First Mining Gold (FFMGF) 40-F 29 Mar 23 2022 FY Annual report (Canada) Financial data

Cover

Cover - shares	12 Months Ended
	Dec. 31, 2022	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, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		802,226,149
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 Postal Zip Code	V6E 4A2
City Area Code	604
Icfr Auditor Attestation Flag	false
Local Phone Number	688-3033
Entity Interactive Data Current	Yes
Document Registration Statement	false
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Address Country	CA
Auditor Location	Canada
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm Id	271
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 Postal Zip Code	20005
City Area Code	202
Local Phone Number	371-8090
Contact Personnel Name	National Registered Agents, Inc.
Entity Address State Or Province	DC

Consolidated Financial Statemen

Consolidated Financial Statements	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)
Current
Cash and cash equivalents	$ 13,558,000		$ 29,516,000
Investments (Note 5)	184,000		13,386,000
Prepaid expenses, accounts and other receivables (Note 6)	1,118,000		1,009,000
Total current assets	14,860,000		43,911,000
Non-current
Mineral properties (Note 7)	221,147,000		170,017,000
Investment in Treasury Metals Inc. (Note 8)	5,592,000		15,400,000
Investment in PC Gold Inc. (Note 9)	21,572,000		21,570,000
Investment in Big Ridge Gold Corp. (Note 10)	2,119,000		1,491,000
Mineral property investments	0		6,435,000
Property and equipment	1,373,000		1,086,000
Other assets	270,000		399,000
Total non-current assets	252,073,000		216,398,000
TOTAL ASSETS	266,933,000		260,309,000
Current
Accounts payable and accrued liabilities (Note 12)	2,847,000		4,491,000
Current portion of lease liability	143,000		127,000
Flow-through share premium liability (Note 13)	1,042,000		0
Option - PC Gold (Note 7(d))	5,216,000		4,347,000
Total current liabilities	9,248,000		8,965,000
Non-current
Lease liability	172,000		315,000
Provision for environmental remediation		$ 1,500	0
Provision for Pickle Crow reclamation funding (Note 7(d))	1,172,000		990,000
Silver Stream derivative liability (Note 11)	27,171,000		26,114,000
Total non-current liabilities	30,515,000		27,419,000
TOTAL LIABILITIES	39,263,000		36,384,000
SHAREHOLDERS' EQUITY
Share capital (Note 14)	340,963,000		318,499,000
Warrant and share-based payment reserve (Note 14)	49,589,000		47,282,000
Accumulated other comprehensive (loss) gain	(4,337,000)		410,000
Accumulated deficit	(158,545,000)		(142,266,000)
Total shareholders' equity	227,670,000		223,925,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 266,933,000		$ 260,309,000

CONSOLIDATED STATEMENTS OF NET

CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS - CAD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING EXPENSES (Note 15)
General and administration	$ 4,962,000	$ 6,265,000
Exploration and evaluation	639,000	960,000
Investor relations and marketing communications	1,394,000	2,247,000
Corporate development and due diligence	421,000	509,000
Fair value adjustment of non-current assets (Note 8, 10)	10,361,000	24,304,000
Loss from operational activities	(17,777,000)	(34,285,000)
OTHER ITEMS
Gain on deconsolidation of subsidiary	0	8,830,000
Fair value loss on Silver Stream liability (Note 11)	(1,057,000)	(3,046,000)
Fair value loss on PC Gold Option	(869,000)	0
Investments fair value loss (Note 5)	(1,606,000)	(4,210,000)
Foreign exchange gain (loss)	38,000	(99,000)
Other expenses	(318,000)	(98,000)
Interest and other income	264,000	422,000
Gain on sale of mineral properties (Note 8(a))	(5,728,000)	0
Loss before income taxes	(15,597,000)	(32,486,000)
Deferred income tax recovery	309,000	0
Equity loss and dilution impacts of equity accounted investments (Notes 8, 9 & 10)	(991,000)	(5,864,000)
Net loss for the year	(16,279,000)	(38,350,000)
Items that will not be reclassified to net income or (loss):
Investments fair value (loss) gain (Note 5)	(1,227,000)	2,094,000
Mineral property investments fair value loss (Note 7(b))	(3,537,000)	(293,000)
Items that are or may be reclassified to net income or (loss):
Currency translation adjustment of foreign subsidiaries	17,000	1,000
Other comprehensive (loss) income	(4,747,000)	1,802,000
Net loss and comprehensive loss for the year	$ (21,026,000)	$ (36,548,000)
Loss per share (in dollars)
Basic and diluted	$ (0.02)	$ (0.05)
Weighted average number of shares outstanding Basic and diluted	738,197,818	698,677,526

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss for the year	$ 16,279,000	$ 38,350,000
Adjustments for:
Fair value adjustment of non-current assets	10,361,000	24,304,000
Gain on deconsolidation of subsidiary	0	8,830,000
Share-based payments (Note 14(d))	1,573,000	1,998,000
Gain on sale of royalty (Note 8(a))	(5,872,000)	0
Depreciation	411,000	320,000
Fair value loss on PC Gold Option	869,000	0
Fair value loss on Silver Stream derivative liability (Note 11)	1,057,000	3,046,000
Loss on asset disposal	(33,000)	0
Investments fair value (gain) loss (Note 5)	1,606,000	4,210,000
Change in remediation reclamation funding estimate	1,682,000	0
Other (income) expenses	(38,000)	85,000
Accrued interest receivable	(18,000)	0
Unrealized foreign exchange (gain) loss	(39,000)	49,000
Deferred income recovery expense	(309,000)	0
Equity and dilution loss on equity accounted investments	991,000	5,864,000
Operating cash flows before movements in working capital	(3,896,000)	(7,474,000)
Decrease (increase) in accounts and other receivables	(124,000)	(18,000)
Decrease (increase) in prepaid expenditures	(77,000)	19,000
Increase (decrease) in accounts payables and accrued liabilities	1,233,000	(1,068,000)
Total cash used in operating activities	(5,082,000)	(6,443,000)
Cash flows from investing activities
Mineral property expenditures (Note 7)	(25,113,000)	(15,771,000)
Proceeds from sale of investments (Note 5)	(10,479,000)	(16,357,000)
Property and equipment purchases	600,000	707,000
Proceeds from sale of royalty (Note 8(a))	(9,581,000)	0
Cash expended in acquisitions	(10,156,000)	0
Option payments and expenditures recovered	0	1,968,000
Total cash provided by (used in) investing activities	15,809,000	1,847,000
Cash flows from financing activities
Proceeds from private placements	5,325,000	0
Share issuance costs	271,000	0
Proceeds from Silver Stream (Note 11)	0	4,757,000
Exercise of warrants and stock options	0	(668,000)
Repayment of lease liability	(127,000)	(112,000)
Finance costs paid	(38,000)	(50,000)
Total cash provided by (used in) financing activities	4,889,000	5,263,000
Foreign exchange effect on cash	(44,000)	52,000
Change in cash and cash equivalents	(15,958,000)	615,000
Cash and cash equivalents, beginning	29,516,000	28,901,000
Cash and cash equivalents, ending	$ 13,558,000	$ 29,516,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) shares in Thousands	Total	Number of Common Shares	Warrant reserve	Share-based payment Reserve	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2020		697,216,453
Balance, amount at Dec. 31, 2020	$ 243,553,000	$ 317,167,000	$ 25,056,000	$ 19,592,000	$ (1,392,000)	$ (116,870,000)
Statement [Line Items]
Exercise of options (Note 10(d)), shares		2,287,500
Exercise of options (Note 10(d)), amount	576,000	$ 841,000	0	(265,000)	0	0
Exercise of warrants (Note 10(c)), shares		265,650
Exercise of warrants (Note 10(c)), amount	92,000	$ 94,000	(2,000)	0	0	0
Shares issued in connection with mineral property tenure (Note 7), shares		1,107,035
Shares issued in connection with mineral property tenure (Note 7), amount	385,000	$ 385,000	0	0	0	0
Cameron Gold exploration agreement, shares		25,000
Cameron Gold exploration agreement, amount	21,000	$ 12,000	9,000	0
Share reduction due to expiry, shares		(701,579)
Share reduction due to expiry, amount	0	$ 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
Loss for the year	(38,350,000)	0	0	0	0	(38,350,000)
Other comprehensive loss	1,802,000	0	0	0	1,802,000	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		700,200,059
Statement [Line Items]
Shares issued in connection with mineral property tenure (Note 7), shares		4,708,127
Shares issued in connection with mineral property tenure (Note 7), amount	1,250,000	$ 1,250,000	0	0	0	0
Share reduction due to expiry, shares		(118,029)
Share reduction due to expiry, amount	0	$ 0	0	0	0	0
Share-based payments	2,427,000	0	0	2,427,000	0	0
Loss for the year	(16,279,000)	0				(16,279,000)
Other comprehensive loss	(4,747,000)	$ 0
Proceeds from private placement (Note 14(b)), shares		17,749,868
Proceeds from private placement (Note 14(b)), amount	5,325,000	$ 5,325,000	0	0	0	0
Private placements share issuance cost	(271,000)	(271,000)	0	0	0	0
Flow-through share premium liability	(1,351,000)	$ (1,351,000)	0	0	0	0
Settlement of RSUs (Note 10(e)), shares		516,664
Settlement of RSUs (Note 10(e)), amount	0	$ 120,000	0	(120,000)	0	0
Shares issued on acquisition of Duparquet Project (Note 4), shares		79,169,460
Shares issued on acquisition of Duparquet Project (Note 4), amount	17,391,000	$ 17,391,000	0	0	0	0
Balance, amount at Dec. 31, 2022	$ 227,670,000	$ 340,963,000	$ 25,063,000	$ 24,526,000	$ (4,337,000)	$ (158,545,000)
Balance, shares at Dec. 31, 2022		802,226,149

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2022
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. 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 and 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 acquired a 100% interest in the Duparquet Gold Project in September 2022 and is developing plans to advance the project along with its nearby Duquense and Pitt Projects in Québec. The Company holds a 15% equity position in Treasury Metals Inc., which is advancing the Goliath Gold Complex toward construction, and a 19% equity position in Big Ridge Gold Corp. which is advancing the Hope Brook Project as a joint venture partner. First Mining’s portfolio of gold projects in eastern Canada also includes the Cameron project. In addition, the Company holds a 30% interest in PC Gold Inc., the legal entity which holds the Pickle Crow gold project (being advanced by Auteco Minerals Ltd), and a 49% direct project interest in the Hope Brook Project. The Company continues to evaluate the potential impacts arising from COVID-19 on all aspects of its business. For the year ended December 31, 2022, there were no significant financial impacts on the Company.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2022
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. 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 annual 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, unless otherwise noted, and tabular amounts are expressed in thousands of Canadian dollars. These consolidated annual financial statements include the accounts of the Company and its subsidiaries. The functional currency of the Company and its Canadian subsidiaries is the Canadian dollar while the functional currency of the Company’s non-Canadian subsidiary 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”) Birch-Uchi Projects (“Birch-uchi”) Northwestern Ontario, Canada Cameron Gold Operations Ltd. 100% Cameron Gold Project (“Cameron”) Northwestern Ontario, Canada Duparquet Gold Mines Inc. 100% Duquesne Gold Project (“Duquesne”) Pitt Gold Project (“Pitt”) Duparquet Gold Project (“Duparquet”) Central Duparquet (“Duparquet”) Québec, Canada These consolidated financial statements were approved by the Board of Directors on March 28, 2023.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
ACCOUNTING POLICIES
ACCOUNTING POLICIES	3. 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. 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. f) Environmental Reclamation Provision (continued) 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 Stock options 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. Performance share units The fair value of performance share units (“PSUs”) is measured using a Monte Carlo simulation model, based upon several assumptions, including share price volatility, the Company’s share performance and the Company’s share performance in relation to its peers (See Note 14(g)). The cost is recorded is recorded over the vesting period within equity until settled. Deferred share units and restricted share units Deferred share units (“DSUs”) and restricted share units (“RSUs”) are measured based on the fair value at the grant date. The cost is recorded over the vesting period within equity until settled. Equity-settled awards are not remeasured subsequent to the initial grant date. 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 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 7(d). 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 7(d). 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.

