	BC
Entity Address Country	CA
Entity Address Postal Zip Code	V6E 4A2
City Area Code	604
Icfr Auditor Attestation Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Vancouver, British Columbia, Canada
Auditor Firm Id	271
Local Phone Number	688-3033
Entity Interactive Data Current	Yes
Document Registration Statement	false
Annual Information Form	true
Audited Annual Financial Statements	true
Business Contact [Member]
Document Information Line Items
Entity Address Address Line 1	1090 Vermont Avenue N.W.
Entity Address Address Line 2	Suite 910
Entity Address City Or Town	Washington
Entity Address State Or Province	DC
Entity Address Postal Zip Code	20005
City Area Code	202
Local Phone Number	371-8090
Contact Personnel Name	National Registered Agents, Inc.

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Current
Cash and cash equivalents	$ 29,516,000	$ 28,901,000
Investments (Note 4)	13,386,000	18,425,000
Prepaid expenses, accounts and other receivables (Note 5)	1,009,000	2,700,000
Total current assets	43,911,000	50,026,000
Non-current
Mineral properties (Note 6)	170,017,000	179,429,000
Investment in Treasury Metals Inc. (Note 7)	15,400,000	63,812,000
Investment in PC Gold Inc. (Note 8)	21,570,000	0
Investment in Big Ridge Gold Corp. (Note 9)	1,491,000	0
Mineral property investments (Note 10)	6,435,000	6,726,000
Property and equipment	1,086,000	570,000
Other assets	399,000	650,000
Total non-current assets	216,398,000	251,187,000
TOTAL ASSETS	260,309,000	301,213,000
LIABILITIES
Accounts payable and accrued liabilities (Note 12)	4,491,000	2,013,000
Current portion of lease liability	127,000	112,000
Provision for Pickle Crow reclamation funding (Note 6(b))	990,000	0
Current portion of environmental reclamation provision (Note 13)	0	250,000
Option - PC Gold (Note 6(b))	4,347,000	4,410,000
Obligation to distribute investments (Note 7)	0	34,040,000
Total current liabilities	9,955,000	40,825,000
Lease liability	315,000	442,000
Environmental reclamation provision (Note 13)	0	3,133,000
Silver Stream derivative liability (Note 11)	26,114,000	13,260,000
Total non-current liabilities	26,429,000	16,835,000
TOTAL LIABILITIES	36,384,000	57,660,000
SHAREHOLDERS' EQUITY
Share capital (Note 14)	318,499,000	317,167,000
Warrant and share-based payment reserve (Note 14)	47,282,000	44,648,000
Accumulated other comprehensive gain (loss)	410,000	(1,392,000)
Accumulated deficit	(142,266,000)	(116,870,000)
Total shareholders' equity	223,925,000	243,553,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 260,309,000	$ 301,213,000

CONSOLIDATED STATEMENTS OF NET

CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS - CAD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING EXPENSES (Note 15)
General and administration	$ 6,265,000	$ 3,573,000
Exploration and evaluation	960,000	812,000
Investor relations and marketing communications	2,247,000	1,111,000
Corporate development and due diligence	509,000	468,000
Impairment of non-current assets (Note 7(c))	24,304,000	24,870,000
Loss from operational activities	(34,285,000)	(30,834,000)
OTHER ITEMS
Gain on deconsolidation of subsidiary (Note 6(b))	8,830,000	0
Fair value loss on Silver Stream liability (Note 11)	(3,046,000)	(5,882,000)
Investments fair value (loss) gain (Note 4)	(4,210,000)	765,000
Foreign exchange (loss) gain	(99,000)	329,000
Other expenses	(98,000)	(114,000)
Interest and other income	422,000	184,000
Loss on disposal of subsidiaries	0	(296,000)
Loss before income taxes and equity income	(32,486,000)	(35,848,000)
Deferred income tax recovery (Note 17)	0	1,587,000
Equity (loss) income and dilution impacts of equity accounted investments (Note 7)	(5,864,000)	1,446,000
Net loss for the year	(38,350,000)	(32,815,000)
Items that will not be reclassified to net income or (loss):
Investments fair value gain (Note 4)	2,094,000	1,611,000
Mineral property investments fair value (loss) gain (Note 10)	(293,000)	1,329,000
Items that may be reclassified to net (loss) or income:
Currency translation adjustment of foreign subsidiaries	1	(10)
Recycling of currency translation adjustment on disposal of foreign subsidiaries	0	(673,000)
Other comprehensive income	1,802,000	2,257,000
Net loss and comprehensive loss for the year	$ (36,548,000)	$ (30,558,000)
Basic and diluted loss per share (in dollars)	$ (0.05)	$ (0.05)
Weighted average number of shares outstanding - Basic and Diluted	698,677,526	644,940,126

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss for the year	$ (38,350,000)	$ (32,815,000)
Adjustments for:
Gain on deconsolidation of subsidiary (Note 6)	(8,830,000)	0
Impairment of non-current assets (Note 7)	24,304,000	24,870,000
Share-based payments (Note 14(d))	1,998,000	958,000
Depreciation	320,000	305,000
Fair value loss on Silver Stream derivative liability (Note 11)	3,046,000	5,882,000
Investments fair value loss (gain) (Note 4)	4,210,000	(765,000)
Other (income) expenses	(85,000)	129,000
Unrealized foreign exchange loss (gain)	49,000	(404,000)
Deferred income tax recovery	0	(1,587,000)
Equity and dilution loss (gain) on equity accounted investments	5,864,000	(1,446,000)
Loss on disposal of subsidiaries	0	296,000
Operating cash flows before movements in working capital	(7,474,000)	(4,577,000)
Increase in accounts and other receivables	(18,000)	(59,000)
(Decrease) increase in prepaid expenditures	(19,000)	9,000
(Decrease) increase in accounts payables and accrued liabilities	1,068,000	405,000
Total cash used in operating activities	(6,443,000)	(4,222,000)
Cash flows from investing activities
Mineral property expenditures (Notes 6, 7)	(15,771,000)	(17,629,000)
Proceeds from sale of investments	16,357,000	4,937,000
Property and equipment purchases	(707,000)	(272,000)
Option payments and expenditures recovered (Note 6)	1,968,000	148,000
Total cash provided by (used in) investing activities	1,847,000	(12,816,000)
Cash flows from financing activities
Net proceeds from bought deal financing	0	26,677,000
Net proceeds from private placements	0	9,124,000
Proceeds from Silver Stream (Note 11)	4,757,000	3,263,000
Net proceeds from ATM program	0	125,000
Proceeds from exercise of warrants and stock options	668,000	1,296,000
Repayment of lease liability	(112,000)	(94,000)
Finance costs paid	(50,000)	(56,000)
Total cash provided by financing activities	5,263,000	40,335,000
Foreign exchange effect on cash	(52,000)	(298,000)
Change in cash and cash equivalents	615,000	22,999,000
Cash and cash equivalents, beginning	28,901,000	5,902,000
Cash	13,593,000	16,857,000
Term deposits	15,923,000	12,044,000
Cash and cash equivalents, ending	$ 29,516,000	$ 28,901,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY shares in Thousands	CAD ($)	Capital StockCAD ($)shares	Capital StockUSD ($)shares	Warrant ReserveCAD ($)	Share-based Payment ReserveCAD ($)	Accumulated Other Comprehensive Income (Loss)CAD ($)	Accumulated DeficitCAD ($)
Balance, shares at Dec. 31, 2019 | shares		591,997,138	591,997,138
Balance, amount at Dec. 31, 2019	$ 262,332,000	$ 282,666,000		$ 14,532,000	$ 18,798,000	$ (3,649,000)	$ (50,015,000)
Statement [Line Items]
Proceeds from bought deal financing, shares | shares		57,500,000	57,500,000
Proceeds from bought deal financing, amount	28,750,000	$ 25,339,000		3,411,000	0	0	0
Bought deal financing share issuance costs	(2,073,000)	$ (1,821,000)		(252,000)	0	0	0
Proceeds from private placements, shares | shares		40,198,095	40,198,095
Proceeds from private placements, amount	9,282,000	$ 8,160,000		1,122,000	0	0	0
Flow-through share premium liability	(300,000)	(300,000)		0	0	0	0
Private placements share issuance costs	(158,000)	$ (136,000)		(22,000)	0	0	0
At-the-market distributions, shares | shares		532,000	532,000
At-the-market distributions, amount	125,000	$ 125,000		0	0	0	0
Exercise of options (Note 14(d)), shares | shares		3,717,500	3,717,500
Exercise of options (Note 14(d)), amount	1,211,000	$ 1,817,000		0	(606,000)	0	0
Exercise of warrants (Note 14(c)), shares | shares		247,500	247,500
Exercise of warrants (Note 14(c)), amount	85,000	$ 98,000		(13,000)	0	0	0
Shares issued for prior mineral property acquisition, shares | shares		24,220	24,220
Shares issued for prior mineral property acquisition, amount	4,000	$ 4,000		0	0	0	0
Shares issued on acquisition of the East Cedartree claims, shares | shares		3,000,000	3,000,000
Shares issued on acquisition of the East Cedartree claims, amount	1,215,000	$ 1,215,000		0	0	0	0
Warrants issued to First Majestic Silver Corp.	6,278,000	0		6,278,000	0	0	0
Share-based payments	1,400,000	0		0	1,400,000	0	0
Obligation to distribute investments	(34,040,000)	0		0	0	0	(34,040,000)
Net loss for the year	(32,815,000)	0		0	0	0	(32,815,000)
Other comprehensive loss	2,257,000		$ 0	0	0	2,257,000
Balance, amount at Dec. 31, 2020	243,553,000	$ 317,167,000		25,056,000	19,592,000	(1,392,000)	(116,870,000)
Balance, shares at Dec. 31, 2020 | shares		697,216,453	697,216,453
Statement [Line Items]
Exercise of options (Note 14(d)), shares | shares		2,287,500	2,287,500
Exercise of options (Note 14(d)), amount	576,000	$ 841,000		0	(265,000)	0	0
Exercise of warrants (Note 14(c)), shares | shares		265,650	265,650
Exercise of warrants (Note 14(c)), amount	92,000	$ 94,000		(2,000)	0	0	0
Share-based payments	2,892,000	0		0	2,892,000	0	0
Obligation to distribute investments	12,954,000	0		0	0	0	12,954,000
Net loss for the year	(38,350,000)	$ 0		0	0	0	(38,350,000)
Other comprehensive loss	1,802,000			0	0	1,802,000	0
Shares issued on acquisition of Birch-uchi mineral property tenure, shares | shares		1,107,035	1,107,035
Shares issued on acquisition of Birch-uchi mineral property tenure (Note 6), amount	385,000	$ 385,000		0	0	0	0
Cameron Gold exploration agreement, shares | shares		25,000	25,000
Cameron Gold exploration agreement, amount	21,000	$ 12,000		9,000	0	0	0
Share reduction due to expiry, shares | shares		(701,579)	(701,579)
Share reduction due to expiry, amount	0	$ 0		0	0	0	0
Balance, amount at Dec. 31, 2021	$ 223,925,000	$ 318,499,000		$ 25,063,000	$ 22,219,000	$ 410,000	$ (142,266,000)
Balance, shares at Dec. 31, 2021 | shares		700,200,059	700,200,059

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2021
NATURE OF OPERATIONS
NATURE OF OPERATIONS	First Mining Gold Corp. (the “Company” or “First Mining”) is a public company which is listed on the Toronto Stock Exchange (the “TSX”) under the symbol “FF”, on the OTCQX under the symbol “FFMGF”, and on the Frankfurt Stock Exchange under the symbol “FMG”. The Company’s head office and principal address is Suite 2070 – 1188 West Georgia Street, Vancouver, British Columbia, Canada, V6E 4A2. First Mining was incorporated on April 4, 2005. The Company changed its name to First Mining Gold Corp. in January 2018. First Mining is advancing a portfolio of gold projects in Canada, with the most advanced project being the Springpole Gold Project in northwestern Ontario. The Company also holds a large equity position in Treasury Metals Inc. which is advancing the Goliath Gold Complex toward construction. First Mining’s portfolio of gold projects in eastern Canada also includes Hope Brook (being advanced in partnership with Big Ridge Gold Corp.), Cameron, Duparquet, Duquesne, and Pitt gold projects. In addition, the Company holds a 30% interest in the PC Gold Inc. legal entity which holds the Pickle Crow gold project (being advanced by Auteco Minerals Ltd). In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The Company continues to evaluate the potential impacts arising from COVID-19 on all aspects of its business. For the year ended December 31, 2021, there were no significant financial impacts on the Company.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION
BASIS OF PRESENTATION	These consolidated annual financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments classified as fair value through profit and loss or fair value through other comprehensive income (loss), which are stated at their fair value. The consolidated annual financial statements are presented in thousands of Canadian dollars and, unless indicated otherwise, the textual amounts are expressed in Canadian dollars and tabular amounts are expressed in thousands of Canadian dollars, in the notes. The functional currency of the Company and its Canadian subsidiaries is the Canadian dollar while the functional currency of the Company’s non-Canadian subsidiaries is the US dollar. The accounts of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Inter-company transactions, balances and unrealized gains or losses on transactions are eliminated. The following table highlights the Company’s material subsidiaries with their projects: Name of the subsidiary Ownership Percentage Project Location Gold Canyon Resources Inc. 100% Springpole Gold Project (“Springpole”) Northwestern Ontario, Canada Coastal Gold Corp. 100% Hope Brook Gold Project (“Hope Brook”) Newfoundland, Canada Cameron Gold Operations Ltd. 100% Cameron Gold Project (“Cameron”) Northwestern Ontario, Canada Clifton Star Resources Inc. 100% Duquesne Gold Project (“Duquesne”) Pitt Gold Project (“Pitt”) 10% indirect interest in the Duparquet Gold Project (“Duparquet”) (Note 22: Subsequent Events) Québec, Canada These consolidated financial statements were approved by the Board of Directors on March 24, 2022.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
ACCOUNTING POLICIES
ACCOUNTING POLICIES	These consolidated annual financial statements have been prepared using the following accounting policies: a) Financial Instruments (i) Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, at the time of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. (ii) Measurement Financial assets at FVTOCI Investments in equity instruments designated at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses recognized in other comprehensive income (loss). Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of net (loss) income. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of net (loss) income in the period in which they arise. Where management elected to recognize a financial liability at FVTPL, any changes associated with the Company’s own credit risk will be recognized in other comprehensive income (loss). (iii) Impairment of financial assets at amortized cost The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for a financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company recognizes in the consolidated statements of net (loss) income, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. (iv) Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of net (loss) income. However, gains and losses on derecognition of financial assets classified as FVTOCI remain within accumulated other comprehensive income (loss). Financial liabilities The Company derecognizes financial liabilities only when its obligations under the financial liabilities are discharged, cancelled or expired. Generally, the difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in the consolidated statements of net (loss) income. b) Cash and Cash Equivalents Cash and cash equivalents include cash and short-term deposits that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. The carrying amounts of cash and cash equivalents approximate fair value due to the short-term maturities of these instruments. c) Mineral Properties Once the legal right to explore a property has been acquired, costs directly related to exploration and evaluation expenditures are recognized and capitalized, in addition to the acquisition costs. These direct expenditures include such costs as mineral concession taxes, option payments, wages and salaries, surveying, geological consulting and laboratory costs, field supplies, travel and administration. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they are incurred. The Company may occasionally enter into option or royalty arrangements, whereby the Company will transfer part of its mineral properties, as consideration, for an agreement by the transferee to meet certain exploration and evaluation expenditures which would have otherwise been undertaken by the Company. Any cash consideration received from the agreement is credited against the costs previously capitalized to the mineral interest given up by the Company, with any excess cash accounted for as a gain on disposal. The Company assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and value in use. Once the technical feasibility and commercial viability of extracting a mineral resource has been determined, the property is considered to be a mine under development and is classified as ‘mines under construction’. Exploration and evaluation assets are tested for impairment before the assets are transferred to mineral properties and mine development costs. d) Impairment of Non-Financial Assets Mineral properties are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. Any impairment loss is charged to profit or loss. 3. ACCOUNTING POLICIES (Continued) For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash flows (cash-generating units). As a result, some assets may be tested individually for impairment and some are tested at a cash-generating unit level. Impairment reviews for the Company’s exploration and evaluation stage mineral properties are carried out on a property by property basis, with each property representing a single cash generating unit. An impairment review for an exploration and evaluation asset is undertaken when indicators of impairment arise, but typically when one of the following circumstances apply: · The right to explore the area has expired or will expire in the near future with no expectation of renewal; · Substantive expenditure on further exploration for and evaluation of mineral resources in the area is neither planned nor budgeted; · No commercially viable deposits have been discovered, and the decision had been made to discontinue exploration in the area; and · Sufficient work has been performed to indicate that the carrying amount of the expenditure carried as an asset will not be fully recovered. e) Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation and, where applicable, the initial estimation of any asset retirement obligation. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. Depreciation is recognized in profit or loss on a straight-line basis over the following estimated useful lives: Buildings 10 years Machinery and equipment 5 years Furniture and fixtures 5 years Vehicles 5 years Computer equipment 3 years Computer software 1 year Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. f) Environmental Reclamation Provision The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration and evaluation activities. The present value of the estimated costs of legal and constructive obligations required to restore the exploration sites is recognized in the year in which the obligation is incurred. The nature of the reclamation activities includes restoration and revegetation of the affected exploration sites. When a liability is recognized, the present value of the estimated costs (discounted using a risk-free rate) is capitalized by increasing the carrying amount of the related exploration property. Over time, the discounted liability is increased for the changes in present value based on current market discount rates and liability specific risks. Additional environmental disturbances or changes in reclamation costs will be recognized as additions to the corresponding assets and reclamation provision in the year in which they occur. g) Income Taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in net income except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive loss. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year-end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. h) Share Capital Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company’s common shares are classified as equity instruments. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Consideration received from financings involving units consisting of common shares and warrants is allocated to the share capital and the warrant reserve accounts using the relative fair value method. As prescribed by this method, the consideration is allocated to the value of share capital and warrant reserve on a pro rata basis. i) Loss per Share Basic loss per share is calculated by dividing the net loss for the year by the weighted average number of shares outstanding during the year. Diluted loss per share is calculated using the treasury stock method. Under the treasury stock method, the weighted average number of shares outstanding used in the calculation of diluted income or loss per share assumes that the deemed proceeds received from the exercise of stock options, share purchase warrants and their equivalents would be used to repurchase common shares of the Company at the average market price during the year, if they are determined to have a dilutive effect. In periods when the Company has generated a net loss, stock options and share purchase warrants are not included in the computation of diluted loss per share as they are anti-dilutive. j) Share-based Payments Where equity-settled share options are granted to employees, the fair value of the options at the date of grant, measured using the Black-Scholes option pricing model, is charged to the statement of comprehensive loss or capitalized to mineral properties over the vesting period using the graded vesting method. Performance vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Charges for options that are forfeited before vesting are reversed from share-based payment reserve. Where equity-settled share options are granted to non-employees, they are measured at the fair value of the goods or services received. However, if the value of goods or services received in exchange for the options cannot be reliably estimated, the options are measured using the Black-Scholes option pricing model. All equity-settled share-based payments are reflected in the share-based payment reserve, until exercised. Upon exercise, shares are issued from treasury and the amount reflected in share-based payment reserve is credited to share capital, together with any consideration received. k) Leases The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For new leases, a right-of-use asset is initially measured at the amount of the liability plus any initial direct costs. After lease commencement, the lessee shall measure the right-of-use asset at cost less accumulated depreciation and accumulated impairment. l) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segment. m) Investments in associates An associate is an entity over which the Company has significant influence, and which is neither a subsidiary nor a joint arrangement. The Company has significant influence over an entity when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control. Under the equity method, the Company’s investment in the common shares of the associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of net income and losses of the associate, after any adjustments necessary to give effect to uniform accounting policies, any other movement in the associate’s reserves, and for impairment losses after the initial recognition date. The Company’s share of income and losses of the associate is recognized in net income during the period. Dividends and repayment of capital received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the investee’s operations. A significant or prolonged decline in the fair value of an equity investment below its cost is also objective evidence of impairment. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal and value-in-use. If the recoverable amount of an investment is less than its carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss is recognized in the period in which the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. A reversal of an impairment loss is recognized in net income in the period in which the reversal occurs. n) Accounting Policy Judgements and Estimation Uncertainty The Company’s management makes judgments in its process of applying the Company’s accounting policies in the preparation of its consolidated financial statements. In addition, the preparation of the financial data requires the Company’s management to make estimates of the impacts of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. The following discusses accounting policy judgments and the sources of estimation uncertainty: (i) Accounting Policy Judgements Mineral Property Impairment Indicators In accordance with the Company’s accounting policy for mineral properties, exploration and evaluation expenditures on mineral properties are capitalized. There is no certainty that the expenditures made by the Company in the exploration of its property interests will result in discoveries of commercial quantities of minerals. The Company applies judgment to determine whether indicators of impairment exist for these capitalized costs. Management uses several criteria in making this assessment, including the period for which the Company has the right to explore, expected renewals of exploration rights, whether substantive expenditures on further exploration and evaluation of mineral properties are budgeted, and evaluation of the results of exploration and evaluation activities up to the reporting date. Impairment assessments for Investments in Associates With respect to its investments in associates, the Company is required to make estimates and judgments about future events and circumstances and whether the carrying amount of the asset exceeds its recoverable amount. Recoverability depends on various factors, including the identification of economic recoverability of reserves at each associate’s exploration properties, the ability of each associate to obtain the necessary financing to complete the development, and future profitable production or proceeds from the disposition of the underlying shares of the associate companies. The publicly quoted share price of an associate, where applicable, is also a source of objective evidence about the recoverable amount of the equity investment. (ii) Estimation Uncertainty Valuation of Mineral Property Investments The Company makes estimates and assumptions that affect the carrying value of its mineral property investments, which are comprised of equity interests in the shares of private companies. These financial assets are designated as fair value through other comprehensive income (loss), and management needs to determine the fair value as at each period end. As there is no observable market data which can be used to determine this fair value, management uses property specific and market-based information to determine whether a significant change in the fair value of these investments has occurred. Changes to the property specific and market-based variables could result in the fair value being less than or greater than the amount recorded. Fair Value of Silver Stream Derivative Liability The determination of the fair value of the Silver Stream is an area of significant estimation uncertainty. The fair value is calculated by utilising a Monte Carlo simulation valuation model. A Monte Carlo valuation model relies on random sampling and is often used when modeling cash flows with many inputs and where there is significant uncertainty in the future value of inputs and where the movement of the inputs can be independent of each other. The key inputs used in the Silver Stream fair value calculation are further disclosed in Note 11. Changes in the inputs to the valuation model may result in material changes in the fair value of the silver stream derivative liability and the amount of fair value gains or losses recognized in the statement of net loss and comprehensive loss in future periods. Fair Value of the Option – PC Gold The Company has made assumptions when estimating the fair value of the PC Gold option liability which arises under the terms of the Earn-In Agreement described in Note 6(b). As there is no observable market data which can be used to determine the fair value of the Option – PC Gold liability, management uses property specific and market-based information to determine whether a significant change in the fair value of the option liability has occurred. The specific assumptions made are disclosed in Note 6(b). Changes in these assumptions can significantly affect the fair value estimate. o) Accounting Standards Issued but Not Yet Applied There are no IFRS or International Financial Reporting Interpretations Committee interpretations that are not yet effective that would be expected to have a material impact on the Company’s consolidated financial statements.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2021
INVESTMENTS
INVESTMENTS	The movements in investments during the years ended December 31, 2021 and 2020 are summarized as follows: Marketable Securities (FVTPL) Marketable Securities (FVTOCI) Warrants (FVTPL) Total Investments Balance as at December 31, 2020 $ 9,267 $ 3,386 $ 5,772 $ 18,425 Additions 13,691 216 - 13,907 Disposals (13,971 ) (710 ) - (14,681 ) Gain recorded in other comprehensive income - 2,094 - 2,094 Loss recorded in net loss (587 ) - (3,698 ) (4,285 ) Distribution to shareholders - - (2,074 ) (2,074 ) Balance as at December 31, 2021 $ 8,400 $ 4,986 $ - $ 13,386 Marketable Securities (FVTPL) Marketable Securities (FVTOCI) Warrants (FVTPL) Total Investments Balance as at December 31, 2019 $ - $ 1,775 $ - $ 1,775 Additions 11,134 - 9,812 20,946 Disposals (6,672 ) - - (6,672 ) Gain recorded in other comprehensive loss - 1,611 - 1,611 Gain (loss) recorded in net loss 4,805 - (4,040 ) 765 Balance as at December 31, 2020 $ 9,267 $ 3,386 $ 5,772 $ 18,425 The Company’s investments classified as FVTPL and FVTOCI are marketable securities of publicly traded companies held as strategic interests. In each case, the Company has less than a 10% equity interest. During the year ended December 31, 2021, the Company: · Received 100,000,000 common shares of Auteco (initial recognition - $8,640,000, December 31, 2021 – $8,399,000) in connection with the Auteco Earn-In Agreement (defined in Note 6(b)); · Sold a total of 687,300 common shares of First Majestic for net proceeds of $13,936,000 which resulted in a $3,725,000 realized gain on sale based on the original cost at the time of receipt; · Sold a total of 1,671,732 common shares of other marketable securities for net proceeds of $707,000 which resulted in a realized gain on sale of $314,000 based on the original cost at the time of receipt; and · In addition to amounts included in the Investments table above and in conjunction with the Treasury Metals share and warrant distribution a fair value gain of $75,000 was recorded in the consolidated statements of loss and comprehensive loss.