ACQUISITION OF DUPARQUET

ACQUISITION OF DUPARQUET	12 Months Ended
	Dec. 31, 2022
ACQUISITION OF DUPARQUET	4. ACQUISITION OF DUPARQUET On September 15, 2022, the Company completed the acquisition of all the outstanding common 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 Québec, Canada (the “Beattie Transaction”), that are not already owned by the Company or Clifton Star Resources Inc. (“Clifton Star”). The total consideration of the Beattie Transaction was $4.43641 cash per Beattie Gold common share and 35 common shares of First Mining (“First Mining Shares”) per Beattie Gold common share for total cash consideration of $6,227,176 and total share consideration of 51,532,516 First Mining Shares. Concurrent with completing the Beattie Transaction, the Company completed the acquisitions of 2699681 Canada Ltd. (“269 Canada”) and 2588111 Manitoba Ltd. (“258 Manitoba”), (together the “Concurrent Transactions”) through Clifton Star. The total consideration of the Concurrent Transactions was $2,500,000 in cash and the issuance of 20,000,000 First Mining Shares. As a result of acquiring Beattie, 269 Canada and 258 Manitoba, the Company, through its wholly owned subsidiary Duparquet Gold Mines Inc. (“Duparquet Gold Mines”), which was previously called Clifton Star, now owns 100% of the Duparquet Gold Project, in addition to the Pitt Gold Project in Quebec (which the Company acquired from Brionor Resources Inc. on April 28, 2016 and which it holds through Duparquet Gold Mines) and the Duquesne Gold Project in Quebec (which the Company has owned since it acquired all of the issued and outstanding shares of Clifton Star on April 8, 2016 and which it holds through Duparquet Gold Mines). Management has concluded that the acquisition of Duparquet, consisting of Beattie, 269 Canada and 258 Manitoba, is an asset acquisition when applying the guidance within IFRS 3 Business Combinations. The purchase price has been allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date. Upon closing, the fair value of identifiable assets acquired from Beattie, 269 Canada and 258 Manitoba were as follows: Mineral Properties $ 24,166 Accounts Payable and Accruals (71 ) Net assets acquired $ 24,095 The consideration paid by the Company was comprised as follows: Fair value of 71,532,516 common shares issued for Beattie, 269 Canada and 258 Manitoba $ 15,368 Cash paid 8,727 Total consideration paid $ 24,095

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2022
INVESTMENTS
INVESTMENTS	5. INVESTMENTS The movements in investments during the years ended December 31, 2022 and 2021 are summarized as follows: Marketable Securities (FVTPL) Marketable Securities (FVTOCI) Warrants (FVTPL) Total Investments Balance as at December 31, 2021 $ 8,400 $ 4,986 $ - $ 13,386 Additions - 110 - 110 Disposals (6,753 ) (3,685 ) - (10,438 ) Loss recorded in other comprehensive loss - (1,227 ) - (1,227 ) Loss recorded in net loss (1,647 ) - - (1,647 ) Balance as at December 31, 2022 $ - $ 184 $ - $ 184 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 The Company holds securities of publicly traded companies as strategic interests. The investments where the Company does not have significant influence are classified as marketable securities. The Auteco and First Majestic common shares are classified as FVTPL. Other marketable securities are designated as FVTOCI. During the three months ended December 31, 2022, the Company: · Sold common shares of marketable securities for net proceeds of $4,235,000 resulting in a net $2,815,000 realized loss on sale based on the difference between the original cost of the securities at the time of initial recognition and sale price. During the year ended December 31, 2022, the Company: · Sold common shares of marketable securities for net proceeds of $10,407,000 resulting in a net $2,549,000 realized loss on sale based on the difference between the original cost of the securities at the time of initial recognition and sale price; · Received common shares (initial recognition - $110,000), in connection with the Earn-in Agreement associated with the Turquoise Canyon Project in Nevada, USA.

PREPAID EXPENSES, ACCOUNTS AND

PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2022
PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES
PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES	6. PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES December 31, 2022 December 31, 2021 GST and HST receivables $ 467 $ 564 Other receivables 32 40 Prepaid expenses 619 405 $ 1,118 $ 1,009

MINERAL PROPERTIES

MINERAL PROPERTIES	12 Months Ended
	Dec. 31, 2022
MINERAL PROPERTIES
MINERAL PROPERTIES	7. MINERAL PROPERTIES As at December 31, 2022 and 2021, the Company had the following mineral properties: Springpole Birch-Uchi (Note 7(a)) Cameron Duparquet (Note 7(b)) Duquesne/ Pitt Hope Brook (Note 7(c)) Pickle Crow (Note 7(d)) Others (1) Total Balance December 31, 2021 $ 104,065 $ 1,320 $ 32,329 $ 3,098 $ 7,244 $ 18,027 $ - $ 3,934 $ 170,017 Acquisition 1,566 674 - 30,489 - - - - 32,729 Concessions, taxes and royalties 255 - 17 2 - - - - 274 Salaries and share-based payments 3,406 652 94 276 5 - - - 4,433 Drilling, exploration, and technical consulting 7,400 788 83 142 - - - - 8,413 Assaying, field supplies, and environmental 7,356 261 47 119 - - - - 7,783 Travel and other expenses 1,781 176 11 11 - - - - 1,979 Total Expenditures $ 21,764 $ 2,551 $ 252 $ 31,039 $ 5 $ - $ - $ - $ 55,611 Environmental remediation - - - 1,500 - - - - 1,500 Option payments received - - - - - (2,175 ) - (110 ) (2,285 ) Currency translation adjustments - - - - - - - 13 13 Disposal of properties - - - - - - - (3,709 ) (3,709 ) Balance December 31, 2022 $ 125,829 $ 3,871 $ 32,581 $ 35,637 $ 7,249 $ 15,852 $ - $ 128 $ 221,147 Springpole Birch-Uchi Cameron Duparquet (Note 7(b)) Duquesne/ Pitt Hope Brook Pickle Crow Others (1) Total Balance December 31, 2020 $ 87,907 $ - $ 31,875 $ 2,670 $ 7,229 $ 20,612 $ 24,986 $ 4,150 $ 179,429 Acquisition 1,222 1,047 21 - - - - - 2,290 Concessions, taxes and royalties 684 - 32 - 3 20 - - 739 Salaries and share-based payments 3,311 3 185 114 6 44 22 - 3,685 Drilling, exploration, and technical consulting 4,235 269 102 270 6 16 3,251 20 8,169 Assaying, field supplies, and environmental 5,194 1 80 38 - 3 - (20 ) 5,296 Travel and other expenses 1,512 - 34 6 - 17 - - 1,569 Total Expenditures $ 16,158 $ 1,320 $ 454 $ 428 $ 15 $ 100 $ 3,273 $ - $ 21,748 Disposal, impairment, reclassification or option payments - - - - - (2,685 ) (28,259 ) (216 ) (31,160 ) Balance December 31, 2021 $ 104,065 $ 1,320 $ 32,329 $ 3,098 $ 7,244 $ 18,027 $ - $ 3,934 $ 170,017 (1) Other mineral properties as at December 31, 2022 and December 31, 2021 include: A 1.5% NSR Royalty on the Goldlund Property under the terms of the Share Purchase Agreement for Tamaka Gold Corporation, which was sold during the year (Note 8(a)); and Turquoise Canyon property in Nevada (under option with Momentum Minerals Ltd. which was subsequently acquired by IM Exploration Inc. on July 6, 2021 and IM Exploration Inc. was renamed to Westward Gold Inc. on October 7, 2021). 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, the most significant of which are discussed below. During the year ended December 31, 2022, the Company issued an aggregate of 1,843,832 common shares pursuant to the terms of certain Birch-Uchi option and earn-in agreements. a) Birch-Uchi Properties i) 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. As at December 31, 2022, the Company has issued 388,267 common shares and made payments of $50,000 in cash under the terms of the earn-in agreement. ii) 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% interest in the Swain Lake Property by paying $1,000,000 in cash and issuing $1,000,000 worth of First Mining common shares to Whitefish. As at December 31, 2022, the Company has issued 702,875 common shares and made payments of $100,000 in cash under the terms of the earn-in agreement. iii) 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 payments totalling $550,000 and share payments totalling $400,000 to ALX during the initial three-year option term, 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% interest in the Vixen Properties by paying $500,000 in cash and issuing $500,000 worth of First Mining shares to ALX. During the year ended December 31, 2022, the Company issued 444,887 common shares and made payments of $100,000 in cash under the terms of the earn-in agreement. iv) 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 common shares and by incurring at least $1,750,000 worth of expenditures on the Birch Lake Properties during the first four 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 common shares, at First Mining’s sole discretion, and by incurring an additional $1,750,000 worth of expenditures on the Birch Lake Properties. During the year ended December 31, 2022, the Company issued 250,000 common shares and made payments of $50,000 in cash under the terms of the earn-in agreement. v) 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 concession 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. During the year ended December 31, 2022, the Company issued 57,803 common shares and made payments of $12,000 in cash under the terms of the earn-in agreement. b) Duparquet Project During the year ended December 31, 2022, the Company issued 71,532,516 common shares in connection with the Duparquet property acquisition. The interests in Duparquet were previously recorded as mineral property investments. Due to the acquisition the interest was transfered into mineral properties. The Duparquet acquisition costs recorded in Mineral Properties are broken down as follows: December 31, 2022 Mineral Properties – Central Duparquet $ 67 Investment in Beattie Gold Mines – Initial Recognition on Feb 7, 2022 5,544 Equity Loss (1 ) Mineral Property Investments in 269 Canada and 258 Manitoba 4,281 Fair value loss – FVTOCI (3,537 ) Mineral Properties – Initial Recognition on September 15, 2022 24,135 Total acquisition costs recorded in Mineral Properties $ 30,489 c) Hope Brook Project On June 8, 2021, the Company announced On September 13, 2022, Big Ridge completed Stage 1 of the earn-in requirements necessary to satisfy the earn-in threshold set out in the earn-in agreement. The Company received 15.0 million common shares of Big Ridge and the Company’s interest in the project decreased to 49%. See Note 10 below for further details of the equity accounted investment in Big Ridge. d) Pickle Crow Project On March 12, 2020, the Company and Auteco Minerals Ltd. (“Auteco”) executed a definitive earn-in agreement (the “Auteco Earn-In Agreement”) whereby Auteco may earn up to an 80% interest in PC Gold Inc., 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. On June 9, 2021, the Company announced completion of the stage 1 earn-in and accordingly Auteco obtained a 51% ownership of PC Gold Inc. First Mining received the scheduled 100,000,000 Auteco shares and the parties 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 Inc., 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 financial statements. Following completion of the Stage 2 earn-in in Q3 2021 the Company delivered the additional 19% interest in PC Gold Inc. to Auteco from the Option – PC Gold balance which represented the fair value loss on the reduced 30% PC Gold ownership. A corresponding reduction in the equity accounted investment in PC Gold Inc. was also recorded as a result of this dilution. The $5,216,000 (December 31, 2021 - $4,347,000) liability balance as at December 31, 2022 represents the additional net dilution which would result from Auteco completing its additional 10% equity interest. Following receipt of $3,000,000 under this option First Mining’s ownership would reduce to 20%. The Auteco Earn-In Agreement requires First Mining to contribute its pro-rata share of environmental reclamation funding, which was 30% as at December 31, 2022 following completion of the Stage 2 earn-in. Accordingly, the Company has recorded a provision of $1,172,000 as at December 31, 2022 (December 31, 2021 - $990,000).

INVESTMENT IN TREASURY METALS

INVESTMENT IN TREASURY METALS	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN TREASURY METALS
INVESTMENT IN TREASURY METALS	8. INVESTMENT IN TREASURY METALS a) Treasury Share Purchase Agreement Overview On August 7, 2020, First Mining completed a transaction with Treasury Metals Inc. (“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, 2022. During the year ended December 31, 2022, the Company sold its 1.5% NSR Royalty on Goldlund for US$7,000,000 (approx. $9.6 million) and recognized a gain on the sale of mineral properties for $5,872,000 less charges of $144,000. b) Equity Accounting Method for Investment in Treasury Metals The Company has concluded it has significant influence over Treasury Metals. The Company is accounting for its As at December 31, 2022, the Company owns approximately 20.0 million Treasury Metals Shares. December 31, 2022 December 31, 2021 Balance as at December 31, 2021 $ 15,400 $ 63,812 Acquisition – Initial Recognition on August 7, 2020 - - Equity loss (850 ) (167 ) Dilution event in Q2, 2021 - (5,000 ) Fair value adjustment of Investment in Treasury Metals Inc. (8,958 ) (24,304 ) Distribution to shareholders - (18,941 ) Balance as at December 31, 2022 $ 5,592 $ 15,400 The equity accounting for Treasury Metals is based on audited results for the year December 31, 2022. The Company’s equity share of Treasury’s net loss for the year ending December 31, 2022 was $850,000.

INVESTMENT IN PC GOLD INC.

INVESTMENT IN PC GOLD INC.	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN PC GOLD INC.
INVESTMENT IN PC GOLD INC.	9. INVESTMENT IN PC GOLD INC. Following the completion of the Stage 1 earn-in into PC Gold 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 an associate. The initial recognition of the investment in an 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 December 31, 2022 December 31, 2021 Balance as at December 31, 2021 $ 21,570 $ - Acquisition – Initial Recognition on June 9, 2021 - 36,000 Equity income (loss) 2 (3 ) Dilution of ownership - Stage 2 earn-in completion - (14,427 ) Balance as at December 31, 2022 $ 21,572 $ 21,570 The subsequent equity accounting for PC Gold is based on audited results for the year-ended June 30,2022, and on the unaudited six-month period ended December 31, 2022. The Company’s estimated equity share of PC Gold’s net gain for the year ended December 31, 2022 was $2,000.

INVESTMENT IN BIG RIDGE GOLD CO

INVESTMENT IN BIG RIDGE GOLD CORP.	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN BIG RIDGE GOLD CORP.
INVESTMENT IN BIG RIDGE GOLD CORP.	10. INVESTMENT IN BIG RIDGE GOLD CORP. On September 13, 2022, Big Ridge completed Stage 1 of the earn-in requirements necessary to satisfy the earn-in threshold set out in the Hope Brook earn-in agreement. Big Ridge issued a total of 15.0 million common shares to the Company with an aggregate fair value of $2,175,000, resulting in an increase in the Company’s common share ownership interest in Big Ridge to 19.5% on December 31, 2022 from 10.8%. Following the completion of the initial 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). 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, 2022 December 31, 2021 Balance as at December 31, 2021 $ 1,491 $ - Acquisition – Initial Recognition on June 7, 2021 - 2,185 Equity loss (144 ) (106 ) Dilution event in Q2 2021 - (588 ) Completion of Stage 1 Earn-In 2,175 - Fair value adjustment of Investment in Big Ridge Gold Corp. (1,403 ) - Balance as at December 31, 2022 $ 2,119 $ 1,491 The subsequent equity accounting for Big Ridge is based on audited results for the year end June 30, 2022 and on the unaudited six-month period ended December 31, 2022. The Company’s estimated equity share of Big Ridge’s net loss for the year ended December 31, 2022 was $144,000.

SILVER STREAM DERIVATIVE LIABIL

SILVER STREAM DERIVATIVE LIABILITY	12 Months Ended
	Dec. 31, 2022
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) (the “Advance Payment”), 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. $30.8 million as at December 31, 2022) 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 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”). The final tranche (“Tranche 3”) of US$5.0 million ($6.5 million) is payable by First Majestic upon First Mining receiving approval of a federal or provincial environmental assessment for the Springpole Gold Project, which is to be paid half in cash and half in shares of First Majestic. 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 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 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 or losses recorded in the statement of net loss and comprehensive loss. The fair value of the Silver Stream derivative liability as at December 31, 2022 is US$20,061,000 ($27,171,000), which is comprised of the Silver Stream obligation fair value of US$23,646,000 ($32,026,000) less the Advance Payment receivable fair value of US$3,585,000 ($4,855,000). The fair value of the Silver Stream derivative liability as at December 31, 2021 was 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). December 31, 2022 December 31, 2021 Balance as at December 31, 2021 $ (26,114 ) $ (13,260 ) Advance payment received (Tranche 2) (US$7.5 million) - (9,808 ) Change in fair value during the year (1,057 ) (3,046 ) Balance as at December 31, 2022 $ (27,171 ) $ (26,114 )

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2022 December 31, 2021 Accounts payable $ 750 $ 2,437 Accrued liabilities 2,097 2,054 $ 2,847 $ 4,491

FLOW-THROUGH SHARE PREMIUM LIAB

FLOW-THROUGH SHARE PREMIUM LIABILITY	12 Months Ended
	Dec. 31, 2022
FLOW-THROUGH SHARE PREMIUM LIABILITY
ENVIRONMENTAL RECLAMATION PROVISION	13. FLOW-THROUGH SHARE PREMIUM LIABILITY The following is a continuity schedule of the liability portion of the Company’s flow-through share issuances: August 26, 2022 September 2, 2022 Total Balance, December 31, 2021 $ - $ - $ - Liability incurred for flow-through shares issued August 26, 2022 1,181 - 1,181 Settlement of flow-through share premium liability upon incurring eligible expenditures (309 ) - (309 ) Liability incurred for flow-through shares issued September 2, 2022 - 170 170 Balance, December 31, 2022 $ 872 $ 170 $ 1,042 As at December 31, 2022, the Company had $4,090,000 (December 31, 2021 – $Nil) of unspent flow-through expenditure commitments.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2022
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 as at December 31, 2022: 802,226,149 (December 31, 2021 – 700,200,059). Preferred shares as at December 31, 2022: nil (December 31, 2021 – nil). Non-Brokered Private Placement Financing On September 2, 2022, the Company completed a non-brokered private placement raising aggregate gross proceeds of $5,325,000 (the “September Offering”). Pursuant to the September Offering, the Company issued an aggregate of 17,749,868 flow-through units of the Company (the “FT Units”) at a price of $0.30 per FT Unit. In connection with the September Offering, the Company paid issuance costs of $271,000 in cash. Each FT Unit consisted of one flow-through common share of the Company that qualifies as a “flow-through share” for the purposes of the Income Tax Act c) Warrants The movements in warrants during the years ended December 31, 2022 and December 31, 2021 are summarized as follows: Number Weighted average exercise price 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 issued - - Warrants exercised - - Warrants expired (41,545,383 ) 0.57 Balance as at December 31, 2022 50,347,237 $ 0.35 14. SHARE CAPITAL (continued) The following table summarizes information about warrants outstanding as at December 31, 2022: Exercise price Number of warrants outstanding Weighted average exercise price ($ per share) Weighted average remaining life (years) $ 0.31 18,247,009 $ 0.31 0.15 $ 0.37 32,050,228 0.37 2.50 $ 0.42 50,000 0.42 0.58 50,347,237 $ 0.35 1.65 There were no warrants issued during the year ended December 31, 2022. d) Stock Options The Company has adopted an amended and restated share-based compensation plan (the “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 (inclusive of other equity awards granted under the Plan). 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, 2022 and December 31, 2021 are summarized as follows: Number Weighted average exercise price 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 forfeited (7,820,000 ) 0.75 Options expired (2,762,500 ) 0.39 Balance as at December 31, 2021 45,140,000 $ 0.44 Options granted 16,010,000 0.26 Options exercised - - Options expired (13,146,250 ) 0.63 Options forfeited (1,631,250 ) 0.31 Balance as at December 31, 2022 46,372,500 $ 0.37 The weighted average closing share price at the date of exercise for the year ended December 31, 2022 was nil (December 31, 2021 – $0.44). There were no stock options exercised during the year ended December 31, 2022 (December 31, 2021 – 2,287,500). The following table summarizes information about the stock options outstanding as at December 31, 2022: Options Outstanding Options Exercisable Exercise price Number of options Weighted average exercise price ($ per share) Weighted average remaining life (years) Number of options Weighted average exercise price ($ per share) Weighted average remaining life (years) $ 0.205 – 0.50 41,522,500 $ 0.34 2.72 33,380,000 $ 0.36 2.36 $ 0.51 – 1.00 4,850,000 $ 0.60 0.04 4,850,000 $ 0.60 0.04 46,372,500 $ 0.37 2.44 38,230,000 $ 0.39 2.07 During the year ended December 31, 2022, there were 16,010,000 (December 31, 2021 – 12,190,000) stock options granted with an aggregate fair value at the date of grant of $2,173,644 (December 31, 2021 - $2,832,105), or a weighted average fair value of $0.14 per option (December 31, 2021 – $0.23). As at December 31, 2022, 8,142,500 (December 31, 2021 – 6,463,750) stock options remain unvested with an aggregate grant date fair value of $1,100,717 (December 31, 2021 - $1,436,689). 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 expensed during the years ended December 31, 2022 and 2021 were classified within the financial statements as follows: For the year ended December 31, Statements of Net Loss: 2022 2021 General and administration $ 1,235 $ 1,235 Exploration and evaluation 44 312 Investor relations and marketing communications 149 265 Corporate development and due diligence 145 186 Subtotal $ 1,573 $ 1,998 Statements of Financial Position: Mineral Properties 854 894 Total $ 2,427 $ 2,892 The grant date fair value of the stock options recognized in the period has been estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Year ended Year ended December 31, 2022 December 31, 2021 Risk-free interest rate 1.87 % 0.86 % Share price at grant date (in dollars) $ 0.27 $ 0.44 Exercise price (in dollars) $ 0.27 $ 0.41 Expected life (years) 5.00 years 5.00 years Expected volatility (1) 63.97 % 67.89 % Forfeiture rate 7.50 % 7.50 % 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 During the year ended December 31, 2022, the Company granted 1,090,000 restricted share units (“RSUs”) under the 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 Company intends to settle all RSUs in equity. The associated compensation cost, which is based on the underlying share price on the date of grant, is recorded as share-based payments expense against share-based payment reserve. The following table summarizes the changes in RSUs for the year ended December 31, 2022: Number Weighted average fair value Balance as at December 31, 2021 1,550,000 $ 0.40 Granted – February 3, 2022 1,090,000 0.25 RSUs settled (516,664 ) 0.40 RSUs forfeited (233,334 ) 0.40 Balance as at December 31, 2022 1,890,002 $ 0.31 f) Deferred Share Units During the year ended December 31, 2022, the Company granted 356,000 deferred share units (“DSUs”) under the Plan to certain directors 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, which is based on the underlying share price on the date of grant, is recorded as share-based payments expense against share-based payment reserve. Number Weighted average fair value Balance as at December 31, 2021 303,000 $ 0.36 Granted – February 11, 2022 356,000 0.26 Balance as at December 31, 2022 659,000 $ 0.30 g) Performance Share Units During the year ended December 31, 2022, the Company granted 1,913,000 performance share units (“PSUs”) under the Plan to certain executives as part of the Company’s LTIP. The amount of shares ultimately to be issued will vary from a factor of 0 to 2 based on the number of PSUs granted, depending on the Company’s share performance as compared to the share performance of a selected group of peer companies. The estimated value of the PSUs is determined at the grant date using a Monte Carlo simulation model. The model is based on several assumptions, including the share price volatility of the Company’s stock, as well as the volatility of the selected group of peer companies and the correlation of returns between the peer group and the Company. The following table summarizes the changes in PSUs for the year ended December 31, 2022: Number Weighted average fair value Balance as at December 31, 2021 - $ - Granted – December 16, 2022 1,913,000 0.15 Balance as at December 31, 2022 1,913,000 $ 0.15

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2022
OPERATING EXPENSES (Note 15)
OPERATING EXPENSES	15. OPERATING EXPENSES Operating expenses by nature, which map to the Company’s functional operating expense categories presented in the consolidated statements of net loss and comprehensive loss, are as follows: For the year ended December 31, 2022 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $ 328 $ 125 $ 17 $ 13 $ 483 Consultants 432 12 - 1 445 Depreciation (non-cash) 235 176 - - 411 Directors fees 296 - - - 296 Investor relations and marketing communications 25 3 721 8 757 Professional fees 974 48 - - 1,022 Salaries 1,233 209 377 230 2,049 Share-based payments (non-cash) (Note 14(d)) 1,235 44 149 145 1,573 Transfer agent and filing fees 123 - 16 - 139 Travel and accommodation 81 22 114 24 241 Operating expenses total $ 4,962 $ 639 $ 1,394 $ 421 $ 7,416 Fair value adj. of non-current assets (non-cash) (Notes 8 & 10) 10,361 Loss from operational activities $ 17,777 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 Legal 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 Fair value adj. of non-current assets (non-cash) 24,304 Loss from operational activities $ 34,285

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	16. SEGMENT INFORMATION The Company operates in a single reportable operating segment, being the acquisition, exploration, development and strategic disposition of its North American mineral properties. Geographic information about the Company’s non-current assets, excluding financial instruments, as at December 31, 2022 and December 31, 2021 is as follows: Canada - $251,941,000 (December 31, 2021 - $209,739,000) and USA - $132,000 (December 31, 2021 - $226,000).