PREPAID EXPENSES, ACCOUNTS AND

PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES
PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES	Category December 31, 2021 December 31, 2020 Current GST and HST receivables $ 564 $ 593 Investment sale proceeds receivable - 1,715 Other receivables 40 38 Prepaid expenses 405 354 Total prepaids expenses, current accounts and other receivables $ 1,009 $ 2,700

MINERAL PROPERTIES

MINERAL PROPERTIES	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTIES
MINERAL PROPERTIES	As at December 31, 2021 and December 31, 2020, the Company has capitalized the following acquisition, exploration, and evaluation costs on its mineral properties: Springpole Cameron Duquesne/Pitt Hope Brook (Note 6(a)) Pickle Crow (Note 6(b)) Goldlund (Note 7) Others (1) Total Balance December 31, 2020 $ 87,907 $ 31,875 $ 7,229 $ 20,612 $ 24,986 $ - $ 6,820 $ 179,429 Acquisition $ 1,222 21 - - - - 1,047 $ 2,290 Concessions, taxes and royalties $ 684 32 3 20 - - - $ 739 Salaries and share-based payments $ 3,311 185 6 44 22 - 117 $ 3,685 Drilling, exploration, and technical consulting $ 4,235 102 6 16 3,251 - 559 $ 8,169 Assaying, field supplies, and environmental $ 5,194 80 - 3 - - 19 $ 5,296 Travel and other expenditures $ 1,512 34 - 17 - - 6 $ 1,569 Total Expenditures $ 16,158 $ 454 $ 15 $ 100 $ 3,273 $ - $ 1,748 $ 21,748 Disposal, impairment or reclassification - - - (2,685 ) (28,259 ) - (216 ) (31,160 ) Balance December 31, 2021 $ 104,065 $ 32,329 $ 7,244 $ 18,027 $ - $ - $ 8,352 $ 170,017 Springpole Cameron Duquesne/ Pitt Hope Brook Pickle Crow Goldlund Others (1) Total Balance December 31, 2019 $ 76,775 $ 27,374 $ 7,217 $ 20,071 $ 19,263 $ 98,894 $ 3,221 $ 252,815 Acquisition $ - 4,219 - - - - - $ 4,219 Concessions, taxes and royalties $ 740 11 3 20 20 2 60 $ 856 Salaries and share-based payments $ 1,300 145 1 148 71 430 7 $ 2,102 Drilling, exploration, and technical consulting $ 4,828 52 8 140 4,409 796 37 $ 10,270 Assaying, field supplies, and environmental $ 3,555 50 - 123 1,217 255 8 $ 5,208 Travel and other expenditures $ 709 24 - 110 6 126 2 $ 977 Total Expenditures $ 11,132 $ 4,501 $ 12 $ 541 $ 5,723 $ 1,609 $ 114 $ 23,632 Disposal, impairment or reclassification - - - - - (100,503 ) 3,485 (97,018 ) Balance December 31, 2020 $ 87,907 $ 31,875 $ 7,229 $ 20,612 $ 24,986 $ - $ 6,820 $ 179,429 ______________ (1) Other mineral properties as at December 31, 2021 and December 31, 2020 include: the mining claims and concessions located in the Township of Duparquet, Quebéc, which are near the Company’s Duquesne gold project); eight properties in Ontario’s Birch-uchi greenstone belt including five under option (see below); a 1.5% NSR Royalty under the terms of the Treasury Share Purchase Agreement (defined in Note 7), which was reclassified from “Goldlund” to “Others” during the year ended December 31, 2020; and, the Turquoise Canyon property in Nevada (under option to Westward Gold Inc.). The Company has various underlying agreements and commitments with respect to its mineral properties, which define annual or future payments in connection with royalty buy-backs or maintenance of property interests. a) Hope Brook Project On June 8, 2021, the Company announced it had closed a definitive earn-in agreement with Big Ridge Gold Corp. “Big Ridge” (the “Big Ridge transaction”) whereby Big Ridge may earn up to an 80% interest in First Mining’s Hope Brook Gold Project located in Newfoundland, Canada. Pursuant to the definitive earn-in agreement, Big Ridge can earn an 80% interest in the Hope Brook Project through a two-stage earn-in over five years by incurring a total of $20,000,000 in qualifying expenditures, issuing up to 36.5 million shares of Big Ridge to First Mining and making a future cash payment to First Mining. Upon completion of the earn-in, First Mining will retain a 20% interest in the Hope Brook Project and a 1.5% net smelter returns royalty on the Hope Brook Project, of which 0.5% can be bought back by Big Ridge for $2,000,000. In accordance with the agreement, First Mining nominated one member to the Board of Directors of Big Ridge upon closing and received $500,000 and 11,500,000 shares of Big Ridge which have been credited against the Hope Brook project mineral property balance. At the year ended December 31, 2021, the Company assessed the Hope Brook Project for impairment indicators and no impairment indicators were identified. See Note 9 below for further details of the equity accounted investment in Big Ridge. b) Pickle Crow Project On March 12, 2020, the Company and Auteco executed a definitive Earn-In Agreement (the “Auteco Earn-In Agreement”) whereby Auteco may earn up to an 80% interest in PC Gold, a then wholly-owned subsidiary of First Mining which owns the Pickle Crow Project. Pursuant to the Auteco Earn-In Agreement, the Earn-In is comprised of two stages: · Stage 1 Earn-In (51% earn-in) – Three-year initial earn-in period to acquire a 51% equity interest in PC Gold by: ○ Spending $5,000,000 on exploration and environmental matters at the Pickle Crow Gold Project (or cash payments in lieu), of which $750,000 must be incurred within the first 12 months; and ○ Issuing 100 million shares of Auteco to First Mining. · Stage 2 Earn-In (additional 19% to earn-in to 70%) – Upon completion of the Stage 1 Earn-In, Auteco will have a two-year follow-on period to acquire an additional 19% equity interest in PC Gold by: ○ Spending a further $5,000,000 on exploration on the Pickle Crow Gold Project; ○ Making a $1,000,000 cash payment to First Mining within 90 days of completing the additional exploration spend; and ○ Issuing to First Mining a 2% NSR royalty on the Project (1% of which can be bought back for USD$2,500,000) (issued upon completion of the Stage 2 Earn-In). Upon completion of the Stage 2 Earn-In, Auteco will have an option to acquire an additional 10% equity interest in PC Gold, exercisable any time following completion of the Stage 2 Earn-In, by paying First Mining $3,000,000 in cash, after which First Mining’s residual 20% interest in PC Gold is carried until a construction decision in relation to the Pickle Crow Project, which is to be made after a final feasibility study and following Auteco having arranged sufficient financing to achieve commercial production. During the term of the Auteco Earn-In Agreement, Auteco will incur all program costs and manage Pickle Crow exploration activity. During the year ended December 31, 2020, the Company received the scheduled consideration in cash of $100,000 and 25 million shares of Auteco with a fair value on receipt of $740,000 under the terms of the Earn-in Agreement. Auteco incurred a total of $3,570,000 in exploration expenditures during the year ended December 31, 2020. On June 9, 2021, the Company announced completion of the Stage 1 earn-in and Auteco obtained a 51% ownership of the PC Gold legal entity. First Mining received the scheduled 100,000,000 Auteco shares and executed the joint venture shareholders agreement. Following the completion of the Stage 1 earn-in by Auteco, First Mining’s percentage ownership of its former subsidiary, PC Gold, was reduced from 100% to 49%, which led to a loss of control and the resulting deconsolidation of PC Gold Inc. from First Mining’s consolidated financial statements. The gain on deconsolidation was calculated as a result of derecognizing the net assets of PC Gold and recognizing the fair value of the residual interest in the equity accounted associate, the additional Auteco consideration shares along with the fair value of the Stage 2 and final earn-in option liabilities. As the Earn-In Agreement provides Auteco the right to earn an interest in PC Gold, rather than a direct interest in the Pickle Crow project, Auteco’s option to acquire PC Gold shares is a financial liability of First Mining. As a derivative, the Option – PC Gold liability is classified as FVTPL. The following information summarizes the deconsolidation of PC Gold as at June 9, 2021: June 9, 2021 Fair Value of retained interest in PC Gold Inc. 112,146,017 shares at $0.32 per share (deemed FV based on underlying property interest) $ 36,000 Provision for Pickle Crow reclamation funding (1,160 ) Fair value of Auteco shares received as additional consideration (Note 3) 8,640 Option – PC Gold liability fair value of Stage 2 and final earn in options (17,306 ) Net assets of PC Gold Prepaids 3 Reclamation deposit 120 Mineral property, net 20,358 Environmental reclamation liability, net (3,137 ) Net assets of subsidiary 17,344 Gain on loss of control of subsidiary, Net $ 8,830 At the time of deconsolidation of PC Gold in June 2021, management estimated a fair value for the Stage 2 and final Auteco earn-in options of $17,306,000 based on the portion of the fair value of the PC Gold investment that the Company would be required to divest net of any future proceeds from Auteco. Following completion of the Stage 2 earn-in in August 2021 the Stage 2 option liability of $12,959,000 was settled and the Company delivered the additional 19% interest in PC Gold to Auteco, reducing the Company’s interest to 30%. The $4,347,000 Option - PC Gold balance as at December 31, 2021 represents the fair value of the Company’s obligation to deliver to Auteco an additional 10% equity interest if Auteco exercises its option and paid a further $3,000,000 to First Mining. c) Swain Post property option On February 26, 2021, the Company entered into a three year earn-in agreement with Exiro Minerals Corp. (“Exiro”) pursuant to which First Mining may earn a 100% interest in Exiro’s Swain Post property (“Swain Post Property”) in northwestern Ontario by making total cash and share payments of $335,000 to Exiro during the term of the option, and by completing all assessment work requirements on the Swain Post Property during the three year option term. d) Swain Lake property option On April 28, 2021, the Company entered into an earn-in agreement with Whitefish Exploration Inc. (“Whitefish”), which gives First Mining the option to earn up to a 100% interest in Whitefish’s Swain Lake project (“Swain Lake”) in northwestern Ontario in two stages over a period of five years. First Mining may earn a 70% interest in Swain Lake by making cash payments totaling $200,000 and share payments totaling $425,000, and by incurring at least $500,000 worth of expenditures on the Swain Lake Property during the first three years of the earn-in term. Upon completing the first stage of the earn-in, First Mining will hold a 70% interest in the Swain Lake Property and will have an additional period of two years within which to acquire the remaining 30% of the project by paying $1,000,000 in cash and issuing $1,000,000 worth of First Mining shares to Whitefish. e) Vixen properties acquisition On September 15, 2021, the Company entered into a three year option agreement with ALX Resources Corp. (“ALX”) pursuant to which First Mining may earn up to a 100% interest in ALX’s Vixen North, Vixen South and Vixen West properties (the “Vixen Properties”) in northwestern Ontario in two stages over a period of five years. First Mining may earn a 70% interest in the Vixen Properties by making cash and share payments of approximately $950,000 to ALX during the term of the option, and by incurring at least $500,000 worth of expenditures on the property during the initial three year option term. Upon completing the first stage of the earn-in, First Mining will hold a 70% interest in the Vixen Properties and will have an additional period of two years to acquire the remaining 30% of the project by paying $500,000 in cash and issuing $500,000 worth of First Mining shares to ALX. f) Birch Lake properties acquisition On October 11, 2021, the Company entered into an earn-in agreement with Pelangio Exploration Inc. (“Pelangio”) pursuant to which First Mining may earn up to an 80% interest in Pelangio’s Birch Lake properties (the “Birch Lake Properties”) in two stages over a period of six years. First Mining may earn a 51% interest in the Birch Lake Properties by making cash payments totaling $350,000 and issuing in aggregate 1,300,000 First Mining shares and by incurring at least $1,750,000 worth of expenditures on the Birch Lake Properties during the first 4 years of the earn-in term. Upon completing the first stage of the earn-in, First Mining will hold a 51% interest in the Birch Lake Properties and will have an additional period of 2 years to acquire a further 29% interest in the Birch Lake Properties by paying $400,000 to Pelangio in cash or issuing First Mining Shares, at First Mining’s sole discretion, and by incurring an additional $1,750,000 worth of expenditures on the Birch Lake Properties. g) Stargazer properties acquisition On October 29, 2021, the Company entered into a three year earn-in agreement with a private individual pursuant to which First Mining may earn a 100% interest in the Stargazer and other properties (“Stargazer Properties”) in northwestern Ontario by making cash and share payments of $250,000 to the private individual during the term of the option, and by incurring at least $350,000 worth of expenditures on the Stargazer Properties during the three year option term.

INVESTMENT IN TREASURY METALS

INVESTMENT IN TREASURY METALS	12 Months Ended
	Dec. 31, 2021
INVESTMENT IN TREASURY METALS
INVESTMENT IN TREASURY METALS	7. INVESTMENT IN TREASURY METALS a) Treasury Share Purchase Agreement Overview On August 7, 2020, First Mining completed a transaction with Treasury Metals under a share purchase agreement (the “Treasury Share Purchase Agreement”), pursuant to which Treasury Metals agreed to acquire all of the issued and outstanding shares of Tamaka Gold Corporation, a previously wholly-owned subsidiary of the Company, and 100% owner of the Goldlund Project. Under the terms of the Treasury Share Purchase Agreement, First Mining received total consideration of $91,521,000 which was comprised of (i) 43.33 million common shares (post-consolidation) of Treasury Metals (“Treasury Metals Shares”) with a fair value of $78,000,000; (ii) 11.67 million common share purchase warrants (post-consolidation) of Treasury Metals (“Treasury Metals Warrants”) with an exercise price of $1.50 for a three year term with a fair value of $9,812,000; (iii) a retained 1.5% Net Smelter Returns (“NSR”) royalty on Goldlund (0.5% of which can be bought back by Treasury Metals for $5 million in cash) with a fair value of $3,709,000; and (iv) the right to certain contingent milestone payments totaling $5 million, payable in cash on certain key advancements at Goldlund which have not been recorded as at December 31, 2021. b) Initial Recognition of Consideration Received The components of the consideration received in connection with the sale of Tamaka comprised the following: · $78,000,000 for 43.33 million Treasury Metals Shares (the “Share Consideration”); · $9,812,000 for 11.67 million Treasury Metals Warrants (the “Warrant Consideration”) - Note 4; and · $3,709,000 for the retained 1.5% NSR (the “NSR Consideration”) - Note 6. $91,521,000 Share Consideration The Company applies equity accounting for the investment in the Treasury Metals Shares. The fair value of the Treasury Metals Shares at closing of $78,000,000 was determined using the quoted price of Treasury Metals common shares on August 7, 2020. Upon closing of the transaction, First Mining held approximately 40% (December 31, 2020 - $78,000,000) of Treasury Metals common shares (on an undiluted basis) and nominated three individuals to its Board of Directors. The Company has concluded it has significant influence over Treasury Metals. The Company is accounting for its investment using the equity method until such time as it no longer has significant influence. Warrant Consideration The warrants of Treasury Metals have been accounted for as FVTPL. The Company used the Black-Scholes option pricing model to calculate the fair value of the warrants held in Treasury Metals both as at August 7, 2020 and on an ongoing basis until the distribution on July 15, 2021. The Company used the following assumptions: August 7, 2020 December 31, 2020 July 15, 2021 Risk-free interest rate 0.23% 0.20% 0.44% Expected life (years) 3.00 years 2.60 years 2.07 years Expected volatility (1) 62.44% 64.42% 62.64% Expected dividend Nil Nil Nil (1) The computation of expected volatility was based on Treasury Metals’ historical price volatility, over a period which approximates the expected life of the warrant. NSR Consideration The 1.5% NSR royalty on Goldlund was measured at a fair value of $3,709,000 and is included as part of “Others” in “Mineral Properties” (Note 6). c) Equity Accounting Method for Investment in Treasury Metals and Impairment During the year the Company recorded a $24,304,000 impairment of the investment based on the quoted price of Treasury Metals shares and therefore carrying value is equal to fair value ($23,555,000 was recorded as at March 31, 2021 and $749,000 was recorded as at December 31, 2021).This impairment was recorded within the impairment of non-current assets in the consolidated statement of net loss and comprehensive loss. In 2021 the Company recorded dilution losses on the investment in Treasury Metals predominantly as a result of the exercise of special warrants by Treasury Metals investors (reducing the Company’s interest from 38.4% to 33.3%). On July 15, 2021 a portion of the Treasury Metals shares were distributed to shareholders of First Mining (Note 7(d)). As at December 31, 2021, the Company owns approximately 20.0 million Treasury Metals Shares. December 31, 2021 December 31, 2020 Balance, beginning of period $ 63,812 $ - Acquisition – Initial Recognition on August 7, 2020 - 78,000 Equity (loss) income (167 ) 1,446 Dilution event in Q2, 2021 (5,000 ) - Impairment of Investment in Treasury Metals Inc. (24,304 ) (15,634 ) Distribution to shareholders (18,941 ) - Balance, December 31, 2021 $ 15,400 $ 63,812 The equity accounting for Treasury Metals is based on audited results for the year ended December 31, 2021. The Company’s estimated equity share of Treasury’s net loss for the year ended December 31, 2021 was $167,000. Treasury Metals Summarized Statements of Total Comprehensive Loss and Financial Position A summary of Treasury Metals' consolidated statement of other comprehensive loss during year ended December 31, 2021 is as follows: Year ended December 31, 2021 Loss before income taxes $ (1,517 ) Deferred income tax recovery (2,233 ) Net loss for the year (3,750 ) Other comprehensive income (766 ) Total comprehensive loss $ (4,516 ) The assets and liabilities of Treasury Metals are summarized in the following table and the December 31, 2021 numbers are taken from Treasury Metals’ consolidated financial statements as at December 31, 2021. December 31, 2021 Current assets $ 11,911 Non-current assets 190,690 202,601 Current liabilities 3,995 Non-current liabilities 7,643 11,638 Net assets $ 190,963 Reconciliation of Treasury Metal’s Net Assets to First Mining’s Carrying value as at December 31, 2021 Balance, December 31, 2020 $ 173,053 Equity increase from special warrant issuance 16,471 Operating loss (January 1, 2021 to December 31, 2021) (4,516 ) Other increases in equity of Treasury Metals 5,955 Balance, December 31, 2021 $ 190,963 First Mining’s share of net assets 29,408 Incremental decrease in fair value of Goldlund-Goliath mineral property 2,294 ) Cumulative impairment of investment in Treasury Metals ownership % (16,302 ) Carrying value $ 15,400 d) Distribution to shareholders In accordance with the terms of a Shareholders Agreement signed in connection with the Treasury Share Purchase Agreement, First Mining distributed approximately 23.3 million Treasury Metals Shares and all 11.6 million Treasury Metals Warrants to its shareholders (the “Distribution”) on July 15, 2021. Following the Distribution, First Mining retained approximately 20.0 million Treasury Metals Shares, leaving the Company with an approximate 15.4% interest in Treasury Metals. First Mining’s percentage ownership along with its Board representation of three Board seats continue to support the conclusion that it has significant influence.

INVESTMENT IN PC GOLD INC.

INVESTMENT IN PC GOLD INC.	12 Months Ended
	Dec. 31, 2021
INVESTMENT IN PC GOLD INC.
INVESTMENT IN PC GOLD INC.	Following the completion of the Stage 1 earn-in by Auteco, First Mining determined that its then 49% investment in the common shares of PC Gold gave it significant influence over PC Gold, requiring PC Gold to be recorded in First Mining’s financial statements using the equity method of accounting as an investment in associate. The initial recognition of the investment in associate was accounted for based on an estimated fair value using a market approach to value Pickle Crow’s inferred resources on a per unit of metal basis derived from comparable gold project transactions. December 31, 2021 Balance, beginning of period $ - Acquisition – Initial Recognition on June 9, 2021 36,000 Equity loss (3 ) Dilution of ownership -Stage 2 earn-in completion (14,427 ) Balance, December 31, 2021 $ 21,570 The subsequent equity accounting for PC Gold is based on audited results for the year-ended June 30, 2021 and on the unaudited six-month period ended December 31, 2021. The Company’s estimated equity share of PC Gold’s net loss for the year ended December 31, 2021 was $3,000. Upon completion of the Stage 2 earn-in by Auteco on August 26, 2021, the Company recorded a $14,427,000 reduction in the investment carrying value based upon the ownership interest reduction from 49% to 30%. Upon the delivery of this additional interest the Company settled $12,960,000 of the PC Gold option liability and received cash proceeds received from Auteco of (i) $1,000,000 and (ii) $468,000 for unspent environmental reclamation work as part of the PC Gold Earn-in Agreement (Note 6(b)). PC Gold Summarized Statements of Total Comprehensive Loss and Financial Position A summary of PC Gold's consolidated statement of other comprehensive loss during year ended December 31, 2021 is as follows: Six-month period ended December 31, 2021 Loss before income taxes $ (10 ) Deferred income tax recovery - Net loss for the year (10 ) Other comprehensive income - Total comprehensive loss $ (10 ) The assets and liabilities of PC Gold are summarized in the following table and the December 31, 2021 numbers are taken from PC Gold’s consolidated financial statements as at December 31, 2021. December 31, 2021 Current assets $ - Non-current assets 39,793 39,793 Current liabilities 10,931 Non-current liabilities 3,631 14,562 Net assets $ 25,231 Reconciliation of PC Gold’s Net Assets to First Mining’s Carrying value as at December 31, 2021 Balance, December 31, 2020 $ - Initial Recognition on June 9, 2021 17,344 Equity loss (June 9, 2021 to December 31, 2021) (11 ) Other increases in equity of PC Gold 7,898 Balance, December 31, 2021 $ 25,231 First Mining’s share of net assets 7,569 Incremental fair value of Pickle Crow mineral property 14,001 Carrying value $ 21,570

INVESTMENT IN BIG RIDGE GOLD CO

INVESTMENT IN BIG RIDGE GOLD CORP.	12 Months Ended
	Dec. 31, 2021
INVESTMENT IN BIG RIDGE GOLD CORP.
INVESTMENT IN BIG RIDGE GOLD CORP.	Following completion of the Big Ridge transaction on June 7, 2021, the Company’s common share ownership interest in Big Ridge was approximately 19.8% (Initial Recognition fair value - $2,185,000) and was 11.0% on December 31, 2021 following a dilution event whereby Big Ridge issued 24.4 million flow-through shares as part of a private placement. The fair value of the share position at December 31, 2021 was $3,565,000. In addition to its share ownership interest, the Company considered various qualitative factors including representation rights on Big Ridge’s board of directors in arriving at the determination that significant influence exists, and therefore the Company applies the equity method of accounting. December 31, 2021 Balance, beginning of period $ - Acquisition – Initial Recognition on June 7, 2021 2,185 Equity loss (106 ) Dilution event in Q2 2021 (588 ) Balance, December 31, 2021 $ 1,491 The subsequent equity accounting for Big Ridge Gold is based on audited results for the year ended June 30, 2021, and on the unaudited six-month period ended December 31, 2021. The Company’s estimated equity share of Big Ridge’s net loss for the year ended December 31, 2021 was $106,000. Big Ridge Gold Summarized Statements of Total Comprehensive Loss and Financial Position A summary of Big Ridge Gold's consolidated statement of other comprehensive loss during the six-months December 31, 2021 is as follows: Six-month period ended December 31, 2021 Loss before income taxes $ (1,288 ) Deferred income tax recovery - Net loss for the year (1,288 ) Other comprehensive income - Total comprehensive loss $ (1,288 ) The assets and liabilities of Big Ridge Gold are summarized in the following table and the December 31, 2021 numbers are taken from Big Ridge Gold’s consolidated financial statements as at December 31, 2021. December 31, 2021 Current assets $ 7,924 Non-current assets 7,794 15,718 Current liabilities 239 Non-current liabilities 321 560 Net assets $ 15,158 Reconciliation of Big Ridge Gold’s Net Assets to First Mining’s Carrying value as at December 31, 2021 Balance, December 31, 2020 $ - Initial Recognition on June 9, 2021 12,769 Equity loss (June 9, 2021 to December 31, 2021) (4,583 ) Other increases in equity of Big Ridge Gold 6,972 Balance, December 31, 2021 $ 15,158 First Mining’s share of net assets 1,667 Dilution event in Q2, 2021 (588 ) Incremental fair value of Hope Brook mineral property 412 Carrying value $ 1,491

MINERAL PROPERTY INVESTMENTS

MINERAL PROPERTY INVESTMENTS	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTY INVESTMENTS
MINERAL PROPERTY INVESTMENTS	The Company, through its subsidiary Clifton Star Resources Inc. (“Clifton”), has a 10% equity interest in the shares of Beattie Gold Mines Ltd., 2699681 Canada Ltd., and 2588111 Manitoba Ltd which directly or indirectly own various mining concessions and surface rights, collectively known as the Duparquet gold project. Mineral property investments (which comprise equity interests in the shares of three private companies) are designated as FVTOCI, with changes in fair value recorded in other comprehensive income (loss). As there is no observable market data which can be used to determine the fair value of the Company’s mineral property investments, management uses property specific and market-based information to determine whether a significant change in the fair value of these investments has occurred. Factors that are considered include: · Changes in the economic and regulatory environment for the jurisdiction in which the Duparquet Gold project is located; · Gold spot prices over the period from the acquisition of the investment to December 31, 2021; · The Company’s market capitalization per in-situ ounce which are attributable to the Duparquet Gold project; and · Recent transactions involving mineral properties located in Quebec. During the year ended December 31, 2021, management determined, as a function of the falling gold price environment, that there was a decline in the fair value of mineral property investments and a fair value loss of $293,000 was recorded for the year ended December 31, 2021 (year ended December 31, 2020 - $1,329,000) (Note 21). As at December 31 2021, the fair value of the Company’s mineral property investments is $6,435,000 (December 31, 2020 - $6,726,000). See Subsequent events (Note 22).

SILVER STREAM DERIVATIVE LIABIL

SILVER STREAM DERIVATIVE LIABILITY	12 Months Ended
	Dec. 31, 2021
SILVER STREAM DERIVATIVE LIABILITY
SILVER STREAM DERIVATIVE LIABILITY	11. SILVER STREAM DERIVATIVE LIABILITY a) Silver Purchase Agreement Overview and Consideration Received On June 10, 2020, the Company entered into a silver purchase agreement (the “Silver Purchase Agreement”) with First Majestic Silver Corp. (“First Majestic”), which closed on July 2, 2020. Under the terms of the Silver Purchase Agreement, First Majestic agreed to pay First Mining total consideration of US$22.5 million (approx. $30.6 million as at the closing date), in three tranches, for the right to purchase 50% of the payable silver produced from the Springpole Gold Project over the life of the project (the “Silver Stream”) and also received 30 million common share purchase warrants of First Mining. Each share purchase warrant entitles First Majestic to purchase one common share of First Mining at an exercise price of $0.40 for a period of five years. The fair value of the warrants issued of $6,278,000 was recorded in Equity (Warrant reserve) on the Company’s consolidated statements of financial position. First Mining has the right to repurchase 50% of the Silver Stream for US$22.5 million (approx. $28.5 million as at December 31, 2021) at any time prior to the commencement of production at Springpole (the “Buy-Back Right”). Per the Silver Purchase Agreement, First Majestic paid US$10 million ($13.7 million) to First Mining on the July 2, 2020 closing date, with US$2.5 million ($3.3 million) paid in cash and the remaining US$7.5 million ($10.4 million) paid in 805,698 common shares of First Majestic (“Tranche 1”). Upon announcement of the Pre-Feasibility Study (“PFS”) on March 4, 2021, First Mining received US$7.5 million ($9.8 million) from First Majestic, with US$3.75 million ($4.8 million) paid in cash and the remaining US$3.75 million ($5.0 million) paid in 287,300 common shares of First Majestic (“Tranche 2”). Consideration payable for the Silver Stream includes one further tranche (split evenly between cash and First Majestic common shares) of US$5 million (approx. $6.3 million as at December 31, 2021) payable upon First Mining receiving approval of either a Federal or Provincial Environmental Assessment. (The three tranches of consideration totaling US$22.5 million ($23.5 million received for Tranche 1 and Tranche 2) constitute the “Advance Payment”). In the event of default, First Majestic may terminate the Silver Purchase Agreement and the Advance Payment received by First Mining at that time would become repayable. The Advance Payment amount is used to track the stream balance for commercial, but not accounting purposes. In the event the Company exercises the Buy-Back Right by paying US$22.5 million (approx. $28.5 million) to First Majestic, the Advance Payment amount shall be reduced to nil. The Silver Stream has an initial term of 40 years from July 2, 2020. The term is automatically extended by successive 10-year periods as long as the life of mine continues for the Springpole Gold Project. If upon expiration of the term of the Silver Purchase Agreement, the Company has not sold to First Majestic an amount of silver sufficient to reduce the Advance Payment to nil, then a refund of the uncredited balance, without interest shall be due and owing by the Company to First Majestic. The silver delivered to First Majestic may be sourced from the Springpole Gold Project, or the Company may substitute any required refined silver with refined silver from a source other than the Springpole Gold Project, with the exception of silver purchased on a commodity exchange. b) Silver Stream Derivative Liability Fair Value The Company has concluded that the Silver Stream is a standalone derivative measured at FVTPL. The Company considered whether the Silver Stream would qualify as an ‘own use contract’, whereby it would not require fair value accounting under IFRS. An ‘own use contract’ is one that results in the physical delivery of a company’s own non-financial asset. The Silver Stream failed to qualify under the ‘own use exemption’ as a result of the silver substitution provisions within the Silver Purchase Agreement. In addition, the Company has an unavoidable obligation to repay the Advance Payment or deliver the silver to First Majestic. The estimated fair value of the Silver Stream derivative liability is determined using a discounted cash flow model which incorporates a Monte Carlo simulation. The fair value of the Silver Stream derivative liability is a Level 3 measurement. The key inputs to calculate the fair value of the silver stream derivative liability at each reporting date include: · COMEX spot silver price; · COMEX silver futures curve; · COMEX 4-year at-the-money silver implied volatility; · USD 3-month LIBOR discount curve; · First Mining’s estimated credit spread; · Probability of receiving future advanced payments; and · Quarterly delivery schedule of payable silver (updated for the recently completed Pre-Feasibility Study). The fair value of the Silver Stream derivative liability is calculated at each reporting date as the net of the future Advance Payment tranches receivable (an asset for the Company) and the Silver Stream obligation (a liability to the Company), with gains and losses recorded in the statement of net loss and comprehensive loss. The fair value of the Silver Stream derivative liability as at December 31, 2021 is US$20,664,000 ($26,114,000), which is comprised of the Silver Stream obligation fair value of US$23,818,000 ($30,098,000) less the Advance Payment receivable fair value of US$3,154,000 ($3,984,000). The fair value of the Silver Stream derivative liability as at December 31, 2020 was US$10,415,000 ($13,260,000), which is comprised of the Silver Stream obligation fair value of US$21,761,000 ($27,706,000) less the Advance Payment receivable fair value of US$11,346,000 ($14,446,000). Silver Stream derivative liability Balance, December 31, 2019 $ - Fair value of Silver Stream derivative liability - Initial Recognition on July 2, 2020 (7,378 ) Change in fair value during the period (5,882 ) Balance, December 31, 2020 $ (13,260 ) Advance payment received (Tranche 2) (US$7.5 million) (9,808 ) Change in fair value during the period (3,046 ) Balance, December 31, 2021 $ (26,114 )

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Category December 31, 2021 December 31, 2020 Accounts payable $ 2,437 $ 837 Accrued liabilities 2,054 1,176 Total $ 4,491 $ 2,013

ENVIRONMENTAL RECLAMATION PROVI

ENVIRONMENTAL RECLAMATION PROVISION	12 Months Ended
	Dec. 31, 2021
ENVIRONMENTAL RECLAMATION PROVISION
ENVIRONMENTAL RECLAMATION PROVISION	The Company has an obligation to undertake decommissioning, restoration, rehabilitation and environmental work when environmental disturbance is caused by the exploration and development of a mineral property. Following the completion of the Stage 1 earn-in by Auteco, First Mining’s percentage ownership of its former subsidiary, PC Gold, was reduced from 100% to 49%, and the environmental reclamation provision, which was recorded as a liability in the PC Gold Inc. legal entity, was deconsolidated from First Mining financial statements. December 31, 2021 December 31, 2020 Balance, beginning of year $ 3,383 $ 2,355 Additions to present value of environmental reclamation provision - 1,200 Reclamation costs incurred (250 ) (200 ) Interest or accretion expense 4 28 Deconsolidation of PC Gold Inc. (3,137 ) - Balance, end of year $ - $ 3,383 Statements of Financial Position Presentation December 31, 2021 December 31, 2020 Current portion of environmental reclamation provision $ - $ 250 Non-current environmental reclamation provision - 3,133 Total $ - $ 3,383