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	17. INCOME TAXES Year ended December 31, 2022 Year ended December 31, 2021 Net loss before income tax $ 16,588 $ 38,350 Combined Canadian statutory income tax rate 27.00 % 27.00 % Income tax recovery computed at statutory income tax rate 4,479 10,356 Tax effect of: Permanent differences and other 1,557 (2,166 ) Investment in Treasury Metals (1,324 ) (3,878 ) Investment in PC Gold (201 ) 2,169 Flow-though eligible expenditures (327 ) - Share issued costs 73 - Difference in tax rates in foreign jurisdictions 1 - Flow-through share premium liability 309 - Changes in unrecognized deferred tax assets (4,023 ) (6,481 ) Income tax recovery $ 309 $ - 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 arising from: December 31, 2022 December 31, 2021 Non-capital loss carryforwards $ 3,115 $ 2,969 Mineral properties (3,033 ) (2,379 ) Mineral property investments (82 ) (590 ) Total $ - $ - Deferred tax assets have not been recognized in respect of the following temporary differences: December 31, 2022 December 31, 2021 Non-capital loss carryforwards $ 51,574 $ 50,144 Investment in Treasury Metals 30,408 20,497 Investment in PC Gold 14,428 14,430 Investment in Big Ridge 2,241 694 Silver Stream derivative liability 9,985 8,927 Investment tax credits 5,209 5,209 Other 1,519 1,432 Undeducted financing costs 217 1,398 Property and equipment 1,057 986 Mineral properties 1,997 2,404 Capital loss carryforwards 31,820 16,267 Total $ 150,455 $ 122,388 As at December 31, 2022, the Company and its subsidiaries had unrecognized Canadian non-capital loss carryforwards of approximately $63,256,000 (2021 - $61,266,000) which expire between the years 2025 and 2041, unrecognized Canadian capital loss carryforwards of approximately $31,820,000 (2021 - $13,644,000) which can be carried forward indefinitely, unrecognized Canadian investment tax credits of approximately $5,209,000 (2021 - $5,209,000) which expire between the years 2026 and 2034.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	18. RELATED PARTY TRANSACTIONS The Company’s related parties consist of the Company’s Directors and Officers. Key management consists of Directors, Officers and Vice Presidents of the Company. The compensation paid or payable to key management for services during the years ended December 31, 2022 and 2021 is as follows: Service or Item Year ended December 31, 2022 2021 Directors’ fees $ 296 $ 294 Salaries and consultants’ fees 2,089 2,188 Share-based payments (non-cash) 1,669 1,128 Total $ 4,054 $ 3,610

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	19. SUPPLEMENTAL CASH FLOW INFORMATION During the year ended December 31, 2022, the significant non-cash investing and financing transactions were as follows: ● 79,164,460 common shares issued with a value of $17,391,000 in connection with the Duparquet acquisition (Note 4); ● 4,708,127 common shares issued with a value of $1,250,000 in connection with other mineral property acquisitions; ● Received 1,544,944 common shares of Westward Gold Inc. in connection with the Earn-In Agreement associated with the Turquoise Canyon Project in Nevada, USA (initial recognition - $110,000, December 31, 2021 – nil) (Note 5); and ● Received 15,000,000 common shares of Big Ridge Gold Corp. (initial recognition - $2,175,000, December 31, 2021 – nil) in connection with the Big Ridge Earn-In Agreement (Note 10). During the year ended December 31, 2021, the significant non-cash investing and financing transactions were as follows: ● 1,107,035 common 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).

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2022
FAIR VALUE
FAIR VALUE	20. 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 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 financial assets and liabilities at amortized cost. The carrying value of investments was based on the quoted market prices of the shares as at December 31, 2022 and was therefore considered to be Level 1. As the Auteco Earn‐In Agreement provides Auteco the right to earn an interest in PC Gold Inc., 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 Pickle Crow project option liability is classified as financial liability at FVTPL. The carrying value of the Option - Pickle Crow Gold Project is not based on observable market data and therefore is considered to be Level 3. The fair value of the Option – Pickle Crow Gold Project as at December 31, 2022 was determined by reference to the portion of the estimated fair value of PC Gold Inc. to be given up by the Company with the option for Auteco to earn an additional 10%, net of $3,000,000 proceeds to be received on exercise. 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 following table presents the Company’s fair value hierarchy for financial assets and liabilities that are measured at fair value: December 31, 2022 December 31, 2021 Fair value measurement Fair value measurement Carrying value Level 1 Level 2 Level 3 Carrying value Level 1 Level 2 Level 3 Financial assets: Investments (Note 5) $ 184 $ 184 $ - $ - $ 13,386 $ 13,386 $ - $ - Mineral property investments - - - - 6,435 - - 6,435 Financial liabilities: Silver Stream derivative liability (Note 11(b)) 27,171 - - 27,171 26,114 - - 26,114 Option – PC Gold (Note 7(d)) $ 5,216 $ - $ - $ 5,216 $ 4,347 $ - $ - $ 4,347 During the year ended December 31, 2022, there has been a transfer out of level 3 in the fair value hierarchy related to the Company’s acquisition of the remaining 90% interest in each of 269 Canada, 258 Manitoba and Beattie Gold requiring a reclassification from Mineral Property Investments to Mineral Properties. The classification of the financial instruments as well as their carrying values as at December 31, 2022 and 2021 is shown in the table below: At December 31, 2022 Amortized Cost FVTPL FVTOCI Total Financial assets: Cash and cash equivalents $ 13,558 $ - $ - $ 13,558 Current accounts and other receivables 499 - - 499 Investments - 184 - 184 Mineral property investments - - - - Total financial assets $ 14,057 $ 184 $ - $ 14,241 Financial liabilities: Accounts payable and accrued liabilities $ 2,847 $ - $ - $ 2,847 Option – PC Gold - 5,216 - 5,216 Silver Stream derivative liability - 27,171 - 27,171 Total financial liabilities $ 2,847 $ 32,387 $ - $ 35,234 At December 31, 2021 Amortized Cost FVTPL FVTOCI Total Financial assets: Cash and cash equivalents $ 29,516 $ - $ - $ 29,516 Current accounts and other receivables 604 - - 604 Investments - 8,400 4,986 13,386 Mineral property investments - - 6,435 6,435 Total financial assets $ 30,120 $ 8,400 $ 11,421 $ 49,941 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

FINANCIAL AND CAPITAL RISK MANA

FINANCIAL AND CAPITAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2022
FINANCIAL AND CAPITAL RISK MANAGEMENT
FINANCIAL AND CAPITAL RISK MANAGEMENT	21. 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, 2022, net loss for the year ended December 31, 2022 would have decreased or increased, respectively, by $nil (2021 – $840,000), 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, 2022, other comprehensive income (loss) for the year ended December 31, 2021 would have decreased or increased, respectively, by approximately $18,000 (2021 – $1,142,000), as a result of changes in the fair value of equity investments. Foreign Currency Risk As at December 31, 2022, the Company held USD denominated cash and cash equivalents of $10,992,000 (2021 - $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, 2022 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 $ 2,847 $ 2,847 $ 2,847 $ - $ - $ - Lease liability 315 350 168 182 - - As at December 31, 2022, the Company held cash and cash equivalents of $13,558,000 (December 31, 2021 - $29,516,000). 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, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS a) Incentive Grants Subsequent to December 31, 2022, the Company granted the following incentive grants: Stock Options The Company granted 16,075,000 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 $0.19 per share and are exercisable for a period of five years from the grant date. RSUs The Company granted 2,817,045 RSUs to Officers of the Company under the terms of its share-based compensation plan. The awards have a graded vesting schedule over a three-year period and will be settled in equity upon vesting. DSUs The Company granted 450,000 DSUs to Directors of the Company under the terms of its share-based compensation plan. The awards have a graded vesting schedule over an 18-month period and will be settled in equity upon vesting. PSUs The Company granted 4,900,000 PSUs to Officers and employees of the Company under the terms of its share-based compensation plan. The awards vest over a three-year period and will be settled in equity upon vesting. The amount of shares ultimately to be issued will vary from a factor of 0 to 2 based on the number of PSUs granted, depending on the Company’s share performance as compared to the share performance of a selected group of peer companies. b) Cancelled Stock Options and RSUs Subsequent to December 31, 2022, the Company cancelled 930,000 unvested incentive stock options and 330,002 unvested RSUs related to the departure of employees. c) Quebec Claims Subsequent to December 31, 2022, the Company entered into an agreement to acquire property adjacent to the Company’s Duparquet Gold Project from IAMGold Corporation for total consideration of: ■ 2.5 million First Mining common shares issued upon closing of the transaction; ■ The granting of a 1.5% net smelter return royalty on the property; ■ A future contingent payment of $500,000, in cash or First Mining common shares, on the declaration of a minimum of 350,000 koz gold resource on the property; and ■ A future contingent payment of $1,000,000, in cash or First Mining common shares, to be paid within 12 months of commercial production being declared at the Duparquet Gold Project, as long as any major surface infrastructure related to the Duparquet Gold Project has been constructed on the Porcupine East Property. d) Notice of Non-Compliance On February 15, 2023, the Company’s wholly-owned subsidiary received a Notice of Non-Compliance (the “Non-Compliance Notice”) from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (“MELCCFP”) in Quebec regarding certain historic hazardous material on the Duparquet property. Since acquiring the Duparquet Project, the Company has been proactively working with MELCCFP in respect of this historical environmental issue, and it will be filing an initial management plan with MELCCFP by March 31, 2023. Pursuant to the Non-Compliance Notice, MELCCFP may issue an administrative penalty of $10,000 against the Company, but no such penalty has been issued to date. e) Royalty Sale On February 21, 2023, the Company sold its non-core royalty portfolio to Elemental Altus Royalties Corp. (“Elemental Altus”) for total consideration of approximately $6.7 million, comprised of $4.7 million in cash and 1,598,162 common shares of Elemental Altus. The royalty portfolio sale was comprised of 19 royalties across four countries and included a 2.0% NSR royalty on the Pickle Crow Gold Project and a 1.5% NSR royalty on the Hope Brook Gold Project.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
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. (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.
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. 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.
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.
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	Stock options 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. Performance share units The fair value of performance share units (“PSUs”) is measured using a Monte Carlo simulation model, based upon several assumptions, including share price volatility, the Company’s share performance and the Company’s share performance in relation to its peers (See Note 14(g)). The cost is recorded is recorded over the vesting period within equity until settled. Deferred share units and restricted share units Deferred share units (“DSUs”) and restricted share units (“RSUs”) are measured based on the fair value at the grant date. The cost is recorded over the vesting period within equity until settled. Equity-settled awards are not remeasured subsequent to the initial grant date. 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 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 7(d). 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 7(d). 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, 2022
BASIS OF PRESENTATION
Subsidiaries	Name of the subsidiary Ownership Percentage Project Location Gold Canyon Resources Inc. 100% Springpole Gold Project (“Springpole”) Birch-Uchi Projects (“Birch-uchi”) Northwestern Ontario, Canada Cameron Gold Operations Ltd. 100% Cameron Gold Project (“Cameron”) Northwestern Ontario, Canada Duparquet Gold Mines Inc. 100% Duquesne Gold Project (“Duquesne”) Pitt Gold Project (“Pitt”) Duparquet Gold Project (“Duparquet”) Central Duparquet (“Duparquet”) Québec, Canada

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
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

ACQUISITION OF DUPARQUET (Table

ACQUISITION OF DUPARQUET (Tables)	12 Months Ended
	Dec. 31, 2022
assets acquired and liabilities	Mineral Properties $ 24,166 Accounts Payable and Accruals (71 ) Net assets acquired $ 24,095 Fair value of 71,532,516 common shares issued for Beattie, 269 Canada and 258 Manitoba $ 15,368 Cash paid 8,727 Total consideration paid $ 24,095

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENTS
Change in investments	Marketable Securities (FVTPL) Marketable Securities (FVTOCI) Warrants (FVTPL) Total Investments Balance as at December 31, 2021 $ 8,400 $ 4,986 $ - $ 13,386 Additions - 110 - 110 Disposals (6,753 ) (3,685 ) - (10,438 ) Loss recorded in other comprehensive loss - (1,227 ) - (1,227 ) Loss recorded in net loss (1,647 ) - - (1,647 ) Balance as at December 31, 2022 $ - $ 184 $ - $ 184 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

PREPAID EXPENSES, ACCOUNTS AN_2

PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2022
PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES
Prepaids expenses, accounts and other receivables	December 31, 2022 December 31, 2021 GST and HST receivables $ 467 $ 564 Other receivables 32 40 Prepaid expenses 619 405 $ 1,118 $ 1,009