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
SHARE CAPITAL	14. SHARE CAPITAL a) Authorized Unlimited number of common shares with no par value. Unlimited number of preferred shares with no par value. b) Issued and Fully Paid Common shares: 700,200,059 (December 31, 2020 – 697,216,453). Preferred shares: nil (December 31, 2020 – nil). c) Warrants The movements in warrants during the years ended December 31, 2021 and 2020 are summarized as follows: Number Weighted average exercise price Balance as at December 31, 2019 15,872,998 $ 0.41 Warrants issued 77,460,159 0.49 Warrants exercised (247,500 ) 0.34 Balance as at December 31, 2020 93,085,657 $ 0.48 Warrants issued 2,100,228 0.38 Warrants exercised (265,650 ) 0.33 Warrants expired (3,027,615 ) 0.44 Balance as at December 31, 2021 91,892,620 $ 0.48 The following table summarizes information about warrants outstanding as at December 31, 2021: Exercise price Number of warrants outstanding Weighted average exercise price ($ per share) Weighted average remaining life (years) $ 0.31 18,247,009 $ 0.31 1.15 $ 0.37 44,845,611 0.37 2.61 $ 0.42 50,000 0.42 1.58 $ 0.65 28,750,000 0.65 0.65 91,892,620 $ 0.45 1.71 As a result of the TML distribution an additional 2,050,228 warrants were issued to an individual warrant holder per the terms of the convertible security adjustment provision of the warrant indenture. In addition, following the Treasury Metals distribution the exercise prices of all the outstanding warrants outstanding as at July 15, 2021 were reduced per the terms of the respective convertible security adjustment provisions of the warrant indentures. The Warrants issued during the year ended December 31, 2021 and year ended December 31, 2020 (excluding warrants issued to First Majestic under the terms of the Silver Purchase Agreement (Note 11)) have been valued using the Black-Scholes option pricing model with the following weighted average assumptions: Year ended Year ended December 31, 2021 December 31, 2020 Risk-free interest rate 0.50% 0.85% Expected life (years) 2 years 2.39 years Expected volatility 63.09% 68.36% Expected dividend yield Nil Nil d) Stock Options The Company has adopted a stock option plan that allows for the granting of stock options to Directors, Officers, employees and certain consultants of the Company for up to 10% of the Company’s issued and outstanding common shares. Stock options granted under the plan may be subject to vesting provisions as determined by the Board of Directors. The movements in stock options during the years ended December 31, 2021 and 2020 are summarized as follows: Number Weighted average exercise price Balance as at December 31, 2019 46,927,500 $ 0.57 Options granted 11,350,000 0.25 Options exercised (3,717,500 ) 0.33 Options expired (2,790,000 ) 0.40 Options forfeited (5,950,000 ) 0.52 Balance as at December 31, 2020 45,820,000 $ 0.53 Options granted 12,190,000 0.23 Options exercised (2,287,500 ) 0.25 Options expired (7,820,000 ) 0.73 Options forfeited (2,762,500 ) 0.39 Balance as at December 31, 2021 45,140,000 $ 0.44 The weighted average closing share price at the date of exercise for the year ended December 31, 2021 was $0.44 (December 31, 2020 – $0.53). The following table summarizes information about the stock options outstanding as at December 31, 2021: Options Outstanding Options Exercisable Exercise price Number of options Weighted average exercise price ($ per share) Weighted average remaining life (years) Number of options Weighted average exercise price ($ per share) Weighted average remaining life (years $ 0.25 – 0.50 33,125,000 $ 0.38 2.98 26,661,250 $ 0.38 2.67 $ 0.51 – 1.00 12,015,000 0.75 0.50 12,015,000 0.75 0.50 45,140,000 $ 0.48 2.32 38,676,250 $ 0.49 2.00 During the year ended December 31, 2021, there were 12,190,000 (December 31, 2020 - 11,350,000) stock options granted with an aggregate fair value of $2,832,105 (December 31, 2020 - $1,500,411), or a weighted average fair value of $0.23 per option (December 31, 2020 – $0.13 ). As at December 31, 2021, 6,463,750 (December 31, 2020 – 5,525,000) stock options remain unvested with an aggregate grant date fair value of $1,436,689 (December 31, 2020 - $402,000). Certain stock options granted were directly attributable to exploration and evaluation expenditures on mineral properties and were therefore capitalized to mineral properties. In addition, certain stock options were subject to vesting provisions. These two factors result in differences between the aggregate fair value of stock options granted and total share-based payments expensed during the periods. Total share-based payments expense during the years ended December 31, 2021 and 2020 was classified within the financial statements as follows: For the year ended December 31, Statements of Net Loss: 2021 2020 General and administration $ 1,235 $ 500 Exploration and evaluation 312 148 Investor relations and marketing communications 265 144 Corporate development and due diligence 186 166 Subtotal $ 1,998 $ 958 Statements of Financial Position: Mineral Properties $ 894 $ 442 Total $ 2,892 $ 1,400 The grant date fair value of the stock options recognized in the years ended December 31, 2021 and 2020 have been estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Year ended Year ended December 31, 2021 December 31, 2020 Risk-free interest rate 0.86 % 1.72 % Share price at grant date (in dollars) $ 0.44 $ 0.25 Exercise price (in dollars) $ 0.41 $ 0.27 Expected life (years) 5.00 years 4.96 years Expected volatility (1) 67.89 % 69.10 % Forfeiture rate 7.50 % 5.26 % Expected dividend yield Nil Nil (1) The computation of expected volatility was based on the Company’s historical price volatility, over a period which approximates the expected life of the option. e) Restricted Share Units The Company granted Restricted Share Units ("RSUs") under its share-based compensation plan to the Company’s executive officers as part of the Company’s long-term incentive plan (“LTIP”). Unless otherwise stated, the awards typically have a graded vesting schedule over a three-year period and will be settled in equity upon vesting. The associated compensation cost is recorded as share-based payments expense against share-based payment reserve. The following table summarizes the changes in RSU's for the year ended December 31, 2021: Number Weighted average fair value Balance as at December 31, 2020 - $ - Granted – February 2, 2021 1,550,000 0.40 Balance as at December 31, 2021 1,550,000 $ 0.40 14. SHARE CAPITAL (Continued) f) Deferred Share Units The Company granted 303,000 Deferred Share Units ("DSUs") under its share-based compensation plan to a director as part of the Company’s LTIP. DSUs have a graded vesting schedule over an 18-month period and will be settled in equity upon vesting. The associated compensation cost is recorded as share-based payments expense against share-based payment reserve. The weighted average grant date fair value of the DSUs recognized for the year ended December 31, 2021 is $0.36. Number Weighted average fair value Balance as at December 31, 2020 - $ - Granted – February 2, 2021 40,000 0.40 Granted – June 17, 2021 263,000 0.35 Balance as at December 31, 2021 303,000 $ 0.36

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2021
OPERATING EXPENSES (Note 15)
OPERATING EXPENSES	Operating expenditures by nature, which map to the Company’s functional operating expense categories presented in the consolidated statements of net loss and comprehensive income (loss), are as follows: For the year ended December 31, 2021 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $347 $98 $63 $1 $509 Consultants 227 61 120 - 408 Depreciation (non-cash) 168 152 - - 320 Directors fees 294 - - - 294 Investor relations and marketing communications - 1 1,333 - 1,334 Professional fees 1,298 - - - 1,298 Reimbursement of litigation expenses 1,120 - - - 1,120 Salaries 1,174 318 393 319 2,204 Share-based payments (non-cash) (Note 14(d)) 1,235 312 265 186 1,998 Transfer agent and filing fees 368 - 44 - 412 Travel and accommodation 34 18 29 3 84 Operating expenses total $ 6,265 960 $ 2,247 $ 509 $ 9,981 Impairment of non-current assets (non-cash) (Note 7) 24,304 Loss from operational activities $ 34,285 Reimbursement of legal fees and expert costs incurred by certain parties pursuant to the terms of a settlement agreement that was signed by the Company on February 7, 2022 respect of the settlement of a non-material, historic litigation matter that involved numerous parties, one of whom was the Company’s wholly-owned subsidiary, Clifton Star Resources Inc. The Company had inherited this historical litigation matter as a result of its acquisition of Clifton Star in April 2016. For the year ended December 31, 2020 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $ 232 $ 166 $ 34 $ 3 $ 435 Consultants 164 71 10 - 245 Depreciation (non-cash) 146 159 - - 305 Directors fees 288 - - - 288 Investor relations and marketing communications 3 3 579 22 607 Professional fees 934 1 - - 935 Salaries 1,121 236 287 269 1,913 Share-based payments (non-cash) (Note 14(d)) 500 148 144 166 958 Transfer agent and filing fees 163 - 41 - 204 Travel and accommodation 22 28 16 8 74 Operating expenses total $ 3,573 $ 812 $ 1,111 $ 468 $ 5,964 Impairment of non-current assets (non-cash) (Note 7) 24,870 Loss from operational activities $ 30,834

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2021
SEGMENT INFORMATION
SEGMENT INFORMATION	The Company operates in a single reportable operating segment, being the acquisition, exploration, development and selective disposition of its North American mineral properties. Geographic information about the Company’s non-current assets, excluding financial instruments, as at December 31, 2021 and December 31, 2020 is as follows: Non-current assets December 31, 2021 December 31, 2020 Canada $ 209,739 $ 244,018 USA 226 444 Total $ 209,965 $ 244,462

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	Year ended December 31, 2021 Year ended December 31, 2020 Net loss before income tax $ 38,350 35,848 Combined Canadian statutory income tax rate 27.00 % 27.00 % Income tax recovery computed at statutory income tax rate 10,356 9,679 Tax effect of: Permanent differences and other (2,166 ) (2,041 ) Investment in Treasury Metals (3,878 ) (1,916 ) Investment in PC Gold 2,169 Obligation to distribute investments - (1,802 ) Flow-though eligible expenditures - (1,240 ) Difference in tax rates in foreign jurisdictions - (308 ) Impact of disposal of subsidiaries - (10,358 ) Flow-through share premium liability - 641 Changes in unrecognized deferred tax assets (6,481 ) 8,932 Income tax recovery (expense) $ - 1,587 Deferred tax assets and liabilities are offset if they relate to the same taxable entity and the same taxation authority. No deferred tax asset has been recognized in respect to the losses and temporary differences below, as it is not considered probable that sufficient future taxable profit will allow the deferred tax asset to be recovered. Recognized deferred income tax assets (liabilities) are comprised of: December 31, 2021 December 31, 2020 Non-capital loss carryforwards $ 2,969 $ 5,384 Mineral properties (2,379 ) (3,073 ) Mineral property investments (590 ) (2,311 ) Total $ - $ - Deferred tax assets have not been recognized in respect of the following temporary differences: December 31, 2021 December 31, 2020 Non-capital loss carryforwards $ 50,144 $ 49,232 Investment in Treasury Metals 20,497 14,188 Investment in PC Gold 14,430 - Investment in Big Ridge 694 - Silver Stream derivative liability 8,927 5,882 Investment tax credits 5,209 5,119 Other 1,432 3,936 Undeducted financing costs 1,398 1,874 Property and equipment 986 807 Mineral properties 2,404 174 Capital loss carryforwards 16,267 82 Total $ 122,388 $ 81,294 As at December 31, 2021, the Company and its subsidiaries had unrecognized Canadian non-capital loss carryforwards of approximately $61,266,000 (2020 - $68,059,000) which expire between the years 2025 and 2040, unrecognized Canadian capital loss carryforwards of approximately $13,644,000 (2020 - $82,000) which can be carried forward indefinitely, unrecognized Canadian investment tax credits of approximately $5,209,000 (2020 - $5,119,000) which expire between the years 2024 and 2033.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	The Company’s related parties consist of the Company’s Directors and Officers, and any companies controlled by or significantly influenced by them. Key management includes the Directors, Officers and Vice Presidents of the Company. The compensation paid or payable to key management for services during the years ended December 31, 2021 and 2020 is as follows: Service or Item Year ended December 31, 2021 2020 Directors’ fees $ 294 $ 288 Salaries and bonuses 2,179 1,659 Share-based payments (non-cash) 1,128 990 Total $ 3,610 $ 3,029

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	During the year ended December 31, 2021, the significant non-cash investing and financing transactions were as follows: · 1,107,035 shares issued with a value of $385,000 in connection with mineral property acquisitions; · Received 287,300 common shares of First Majestic in connection with the Silver Purchase Agreement (initial recognition - $5,631,000, December 31, 2021 – nil) (Note 11); and · Received 100,000,000 common shares of Auteco (initial recognition - $8,640,000, December 31, 2021 – $6,720,000) in connection with the Auteco Earn-In Agreement (Note 8). During the year ended December 31, 2020, significant non-cash investing and financing transactions were as follows: · 24,220 shares issued with a value of $4,000 in connection with a mineral property acquisition in 2016; · 3,000,000 shares issued with a value of $1,215,000 in connection with acquisition of the East Cedartree claims; and · Received 25,000,000 common shares of Auteco with a fair value of $740,000 in connection with the Earn-In Agreement (Note 6(b)), 805,698 shares of First Majestic with a fair value of $10,394,000 in connection with the Silver Purchase Agreement (Note 11), 43.33 million shares of Treasury Metals with a fair value of $78,000,000 and 11.67 million Treasury Metals Warrants with a fair value of $9,812,000 in connection with the Treasury Share Purchase Agreement (Note 7).

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2021
FAIR VALUE
FAIR VALUE	Fair values have been determined for measurement and/or disclosure requirements based on the methods below. The Company characterizes fair value measurements using a hierarchy that prioritizes inputs depending on the degree to which they are observable. The three levels of the fair value hierarchy are as follows: · Level 1: fair value measurements are quoted prices (unadjusted) in active markets for identical assets or liabilities; · Level 2: fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and · Level 3: fair value measurements are those derived from valuation techniques that include significant inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table presents the Company’s fair value hierarchy for financial assets and liabilities that are measured at fair value: December 31, 2021 December 31, 2020 Carrying Fair value measurement Carrying Fair value measurement value Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 Financial assets: Investments (Notes 4) $ 13,386 $ 13,386 $ - $ - $ 18,425 $ 12,653 $ 5,772 $ - Mineral property investments (Note 10) 6,435 - - 6,435 6,726 - - 6,726 Financial liabilities: Silver Stream derivative liability (Note 11) 26,114 - - 26,114 13,260 - - 13,260 Option – PC Gold (Note 6(b)) $ 4,347 $ - $ - $ 4,347 $ 4,410 $ - $ - $ 4,410 During the year ended December 31, 2021 there have been no transfers of amounts between levels in the fair value hierarchy. The carrying values of cash and cash equivalents, current accounts receivables, and accounts payable and accrued liabilities approximated their fair values because of the short-term nature of these financial instruments. These financial instruments are classified as financial assets and liabilities at amortized cost. The carrying value of investments (except for Treasury Metals Warrants) were based on the quoted market prices of the shares as at December 31, 2021 and was therefore considered to be Level 1. The fair value of Treasury Metals Warrants were determined using certain Level 2 inputs, as the Black-Scholes valuation model incorporates Treasury Metals’ share price volatility. The Treasury Metals Warrants were distributed to First Mining shareholders in July 2021. The mineral property investments (First Mining’s 10% equity interest in three privately held companies that own the Duparquet Gold Project) are classified as financial assets at FVTOCI. The fair value of the mineral property investments was not based on observable market data and was therefore considered to be Level 3. The initial fair value of the mineral property investments was determined based on attributable pro-rata gold ounces for the Company’s 10% indirect interest in the Duparquet project, which formed part of the identifiable assets from the acquisition of Clifton. Subsequently, the fair value has been reassessed at each period end. Scenarios which may result in a significant change in fair value include, among others, a change in the performance of the investee, a change in the performance of comparable entities, a change in gold price, a change in the economic environment, or evidence from external transactions in the investee’s equity. During the year ended December 31, 2021, management concluded that there was a decrease in the fair value of the mineral property investments, and a fair value loss of $291,000 (December 31, 2020 - $1,329,000) was recorded (Note 10). The Silver Stream was determined to be a derivative liability, which is classified as a financial liability at FVTPL. The carrying value of the derivative liability was not based on observable market data and involved complex valuation methods and was therefore considered to be Level 3. The classification of the financial instruments as well as their carrying values as at December 31, 2021 and 2020 is shown in the table below: At December 31, 2021 Amortized Cost FVTPL FVTOCI Total Financial assets: Cash and cash equivalents $ 29,516 $ - $ - $ 29,516 Current accounts and other receivables 40 - - 40 Investments - 8,400 4,986 13,386 Mineral property investments - - 6,435 6,435 Total financial assets $ 29,556 $ 8,400 $ 11,421 $ 49,377 Financial liabilities: Accounts payable and accrued liabilities $ 4,491 $ - $ - $ 4,491 Option – PC Gold - 4,347 - 4,347 Silver Stream derivative liability - 26,114 - 26,114 Total financial liabilities $ 4,491 $ 30,461 $ - $ 34,952 At December 31, 2020 Amortized Cost FVTPL FVTOCI Total Financial assets: Cash and cash equivalents $ 28,901 $ - $ - $ 28,901 Current accounts and other receivables 1,753 - - 1,753 Investments - 15,039 3,386 18,425 Mineral property investments - - 6,726 6,726 Reclamation deposit 121 - - 121 Total financial assets $ 30,775 $ 15,039 $ 10,112 $ 55,926 Financial liabilities: Accounts payable and accrued liabilities $ 2,013 $ - $ - $ 2,013 Option – PC Gold - 4,410 - 4,410 Silver Stream derivative liability - 13,260 - 13,260 Total financial liabilities $ 2,013 $ 17,670 $ - $ 19,683

FINANCIAL AND CAPITAL RISK MANA

FINANCIAL AND CAPITAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT
FINANCIAL AND CAPITAL RISK MANAGEMENT	The Company thoroughly examines the various financial instruments and risks to which it is exposed and assesses the impact and likelihood of those risks. These risks include market risk (including equity price risk, foreign currency risk, interest rate risk and commodity price risk), credit risk, liquidity risk, and capital risk. Where material, these risks are reviewed and monitored by the Board of Directors. The Board of Directors has overall responsibility for the determination of the Company’s risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Company’s competitiveness and flexibility. a) Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk includes equity price risk, foreign currency risk, interest rate risk and commodity price risk. Equity Price Risk The Company is exposed to equity price risk as a result of holding investments in equity securities, which are comprised of marketable securities and mineral property investments, in other mineral property exploration companies. If the fair value of our investments in equity instruments designated as FVTPL had been 10% higher or lower as at December 31, 2021, net loss for the year ended December 31, 2021 would have decreased or increased, respectively, by approximately $840,000 (2020 – $1,504,000), as a result of changes in the fair value of equity investments. If the fair value of our investments in equity instruments designated as FVTOCI had been 10% higher or lower as at December 31, 2021, other comprehensive income (loss) for the year ended December 31, 2021 would have decreased or increased, respectively, by approximately $1,142,000 (2020 – $1,011,000), as a result of changes in the fair value of equity investments. Foreign Currency Risk As at December 31, 2021, the Company held USD denominated cash and cash equivalents of $2,117,000. The Company has not hedged its exposure to currency fluctuations. Interest Rate Risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company does not have any borrowings that are subject to fluctuations in market interest rate. Interest rate risk is limited to potential decreases on the interest rate offered on cash and cash equivalents held with chartered Canadian financial institutions. The Company manages its interest rate risk by seeking to optimize the interest income earned on excess funds while maintaining the necessary liquidity to conduct its day-to-day operations. The Company considers this risk to be immaterial. Commodity price risk The Company is subject to commodity price risk from fluctuations in the market prices for silver. Commodity price risks are affected by many factors that are outside the Company’s control including global or regional consumption patterns, the supply of and demand for metals, speculative activities, the availability and costs of metal substitutes, inflation, and political and economic conditions. The financial instrument impacted by commodity prices is the Silver Stream derivative liability. b) Credit Risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments which are potentially subject to credit risk for the Company consist primarily of cash and cash equivalents, accounts and other receivables, and the reclamation deposit. The Company considers credit risk with respect to its cash and cash equivalents to be immaterial as cash and cash equivalents are mainly held through high credit quality major Canadian financial institutions as determined by ratings agencies. c) Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it will have sufficient cash to allow it to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. The Company manages its liquidity risk by preparing annual estimates of exploration and administrative expenditures and monitoring actual expenditures compared to the estimates to ensure that there is sufficient capital on hand to meet ongoing obligations. The following table summarizes the maturities of the Company’s financial liabilities as at December 31, 2021 based on the undiscounted contractual cash flows: Carrying Amount Contractual Cash Flows Less than 1 year 1 – 3 years 4 – 5 years After 5 years Accounts payable and accrued liabilities $ 4,491 $ 4,491 $ 4,491 $ - $ - $ - Lease liability 442 515 165 350 - - As at December 31, 2021, the Company held cash and cash equivalents of $29,516,000 (December 31, 2020 - $28,901,000). The Company believes it has sufficient cash on hand to meet operating requirements as they arise for at least the next 12 months. d) Capital Risk Management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration and retention of its mineral properties. The Company has historically demonstrated the ability to raise new capital through equity issuances and/or through surplus cash as part of its acquisitions. In the management of capital, the Company includes the components of shareholders’ equity as well as cash. The Company prepares annual estimates of exploration and administrative expenditures and monitors actual expenditures compared to the estimates to ensure that there is sufficient capital on hand to meet ongoing obligations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	Stock Options Grant Subsequent to December 31, 2021, the Company granted 14,155,000 incentive stock options to Directors, Officers, employees and consultants of the Company under the terms of its share-based compensation plan. The stock options have a weighted average exercise price of $0.27 per share and are exercisable for a period of five years from the grant date. In addition, 1,090,000 RSUs and 356,000 DSUs were granted to Officers and Directors respectively. Beattie Share Acquisition Subsequent to December 31, 2021, the Company announced that it has acquired, from two individuals, an aggregate of 286,904 common shares (“Shares”) of Beattie Gold Mines Ltd. (“Beattie”), a private company that owns the mineral rights to mining claims that make up the former Beattie mining concession that form a large part of the Duparquet Gold Project located on the Destor-Porcupine Fault in Québec (the “Transaction”). The per Share consideration paid under the Transaction was C$4.44 cash per Beattie Share and 26.62 common shares of First Mining per Beattie Share for a total consideration of C$1,272,824 in cash and 7,636,944 First Mining common shares. Together with the 187,839 common shares of Beattie already owned by Clifton Star Resources Inc., a wholly-owned subsidiary of First Mining, the Company now owns 474,743 shares of Beattie, increasing its ownership in Beattie from 10% to 25.3% of the issued and outstanding common shares of Beattie.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
ACCOUNTING POLICIES
Financial Instruments	(i) Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, at the time of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. (ii) Measurement Financial assets at FVTOCI Investments in equity instruments designated at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses recognized in other comprehensive income (loss). Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of net (loss) income. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of net (loss) income in the period in which they arise. Where management elected to recognize a financial liability at FVTPL, any changes associated with the Company’s own credit risk will be recognized in other comprehensive income (loss). (iii) Impairment of financial assets at amortized cost The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for a financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company recognizes in the consolidated statements of net (loss) income, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized.
Cash and Cash Equivalents	Cash and cash equivalents include cash and short-term deposits that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. The carrying amounts of cash and cash equivalents approximate fair value due to the short-term maturities of these instruments.
Mineral Properties	Once the legal right to explore a property has been acquired, costs directly related to exploration and evaluation expenditures are recognized and capitalized, in addition to the acquisition costs. These direct expenditures include such costs as mineral concession taxes, option payments, wages and salaries, surveying, geological consulting and laboratory costs, field supplies, travel and administration. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they are incurred. The Company may occasionally enter into option or royalty arrangements, whereby the Company will transfer part of its mineral properties, as consideration, for an agreement by the transferee to meet certain exploration and evaluation expenditures which would have otherwise been undertaken by the Company. Any cash consideration received from the agreement is credited against the costs previously capitalized to the mineral interest given up by the Company, with any excess cash accounted for as a gain on disposal. The Company assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and value in use. Once the technical feasibility and commercial viability of extracting a mineral resource has been determined, the property is considered to be a mine under development and is classified as ‘mines under construction’. Exploration and evaluation assets are tested for impairment before the assets are transferred to mineral properties and mine development costs.
Impairment of Non-Financial Assets	Mineral properties are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. Any impairment loss is charged to profit or loss. 3. ACCOUNTING POLICIES (Continued) For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash flows (cash-generating units). As a result, some assets may be tested individually for impairment and some are tested at a cash-generating unit level. Impairment reviews for the Company’s exploration and evaluation stage mineral properties are carried out on a property by property basis, with each property representing a single cash generating unit. An impairment review for an exploration and evaluation asset is undertaken when indicators of impairment arise, but typically when one of the following circumstances apply: · The right to explore the area has expired or will expire in the near future with no expectation of renewal; · Substantive expenditure on further exploration for and evaluation of mineral resources in the area is neither planned nor budgeted; · No commercially viable deposits have been discovered, and the decision had been made to discontinue exploration in the area; and · Sufficient work has been performed to indicate that the carrying amount of the expenditure carried as an asset will not be fully recovered.
Environmental Reclamation Provision	The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration and evaluation activities. The present value of the estimated costs of legal and constructive obligations required to restore the exploration sites is recognized in the year in which the obligation is incurred. The nature of the reclamation activities includes restoration and revegetation of the affected exploration sites. When a liability is recognized, the present value of the estimated costs (discounted using a risk-free rate) is capitalized by increasing the carrying amount of the related exploration property. Over time, the discounted liability is increased for the changes in present value based on current market discount rates and liability specific risks. Additional environmental disturbances or changes in reclamation costs will be recognized as additions to the corresponding assets and reclamation provision in the year in which they occur.
Income Taxes	Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in net income except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive loss. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year-end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Share Capital	Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company’s common shares are classified as equity instruments. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Consideration received from financings involving units consisting of common shares and warrants is allocated to the share capital and the warrant reserve accounts using the relative fair value method. As prescribed by this method, the consideration is allocated to the value of share capital and warrant reserve on a pro rata basis.
Loss per Share	Basic loss per share is calculated by dividing the net loss for the year by the weighted average number of shares outstanding during the year. Diluted loss per share is calculated using the treasury stock method. Under the treasury stock method, the weighted average number of shares outstanding used in the calculation of diluted income or loss per share assumes that the deemed proceeds received from the exercise of stock options, share purchase warrants and their equivalents would be used to repurchase common shares of the Company at the average market price during the year, if they are determined to have a dilutive effect. In periods when the Company has generated a net loss, stock options and share purchase warrants are not included in the computation of diluted loss per share as they are anti-dilutive.
Share-based Payments	j) Share-based Payments Where equity-settled share options are granted to employees, the fair value of the options at the date of grant, measured using the Black-Scholes option pricing model, is charged to the statement of comprehensive loss or capitalized to mineral properties over the vesting period using the graded vesting method. Performance vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Charges for options that are forfeited before vesting are reversed from share-based payment reserve. Where equity-settled share options are granted to non-employees, they are measured at the fair value of the goods or services received. However, if the value of goods or services received in exchange for the options cannot be reliably estimated, the options are measured using the Black-Scholes option pricing model. All equity-settled share-based payments are reflected in the share-based payment reserve, until exercised. Upon exercise, shares are issued from treasury and the amount reflected in share-based payment reserve is credited to share capital, together with any consideration received.
Leases	The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For new leases, a right-of-use asset is initially measured at the amount of the liability plus any initial direct costs. After lease commencement, the lessee shall measure the right-of-use asset at cost less accumulated depreciation and accumulated impairment.
Segment Reporting	Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segment.
Investment in associate	An associate is an entity over which the Company has significant influence, and which is neither a subsidiary nor a joint arrangement. The Company has significant influence over an entity when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control. Under the equity method, the Company’s investment in the common shares of the associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of net income and losses of the associate, after any adjustments necessary to give effect to uniform accounting policies, any other movement in the associate’s reserves, and for impairment losses after the initial recognition date. The Company’s share of income and losses of the associate is recognized in net income during the period. Dividends and repayment of capital received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the investee’s operations. A significant or prolonged decline in the fair value of an equity investment below its cost is also objective evidence of impairment. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal and value-in-use. If the recoverable amount of an investment is less than its carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss is recognized in the period in which the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. A reversal of an impairment loss is recognized in net income in the period in which the reversal occurs.
Accounting Policy Judgements and Estimation Uncertainty	The Company’s management makes judgments in its process of applying the Company’s accounting policies in the preparation of its consolidated financial statements. In addition, the preparation of the financial data requires the Company’s management to make estimates of the impacts of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. The following discusses accounting policy judgments and the sources of estimation uncertainty: (i) Accounting Policy Judgements Mineral Property Impairment Indicators In accordance with the Company’s accounting policy for mineral properties, exploration and evaluation expenditures on mineral properties are capitalized. There is no certainty that the expenditures made by the Company in the exploration of its property interests will result in discoveries of commercial quantities of minerals. The Company applies judgment to determine whether indicators of impairment exist for these capitalized costs. Management uses several criteria in making this assessment, including the period for which the Company has the right to explore, expected renewals of exploration rights, whether substantive expenditures on further exploration and evaluation of mineral properties are budgeted, and evaluation of the results of exploration and evaluation activities up to the reporting date. Impairment assessments for Investments in Associates With respect to its investments in associates, the Company is required to make estimates and judgments about future events and circumstances and whether the carrying amount of the asset exceeds its recoverable amount. Recoverability depends on various factors, including the identification of economic recoverability of reserves at each associate’s exploration properties, the ability of each associate to obtain the necessary financing to complete the development, and future profitable production or proceeds from the disposition of the underlying shares of the associate companies. The publicly quoted share price of an associate, where applicable, is also a source of objective evidence about the recoverable amount of the equity investment. (ii) Estimation Uncertainty Valuation of Mineral Property Investments The Company makes estimates and assumptions that affect the carrying value of its mineral property investments, which are comprised of equity interests in the shares of private companies. These financial assets are designated as fair value through other comprehensive income (loss), and management needs to determine the fair value as at each period end. As there is no observable market data which can be used to determine this fair value, management uses property specific and market-based information to determine whether a significant change in the fair value of these investments has occurred. Changes to the property specific and market-based variables could result in the fair value being less than or greater than the amount recorded. Fair Value of Silver Stream Derivative Liability The determination of the fair value of the Silver Stream is an area of significant estimation uncertainty. The fair value is calculated by utilising a Monte Carlo simulation valuation model. A Monte Carlo valuation model relies on random sampling and is often used when modeling cash flows with many inputs and where there is significant uncertainty in the future value of inputs and where the movement of the inputs can be independent of each other. The key inputs used in the Silver Stream fair value calculation are further disclosed in Note 11. Changes in the inputs to the valuation model may result in material changes in the fair value of the silver stream derivative liability and the amount of fair value gains or losses recognized in the statement of net loss and comprehensive loss in future periods. Fair Value of the Option – PC Gold The Company has made assumptions when estimating the fair value of the PC Gold option liability which arises under the terms of the Earn-In Agreement described in Note 6(b). As there is no observable market data which can be used to determine the fair value of the Option – PC Gold liability, management uses property specific and market-based information to determine whether a significant change in the fair value of the option liability has occurred. The specific assumptions made are disclosed in Note 6(b). Changes in these assumptions can significantly affect the fair value estimate.
Accounting Standards Issued but Not Yet Applied	There are no IFRS or International Financial Reporting Interpretations Committee interpretations that are not yet effective that would be expected to have a material impact on the Company’s consolidated financial statements.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	12 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION
Subsidiaries	Name of the subsidiary Ownership Percentage Project Location Gold Canyon Resources Inc. 100% Springpole Gold Project (“Springpole”) Northwestern Ontario, Canada Coastal Gold Corp. 100% Hope Brook Gold Project (“Hope Brook”) Newfoundland, Canada Cameron Gold Operations Ltd. 100% Cameron Gold Project (“Cameron”) Northwestern Ontario, Canada Clifton Star Resources Inc. 100% Duquesne Gold Project (“Duquesne”) Pitt Gold Project (“Pitt”) 10% indirect interest in the Duparquet Gold Project (“Duparquet”) (Note 22: Subsequent Events) Québec, Canada

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCOUNTING POLICIES
Property and equipment useful lives	Buildings 10 years Machinery and equipment 5 years Furniture and fixtures 5 years Vehicles 5 years Computer equipment 3 years Computer software 1 year

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENTS
Change in investments	Marketable Securities (FVTPL) Marketable Securities (FVTOCI) Warrants (FVTPL) Total Investments Balance as at December 31, 2020 $ 9,267 $ 3,386 $ 5,772 $ 18,425 Additions 13,691 216 - 13,907 Disposals (13,971 ) (710 ) - (14,681 ) Gain recorded in other comprehensive income - 2,094 - 2,094 Loss recorded in net loss (587 ) - (3,698 ) (4,285 ) Distribution to shareholders - - (2,074 ) (2,074 ) Balance as at December 31, 2021 $ 8,400 $ 4,986 $ - $ 13,386 Marketable Securities (FVTPL) Marketable Securities (FVTOCI) Warrants (FVTPL) Total Investments Balance as at December 31, 2019 $ - $ 1,775 $ - $ 1,775 Additions 11,134 - 9,812 20,946 Disposals (6,672 ) - - (6,672 ) Gain recorded in other comprehensive loss - 1,611 - 1,611 Gain (loss) recorded in net loss 4,805 - (4,040 ) 765 Balance as at December 31, 2020 $ 9,267 $ 3,386 $ 5,772 $ 18,425

PREPAID EXPENSES, ACCOUNTS AN_2

PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES
Prepaids expenses, accounts and other receivables	Category December 31, 2021 December 31, 2020 Current GST and HST receivables $ 564 $ 593 Investment sale proceeds receivable - 1,715 Other receivables 40 38 Prepaid expenses 405 354 Total prepaids expenses, current accounts and other receivables $ 1,009 $ 2,700

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTIES (Tables)
Mineral properties	Springpole Cameron Duquesne/Pitt Hope Brook (Note 6(a)) Pickle Crow (Note 6(b)) Goldlund (Note 7) Others (1) Total Balance December 31, 2020 $ 87,907 $ 31,875 $ 7,229 $ 20,612 $ 24,986 $ - $ 6,820 $ 179,429 Acquisition $ 1,222 21 - - - - 1,047 $ 2,290 Concessions, taxes and royalties $ 684 32 3 20 - - - $ 739 Salaries and share-based payments $ 3,311 185 6 44 22 - 117 $ 3,685 Drilling, exploration, and technical consulting $ 4,235 102 6 16 3,251 - 559 $ 8,169 Assaying, field supplies, and environmental $ 5,194 80 - 3 - - 19 $ 5,296 Travel and other expenditures $ 1,512 34 - 17 - - 6 $ 1,569 Total Expenditures $ 16,158 $ 454 $ 15 $ 100 $ 3,273 $ - $ 1,748 $ 21,748 Disposal, impairment or reclassification - - - (2,685 ) (28,259 ) - (216 ) (31,160 ) Balance December 31, 2021 $ 104,065 $ 32,329 $ 7,244 $ 18,027 $ - $ - $ 8,352 $ 170,017 Springpole Cameron Duquesne/ Pitt Hope Brook Pickle Crow Goldlund Others (1) Total Balance December 31, 2019 $ 76,775 $ 27,374 $ 7,217 $ 20,071 $ 19,263 $ 98,894 $ 3,221 $ 252,815 Acquisition $ - 4,219 - - - - - $ 4,219 Concessions, taxes and royalties $ 740 11 3 20 20 2 60 $ 856 Salaries and share-based payments $ 1,300 145 1 148 71 430 7 $ 2,102 Drilling, exploration, and technical consulting $ 4,828 52 8 140 4,409 796 37 $ 10,270 Assaying, field supplies, and environmental $ 3,555 50 - 123 1,217 255 8 $ 5,208 Travel and other expenditures $ 709 24 - 110 6 126 2 $ 977 Total Expenditures $ 11,132 $ 4,501 $ 12 $ 541 $ 5,723 $ 1,609 $ 114 $ 23,632 Disposal, impairment or reclassification - - - - - (100,503 ) 3,485 (97,018 ) Balance December 31, 2020 $ 87,907 $ 31,875 $ 7,229 $ 20,612 $ 24,986 $ - $ 6,820 $ 179,429
Summarizes of the deconsolidation of PC Gold	June 9, 2021 Fair Value of retained interest in PC Gold Inc. 112,146,017 shares at $0.32 per share (deemed FV based on underlying property interest) $ 36,000 Provision for Pickle Crow reclamation funding (1,160 ) Fair value of Auteco shares received as additional consideration (Note 3) 8,640 Option – PC Gold liability fair value of Stage 2 and final earn in options (17,306 ) Net assets of PC Gold Prepaids 3 Reclamation deposit 120 Mineral property, net 20,358 Environmental reclamation liability, net (3,137 ) Net assets of subsidiary 17,344 Gain on loss of control of subsidiary, Net $ 8,830

INVESTMENT IN TREASURY METALS (

INVESTMENT IN TREASURY METALS (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENT IN TREASURY METALS
Assumptions used	August 7, 2020 December 31, 2020 July 15, 2021 Risk-free interest rate 0.23% 0.20% 0.44% Expected life (years) 3.00 years 2.60 years 2.07 years Expected volatility (1) 62.44% 64.42% 62.64% Expected dividend Nil Nil Nil
Impairment of investment	December 31, 2021 December 31, 2020 Balance, beginning of period $ 63,812 $ - Acquisition – Initial Recognition on August 7, 2020 - 78,000 Equity (loss) income (167 ) 1,446 Dilution event in Q2, 2021 (5,000 ) - Impairment of Investment in Treasury Metals Inc. (24,304 ) (15,634 ) Distribution to shareholders (18,941 ) - Balance, December 31, 2021 $ 15,400 $ 63,812
Other comprehensive loss	Year ended December 31, 2021 Loss before income taxes $ (1,517 ) Deferred income tax recovery (2,233 ) Net loss for the year (3,750 ) Other comprehensive income (766 ) Total comprehensive loss $ (4,516 )
Assets and liabilities	December 31, 2021 Current assets $ 11,911 Non-current assets 190,690 202,601 Current liabilities 3,995 Non-current liabilities 7,643 11,638 Net assets $ 190,963
Reconciliation of assets	Balance, December 31, 2020 $ 173,053 Equity increase from special warrant issuance 16,471 Operating loss (January 1, 2021 to December 31, 2021) (4,516 ) Other increases in equity of Treasury Metals 5,955 Balance, December 31, 2021 $ 190,963 First Mining’s share of net assets 29,408 Incremental decrease in fair value of Goldlund-Goliath mineral property 2,294 ) Cumulative impairment of investment in Treasury Metals ownership % (16,302 ) Carrying value $ 15,400

INVESTMENT IN PC GOLD INC. (Tab

INVESTMENT IN PC GOLD INC. (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENT IN PC GOLD INC. (Tables)
Investment In PC Gold Inc	December 31, 2021 Balance, beginning of period $ - Acquisition – Initial Recognition on June 9, 2021 36,000 Equity loss (3 ) Dilution of ownership -Stage 2 earn-in completion (14,427 ) Balance, December 31, 2021 $ 21,570
Other comprehensive loss of PC Gold Inc	Six-month period ended December 31, 2021 Loss before income taxes $ (10 ) Deferred income tax recovery - Net loss for the year (10 ) Other comprehensive income - Total comprehensive loss $ (10 )
Assets and liabilities	December 31, 2021 Current assets $ - Non-current assets 39,793 39,793 Current liabilities 10,931 Non-current liabilities 3,631 14,562 Net assets $ 25,231
Reconciliation of PC Gold's Net Assets Carrying value	Balance, December 31, 2020 $ - Initial Recognition on June 9, 2021 17,344 Equity loss (June 9, 2021 to December 31, 2021) (11 ) Other increases in equity of PC Gold 7,898 Balance, December 31, 2021 $ 25,231 First Mining’s share of net assets 7,569 Incremental fair value of Pickle Crow mineral property 14,001 Carrying value $ 21,570