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2022
MINERAL PROPERTIES
Mineral properties	Springpole Birch-Uchi (Note 7(a)) Cameron Duparquet (Note 7(b)) Duquesne/ Pitt Hope Brook (Note 7(c)) Pickle Crow (Note 7(d)) Others (1) Total Balance December 31, 2021 $ 104,065 $ 1,320 $ 32,329 $ 3,098 $ 7,244 $ 18,027 $ - $ 3,934 $ 170,017 Acquisition 1,566 674 - 30,489 - - - - 32,729 Concessions, taxes and royalties 255 - 17 2 - - - - 274 Salaries and share-based payments 3,406 652 94 276 5 - - - 4,433 Drilling, exploration, and technical consulting 7,400 788 83 142 - - - - 8,413 Assaying, field supplies, and environmental 7,356 261 47 119 - - - - 7,783 Travel and other expenses 1,781 176 11 11 - - - - 1,979 Total Expenditures $ 21,764 $ 2,551 $ 252 $ 31,039 $ 5 $ - $ - $ - $ 55,611 Environmental remediation - - - 1,500 - - - - 1,500 Option payments received - - - - - (2,175 ) - (110 ) (2,285 ) Currency translation adjustments - - - - - - - 13 13 Disposal of properties - - - - - - - (3,709 ) (3,709 ) Balance December 31, 2022 $ 125,829 $ 3,871 $ 32,581 $ 35,637 $ 7,249 $ 15,852 $ - $ 128 $ 221,147 Springpole Birch-Uchi Cameron Duparquet (Note 7(b)) Duquesne/ Pitt Hope Brook Pickle Crow Others (1) Total Balance December 31, 2020 $ 87,907 $ - $ 31,875 $ 2,670 $ 7,229 $ 20,612 $ 24,986 $ 4,150 $ 179,429 Acquisition 1,222 1,047 21 - - - - - 2,290 Concessions, taxes and royalties 684 - 32 - 3 20 - - 739 Salaries and share-based payments 3,311 3 185 114 6 44 22 - 3,685 Drilling, exploration, and technical consulting 4,235 269 102 270 6 16 3,251 20 8,169 Assaying, field supplies, and environmental 5,194 1 80 38 - 3 - (20 ) 5,296 Travel and other expenses 1,512 - 34 6 - 17 - - 1,569 Total Expenditures $ 16,158 $ 1,320 $ 454 $ 428 $ 15 $ 100 $ 3,273 $ - $ 21,748 Disposal, impairment, reclassification or option payments - - - - - (2,685 ) (28,259 ) (216 ) (31,160 ) Balance December 31, 2021 $ 104,065 $ 1,320 $ 32,329 $ 3,098 $ 7,244 $ 18,027 $ - $ 3,934 $ 170,017
Summarizes of the deconsolidation of PC Gold	December 31, 2022 Mineral Properties – Central Duparquet $ 67 Investment in Beattie Gold Mines – Initial Recognition on Feb 7, 2022 5,544 Equity Loss (1 ) Mineral Property Investments in 269 Canada and 258 Manitoba 4,281 Fair value loss – FVTOCI (3,537 ) Mineral Properties – Initial Recognition on September 15, 2022 24,135 Total acquisition costs recorded in Mineral Properties $ 30,489

INVESTMENT IN TREASURY METALS (

INVESTMENT IN TREASURY METALS (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN TREASURY METALS
Investment in Treasury Metals	December 31, 2022 December 31, 2021 Balance as at December 31, 2021 $ 15,400 $ 63,812 Acquisition – Initial Recognition on August 7, 2020 - - Equity loss (850 ) (167 ) Dilution event in Q2, 2021 - (5,000 ) Fair value adjustment of Investment in Treasury Metals Inc. (8,958 ) (24,304 ) Distribution to shareholders - (18,941 ) Balance as at December 31, 2022 $ 5,592 $ 15,400

INVESTMENT IN PC GOLD INC. (Tab

INVESTMENT IN PC GOLD INC. (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN PC GOLD INC.
Investment In PC Gold Inc	December 31, 2022 December 31, 2021 Balance as at December 31, 2021 $ 21,570 $ - Acquisition – Initial Recognition on June 9, 2021 - 36,000 Equity income (loss) 2 (3 ) Dilution of ownership - Stage 2 earn-in completion - (14,427 ) Balance as at December 31, 2022 $ 21,572 $ 21,570

INVESTMENT IN BIG RIDGE GOLD _2

INVESTMENT IN BIG RIDGE GOLD CORP. (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN BIG RIDGE GOLD CORP.
Investment In Big Ridge Gold Corp.	December 31, 2022 December 31, 2021 Balance as at December 31, 2021 $ 1,491 $ - Acquisition – Initial Recognition on June 7, 2021 - 2,185 Equity loss (144 ) (106 ) Dilution event in Q2 2021 - (588 ) Completion of Stage 1 Earn-In 2,175 - Fair value adjustment of Investment in Big Ridge Gold Corp. (1,403 ) - Balance as at December 31, 2022 $ 2,119 $ 1,491

SILVER STREAM DERIVATIVE LIAB_2

SILVER STREAM DERIVATIVE LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2022
SILVER STREAM DERIVATIVE LIABILITY
Fair value of derivative liability	December 31, 2022 December 31, 2021 Balance as at December 31, 2021 $ (26,114 ) $ (13,260 ) Advance payment received (Tranche 2) (US$7.5 million) - (9,808 ) Change in fair value during the year (1,057 ) (3,046 ) Balance as at December 31, 2022 $ (27,171 ) $ (26,114 )

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities	December 31, 2022 December 31, 2021 Accounts payable $ 750 $ 2,437 Accrued liabilities 2,097 2,054 $ 2,847 $ 4,491

FLOW-THROUGH SHARE PREMIUM LI_2

FLOW-THROUGH SHARE PREMIUM LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2022
FLOW-THROUGH SHARE PREMIUM LIABILITY
schedule of the liability portion	August 26, 2022 September 2, 2022 Total Balance, December 31, 2021 $ - $ - $ - Liability incurred for flow-through shares issued August 26, 2022 1,181 - 1,181 Settlement of flow-through share premium liability upon incurring eligible expenditures (309 ) - (309 ) Liability incurred for flow-through shares issued September 2, 2022 - 170 170 Balance, December 31, 2022 $ 872 $ 170 $ 1,042

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2022
SHARE CAPITAL
Warrant activity	Number Weighted average exercise price 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 issued - - Warrants exercised - - Warrants expired (41,545,383 ) 0.57 Balance as at December 31, 2022 50,347,237 $ 0.35
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 0.15 $ 0.37 32,050,228 0.37 2.50 $ 0.42 50,000 0.42 0.58 50,347,237 $ 0.35 1.65
Stock option activity	Number Weighted average exercise price 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 forfeited (7,820,000 ) 0.75 Options expired (2,762,500 ) 0.39 Balance as at December 31, 2021 45,140,000 $ 0.44 Options granted 16,010,000 0.26 Options exercised - - Options expired (13,146,250 ) 0.63 Options forfeited (1,631,250 ) 0.31 Balance as at December 31, 2022 46,372,500 $ 0.37
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) $ 0.205 – 0.50 41,522,500 $ 0.34 2.72 33,380,000 $ 0.36 2.36 $ 0.51 – 1.00 4,850,000 $ 0.60 0.04 4,850,000 $ 0.60 0.04 46,372,500 $ 0.37 2.44 38,230,000 $ 0.39 2.07
Share-based payments expenses	For the year ended December 31, Statements of Net Loss: 2022 2021 General and administration $ 1,235 $ 1,235 Exploration and evaluation 44 312 Investor relations and marketing communications 149 265 Corporate development and due diligence 145 186 Subtotal $ 1,573 $ 1,998 Statements of Financial Position: Mineral Properties 854 894 Total $ 2,427 $ 2,892
Stock option weighted average assumptions	Year ended Year ended December 31, 2022 December 31, 2021 Risk-free interest rate 1.87 % 0.86 % Share price at grant date (in dollars) $ 0.27 $ 0.44 Exercise price (in dollars) $ 0.27 $ 0.41 Expected life (years) 5.00 years 5.00 years Expected volatility (1) 63.97 % 67.89 % Forfeiture rate 7.50 % 7.50 % Expected dividend yield Nil Nil
Summarizes of changes in RSU's	Number Weighted average fair value Balance as at December 31, 2021 1,550,000 $ 0.40 Granted – February 3, 2022 1,090,000 0.25 RSUs settled (516,664 ) 0.40 RSUs forfeited (233,334 ) 0.40 Balance as at December 31, 2022 1,890,002 $ 0.31
Share-based payments expenses And reserve	Number Weighted average fair value Balance as at December 31, 2021 303,000 $ 0.36 Granted – February 11, 2022 356,000 0.26 Balance as at December 31, 2022 659,000 $ 0.30
Summarizes of changes in PSUs	Number Weighted average fair value Balance as at December 31, 2021 - $ - Granted – December 16, 2022 1,913,000 0.15 Balance as at December 31, 2022 1,913,000 $ 0.15

OPERATING EXPENSES (Tables)

OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2022
OPERATING EXPENSES (Note 15)
Expenditures	For the year ended December 31, 2022 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $ 328 $ 125 $ 17 $ 13 $ 483 Consultants 432 12 - 1 445 Depreciation (non-cash) 235 176 - - 411 Directors fees 296 - - - 296 Investor relations and marketing communications 25 3 721 8 757 Professional fees 974 48 - - 1,022 Salaries 1,233 209 377 230 2,049 Share-based payments (non-cash) (Note 14(d)) 1,235 44 149 145 1,573 Transfer agent and filing fees 123 - 16 - 139 Travel and accommodation 81 22 114 24 241 Operating expenses total $ 4,962 $ 639 $ 1,394 $ 421 $ 7,416 Fair value adj. of non-current assets (non-cash) (Notes 8 & 10) 10,361 Loss from operational activities $ 17,777 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 Legal 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 Fair value adj. of non-current assets (non-cash) 24,304 Loss from operational activities $ 34,285

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
Recognized Income tax recovery (liabilities)	Year ended December 31, 2022 Year ended December 31, 2021 Net loss before income tax $ 16,588 $ 38,350 Combined Canadian statutory income tax rate 27.00 % 27.00 % Income tax recovery computed at statutory income tax rate 4,479 10,356 Tax effect of: Permanent differences and other 1,557 (2,166 ) Investment in Treasury Metals (1,324 ) (3,878 ) Investment in PC Gold (201 ) 2,169 Flow-though eligible expenditures (327 ) - Share issued costs 73 - Difference in tax rates in foreign jurisdictions 1 - Flow-through share premium liability 309 - Changes in unrecognized deferred tax assets (4,023 ) (6,481 ) Income tax recovery $ 309 $ -
Recognized deferred income tax assets (liabilities)	December 31, 2022 December 31, 2021 Non-capital loss carryforwards $ 3,115 $ 2,969 Mineral properties (3,033 ) (2,379 ) Mineral property investments (82 ) (590 ) Total $ - $ -
Deferred income tax assets	December 31, 2022 December 31, 2021 Non-capital loss carryforwards $ 51,574 $ 50,144 Investment in Treasury Metals 30,408 20,497 Investment in PC Gold 14,428 14,430 Investment in Big Ridge 2,241 694 Silver Stream derivative liability 9,985 8,927 Investment tax credits 5,209 5,209 Other 1,519 1,432 Undeducted financing costs 217 1,398 Property and equipment 1,057 986 Mineral properties 1,997 2,404 Capital loss carryforwards 31,820 16,267 Total $ 150,455 $ 122,388

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Key management compensation	Service or Item Year ended December 31, 2022 2021 Directors’ fees $ 296 $ 294 Salaries and consultants’ fees 2,089 2,188 Share-based payments (non-cash) 1,669 1,128 Total $ 4,054 $ 3,610

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2022
FAIR VALUE
Financial assets measured at fair value	December 31, 2022 December 31, 2021 Fair value measurement Fair value measurement Carrying value Level 1 Level 2 Level 3 Carrying value Level 1 Level 2 Level 3 Financial assets: Investments (Note 5) $ 184 $ 184 $ - $ - $ 13,386 $ 13,386 $ - $ - Mineral property investments - - - - 6,435 - - 6,435 Financial liabilities: Silver Stream derivative liability (Note 11(b)) 27,171 - - 27,171 26,114 - - 26,114 Option – PC Gold (Note 7(d)) $ 5,216 $ - $ - $ 5,216 $ 4,347 $ - $ - $ 4,347
Financial instruments	At December 31, 2022 Amortized Cost FVTPL FVTOCI Total Financial assets: Cash and cash equivalents $ 13,558 $ - $ - $ 13,558 Current accounts and other receivables 499 - - 499 Investments - 184 - 184 Mineral property investments - - - - Total financial assets $ 14,057 $ 184 $ - $ 14,241 Financial liabilities: Accounts payable and accrued liabilities $ 2,847 $ - $ - $ 2,847 Option – PC Gold - 5,216 - 5,216 Silver Stream derivative liability - 27,171 - 27,171 Total financial liabilities $ 2,847 $ 32,387 $ - $ 35,234 At December 31, 2021 Amortized Cost FVTPL FVTOCI Total Financial assets: Cash and cash equivalents $ 29,516 $ - $ - $ 29,516 Current accounts and other receivables 604 - - 604 Investments - 8,400 4,986 13,386 Mineral property investments - - 6,435 6,435 Total financial assets $ 30,120 $ 8,400 $ 11,421 $ 49,941 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

FINANCIAL AND CAPITAL RISK MA_2

FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2022
FINANCIAL AND CAPITAL RISK MANAGEMENT
summarizes the maturities of the Company's financial liabilities	Carrying Amount Contractual Cash Flows Less than 1 year 1 – 3 years 4 – 5 years After 5 years Accounts payable and accrued liabilities $ 2,847 $ 2,847 $ 2,847 $ - $ - $ - Lease liability 315 350 168 182 - -

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Subsidiary ownership percentage	100%
Subsidiary 2
Statement [Line Items]
Subsidiary name		Cameron Gold Operations Ltd.
Subsidiary place of incorporation		Northwestern Ontario, Canada
Subsidiary ownership percentage		100%
Subsidiary 3
Statement [Line Items]
Subsidiary name		Duparquet Gold Mines Inc.
Subsidiary place of incorporation		Québec, Canada
Subsidiary ownership percentage		100%
Subsidiary 1
Statement [Line Items]
Subsidiary name		Gold Canyon Resources Inc.
Subsidiary place of incorporation		Northwestern Ontario, Canada
Subsidiary ownership percentage		100%