INVESTMENT IN BIG RIDGE GOLD _2

INVESTMENT IN BIG RIDGE GOLD CORP. (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENT IN BIG RIDGE GOLD CORP. (Tables)
Investment In Big Ridge Gold Corp.	December 31, 2021 Balance, beginning of period $ - Acquisition – Initial Recognition on June 7, 2021 2,185 Equity loss (106 ) Dilution event in Q2 2021 (588 ) Balance, December 31, 2021 $ 1,491
Other comprehensive loss of Big Ridge Gold Corp.	Six-month period ended December 31, 2021 Loss before income taxes $ (1,288 ) Deferred income tax recovery - Net loss for the year (1,288 ) Other comprehensive income - Total comprehensive loss $ (1,288 )
Assets and liabilities of Big Ridge Gold Corp.	December 31, 2021 Current assets $ 7,924 Non-current assets 7,794 15,718 Current liabilities 239 Non-current liabilities 321 560 Net assets $ 15,158
Reconciliation of Big Ridge Gold Corp. Net Assets Carrying value	Balance, December 31, 2020 $ - Initial Recognition on June 9, 2021 12,769 Equity loss (June 9, 2021 to December 31, 2021) (4,583 ) Other increases in equity of Big Ridge Gold 6,972 Balance, December 31, 2021 $ 15,158 First Mining’s share of net assets 1,667 Dilution event in Q2, 2021 (588 ) Incremental fair value of Hope Brook mineral property 412 Carrying value $ 1,491

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities	Category December 31, 2021 December 31, 2020 Accounts payable $ 2,437 $ 837 Accrued liabilities 2,054 1,176 Total $ 4,491 $ 2,013

SILVER STREAM DERIVATIVE LIAB_2

SILVER STREAM DERIVATIVE LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2021
SILVER STREAM DERIVATIVE LIABILITY
Fair value of derivative liability	Silver Stream derivative liability Balance, December 31, 2019 $ - Fair value of Silver Stream derivative liability - Initial Recognition on July 2, 2020 (7,378 ) Change in fair value during the period (5,882 ) Balance, December 31, 2020 $ (13,260 ) Advance payment received (Tranche 2) (US$7.5 million) (9,808 ) Change in fair value during the period (3,046 ) Balance, December 31, 2021 $ (26,114 )

ENVIRONMENTAL RECLAMATION PRO_2

ENVIRONMENTAL RECLAMATION PROVISION (Tables)	12 Months Ended
	Dec. 31, 2021
ENVIRONMENTAL RECLAMATION PROVISION
Environmental reclamation provision balance	December 31, 2021 December 31, 2020 Balance, beginning of year $ 3,383 $ 2,355 Additions to present value of environmental reclamation provision - 1,200 Reclamation costs incurred (250 ) (200 ) Interest or accretion expense 4 28 Deconsolidation of PC Gold Inc. (3,137 ) - Balance, end of year $ - $ 3,383 Statements of Financial Position Presentation December 31, 2021 December 31, 2020 Current portion of environmental reclamation provision $ - $ 250 Non-current environmental reclamation provision - 3,133 Total $ - $ 3,383

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
Warrant activity	Number Weighted average exercise price Balance as at December 31, 2019 15,872,998 $ 0.41 Warrants issued 77,460,159 0.49 Warrants exercised (247,500 ) 0.34 Balance as at December 31, 2020 93,085,657 $ 0.48 Warrants issued 2,100,228 0.38 Warrants exercised (265,650 ) 0.33 Warrants expired (3,027,615 ) 0.44 Balance as at December 31, 2021 91,892,620 $ 0.48
Warrants outstanding	Exercise price Number of warrants outstanding Weighted average exercise price ($ per share) Weighted average remaining life (years) $ 0.31 18,247,009 $ 0.31 1.15 $ 0.37 44,845,611 0.37 2.61 $ 0.42 50,000 0.42 1.58 $ 0.65 28,750,000 0.65 0.65 91,892,620 $ 0.45 1.71
Warrant assumptions	Year ended Year ended December 31, 2021 December 31, 2020 Risk-free interest rate 0.50% 0.85% Expected life (years) 2 years 2.39 years Expected volatility 63.09% 68.36% Expected dividend yield Nil Nil
Stock option activity	Number Weighted average exercise price Balance as at December 31, 2019 46,927,500 $ 0.57 Options granted 11,350,000 0.25 Options exercised (3,717,500 ) 0.33 Options expired (2,790,000 ) 0.40 Options forfeited (5,950,000 ) 0.52 Balance as at December 31, 2020 45,820,000 $ 0.53 Options granted 12,190,000 0.23 Options exercised (2,287,500 ) 0.25 Options expired (7,820,000 ) 0.73 Options forfeited (2,762,500 ) 0.39 Balance as at December 31, 2021 45,140,000 $ 0.44
Stock options outstanding	Options Outstanding Options Exercisable Exercise price Number of options Weighted average exercise price ($ per share) Weighted average remaining life (years) Number of options Weighted average exercise price ($ per share) Weighted average remaining life (years $ 0.25 – 0.50 33,125,000 $ 0.38 2.98 26,661,250 $ 0.38 2.67 $ 0.51 – 1.00 12,015,000 0.75 0.50 12,015,000 0.75 0.50 45,140,000 $ 0.48 2.32 38,676,250 $ 0.49 2.00
Share-based payments expenses	For the year ended December 31, Statements of Net Loss: 2021 2020 General and administration $ 1,235 $ 500 Exploration and evaluation 312 148 Investor relations and marketing communications 265 144 Corporate development and due diligence 186 166 Subtotal $ 1,998 $ 958 Statements of Financial Position: Mineral Properties $ 894 $ 442 Total $ 2,892 $ 1,400
Stock option weighted average assumptions	Year ended Year ended December 31, 2021 December 31, 2020 Risk-free interest rate 0.86 % 1.72 % Share price at grant date (in dollars) $ 0.44 $ 0.25 Exercise price (in dollars) $ 0.41 $ 0.27 Expected life (years) 5.00 years 4.96 years Expected volatility (1) 67.89 % 69.10 % Forfeiture rate 7.50 % 5.26 % Expected dividend yield Nil Nil
Summarizes of changes in RSU's	Number Weighted average fair value Balance as at December 31, 2020 - $ - Granted – February 2, 2021 1,550,000 0.40 Balance as at December 31, 2021 1,550,000 $ 0.40
Summarizes of weighted average grant date fair value of the DSUs recognized	Number Weighted average fair value Balance as at December 31, 2020 - $ - Granted – February 2, 2021 40,000 0.40 Granted – June 17, 2021 263,000 0.35 Balance as at December 31, 2021 303,000 $ 0.36

OPERATING EXPENSES (Tables)

OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
OPERATING EXPENSES (Note 15)
Expenditures	For the year ended December 31, 2021 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $347 $98 $63 $1 $509 Consultants 227 61 120 - 408 Depreciation (non-cash) 168 152 - - 320 Directors fees 294 - - - 294 Investor relations and marketing communications - 1 1,333 - 1,334 Professional fees 1,298 - - - 1,298 Reimbursement of litigation expenses 1,120 - - - 1,120 Salaries 1,174 318 393 319 2,204 Share-based payments (non-cash) (Note 14(d)) 1,235 312 265 186 1,998 Transfer agent and filing fees 368 - 44 - 412 Travel and accommodation 34 18 29 3 84 Operating expenses total $ 6,265 960 $ 2,247 $ 509 $ 9,981 Impairment of non-current assets (non-cash) (Note 7) 24,304 Loss from operational activities $ 34,285 For the year ended December 31, 2020 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $ 232 $ 166 $ 34 $ 3 $ 435 Consultants 164 71 10 - 245 Depreciation (non-cash) 146 159 - - 305 Directors fees 288 - - - 288 Investor relations and marketing communications 3 3 579 22 607 Professional fees 934 1 - - 935 Salaries 1,121 236 287 269 1,913 Share-based payments (non-cash) (Note 14(d)) 500 148 144 166 958 Transfer agent and filing fees 163 - 41 - 204 Travel and accommodation 22 28 16 8 74 Operating expenses total $ 3,573 $ 812 $ 1,111 $ 468 $ 5,964 Impairment of non-current assets (non-cash) (Note 7) 24,870 Loss from operational activities $ 30,834

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENT INFORMATION
Segment information	Non-current assets December 31, 2021 December 31, 2020 Canada $ 209,739 $ 244,018 USA 226 444 Total $ 209,965 $ 244,462

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Recognized deferred income tax assets (liabilities)	December 31, 2021 December 31, 2020 Non-capital loss carryforwards $ 2,969 $ 5,384 Mineral properties (2,379 ) (3,073 ) Mineral property investments (590 ) (2,311 ) Total $ - $ -
Deferred income tax assets	December 31, 2021 December 31, 2020 Non-capital loss carryforwards $ 50,144 $ 49,232 Investment in Treasury Metals 20,497 14,188 Investment in PC Gold 14,430 - Investment in Big Ridge 694 - Silver Stream derivative liability 8,927 5,882 Investment tax credits 5,209 5,119 Other 1,432 3,936 Undeducted financing costs 1,398 1,874 Property and equipment 986 807 Mineral properties 2,404 174 Capital loss carryforwards 16,267 82 Total $ 122,388 $ 81,294

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Key management compensation	Service or Item Year ended December 31, 2021 2020 Directors’ fees $ 294 $ 288 Salaries and bonuses 2,179 1,659 Share-based payments (non-cash) 1,128 990 Total $ 3,610 $ 3,029

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE
Financial assets measured at fair value	December 31, 2021 December 31, 2020 Carrying Fair value measurement Carrying Fair value measurement value Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 Financial assets: Investments (Notes 4) $ 13,386 $ 13,386 $ - $ - $ 18,425 $ 12,653 $ 5,772 $ - Mineral property investments (Note 10) 6,435 - - 6,435 6,726 - - 6,726 Financial liabilities: Silver Stream derivative liability (Note 11) 26,114 - - 26,114 13,260 - - 13,260 Option – PC Gold (Note 6(b)) $ 4,347 $ - $ - $ 4,347 $ 4,410 $ - $ - $ 4,410
Financial instruments	At December 31, 2021 Amortized Cost FVTPL FVTOCI Total Financial assets: Cash and cash equivalents $ 29,516 $ - $ - $ 29,516 Current accounts and other receivables 40 - - 40 Investments - 8,400 4,986 13,386 Mineral property investments - - 6,435 6,435 Total financial assets $ 29,556 $ 8,400 $ 11,421 $ 49,377 Financial liabilities: Accounts payable and accrued liabilities $ 4,491 $ - $ - $ 4,491 Option – PC Gold - 4,347 - 4,347 Silver Stream derivative liability - 26,114 - 26,114 Total financial liabilities $ 4,491 $ 30,461 $ - $ 34,952 At December 31, 2020 Amortized Cost FVTPL FVTOCI Total Financial assets: Cash and cash equivalents $ 28,901 $ - $ - $ 28,901 Current accounts and other receivables 1,753 - - 1,753 Investments - 15,039 3,386 18,425 Mineral property investments - - 6,726 6,726 Reclamation deposit 121 - - 121 Total financial assets $ 30,775 $ 15,039 $ 10,112 $ 55,926 Financial liabilities: Accounts payable and accrued liabilities $ 2,013 $ - $ - $ 2,013 Option – PC Gold - 4,410 - 4,410 Silver Stream derivative liability - 13,260 - 13,260 Total financial liabilities $ 2,013 $ 17,670 $ - $ 19,683

FINANCIAL AND CAPITAL RISK MA_2

FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)
Liquidity risk	Carrying Amount Contractual Cash Flows Less than 1 year 1 – 3 years 4 – 5 years After 5 years Accounts payable and accrued liabilities $ 4,491 $ 4,491 $ 4,491 $ - $ - $ - Lease liability 442 515 165 350 - -

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2021
Statement [Line Items]
Subsidiary ownership percentage	100.00%
Subsidiary 1
Statement [Line Items]
Subsidiary name	Gold Canyon Resources Inc.
Subsidiary place of incorporation	Northwestern Ontario, Canada
Subsidiary ownership percentage	100.00%
Subsidiary 2
Statement [Line Items]
Subsidiary name	Coastal Gold Corp.
Subsidiary place of incorporation	Newfoundland, Canada
Subsidiary ownership percentage	100.00%
Subsidiary 3
Statement [Line Items]
Subsidiary name	Cameron Gold Operations Ltd.
Subsidiary place of incorporation	Northwestern Ontario, Canada
Subsidiary ownership percentage	100.00%
Subsidiary 4
Statement [Line Items]
Subsidiary name	Clifton Star Resources Inc.
Subsidiary place of incorporation	Québec, Canada
Subsidiary ownership percentage	100.00%

ACCOUNTING POLICIES (Details)

ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2021
Buildings [Member]
Statement [Line Items]
Property and equipment useful lives	10 years
Machinery [Member]
Statement [Line Items]
Property and equipment useful lives	5 years
Fixtures And Fittings
Statement [Line Items]
Property and equipment useful lives	5 years
Vehicles
Statement [Line Items]
Property and equipment useful lives	5 years
Computer Equipment [Member]
Statement [Line Items]
Property and equipment useful lives	3 years
Computer Software
Statement [Line Items]
Property and equipment useful lives	1 year

INVESTMENTS (Details)

INVESTMENTS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Marketable securities, beginning	$ 18,425	$ 1,775
Additions	13,907	20,946
Disposals	(14,681)	(6,672)
Gain recorded in other comprehensive income/loss	2,094	1,611
Gain (loss) recorded in net loss	(4,285)	765
Distribution to shareholders	(2,074)
Marketable securities, ending balance	13,386	18,425
Marketable Securities (FVTOCI)
Statement [Line Items]
Marketable securities, beginning	3,386	1,775
Additions	216	0
Disposals	(710)	0
Gain recorded in other comprehensive income/loss	2,094	1,611
Gain (loss) recorded in net loss	0	0
Distribution to shareholders	0
Marketable securities, ending balance	4,986	3,386
Warrants (FVTPL)
Statement [Line Items]
Marketable securities, beginning	5,772	0
Additions	0	9,812
Disposals	0	0
Gain recorded in other comprehensive income/loss	0	0
Gain (loss) recorded in net loss	(3,698)	(4,040)
Distribution to shareholders	(2,074)
Marketable securities, ending balance	0	5,772
Marketable Securities (FVTPL)
Statement [Line Items]
Marketable securities, beginning	9,267	0
Additions	13,691	11,134
Disposals	(13,971)	(6,672)
Gain recorded in other comprehensive income/loss	0	0
Gain (loss) recorded in net loss	(587)	4,805
Distribution to shareholders	0
Marketable securities, ending balance	$ 8,400	$ 9,267

INVESTMENTS (Details Narrative)

INVESTMENTS (Details Narrative)	12 Months Ended
	Dec. 31, 2021CAD ($)shares
Statement [Line Items]
Fair value gain from treasury metals and warrant distribution	$ 75,000
Equity interest rate	10.00%
Other Marketable Security [Member]
Statement [Line Items]
Number of common stock sold | shares	1,671,732
Net proceeds from sale of common stock	$ 707,000
Net realized gain loss on sale of common stock	$ 314,000
First Majestic [Member]
Statement [Line Items]
Number of common stock sold | shares	687,300
Net proceeds from sale of common stock	$ 13,936,000
Net realized gain loss on sale of common stock	3,725,000
Auteco Earn-In Agreement [Member]
Statement [Line Items]
Initial recognition amount	8,640,000
Amount recognised upon receipt of common shares	$ 8,399,000
Common stock received | shares	100,000,000

PREPAID EXPENSES ACCOUNTS AND O

PREPAID EXPENSES ACCOUNTS AND OTHER RECEIVABLES (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Current accounts and other receivables	$ 1,009	$ 2,700
GST and HST Receivables
Statement [Line Items]
Current accounts and other receivables	564	593
Other Receivables
Statement [Line Items]
Current accounts and other receivables	40	38
Prepaid Expenses
Statement [Line Items]
Current accounts and other receivables	405	354
Investment Sale Proceeds Receivable
Statement [Line Items]
Current accounts and other receivables	$ 0	$ 1,715

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Springpole
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	$ 87,907	$ 76,775
Acquisition	1,222	0
Concessions, taxes and royalties	684	740
Salaries and share-based payments	3,311	1,300
Drilling, exploration, and technical consulting	4,235	4,828
Assaying, field supplies and environment	5,194	3,555
Travel and other expenditures	1,512	709
Total Expenditures	16,158	11,132
Disposal, impairment or reclassification	0	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	104,065	87,907
Birch Lake Properties Acquisition
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	7,229	7,217
Acquisition	0	0
Concessions, taxes and royalties	3	3
Salaries and share-based payments	6	1
Drilling, exploration, and technical consulting	6	8
Assaying, field supplies and environment	0	0
Travel and other expenditures	0	0
Total Expenditures	15	12
Disposal, impairment or reclassification	0	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	7,244	7,229
Hope Brook
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	20,612	20,071
Acquisition	0	0
Concessions, taxes and royalties	20	20
Salaries and share-based payments	44	148
Drilling, exploration, and technical consulting	16	140
Assaying, field supplies and environment	3	123
Travel and other expenditures	17	110
Total Expenditures	100	541
Disposal, impairment or reclassification	(2,685)	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	18,027	20,612
Pickle Crow
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	24,986	19,263
Acquisition	0	0
Concessions, taxes and royalties	0	20
Salaries and share-based payments	22	71
Drilling, exploration, and technical consulting	3,251	4,409
Assaying, field supplies and environment	0	1,217
Travel and other expenditures	0	6
Total Expenditures	3,273	5,723
Disposal, impairment or reclassification	(28,259)	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	0	24,986
Other
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	6,820	3,221
Acquisition	1,047	0
Concessions, taxes and royalties	0	60
Salaries and share-based payments	117	7
Drilling, exploration, and technical consulting	559	37
Assaying, field supplies and environment	19	8
Travel and other expenditures	6	2
Total Expenditures	1,748	114
Disposal, impairment or reclassification	(216)	3,485
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	8,352	6,820
Swain Lake Property Option
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	179,429	252,815
Acquisition	2,290	4,219
Concessions, taxes and royalties	739	856
Salaries and share-based payments	3,685	2,102
Drilling, exploration, and technical consulting	8,169	10,270
Assaying, field supplies and environment	5,296	5,208
Travel and other expenditures	1,569	977
Total Expenditures	21,748	23,632
Disposal, impairment or reclassification	(31,160)	(97,018)
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	170,017	179,429
Vixen Properties Acquisition
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	31,875	27,374
Acquisition	21	4,219
Concessions, taxes and royalties	32	11
Salaries and share-based payments	185	145
Drilling, exploration, and technical consulting	102	52
Assaying, field supplies and environment	80	50
Travel and other expenditures	34	24
Total Expenditures	454	4,501
Disposal, impairment or reclassification	0	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	32,329	31,875
Goldlund
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	0	98,894
Acquisition	0	0
Concessions, taxes and royalties	0	2
Salaries and share-based payments	0	430
Drilling, exploration, and technical consulting	0	796
Assaying, field supplies and environment	0	255
Travel and other expenditures	0	126
Total Expenditures	0	1,609
Disposal, impairment or reclassification	0	(100,503)
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	$ 0	$ 0

MINERAL PROPERTIES (Details 1)

MINERAL PROPERTIES (Details 1) - CAD ($)	Dec. 31, 2021	Jun. 09, 2021	Dec. 31, 2020
MINERAL PROPERTIES
112,146,017 shares at $0.32 per share (deemed FV based on underlying property interest)		$ 36,000
Provision for Pickle Crow reclamation funding	$ 990,000	(1,160)	$ 0
Fair value of Auteco shares received as additional consideration (Note 3)		8,640
Option - PC Gold liability fair value of Stage 2 and final earn in options		(17,306)
Reclamation deposit		3
Mineral property, net		120
Environmental reclamation liability, net		20,358
Net assets of subsidiary		(3,137)
Gain on loss of control of subsidiary, Net		$ 8,830

MINERAL PROPERTIES (Details Nar

MINERAL PROPERTIES (Details Narrative) - CAD ($)

Oct. 11, 2021

Jun. 09, 2021

Mar. 12, 2020

Oct. 29, 2021

Sep. 15, 2021

Aug. 30, 2021

Aug. 26, 2021

Jun. 30, 2021

Apr. 28, 2021

Feb. 26, 2021

Dec. 31, 2021

Dec. 31, 2020

Swain Lake Property Option

Statement [Line Items]

Cash payment

$ 200,000

Expenditures

$ 500,000

Ownership percentage description

First Mining will hold a 70% interest in the Swain Lake Property and will have an additional period of two years within which to acquire the remaining 30% of the project

Paying in cash for project

$ 1,000,000

Ownership percenatge

100.00%

First Mining percentage rate

70.00%

Amount received upon issuance of shares

$ 1,000,000

Share payments totaling

$ 425,000

Vixen Properties Acquisition

Statement [Line Items]

Expenditures

$ 500,000

Ownership percentage description

First Mining will hold a 70% interest in the Vixen Properties and will have an additional period of two years to acquire the remaining 30%

Paying in cash for project

$ 500,000

Ownership percenatge

100.00%

First Mining percentage rate

70.00%

Amount received upon issuance of shares

$ 500,000

Cash and share payments

$ 950,000

Springpole

Statement [Line Items]

Expenditures

$ 350,000

Ownership percenatge

100.00%

Cash and share payments

$ 250,000

Birch Lake Properties Acquisition

Statement [Line Items]

Cash payment

$ 350,000

Shares issued during period

1,300,000,000,000

Expenditures

$ 1,750,000

Ownership percentage description

First Mining will hold a 51% interest in the Birch Lake Properties and will have an additional period of 2 years to acquire a further 29% interest in the Birch Lake Properties

Paying in cash for project

$ 400,000

Additional expenditures

$ 1,750,000

Ownership percenatge

80.00%

First Mining percentage rate

51.00%

Hope Brook

Statement [Line Items]

Shares issued during period

36,500,000

Expenditures

$ 20,000,000

Ownership percentage description

Pursuant to the definitive earn-in agreement, Big Ridge can earn an 80% interest in the Hope Brook Project through a two-stage earn-in over five years by incurring a total of $20,000,000 in qualifying expenditures

NSR royalty percentage

1.5

Shares received

11,500,000

Other percentage

0.50%

Big Ridge ownership percentage

80.00%

Net smelter returns royalty percentage

1.50%

Amount received upon issuance of shares

$ 500,000

First Mining ownership percentage

20.00%

Pickle Crow

Statement [Line Items]

Cash payment

$ 1,000,000

$ 3,000,000

Shares issued during period

100,000,000

25,000,000,000

Ownership percenatge

49.00%

Additional equity interest percentage

19.00%

10.00%

Exploration Costs

$ 5,000,000

$ 3,570,000

Exploration and environmental matters costs

$ 5,000,000

Equity interest percentage in PC Gold

51.00%

51.00%

PC Gold ownership percentage

80.00%

NSR royalty amount

$ 2,500,000

NSR royalty percentage

2

Additional equity interest percentage in PC Gold

10.00%

Cash received

$ 3,000,000

Residual interest rate in PC Gold

20.00%

Exploration and environmental matters costs incurred within 12 months

$ 750,000

Consideration in cash

100,000

Shares issued during period fair value

$ 740,000

Shares received

100,000,000

Percentage of ownership reduced by

100% to 49%

49% to 30

additional 19% interest in PC Gold to Auteco, reducing the Company’s interest to 30%

Fair value of the PC Gold investment

$ 17,306,000

Option liability

$ 12,959,000

$ 4,347,000

Provision related to stage 2 earn in

$ 990,000

Environmental reclamation funding percentage

30.00%

Swain Post Property Option

Statement [Line Items]

Ownership percenatge

100.00%

100.00%

Cash and share payments

$ 335,000

INVESTMENT IN TREASURY METALS_2

INVESTMENT IN TREASURY METALS (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)
December 31,2020
Statement [Line Items]
Risk-free interest rate	0.20%
Expected life (years)	2 years 7 months 6 days
Expected volatility	64.42%
Expected dividend yield	$ 0
July 15, 2021
Statement [Line Items]
Risk-free interest rate	0.44%
Expected life (years)	2 years 25 days
Expected volatility	62.64%
Expected dividend yield	$ 0
August 7, 2020
Statement [Line Items]
Risk-free interest rate	0.23%
Expected life (years)	3 years
Expected volatility	62.44%
Expected dividend yield	$ 0

INVESTMENT IN TREASURY METALS_3

INVESTMENT IN TREASURY METALS (Details 1)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
INVESTMENT IN TREASURY METALS
Beginning Balance	$ 63,812	$ 63,812	$ 0
Acquisition - Initial Recognition on August 7, 2020		0	78,000
Equity (loss) income		(167)	1,446
Dilution event in Q2, 2021		(5,000)	0
Impairment of Investment in Treasury Metals Inc.		(24,304)	(15,634)
Distributed to shareholders		(18,941)	0
Ending Balance		$ 15,400	$ 63,812

INVESTMENT IN TREASURY METALS_4

INVESTMENT IN TREASURY METALS (Details 2)	12 Months Ended
	Dec. 31, 2021CAD ($)
INVESTMENT IN TREASURY METALS
Loss before income taxes	$ (1,517)
Deferred income tax recovery	(2,233)
Net loss for the year	(3,750)
Other comprehensive income	(766)
Total comprehensive loss	$ (4,516)

INVESTMENT IN TREASURY METALS_5

INVESTMENT IN TREASURY METALS (Details 3)	Dec. 31, 2021CAD ($)
INVESTMENT IN TREASURY METALS
Current assets	$ 11,911
Non-current assets	190,690
Total assets	202,601
Current liabilities	3,995
Non-current liabilities	7,643
Liabilities	11,638
Net assets	$ 190,963

INVESTMENT IN TREASURY METALS_6

INVESTMENT IN TREASURY METALS (Details 4)	12 Months Ended
	Dec. 31, 2021CAD ($)
INVESTMENT IN TREASURY METALS
Net assets carrying value, beginning	$ 173,053
Equity increase from special warrant issuance	16,471
Operating loss (January 1, 2021 to December 31, 2021)	(4,516)
Other increase in equity of Treasury Metals	5,955
Net assets carrying value, ending	190,963
First Mining's share of net assets	29,408
Incremental fair value of Goldlund-Goliath mineral property at acquisition	(2,294)
Cumulative impairment of investment in Treasury Metals ownership	(16,302)
Carrying value	$ 15,400

INVESTMENT IN TREASURY METALS_7

INVESTMENT IN TREASURY METALS (Details Narrative)	Jul. 15, 2021shares	Aug. 07, 2020CAD ($)$ / sharesshares	Dec. 31, 2021CAD ($)$ / sharesshares	Dec. 31, 2020CAD ($)$ / shares	Mar. 31, 2021USD ($)
Statement [Line Items]
Ownership percentage			100.00%
Total consideration		$ 91,521,000
Treasury Metals Shares, share | shares	20,000,000	43,330,000	20,000,000
Fair value of treasury metals shares at closing		$ 78,000,000		$ 78,000,000
NSR Consideration		$ 3,709,000
NSR percenatge		1.50%
Initial recognition of consideration received		$ 91,521,000
First Mining percentage	15.40%	40.00%
Impairment of investment			$ 24,304,000
Treasury metals investors interest description			reducing the Company’s interest from 38.4% to 33.3%
Treasury's net loss			$ 167,000
Treasury Metals shares carrying value			$ 749,000		$ 23,555,000
Treasury Metals Shares value		$ 78,000,000
Treasury Metals Warrants, shares | shares		11,670,000
Treasury Metals Warrants, value		$ 9,812,000
Exercise price | $ / shares			$ 0.41	$ 0.27
Net Smelter Returns [Member]
Statement [Line Items]
Royalty percentage		1.50%	1.50%
Buy back of Treasury Metals in cash		$ 5,000,000
Treasury Metals fair value		3,709,000	$ 3,709,000
Contingent consideration payable in cash		$ 5,000,000
Treasury Share Purchase Agreement [Member]
Statement [Line Items]
Treasury Metals Shares, share | shares	23,300,000	43,330,000
Treasury Metals Warrants, shares | shares	11,600,000	11,670,000
Stock fair value		$ 78,000,000
Fair value of warrants		$ 9,812,000
Warrants purchase | shares		11,670,000
Exercise price | $ / shares		$ 1.50

INVESTMENT IN PC GOLD INC. (Det

INVESTMENT IN PC GOLD INC. (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)
INVESTMENT IN PC GOLD INC. (Tables)
Investments, Balance, beginning of period	$ 0
Acquisition - Initial Recognition on June 9, 2021	36,000
Equity loss	(3)
Dilution of ownership -Stage 2 earn-in completion	(14,427)
Balance, beginning of period	$ 21,570

INVESTMENT IN PC GOLD INC. (D_2

INVESTMENT IN PC GOLD INC. (Details 1) - Pickle Crow	6 Months Ended
	Dec. 31, 2021CAD ($)
Statement [Line Items]
Loss before income taxes	$ (10)
Deferred income tax recovery	0
Net loss for the year	(10)
Other comprehensive income	0
Total comprehensive loss	$ (10)

INVESTMENT IN PC GOLD INC. (D_3

INVESTMENT IN PC GOLD INC. (Details 2) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Current liabilities	$ 9,955,000	$ 40,825,000
Non-current assets	216,398,000	251,187,000
Assets	260,309,000	301,213,000
Current assets	43,911,000	50,026,000
Non-current liabilities	26,429,000	16,835,000
Liabilities	36,384,000	$ 57,660,000
Pickle Crow
Statement [Line Items]
Current liabilities	0
Non-current assets	39,793
Assets	39,793
Current assets	10,931
Non-current liabilities	3,631
Liabilities	14,562
Net assets	$ 25,231

INVESTMENT IN PC GOLD INC. (D_4

INVESTMENT IN PC GOLD INC. (Details 3)	12 Months Ended
	Dec. 31, 2021CAD ($)
Statement [Line Items]
Equity loss (June 9, 2021 to December 31, 2021)	$ (3)
Pickle Crow
Statement [Line Items]
Initial Recognition on June 9, 2021	0
Net Assets Carrying value, beginning balance	17,344
Equity loss (June 9, 2021 to December 31, 2021)	(11)
Other increases in equity of PC Gold	7,898
Net Assets Carrying value, endning balance	25,231
First Mining's share of net assets	7,569
Incremental fair value of Pickle Crow mineral property	14,001
Carrying value	$ 21,570

INVESTMENT IN PC GOLD INC. (D_5

INVESTMENT IN PC GOLD INC. (Details Narrative)	Jun. 09, 2021	Aug. 26, 2021CAD ($)	Jun. 30, 2021	Dec. 31, 2021CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Statement [Line Items]
Reduction in investment carrying				$ 15,400	$ 63,812	$ 63,812	$ 0
Pickle Crow
Statement [Line Items]
Estimated equity share of PC Gold's net loss				$ 3,000
Percentage of ownership reduced by	100% to 49%	49% to 30	additional 19% interest in PC Gold to Auteco, reducing the Company’s interest to 30%
Reduction in investment carrying		$ 14,427,000
Liability settled		12,960,000
Cash proceeds received from Auteco		1,000,000
Unspent environmental reclamation amount		$ 468,000
Ownership percenatge				49.00%

INVESTMENT IN BIG RIDGE GOLD _3

INVESTMENT IN BIG RIDGE GOLD CORP. (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)
Investments, Balance, beginning of period	$ 0
Acquisition - Initial Recognition on June 7, 2021	2,185
Equity loss	106
Dilution event in Q2 2021	(588)
Balance, Ending of period	$ 1,491

INVESTMENT IN BIG RIDGE GOLD _4

INVESTMENT IN BIG RIDGE GOLD CORP. (Details 1)	6 Months Ended
	Dec. 31, 2021CAD ($)
Loss before income taxes	$ (1,288)
Deferred income tax recovery	0
Net loss for the year	(1,288)
Other comprehensive income	0
Total comprehensive loss	$ (1,288)

INVESTMENT IN BIG RIDGE GOLD _5

INVESTMENT IN BIG RIDGE GOLD CORP. (Details 2) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Current assets	$ 43,911,000	$ 50,026,000
Non-current assets	216,398,000	251,187,000
Assets	260,309,000	301,213,000
Current liabilities	9,955,000	40,825,000
Non-current liabilities	26,429,000	16,835,000
Liabilities	36,384,000	$ 57,660,000
BIG RIDGE GOLD CORP [Member]
Statement [Line Items]
Current assets	7,924
Non-current assets	7,794
Assets	15,718
Current liabilities	239
Non-current liabilities	321
Liabilities	560
Net assets	$ 15,158

INVESTMENT IN BIG RIDGE GOLD _6

INVESTMENT IN BIG RIDGE GOLD CORP. (Details 3)	12 Months Ended
	Dec. 31, 2021CAD ($)
Statement [Line Items]
Equity loss (June 9, 2021 to December 31, 2021)	$ (3)
BIG RIDGE GOLD CORP [Member]
Statement [Line Items]
Net Assets Carrying value, beginning balance	0
Initial Recognition on June 9, 2021	12,769
Equity loss (June 9, 2021 to December 31, 2021)	4,583
Other increases in equity of Big Ridge Gold	6,972
Net Assets Carrying value, endning balance	15,158
First Mining's share of net assets	1,667
Dilution event in Q2, 2021	(588)
Incremental fair value of Hope Brook mineral property	412
Carrying value	$ 1,491

INVESTMENT IN BIG RIDGE GOLD _7

INVESTMENT IN BIG RIDGE GOLD CORP. (Details Narrative) - BIG RIDGE GOLD CORP [Member] - CAD ($) shares in Millions	12 Months Ended
	Dec. 31, 2021	Jun. 07, 2021
Statement [Line Items]
Ownership percenatge		19.80%
Recognition fair value		$ 2,185,000
Dilution event	11.00%
Big Ridge issued flow-through shares as part of a private placement	24.4
Fair value of the share position	$ 3,565,000
Estimated equity share of BIG RIDGE GOLD CORP. net loss	$ 106,000

MINERAL PROPERTY INVESTMENTS (D

MINERAL PROPERTY INVESTMENTS (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Mineral property investments	$ 6,435,000	$ 6,726,000
Fair value gain	$ 293,000	$ 1,329,000
Ownership percentage	100.00%
Clifton Star Resources Inc [Member]
Statement [Line Items]
Ownership percentage	10.00%

SILVER STREAM DERIVATIVE LIAB_3

SILVER STREAM DERIVATIVE LIABILITY (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SILVER STREAM DERIVATIVE LIABILITY
Beginning Balance	$ (13,260)	$ 0
Fair value of Silver Stream derivative liability - Initial Recognition on July 2, 2020		(7,378,000)
Advance payment received (Tranche 2) (US$7.5 million)	(9,808,000)
Change in fair value during the period	(3,046,000)	(5,882,000)
Ending Balance	$ (26,114)	$ (13,260)

SILVER STREAM DERIVATIVE LIAB_4

SILVER STREAM DERIVATIVE LIABILITY (Details Narrative) - CAD ($)	Jun. 10, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 04, 2021	Jul. 02, 2020
Statement [Line Items]
Fair value obligation		$ 23,818,000	$ 21,761,000
Advance Payment receivable		3,154,000	11,346,000
Derivative liability		20,664,000	10,415,000
Consideration payable		5,000,000	6,300,000
Derivative liability consideration payable		26,114,000	13,260,000
Advance Payment receivable minimum amount		$ 30,098,000	27,706,000
Common stock shares		187,839
Mining total consideration		$ 6,435,000	$ 6,726,000
Exercise price		$ 0.41	$ 0.27
Tranche 1 [Member]
Statement [Line Items]
Mining total consideration		$ 23,500,000
Tranche2 [Member]
Statement [Line Items]
Mining total consideration		23,500,000
Three Tranche [Member]
Statement [Line Items]
Mining total consideration		$ 22,500,000
Silver Purchase Agreement [Member]
Statement [Line Items]
Mining total consideration	$ 22,500,000
Mining at closing date					$ 30,600,000
Right to purchase	50.00%
Fair value of warrants	$ 6,278,000
Warrants purchase	300,000,000
Exercise price	$ 0.40
Buy-back right discription		First Mining has the right to repurchase 50% of the Silver Stream for US$22.5 million (approx. $28.5 million as at December 31, 2021) at any time prior to the commencement of production at Springpole (the “Buy-Back Right”)
First Majestic [Member]
Statement [Line Items]
Consideration payable		$ 5,000,000
Buy-Back Right value		$ 22,500,000	$ 28,500,000
Mining received				$ 7,500,000
Cash				$ 4,800,000
Common stock shares				287,300
Mining total consideration				$ 5,000,000
First Majestic [Member] | Tranche2 [Member]
Statement [Line Items]
Mining received				9,800,000
Cash				3,750,000
Mining total consideration				$ 3,750,000
First Mining [Member]
Statement [Line Items]
Cash	$ 7,500,000
Common stock shares	805,698
Mining total consideration	$ 10,000,000
Mining at closing date					2,500,000
First Mining [Member] | Tranche 1 [Member]
Statement [Line Items]
Mining total consideration	$ 13,700,000				10,000,000
Mining at closing date					$ 3,300,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable	$ 2,437	$ 837
Accrued liabilities	2,054	1,176
Accounts payable and other accrued liabilities	$ 4,491	$ 2,013

ENVIRONMENTAL RECLAMATION PRO_3

ENVIRONMENTAL RECLAMATION PROVISION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Beginning balance	$ 3,383,000	$ 0
Additions to present value of environmental reclamation provision	0	1,200,000
Reclamation costs incurred	(250,000)	(200,000)
Interest or accretion expense	4,000	28,000
Deconsolidation of PC Gold Inc	(3,137,000)	0
Ending balance	0	3,383,000
Statements of Financial Position Presentation
ENVIRONMENTAL RECLAMATION PROVISION	0	3,383,000
Current Portion [Member]
Statement [Line Items]
Additions to present value of environmental reclamation provision	0	250,000
Non-Current Portion [Member]
Statement [Line Items]
Additions to present value of environmental reclamation provision	$ 0	$ 3,133,000

ENVIRONMENTAL RECLAMATION PRO_4

ENVIRONMENTAL RECLAMATION PROVISION (Details Narrative)	12 Months Ended
	Dec. 31, 2021
Rnvironmental reclamation provision discription	Following the completion of the Stage 1 earn-in by Auteco, First Mining’s percentage ownership of its former subsidiary, PC Gold, was reduced from 100% to 49%, and the environmental reclamation provision, which was recorded as a liability in the PC Gold Inc. legal entity, was deconsolidated from First Mining financial statements.