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

ACQUISITION OF DUPARQUET (Detai

ACQUISITION OF DUPARQUET (Details)	Sep. 15, 2022 USD ($)
Mineral Properties	$ 24,166
Accounts Payable and Accruals	(71)
Net assets acquired	$ 24,095

ACQUISITION OF DUPARQUET (Det_2

ACQUISITION OF DUPARQUET (Details 1) - Sep. 15, 2022	CAD ($)	USD ($)
Fair value of 71,532,516 common shares issued for Beattie, 269 Canada and 258 Manitoba	$ 15,368
Cash paid		$ 8,727
Total consideration paid		$ 24,095

ACQUISITION OF DUPARQUET (Det_3

ACQUISITION OF DUPARQUET (Details Narrative) - USD ($)	Dec. 31, 2022	Sep. 15, 2022
Statement [Line Items]
Ownership percentage	90%	100%
Beattie Gold [Member]
Statement [Line Items]
Total cash consideration		$ 6,227,176
Cash per share		$ 4.43641
First Mining [Member]
Statement [Line Items]
Common share issued		35
Total share consideration		51,532,516
Issuance of common share		20,000,000
Clifton Star [Member]
Statement [Line Items]
Total cash consideration		$ 2,500,000

INVESTMENTS (Details)

INVESTMENTS (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Marketable securities, beginning	$ 13,386,000	$ 18,425,000
Additions	110,000	13,907,000
Disposals	(10,438,000)	(14,681,000)
Gain recorded in other comprehensive income/loss	(1,227,000)	2,094,000
Gain (loss) recorded in net loss	0	(4,285,000)
Distribution to shareholders	1,647,000	(2,074,000)
Marketable securities, ending balance	184,000	13,386,000
Marketable Securities (FVTPL)
Statement [Line Items]
Marketable securities, beginning	8,400,000	9,267,000
Additions	0	13,691,000
Disposals	(6,753,000)	(13,971,000)
Gain recorded in other comprehensive income/loss	0	0
Gain (loss) recorded in net loss	(1,647,000)	(587,000)
Distribution to shareholders		0
Marketable securities, ending balance	0	8,400,000
Marketable Securities (FVTOCI)
Statement [Line Items]
Marketable securities, beginning	4,986,000	3,386,000
Additions	110,000	216,000
Disposals	(3,685,000)	(710,000)
Gain recorded in other comprehensive income/loss	(1,227,000)	2,094,000
Gain (loss) recorded in net loss	0	0
Distribution to shareholders		0
Marketable securities, ending balance	184,000	4,986,000
Warrants (FVTPL)
Statement [Line Items]
Marketable securities, beginning	0	5,772,000
Additions	0	0
Disposals	0	0
Gain recorded in other comprehensive income/loss	0	0
Gain (loss) recorded in net loss	0	(3,698,000)
Distribution to shareholders		(2,074,000)
Marketable securities, ending balance	$ 0	$ 0

INVESTMENTS (Details Narrative)

INVESTMENTS (Details Narrative) - CAD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Other Marketable Security [Member]
Statement [Line Items]
Net proceeds from sale of common stock	$ 4,235,000	$ 10,407,000
Net realized gain loss on sale of common stock	$ 2,815,000	$ 2,549,000
Earn-In Agreement associated [Member]
Statement [Line Items]
Common stock received		110,000

PREPAID EXPENSES ACCOUNTS AND O

PREPAID EXPENSES ACCOUNTS AND OTHER RECEIVABLES (Details) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Current accounts and other receivables	$ 1,118	$ 1,009
GST and HST Receivables
Statement [Line Items]
Current accounts and other receivables	467	564
Other Receivables
Statement [Line Items]
Current accounts and other receivables	32	40
Prepaid Expenses
Statement [Line Items]
Current accounts and other receivables	$ 619	$ 405

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance		$ 170,017	$ 179,429
Acquisition		32,729	2,290
Concessions, taxes and royalties		274	739
Salaries and share-based payments		4,433	3,685
Drilling, exploration, and technical consulting		8,413	8,169
Assaying, field supplies and environment		7,783	5,296
Travel and other expenditures		1,979	1,569
Total Expenditures		55,611	21,748
Environmental remediation		1,500
Option payments received	$ (2,285)
Currency translation adjustments	13
Disposal, impairment or reclassification		(3,709)	(31,160)
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		221,147	170,017
Cameron
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance		32,329	31,875
Acquisition		0	21
Concessions, taxes and royalties		17	32
Salaries and share-based payments		94	185
Drilling, exploration, and technical consulting		83	102
Assaying, field supplies and environment		47	80
Travel and other expenditures		11	34
Total Expenditures		252	454
Option payments received	0
Currency translation adjustments	0
Disposal, impairment or reclassification		0	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		32,581	32,329
Duquesne/Pitt
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance		7,244	7,229
Acquisition		0	0
Concessions, taxes and royalties		0	3
Salaries and share-based payments		5	6
Drilling, exploration, and technical consulting		0	6
Assaying, field supplies and environment		0	0
Travel and other expenditures		0	0
Total Expenditures		5	15
Option payments received	0
Disposal, impairment or reclassification		0	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		7,249	7,244
Duparquet (Note 7(b))
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance		3,098	2,670
Acquisition		30,489	0
Concessions, taxes and royalties		2	0
Salaries and share-based payments		276	114
Drilling, exploration, and technical consulting		142	270
Assaying, field supplies and environment		119	38
Travel and other expenditures		11	6
Total Expenditures		31,039	428
Environmental remediation		1,500
Option payments received	0
Currency translation adjustments	0
Disposal, impairment or reclassification		0	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		35,637	3,098
Other
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance		3,934	4,150
Acquisition		0	0
Concessions, taxes and royalties		0	0
Salaries and share-based payments		0	0
Drilling, exploration, and technical consulting		0	20
Assaying, field supplies and environment		0	(20)
Travel and other expenditures		0	0
Total Expenditures		0	0
Option payments received	(110)
Currency translation adjustments	13
Disposal, impairment or reclassification		(3,709)	(216)
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		128	3,934
Birch-Uchi
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance		1,320	0
Acquisition		674	1,047
Concessions, taxes and royalties		0	0
Salaries and share-based payments		652	3
Drilling, exploration, and technical consulting		788	269
Assaying, field supplies and environment		261	1
Travel and other expenditures		176	0
Total Expenditures		2,551	1,320
Option payments received	0
Currency translation adjustments	0
Disposal, impairment or reclassification		0	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		3,871	1,320
Hope Brook
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance		18,027	20,612
Acquisition		0	0
Concessions, taxes and royalties		0	20
Salaries and share-based payments		0	44
Drilling, exploration, and technical consulting		0	16
Assaying, field supplies and environment		0	3
Travel and other expenditures		0	17
Total Expenditures		0	100
Option payments received	(2,175)
Currency translation adjustments	0
Disposal, impairment or reclassification		0	(2,685)
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		15,852	18,027
Springpole
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance		104,065	87,907
Acquisition		1,566	1,222
Concessions, taxes and royalties		255	684
Salaries and share-based payments		3,406	3,311
Drilling, exploration, and technical consulting		7,400	4,235
Assaying, field supplies and environment		7,356	5,194
Travel and other expenditures		1,781	1,512
Total Expenditures		21,764	16,158
Option payments received	0
Currency translation adjustments	0
Disposal, impairment or reclassification		0	0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		125,829	104,065
Pickle Crow
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance		0	24,986
Acquisition		0	0
Concessions, taxes and royalties		0	0
Salaries and share-based payments		0	22
Drilling, exploration, and technical consulting		0	3,251
Assaying, field supplies and environment		0	0
Travel and other expenditures		0	0
Total Expenditures		0	3,273
Option payments received	0		0
Currency translation adjustments	$ 0
Disposal, impairment or reclassification			(28,259)
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		$ 0	$ 0

MINERAL PROPERTIES (Details 1)

MINERAL PROPERTIES (Details 1)	Dec. 31, 2022 CAD ($)
MINERAL PROPERTIES
Investment in Beattie Gold Mines - Initial Recognition on Feb 7, 2022	$ 5,544
Equity Loss	(1)
Mineral Property Investments in 269 Canada and 258 Manitoba	4,281
Fair value loss - FVTOCI	(3,537)
Mineral Properties - Initial Recognition on September 15, 2022	24,135
Mineral Properties - Central Duparquet	67
Total acquisition costs recorded in Mineral Properties	$ 30,489

MINERAL PROPERTIES (Details Nar

MINERAL PROPERTIES (Details Narrative)				1 Months Ended						12 Months Ended
	Oct. 11, 2021 CAD ($) shares	Jun. 09, 2021 CAD ($) shares	Mar. 12, 2020 CAD ($)	Oct. 29, 2021 CAD ($)	Sep. 15, 2021 CAD ($) shares	Jun. 30, 2021	Apr. 28, 2021 CAD ($)	Feb. 26, 2021 CAD ($) shares	Feb. 26, 2021 USD ($) shares	Dec. 31, 2022 CAD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CAD ($)
Statement [Line Items]
Aggregate common share issued | shares										1,843,832	1,843,832
Provision for environmental remediation activities											$ 1,500,000
NSR royalty percentage										1.50%	1.50%
Swain Lake Property Option
Statement [Line Items]
Cash payment							$ 200,000
Expenditures							500,000
Paying in cash for project							$ 1,000,000
Ownership percenatge							100%
First Mining percentage rate							70%
Amount received upon issuance of shares							$ 1,000,000
Common share issued during period | shares										702,875	702,875
Common share issued during period, value											$ 100,000
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						$ 100,000
Ownership percenatge					100%
First Mining percentage rate					70%
Amount received upon issuance of shares					$ 500,000
Share payments | shares					400,000
Common share issued during period | shares										444,887	444,887
Cash payments					$ 550,000
Hope Brook
Statement [Line Items]
Shares issued during period | shares		36,500,000
Expenditures		$ 20,000,000
Shares received | shares		11,500,000
Other percentage		0.50%
Big Ridge ownership percentage		80%
Net smelter returns royalty percentage		1.50%
Amount received upon issuance of shares		$ 500,000
First Mining ownership percentage		20%
Springpole
Statement [Line Items]
Expenditures				$ 350,000
Ownership percenatge				100%
Cash and share payments				$ 250,000
Common share issued during period | shares										57,803	57,803
Common share issued during period, value											$ 12,000
Pickle Crow
Statement [Line Items]
Ownership percenatge											49%
Equity interest percentage in PC Gold		51%
PC Gold ownership percentage			80%
Additional equity interest percentage in PC Gold			10%
Cash received			$ 3,000,000
Residual interest rate in PC Gold			20%
Shares received | shares		100,000,000
Percentage of ownership reduced by		100% to 49%				additional 19% interest in PC Gold Inc. to Auteco from the Option – PC Gold balance which represented the fair value loss on the reduced 30% PC Gold ownership
Liability balance											$ 5,216,000	$ 4,347,000
Provision related to stage 2 earn in										$ 1,172,000		$ 990,000
Environmental reclamation funding percentage										30%	30%
Birch Lake Properties Acquisition
Statement [Line Items]
Cash payment	$ 350,000
Shares issued during period | shares	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%
First Mining percentage rate	51%
Common share issued during period | shares										250,000	250,000
Common share issued during period, value											$ 50,000
Swain Post Property Option
Statement [Line Items]
Ownership percenatge								100%	100%
Common stock share issued | shares								388,267	388,267
Common stock share issued, value									$ 50,000
Cash and share payments								$ 335,000
Duparquet [Member]
Statement [Line Items]
Common share issued during period | shares										71,532,516	71,532,516

INVESTMENT IN TREASURY METALS_2

INVESTMENT IN TREASURY METALS (Details)	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CAD ($)
INVESTMENT IN TREASURY METALS
Beginning Balance	$ 15,400	$ 63,812
Acquisition - Initial Recognition on August 7, 2020	0		$ 0
Equity (loss) income	(850)		(167)
Dilution event in Q2, 2021	0		(5,000)
Fair value adjustment of Investment in Treasury Metals Inc.	(8,958)		(24,304)
Distributed to shareholders	0		(18,941)
Ending Balance	$ 5,592		$ 15,400

INVESTMENT IN TREASURY METALS_3

INVESTMENT IN TREASURY METALS (Details Narrative) - CAD ($)		12 Months Ended
	Aug. 07, 2020	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Ownership percentage		100%
Total consideration	$ 91,521,000
Treasury Metals Shares, share	43,330,000	20,000,000
Treasury Metals Shares value	$ 78,000,000
Treasury Metals Warrants, shares	11,670,000
Treasury Metals Warrants, value	$ 9,812,000
NSR Consideration	$ 3,709,000
NSR percenatge	1.50%
Initial recognition of consideration received	$ 91,521,000
Fair value of treasury metals shares at closing	$ 78,000,000	$ 5,592,000
First Mining percentage	40%
Treasury's net loss		$ 850,000
Exercise price		$ 0.27	$ 0.41
Treasury Share Purchase Agreement [Member]
Statement [Line Items]
Treasury Metals Shares, share	43,330,000
Treasury Metals Warrants, shares	11,670,000
Stock fair value	$ 78,000,000
Fair value of warrants	$ 9,812,000
Warrants purchase	11,670,000
Exercise price	$ 1.50
Net Smelter Returns [Member]
Statement [Line Items]
Royalty percentage	1.50%	1.50%
Royalty Sale		$ 9,600,000
Gain on the sale of mineral properties		5,872,000,000,000
Expenses on sale		144,000,000,000
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

INVESTMENT IN PC GOLD INC. (Det

INVESTMENT IN PC GOLD INC. (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INVESTMENT IN PC GOLD INC.
Investments, Balance, beginning of period	$ 21,570	$ 0
Acquisition - Initial Recognition on June 9, 2021	0	36,000
Equity loss	2	(3)
Dilution of ownership -Stage 2 earn-in completion	0	(14,427)
Balance, Ending of period	$ 21,572	$ 21,570

INVESTMENT IN PC GOLD INC. (D_2

INVESTMENT IN PC GOLD INC. (Details Narrative) - Pickle Crow	12 Months Ended
	Dec. 31, 2022 CAD ($)
Statement [Line Items]
Estimated equity share of PC Gold's net loss	$ 2,000
Ownership percenatge	49%

INVESTMENT IN BIG RIDGE GOLD _3

INVESTMENT IN BIG RIDGE GOLD CORP. (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)
INVESTMENT IN BIG RIDGE GOLD CORP.
Investments, Balance, beginning of period	$ 1,491		$ 0
Acquisition - Initial Recognition on June 7, 2021		$ 0	2,185
Equity loss	144		106
Dilution event in Q2 2021	0		588
Completion of Stage 1 Earn-In	2,175		0
Fair value adjustment of Investment in Big Ridge Gold Corp.	(1,403)		0
Balance, Ending of period	$ 2,119		$ 1,491

INVESTMENT IN BIG RIDGE GOLD _4

INVESTMENT IN BIG RIDGE GOLD CORP. (Details Narrative) - BIG RIDGE GOLD CORP [Member] - CAD ($) shares in Millions	12 Months Ended
	Dec. 31, 2022	Sep. 13, 2022	Jun. 07, 2021
Statement [Line Items]
Ownership percenatge		10.80%	19.80%
Recognition fair value			$ 2,185,000
Dilution event	19.50%
Big Ridge issued flow-through shares as part of a private placement	15
Aggregate Fair value of the share position		$ 2,175,000
Estimated equity share of BIG RIDGE GOLD CORP. net loss	$ 144,000

SILVER STREAM DERIVATIVE LIAB_3

SILVER STREAM DERIVATIVE LIABILITY (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
SILVER STREAM DERIVATIVE LIABILITY
Fair value, beginning	$ (13,260)	$ (26,114)
Fair value, beginning	26,114
Advance payment received (Tranche 2) (US$7.5 million)	0		$ (9,808)
Change in fair value during the period	(1,057)	(3,046)
Fair value, ending	(27,171)	(26,114)
Fair value, ending	$ 27,171	$ 26,114

SILVER STREAM DERIVATIVE LIAB_4

SILVER STREAM DERIVATIVE LIABILITY (Details Narrative) - CAD ($)		12 Months Ended
	Jun. 10, 2020	Dec. 31, 2022	Dec. 31, 2021	Mar. 04, 2021	Jul. 02, 2020
Statement [Line Items]
Derivative liability		$ 20,061,000	$ 20,664,000
Advance Payment receivable		3,585,000	3,154,000
Consideration payable		5,000,000
Fair value obligation		23,646,000	23,818,000
Derivative liability consideration payable		27,171,000	26,114,000
Advance Payment receivable minimum amount		4,855,000	3,984,000
Mining total consideration		$ 0	$ 6,435
Exercise price		$ 0.27	$ 0.41
Silver Purchase Agreement [Member]
Statement [Line Items]
Mining total consideration	$ 22,500,000
Mining at closing date					$ 30,600,000
Right to purchase	50%
Fair value of warrants	$ 6,278,000
Warrants purchase	30,000,000
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. $30.8 million as at December 31, 2022) at any time prior to the commencement of production at Springpole (the “Buy-Back Right”)
Three Tranche [Member]
Statement [Line Items]
Mining total consideration		$ 22,500,000
First Majestic [Member]
Statement [Line Items]
Consideration payable		5,000,000
Cash				$ 4,800,000
Common stock shares				287,300
Mining received				$ 7,500,000
Buy-Back Right value		$ 22,500,000
First Majestic [Member] | Tranche2 [Member]
Statement [Line Items]
Mining total consideration				3,750,000
Cash				3,750,000
Mining received				$ 9,800,000
First Mining [Member]
Statement [Line Items]
Mining total consideration	$ 10,000,000
Mining at closing date					2,500,000
Cash	$ 7,500,000
Common stock shares	805,698
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, 2022	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable	$ 750	$ 2,437
Accrued liabilities	2,097	2,054
Accounts payable and other accrued liabilities	$ 2,847	$ 4,491

FLOW-THROUGH SHARE PREMIUM LI_3

FLOW-THROUGH SHARE PREMIUM LIABILITY (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)
Statement [Line Items]
Liability incurred for flow-through shares issued August 26, 2022	$ 1,181
Settlement of flow-through share premium liability upon incurring eligible expenditures	(309)
Liability incurred for flow-through shares issued September 2, 2022	170
Ending balance	1,042
Beginning balance	0
August 26, 2022 [Member]
Statement [Line Items]
Liability incurred for flow-through shares issued August 26, 2022	1,181
Settlement of flow-through share premium liability upon incurring eligible expenditures	(309)
Liability incurred for flow-through shares issued September 2, 2022	0
Ending balance	872
Beginning balance	0
September 2, 2022 [Member]
Statement [Line Items]
Liability incurred for flow-through shares issued August 26, 2022	170
Settlement of flow-through share premium liability upon incurring eligible expenditures	0
Liability incurred for flow-through shares issued September 2, 2022	0
Ending balance	170
Beginning balance	$ 0

FLOW-THROUGH SHARE PREMIUM LI_4

FLOW-THROUGH SHARE PREMIUM LIABILITY (Details Narrative) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021
FLOW-THROUGH SHARE PREMIUM LIABILITY
Unspent flow-through expenditure commitments	$ 4,090,000	$ 0

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE CAPITAL
Warrants, outstanding, beginning	91,892,620	93,085,657
Warrants Issued		2,100,228
Warrants, exercised		(265,650)
Warrants expired	(41,545,383)	(3,027,615)
Warrants, outstanding, ending	50,347,237	91,892,620
Weighted average exercise price, outstanding, beginning	$ 0.48	$ 0.48
Weighted average exercise price, issued	0	0.38
Weighted average exercise price, exercised	0	0.33
Weighted average exercise price, expired	0.57	0.44
Weighted average exercise price, outstanding, ending	$ 0.35	$ 0.48

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1)	12 Months Ended
	Dec. 31, 2022 CAD ($) shares
Statement [Line Items]
Warrants, outstanding | shares	50,347,237
Weighted average exercise price, outstanding | $	$ 35
Weighted average remaining life, outstanding	1 year 7 months 24 days
Warrant 1
Statement [Line Items]
Exercise price	0.31
Warrants, outstanding | shares	18,247,009
Weighted average exercise price, outstanding | $	$ 31
Weighted average remaining life, outstanding	1 month 24 days
Warrant 2
Statement [Line Items]
Exercise price	0.37
Warrants, outstanding | shares	32,050,228
Weighted average exercise price, outstanding | $	$ 37
Weighted average remaining life, outstanding	2 years 6 months
Warrant 3
Statement [Line Items]
Exercise price	0.42
Warrants, outstanding | shares	50,000
Weighted average exercise price, outstanding | $	$ 42
Weighted average remaining life, outstanding	6 months 29 days

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2)	12 Months Ended
	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2021 $ / shares shares
SHARE CAPITAL
Options, outstanding, beginning | shares	45,140,000	45,820,000	45,820,000
Options, granted | shares	16,010,000	12,190,000	12,190,000
Options, exercised | shares		(2,287,500)	(2,287,500)
Options, expired	(13,146,250)	(7,820,000)	(7,820,000)
Options, forfeited | shares	(1,631,250)	(2,762,500)	(2,762,500)
Options, outstanding, ending | shares	46,372,500	45,140,000	45,140,000
Weighted average exercise price, outstanding, beginning | (per share)	$ 0.44		$ 0.53
Weighted average exercise price, granted | $ / shares	0.26	$ 0.23
Weighted average exercise price, exercised | $ / shares	0	0.25
Weighted average exercise price, expired | $ / shares	0.63	0.75
Weighted average exercise price, forfeited | $ / shares	0.31	0.39
Weighted average exercise price, outstanding, ending | $ / shares	$ 0.37	$ 0.44

SHARE CAPITAL (Details 3)

SHARE CAPITAL (Details 3)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Statement [Line Items]
Options, outstanding | shares	46,372,500
Weighted average exercise price, outstanding | $ / shares	$ 0.37
Weighted average remaining life, outstanding	2 years 5 months 8 days
Number of options, exercisable | shares	38,230,000
Weighted average exercise price, exercisable | $ / shares	$ 0.39
Weighted average remaining life, exercisable	2 years 25 days
Warrant 1
Statement [Line Items]
Exercise price	0.205 – 0.50
Options, outstanding | shares	41,522,500
Weighted average exercise price, outstanding | $ / shares	$ 0.34
Weighted average remaining life, outstanding	2 years 8 months 19 days
Number of options, exercisable | shares	33,380,000
Weighted average exercise price, exercisable | $ / shares	$ 0.36
Weighted average remaining life, exercisable	2 years 4 months 9 days
Warrant 2
Statement [Line Items]
Exercise price	0.51 – 1.00
Options, outstanding | shares	4,850,000
Weighted average exercise price, outstanding | $ / shares	$ 0.60
Weighted average remaining life, outstanding	14 days
Number of options, exercisable | shares	4,850,000
Weighted average exercise price, exercisable | $ / shares	$ 0.60
Weighted average remaining life, exercisable	14 days

SHARE CAPITAL (Details 4)

SHARE CAPITAL (Details 4) - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Statements of Net Loss: share-based payments	$ 1,573,000	$ 1,998,000
Statements of Net Loss: share-based payments	2,427,000	2,892,000
Share-based payments	2,427,000	2,892,000
General and Administration
Statement [Line Items]
Statements of Net Loss: share-based payments	1,235,000	1,235,000
Exploration and Evaluation
Statement [Line Items]
Statements of Net Loss: share-based payments	44,000	312,000
Investor Relations and Marketing
Statement [Line Items]
Statements of Net Loss: share-based payments	149,000	265,000
Corporate Development and Due Diligence
Statement [Line Items]
Statements of Net Loss: share-based payments	145,000	186,000
Mineral Properties [Member]
Statement [Line Items]
Statements of Financial Position: share-based payments	$ 854,000	$ 894,000

SHARE CAPITAL (Details 5)

SHARE CAPITAL (Details 5) - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE CAPITAL
Risk-free interest rate	1.87%	0.86%
Share price at grant date	$ 0.27	$ 0.44
Exercise price	$ 0.27	$ 0.41
Expected life	5.00 years	5.00 years
Expected volatility	63.97%	67.89%
Forfeiture rate	7.50%	7.50%
Expected dividend yield	$ 0	$ 0

SHARE CAPITAL (Details 6)

SHARE CAPITAL (Details 6)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
SHARE CAPITAL
Restricted Share Units Beginning Balance | shares	1,550,000
Restricted Share Units, granted | shares	1,090,000
Restricted Share Units, settled | shares	(516,664)
Restricted Share Units, forfeited | shares	(233,334)
Restricted Share Units Ending Balance | shares	1,890,002
Weighted average, Beginning Balance | $ / shares	$ 0.40
Weighted average fair value, Granted | $ / shares	0.25
Weighted average fair value, settled | $ / shares	0.40
Weighted average fair value, forfeited | $ / shares	0.40
Weighted average, Ending Balance | $ / shares	$ 0.31

SHARE CAPITAL (Details 7)

SHARE CAPITAL (Details 7)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
SHARE CAPITAL
Deferred Share Units Beginning Balance | shares	303,000
Deferred Share Units, Granted - February 11, 2022 | $	$ 356,000
Deferred Share Units, Ending Balance | shares	659,000
Weighted average, Deferred Share Units, Beginning Balance	$ 0.36
Weighted average fair value, Deferred Share Units, Granted - February 11, 2022	0.26
Weighted average, Deferred Share Units, Ending Balance	$ 0.30