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SHARE CAPITAL (Details)
Warrants Issued	2,100,228	77,460,159
Warrants, exercised	(265,650)	(247,500)
Warrants expired	(3,027,615)
Warrants, outstanding, ending	91,892,620	93,085,657
Weighted average exercise price, issued	$ 0.38	$ 0.49
Weighted average exercise price, exercised	$ 0.33	$ 0.34
Warrants, outstanding, beginning	93,085,657	15,872,998
Weighted average exercise price, expired	$ 0.44
Weighted average exercise price, outstanding, ending	$ 0.48	$ 0.48

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1)	12 Months Ended
	Dec. 31, 2021CAD ($)shares
Statement [Line Items]
Warrants, outstanding | shares	91,892,620
Weighted average exercise price, outstanding | $	$ 45
Weighted average remaining life, outstanding	1 year 8 months 15 days
Warrant 1
Statement [Line Items]
Warrants, outstanding | shares	18,247,009
Weighted average exercise price, outstanding | $	$ 31
Weighted average remaining life, outstanding	1 year 1 month 24 days
Exercise price	0.31
Warrant 2
Statement [Line Items]
Warrants, outstanding | shares	44,845,611
Weighted average exercise price, outstanding | $	$ 37
Weighted average remaining life, outstanding	2 years 7 months 9 days
Exercise price	0.37
Warrant 3
Statement [Line Items]
Warrants, outstanding | shares	50,000
Weighted average exercise price, outstanding | $	$ 42
Weighted average remaining life, outstanding	1 year 6 months 29 days
Exercise price	0.42
Warrant 4
Statement [Line Items]
Warrants, outstanding | shares	28,750,000
Weighted average exercise price, outstanding | $	$ 65
Weighted average remaining life, outstanding	7 months 24 days
Exercise price	0.65

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SHARE CAPITAL (Details 2)
Risk-free interest rate	0.50%	0.85%
Expected life (years)	2 years	2 years 4 months 20 days
Expected volatility	63.09%	68.36%
Expected dividend yield	0.00%	0.00%

SHARE CAPITAL (Details 3)

SHARE CAPITAL (Details 3)	12 Months Ended
	Dec. 31, 2021$ / sharesshares	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
SHARE CAPITAL
Options, outstanding, beginning	45,820,000	45,820,000	46,927,500	46,927,500
Options, granted	12,190,000	12,190,000	11,350,000	11,350,000
Options, exercised	(2,287,500)	(2,287,500)	(3,717,500)	(3,717,500)
Options, expired	(7,820,000)	(7,820,000)	(2,790,000)	(2,790,000)
Options, forfeited	(2,762,500)	(2,762,500)	(5,950,000)	(5,950,000)
Options, outstanding, ending	45,140,000	45,140,000	45,820,000	45,820,000	46,927,500
Weighted average exercise price, outstanding, beginning | (per share)	$ 0.53	$ 0.53	$ 0.57
Weighted average exercise price, granted | $ / shares	0.23		0.25
Weighted average exercise price, exercised | $ / shares	0.25		0.33
Weighted average exercise price, expired | $ / shares	0.73		0.40
Weighted average exercise price, forfeited | $ / shares	0.39		0.52
Weighted average exercise price, outstanding, ending | (per share)	$ 0.44		$ 0.53	$ 0.53	$ 0.57

SHARE CAPITAL (Details 4)

SHARE CAPITAL (Details 4)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Statement [Line Items]
Options, outstanding | shares	45,140,000
Weighted average exercise price, outstanding | $ / shares	$ 0.48
Weighted average remaining life, outstanding	2 years 3 months 25 days
Number of options, exercisable | shares	38,676,250
Weighted average exercise price, exercisable | $ / shares	$ 0.49
Weighted average remaining life, exercisable	2 years
Warrant 1
Statement [Line Items]
Options, outstanding | shares	33,125,000
Weighted average exercise price, outstanding | $ / shares	$ 0.38
Weighted average remaining life, outstanding	2 years 11 months 23 days
Number of options, exercisable | shares	26,661,250
Weighted average exercise price, exercisable | $ / shares	$ 0.38
Weighted average remaining life, exercisable	2 years 8 months 1 day
Exercise price	0.25 – 0.50
Warrant 2
Statement [Line Items]
Options, outstanding | shares	12,015,000
Weighted average exercise price, outstanding | $ / shares	$ 0.75
Weighted average remaining life, outstanding	6 months
Number of options, exercisable | shares	12,015,000
Weighted average exercise price, exercisable | $ / shares	$ 0.75
Weighted average remaining life, exercisable	6 months
Exercise price	0.51 – 1.00

SHARE CAPITAL (Details 5)

SHARE CAPITAL (Details 5) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Statements of Net Loss: share-based payments	$ 1,998,000	$ 958,000
Share-based payments	2,892,000	1,400,000
Mineral Properties [Member]
Statement [Line Items]
Statements of Financial Position: share-based payments	894,000	442,000
General and Administration
Statement [Line Items]
Statements of Net Loss: share-based payments	1,235,000	500,000
Exploration and Evaluation
Statement [Line Items]
Statements of Net Loss: share-based payments	312,000	148,000
Investor Relations and Marketing
Statement [Line Items]
Statements of Net Loss: share-based payments	265,000	144,000
Corporate Development and Due Diligence
Statement [Line Items]
Statements of Net Loss: share-based payments	$ 186,000	$ 166,000

SHARE CAPITAL (Details 6)

SHARE CAPITAL (Details 6) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SHARE CAPITAL
Risk-free interest rate	0.86%	1.72%
Share price at grant date	$ 0.44	$ 0.25
Exercise price	$ 0.41	$ 0.27
Expected life	5.00 years	4.96 years
Expected volatility	67.89%	69.10%
Forfeiture rate	7.50%	5.26%
Expected dividend yield	$ 0	$ 0

SHARE CAPITAL (Details 7)

SHARE CAPITAL (Details 7)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
SHARE CAPITAL
Restricted Share Units Beginning Balance | shares	0
Restricted Share Units, granted | shares	1,550,000
Restricted Share Units Ending Balance | shares	1,550,000
Weighted average, Beginning Balance | $ / shares	$ 0
Weighted average fair value, Granted | $ / shares	0.40
Weighted average, Ending Balance | $ / shares	$ 0.40

SHARE CAPITAL (Details 8)

SHARE CAPITAL (Details 8)	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
SHARE CAPITAL
Deferred Share Units Beginning Balance | shares	0
Deferred Share Units, Granted - February 2, 2021 | shares	40,000
Deferred Share Units, Granted - June 17, 2021 | $	$ 263,000
Deferred Share Units, Ending Balance | shares	303,000
Weighted average, Deferred Share Units, Beginning Balance	$ 0
Weighted average fair value, Deferred Share Units, Granted - February 2, 2021	0.40
Weighted average fair value, Deferred Share Units, Granted - June 17, 2021	0.35
Weighted average, Deferred Share Units, Ending Balance	$ 0.36

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020
Statement [Line Items]
Common shares issued and fully paid	700,200,059		697,216,453
Stock options granted	11,350,000
Stock options aggregate fair value	$ 1,500,411		$ 1,550,000
Unvested stock options	5,525,000
Unvested stock options fair value	$ 402,000
Warrants Issued	2,050,228
Weighted average exercise price	$ 0.44	$ 0.53
Weighted Average stock options granted	$ 12,190,000	$ 11,350,000
Stock options granted fair value	$ 2,832,105	$ 1,500,411
Weighted average fair value per stock options	$ 0.23	$ 0.13
Unvested Options	$ 6,463,750	$ 5,525,000
Unvested stock options fair value Grant	$ 1,436,689	$ 402,000
Deferred Share Units D S Us [Member]
Statement [Line Items]
Shares granted	303,000
weighted average grant date fair value	$ 0.36

OPERATING EXPENSES (Details)

OPERATING EXPENSES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
General and administration	$ 6,265,000	$ 3,573,000
Exploration and evaluation	960,000	812,000
Investor relations and marketing communications	2,247,000	1,111,000
Corporate development and due diligence	509,000	468,000
Total	9,981,000	5,964,000
Impairment of mineral properties (non-cash)	24,304,000	24,870,000
Loss from operational activities	(34,285,000)	(30,834,000)
Administrative and Office
Statement [Line Items]
General and administration	347,000	232,000
Exploration and evaluation	98,000	166,000
Investor relations and marketing communications	63,000	34,000
Corporate development and due diligence	1,000	3,000
Total	509,000	435,000
Consultants
Statement [Line Items]
General and administration	227,000	164,000
Exploration and evaluation	61,000	71,000
Investor relations and marketing communications	120,000	10,000
Corporate development and due diligence	0	0
Total	408,000	245,000
Depreciation (Non-cash)
Statement [Line Items]
General and administration	168,000	146,000
Exploration and evaluation	152,000	159,000
Investor relations and marketing communications	0	0
Corporate development and due diligence	0	0
Total	320,000	305,000
Investor Relations and Marketing Communications
Statement [Line Items]
General and administration	0	3,000
Exploration and evaluation	1,000	3,000
Investor relations and marketing communications	1,333,000	579,000
Corporate development and due diligence	0	22,000
Total	1,334,000	607,000
Professional Fees
Statement [Line Items]
General and administration	1,298,000	934,000
Exploration and evaluation	0	1,000
Investor relations and marketing communications	0	0
Corporate development and due diligence	0	0
Total	1,298,000	935,000
Salaries
Statement [Line Items]
General and administration	1,174,000	1,121,000
Exploration and evaluation	318,000	236,000
Investor relations and marketing communications	393,000	287,000
Corporate development and due diligence	319,000	269,000
Total	2,204,000	1,913,000
Share-based Payments (Non-cash)
Statement [Line Items]
General and administration	1,235,000	500,000
Exploration and evaluation	312,000	148,000
Investor relations and marketing communications	265,000	144,000
Corporate development and due diligence	186,000	166,000
Total	1,998,000	958,000
Transfer Agent and Filing Fees
Statement [Line Items]
General and administration	368,000	163,000
Exploration and evaluation	0	0
Investor relations and marketing communications	44,000	41,000
Corporate development and due diligence	0	0
Total	412,000	204,000
Travel and Accommodation
Statement [Line Items]
General and administration	34,000	22,000
Exploration and evaluation	18,000	28,000
Investor relations and marketing communications	29,000	16,000
Corporate development and due diligence	3,000	8,000
Total	84,000	74,000
Reimbursement of Litigation Expenses
Statement [Line Items]
General and administration	1,120,000
Exploration and evaluation	0
Investor relations and marketing communications	0
Corporate development and due diligence	0
Total	1,120,000
Directors Fees
Statement [Line Items]
General and administration	294,000	288,000
Exploration and evaluation	0	0
Investor relations and marketing communications	0	0
Corporate development and due diligence	0	0
Total	$ 294,000	$ 288,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Total non-current assets	$ 209,965	$ 244,462
Canada
Statement [Line Items]
Total non-current assets	209,739	244,018
USA
Statement [Line Items]
Total non-current assets	$ 226	$ 444

INCOME TAXES (Details)

INCOME TAXES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Net loss before income tax	$ 38,350	$ 35,848
Combined Canadian statutory income tax rate	27.00%	27.00%
Income tax recovery computed at statutory income tax	$ 10,356	$ 9,679
Tax effect of:
Permanent differences	(2,166)	(2,041)
Investment in Treasury Metals	(3,878)	(1,916)
Obligations to distribute investments	2,169	(1,802)
Flow-through eligible expenditures	0	(1,240)
Difference in tax rates in foreign jurisdictions	0	(308)
Impact of disposal of subsidiaries	0	(10,358)
Flow-through share premium liability	0	641
Changes in unrecognized deferred tax assets	(6,481)	8,932
Income tax recovery (expense)	$ 0	$ 1,587

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Non-capital loss carry forwards	$ 2,969	$ 5,384
Mineral properties	(2,379)	(3,073)
Mineral property investments	(590)	(2,311)
Total	$ (946)	$ 0

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Deferred income tax assets, net	$ 122,388	$ 81,294
Mineral Properties [Member]
Statement [Line Items]
Deferred income tax assets, net	2,404	174
Property and Equipment
Statement [Line Items]
Deferred income tax assets, net	986	807
Other
Statement [Line Items]
Deferred income tax assets, net	1,432	3,936
Non-capital Loss Carryforwards
Statement [Line Items]
Deferred income tax assets, net	50,144	49,232
Investment in Big Ridge
Statement [Line Items]
Deferred income tax assets, net	694	0
Capital Loss Carryforwards
Statement [Line Items]
Deferred income tax assets, net	16,267	82
Investment in Treasury Metals
Statement [Line Items]
Deferred income tax assets, net	20,497	14,188
Investment in PC Gold
Statement [Line Items]
Deferred income tax assets, net	14,430	0
Silver Stream Derivative Liability
Statement [Line Items]
Deferred income tax assets, net	8,927	5,882
Investment Tax Credits
Statement [Line Items]
Deferred income tax assets, net	5,209	5,119
Undeducted Financing Costs
Statement [Line Items]
Deferred income tax assets, net	$ 1,398	$ 1,874

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Non-capital loss carryforwards	$ 2,969	$ 5,384
Canada
Statement [Line Items]
Non-capital loss carryforwards	61,266,000	68,059,000
Capital loss carryforwards	13,644,000	82,000
Investment tax credits	$ 5,209,000	$ 5,119,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Directors' fees	$ 294	$ 288
Salaries and bonuses	2,179	1,659
Share-based payments (non-cash)	1,128	990
Total	$ 3,610	$ 3,029

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Treasury Share Purchase Agreement [Member]
Statement [Line Items]
Shares issued in connection with acquisitions value		$ 9,812,000
Shares issued in connection with acquisitions		11,670,000
Treasury Metals [Member]
Statement [Line Items]
Shares issued in connection with acquisitions value		$ 78,000,000
Shares issued in connection with acquisitions		43,330,000
Silver Purchase Agreement [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	287,300
Shares issued in connection with acquisitions value	$ 5,631,000
East Cedartree Claims [Member[
Statement [Line Items]
Shares issued in connection with acquisitions		3,000,000
Shares issued in connection with acquisitions value		$ 1,215,000
Auteco Earn-In Agreement [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	100,000,000	25,000,000
Shares issued in connection with acquisitions value	$ 6,720,000	$ 740,000
Initial Recognition on June 9, 2021	$ 8,640,000
First Majestic [Member]
Statement [Line Items]
Shares issued in connection with acquisitions		805,698
Shares issued in connection with acquisitions value		$ 10,394,000
Mineral Properties [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	1,107,035	24,220
Shares issued in connection with acquisitions value	$ 385,000	$ 4,000

FAIR VALUE (Details)

FAIR VALUE (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Investments	$ 13,386,000	$ 18,425,000
Mineral property investments	6,435,000	6,726,000
Fair value, beginning	26,114,000	13,260,000
Option - PC Gold	4,347,000	4,410,000
Level 1
Statement [Line Items]
Investments	13,386,000	12,653,000
Mineral property investments	0	0
Fair value, beginning	0	0
Option - PC Gold	0	0
Total	13,386,000	12,653,000
Level 2
Statement [Line Items]
Investments	0	5,772,000
Mineral property investments	0	0
Fair value, beginning	0	0
Option - PC Gold	0	0
Total	0	0
Level 3
Statement [Line Items]
Investments	0	0
Mineral property investments	6,435,000	6,726,000
Fair value, beginning	26,114,000	13,260,000
Option - PC Gold	4,347,000	4,410,000
Total	$ 6,435,000	$ 6,726,000

FAIR VALUE (Details 1)

FAIR VALUE (Details 1) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Financial assets at amortized cost	$ 29,556	$ 30,775
Financial assets at fair value through profit (loss)	8,400	15,039
Financial assets at fair value through other comprehensive income	11,421	10,112
Total financial assets	49,377	55,926
Financial liabilities at amortized cost	4,491	2,013
Financial liabilities at fair value through profit (loss)	30,461	17,670
Financial liabilities at fair value through other comprehensive income	0	0
Total financial liabilities	34,952	19,683
Silver Stream Derivative Liability
Statement [Line Items]
Financial liabilities at amortized cost	0	0
Financial liabilities at fair value through profit (loss)	26,114	13,260
Financial liabilities at fair value through other comprehensive income	0	0
Total financial liabilities	26,114	13,260
Accounts Payable and Accrued Liabilities
Statement [Line Items]
Financial liabilities at amortized cost	4,491	2,013
Financial liabilities at fair value through profit (loss)	0	0
Financial liabilities at fair value through other comprehensive income	0	0
Total financial liabilities	4,491	2,013
Option - PC Gold
Statement [Line Items]
Financial liabilities at amortized cost	0	0
Financial liabilities at fair value through profit (loss)	4,347	4,410
Financial liabilities at fair value through other comprehensive income	0	0
Total financial liabilities	4,347	4,410
Cash and Cash Equivalents
Statement [Line Items]
Financial assets at amortized cost	28,901	29,516
Financial assets at fair value through profit (loss)	0	0
Financial assets at fair value through other comprehensive income	0	0
Total financial assets	28,901	29,516
Current Accounts and Other Receivables
Statement [Line Items]
Financial assets at amortized cost	40	1,753
Financial assets at fair value through profit (loss)	0	0
Financial assets at fair value through other comprehensive income	0	0
Total financial assets	40	1,753
Mineral Property Investments
Statement [Line Items]
Financial assets at amortized cost	0	0
Financial assets at fair value through profit (loss)	0	0
Financial assets at fair value through other comprehensive income	6,435	6,726
Total financial assets	6,435	6,726
Reclamation Deposit
Statement [Line Items]
Financial assets at amortized cost		121
Financial assets at fair value through profit (loss)		0
Financial assets at fair value through other comprehensive income		0
Total financial assets		121
Investments
Statement [Line Items]
Financial assets at amortized cost	0	0
Financial assets at fair value through profit (loss)	8,400	15,039
Financial assets at fair value through other comprehensive income	4,986	3,386
Total financial assets	$ 13,386	$ 18,425

FAIR VALUE (Detail Narrative)

FAIR VALUE (Detail Narrative) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair value loss	$ 291,000	$ 1,329,000
Additional earn	10.00%
Received on exercise	$ 3,000,000
Investments equity interest percentage	10.00%

FINANCIAL AND CAPITAL RISK MA_3

FINANCIAL AND CAPITAL RISK MANAGEMENT (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Accounts payable and accrued liabilities	$ 4,491,000	$ 2,013,000
Lease liability	442
Contractual Cash Flows
Statement [Line Items]
Accounts payable and accrued liabilities	4,491
Lease liability	515
Less Than 1 Year
Statement [Line Items]
Accounts payable and accrued liabilities	4,491
Lease liability	165
1 - 3 Years
Statement [Line Items]
Accounts payable and accrued liabilities	0
Lease liability	350
4 - 5 Years
Statement [Line Items]
Accounts payable and accrued liabilities	0
Lease liability	0
After 5 Years
Statement [Line Items]
Accounts payable and accrued liabilities	0
Lease liability	$ 0

FINANCIAL AND CAPITAL RISK MA_4

FINANCIAL AND CAPITAL RISK MANAGEMENT (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)
Net loss FVTPL	$ 840,000	$ 1,504,000
Cash and cash equivalents	29,516,000,000	28,901,000,000
Cash and cash equivalents foreign currency risk	$ 2,117,000,000
Investments in equity instruments designated percentage FVTPL	10.00%
Investment in equity instrument designated percentage FVTOCI	10.00%
Other comprehensive income (loss)	$ 1,142,000	$ 1,011,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Dec. 31, 2021CAD ($)$ / sharesshares
SUBSEQUENT EVENTS (Details Narrative)
Stock options weighted average exercise price | $ / shares	$ 0.27
Stock options weighted average exercisable period	five years
Restricted Stock Units granted	1,090,000
DSUs granted	356,000
Aggregate shares of common shares issued	286,904
Per Share consideration paid under the transaction | $ / shares	$ 4.44
Common stock price per share | $ / shares	$ 26.62
Total consideration in cash | $	$ 1,272,824
Total consideration in cash for common stock | $	$ 7,636,944
Stock options granted	14,155,000
Common stock shares	187,839
Shares owns	474,743
Increasing ownership percentages	from 10% to 25.3%