SHARE CAPITAL (Details 8)

SHARE CAPITAL (Details 8)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
SHARE CAPITAL
Performance Share Units, Granted - December 16, 2022 | $	$ 1,913,000
Performance Share Units, Ending Balance | shares	1,913,000
Weighted average, Performance Share Units, Beginning Balance	$ 0
Weighted average fair value, Performance Share Units, Granted - December 16, 2022	0.15
Weighted average, Performance Share Units, Ending Balance	$ 0.15

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative)	12 Months Ended
	Dec. 31, 2022 CAD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CAD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares
Statement [Line Items]
Common shares issued and fully paid | shares	802,226,149	802,226,149	700,200,059	700,200,059
Granted shares		$ 1,090,000
Performance shares granted | shares	1,913,000	1,913,000
Aggregate gross proceeds	$ 5,325,000
Issued an aggregate of flow-through units | shares	17,749,868	17,749,868
FT shares price per share | $ / shares	$ 0.30
Paid issuance costs		$ 271,000
Amount of share capital		3,703,000
Weighted average exercise price | $ / shares	$ 0		$ 0.44
Remaining share issuance cost		1,351,000
Outstanding flow-through share premium liability		$ 1,042,000
Weighted Average stock options granted	$ 16,010,000
Stock options granted fair value	2,173,644		$ 2,832,105
Stock option exercise	$ 0			$ 2,287,500
Weighted average fair value per stock options | $ / shares	$ 0.14		$ 0.23
Unvested Options	$ 8,142,500		$ 6,463,750
Unvested stock options fair value Grant	$ 1,100,717
Deferred Share Units D S Us [Member]
Statement [Line Items]
Shares granted | shares			356,000	356,000

OPERATING EXPENSES (Details)

OPERATING EXPENSES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
General and administration	$ 4,962,000	$ 6,265,000
Exploration and evaluation	639,000	960,000
Investor relations and marketing communications	1,394,000	2,247,000
Corporate development and due diligence	421,000	509,000
Total	7,416,000	9,981,000
Fair value adj. of non-current assets (non-cash)	10,361,000	24,304,000
Loss from operational activities	(17,777,000)	(34,285,000)
Depreciation (Non-cash)
Statement [Line Items]
General and administration	235,000	168,000
Exploration and evaluation	176,000	152,000
Investor relations and marketing communications	0	0
Corporate development and due diligence	0	0
Total	411,000	320,000
Consultants
Statement [Line Items]
General and administration	432,000	227,000
Exploration and evaluation	12,000	61,000
Investor relations and marketing communications	0	120,000
Corporate development and due diligence	1,000	0
Total	445,000	408,000
Investor Relations and Marketing Communications
Statement [Line Items]
General and administration	25,000	0
Exploration and evaluation	3,000	1,000
Investor relations and marketing communications	721,000	1,333,000
Corporate development and due diligence	8,000	0
Total	757,000	1,334,000
Professional Fees
Statement [Line Items]
General and administration	974,000	1,298,000
Exploration and evaluation	48,000	0
Investor relations and marketing communications	0	0
Corporate development and due diligence	0	0
Total	1,022,000	1,298,000
Salaries
Statement [Line Items]
General and administration	1,233,000	1,174,000
Exploration and evaluation	209,000	318,000
Investor relations and marketing communications	377,000	393,000
Corporate development and due diligence	230,000	319,000
Total	2,049,000	2,204,000
Share-based Payments (Non-cash)
Statement [Line Items]
General and administration	1,235,000	1,235,000
Exploration and evaluation	44,000	312,000
Investor relations and marketing communications	149,000	265,000
Corporate development and due diligence	145,000	186,000
Total	1,573,000	1,998,000
Transfer Agent and Filing Fees
Statement [Line Items]
General and administration	123,000	368,000
Exploration and evaluation	0	0
Investor relations and marketing communications	16,000	44,000
Corporate development and due diligence	0	0
Total	139,000	412,000
Travel and Accommodation
Statement [Line Items]
General and administration	81,000	34,000
Exploration and evaluation	22,000	18,000
Investor relations and marketing communications	114,000	29,000
Corporate development and due diligence	24,000	3,000
Total	241,000	84,000
Directors Fees
Statement [Line Items]
General and administration	296,000	294,000
Exploration and evaluation	0	0
Investor relations and marketing communications	0	0
Corporate development and due diligence	0	0
Total	296,000	294,000
Administrative and Office
Statement [Line Items]
General and administration	328,000	347,000
Exploration and evaluation	125,000	98,000
Investor relations and marketing communications	17,000	63,000
Corporate development and due diligence	13,000	1,000
Total	$ 483,000	509,000
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

SEGMENT INFORMATION (Details Na

SEGMENT INFORMATION (Details Narrative) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021
Canada
Statement [Line Items]
Total non-current assets	$ 251,941,000	$ 209,739,000
USA
Statement [Line Items]
Total non-current assets	$ 132,000	$ 226,000

INCOME TAXES (Details)

INCOME TAXES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Net loss before income tax	$ 16,588	$ 38,350
Combined Canadian statutory income tax rate	27%	27%
Income tax recovery computed at statutory income tax	$ 4,479	$ 10,356
Tax effect of:
Permanent differences and other	1,557	(2,166)
Investment in Treasury Metals	(1,324)	(3,878)
Investment in PC Gold	(201)	2,169
Flow-through eligible expenditures	(327)	0
Share issue costs	73	0
Difference in tax rates in foreign jurisdictions	1	0
Flow-through share premium liability	309	0
Changes in unrecognized deferred tax assets	(4,023)	(6,481)
Income tax recovery (expense)	$ 309	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Non-capital loss carry forwards	$ 3,115	$ 2,969
Mineral properties	(3,033)	(2,379)
Mineral property investments	(82)	(590)
Total	$ 0	$ 0

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Deferred income tax assets, net	$ 150,455	$ 122,388
Other
Statement [Line Items]
Deferred income tax assets, net	1,519	1,432
Property and Equipment
Statement [Line Items]
Deferred income tax assets, net	1,057	986
Mineral Properties [Member]
Statement [Line Items]
Deferred income tax assets, net	1,997	2,404
Non-capital Loss Carryforwards
Statement [Line Items]
Deferred income tax assets, net	51,574	50,144
Investment in PC Gold
Statement [Line Items]
Deferred income tax assets, net	14,428	14,430
Investment Tax Credits
Statement [Line Items]
Deferred income tax assets, net	5,209	5,209
Undeducted Financing Costs
Statement [Line Items]
Deferred income tax assets, net	217	1,398
Investment in Treasury Metals
Statement [Line Items]
Deferred income tax assets, net	30,408	20,497
Investment in Big Ridge
Statement [Line Items]
Deferred income tax assets, net	2,241	694
Capital Loss Carryforwards
Statement [Line Items]
Deferred income tax assets, net	31,820	16,267
Silver Stream Derivative Liability
Statement [Line Items]
Deferred income tax assets, net	$ 9,985	$ 8,927

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Non-capital loss carryforwards	$ 3,115	$ 2,969
Canada
Statement [Line Items]
Non-capital loss carryforwards	63,256,000	61,266,000
Capital loss carryforwards	31,820,000	13,644,000
Investment tax credits	$ 5,209,000	$ 5,209,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Directors' fees	$ 296	$ 294
Salaries and consultants' fees	2,089	2,188
Share-based payments (non-cash)	1,669	1,128
Total	$ 4,054	$ 3,610

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Silver Purchase Agreement [Member]
Statement [Line Items]
Shares issued in connection with acquisitions		287,300
Shares issued in connection with acquisitions value		$ 0
Initial recognition amount		$ 5,631,000
Auteco Earn-In Agreement [Member]
Statement [Line Items]
Shares issued in connection with acquisitions		100,000,000
Shares issued in connection with acquisitions value		$ 6,720,000
Initial recognition amount		$ 8,640,000
Turquoise Canyon Project [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	1,544,944
Shares issued in connection with acquisitions value	$ 0
Initial recognition amount	$ 110,000
Big Ridge Earn-In Agreement [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	15,000,000
Shares issued in connection with acquisitions value	$ 0
Initial recognition amount	$ 2,175,000
Duparquet [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	79,164,460
Shares issued in connection with acquisitions value	$ 17,391,000
Mineral Properties [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	4,708,127	1,107,035
Shares issued in connection with acquisitions value	$ 1,250,000	$ 385,000

FAIR VALUE (Details)

FAIR VALUE (Details) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Statement [Line Items]
Investments	$ 184,000	$ 13,386,000
Mineral property investments	0	6,435
Fair value, beginning	27,171,000	26,114,000	$ 0
Option - PC Gold	5,216,000	4,347,000
Level 1
Statement [Line Items]
Investments	184,000	13,386,000
Mineral property investments	0	0
Fair value, beginning	0	0
Option - PC Gold	0	0
Level 2
Statement [Line Items]
Investments	0	0
Mineral property investments	0	0
Fair value, beginning	0	0
Option - PC Gold	0	0
Level 3
Statement [Line Items]
Investments	0	0
Mineral property investments	0	6,435,000
Fair value, beginning	27,171,000	26,114,000
Option - PC Gold	$ 5,216,000	$ 4,347,000

FAIR VALUE (Details 1)

FAIR VALUE (Details 1) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021
Silver Stream Derivative Liability
Statement [Line Items]
Financial liabilities at amortized cost	$ 0	$ 0
Financial liabilities at fair value through profit (loss)	27,171	26,114
Financial liabilities at fair value through other comprehensive income	0	0
Total financial liabilities	27,171	26,114
Financial assets [member]
Statement [Line Items]
Financial liabilities at amortized cost	14,057	30,120
Financial assets at fair value through profit (loss)	184	8,400
Financial assets at fair value through other comprehensive income	0	11,421
Total financial assets	14,241	49,941
Financial liabilities [member]
Statement [Line Items]
Financial liabilities at amortized cost	2,847	4,491
Financial assets at fair value through profit (loss)	32,387	30,461
Financial assets at fair value through other comprehensive income	0	0
Total financial assets	35,234	34,952
Option - PC Gold
Statement [Line Items]
Financial liabilities at amortized cost	0	0
Financial liabilities at fair value through profit (loss)	5,216	4,347
Financial liabilities at fair value through other comprehensive income	0	0
Total financial liabilities	5,216	4,347
Accounts Payable and Accrued Liabilities
Statement [Line Items]
Financial liabilities at amortized cost	2,847	4,491
Financial liabilities at fair value through profit (loss)	0	0
Financial liabilities at fair value through other comprehensive income	0	0
Total financial liabilities	2,847	4,491
Cash and Cash Equivalents
Statement [Line Items]
Financial assets at fair value through profit (loss)	0	0
Financial assets at fair value through other comprehensive income	0	0
Total financial assets	13,558	29,516
Financial assets at amortized cost	13,558	29,516
Current Accounts and Other Receivables
Statement [Line Items]
Financial assets at fair value through profit (loss)	0	0
Financial assets at fair value through other comprehensive income	0	0
Total financial assets	499	604
Financial assets at amortized cost	499	604
Mineral Property Investments
Statement [Line Items]
Financial assets at fair value through profit (loss)	0	0
Financial assets at fair value through other comprehensive income	0	6,435
Total financial assets	0	6,435
Financial assets at amortized cost	0	0
Investments
Statement [Line Items]
Financial assets at fair value through profit (loss)	184	8,400
Financial assets at fair value through other comprehensive income	0	4,986
Total financial assets	184	13,386
Financial assets at amortized cost	$ 0	$ 0

FAIR VALUE (Detail Narrative)

FAIR VALUE (Detail Narrative) - CAD ($)	Dec. 31, 2022	Sep. 15, 2022
FAIR VALUE
Additional earn	10%
Received on exercise	$ 3,000,000
Equity interest percentage	90%	100%

FINANCIAL AND CAPITAL RISK MA_3

FINANCIAL AND CAPITAL RISK MANAGEMENT (Details) - CAD ($)	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Accounts payable and accrued liabilities	$ 2,847,000	$ 4,491,000
Lease liability	315
Contractual Cash Flows
Statement [Line Items]
Accounts payable and accrued liabilities	2,847
Lease liability	350
Less Than 1 Year
Statement [Line Items]
Accounts payable and accrued liabilities	2,847
Lease liability	168
1 - 3 Years
Statement [Line Items]
Accounts payable and accrued liabilities	0
Lease liability	182
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, 2022	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT
Net loss FVTPL	$ 0	$ 840,000
Cash and cash equivalents	13,558,000,000	29,516,000,000
Cash and cash equivalents foreign currency risk	$ 10,992,000,000	2,117,000,000
Investments in equity instruments designated percentage FVTPL	10%
Investment in equity instrument designated percentage FVTOCI	10%
Other comprehensive income (loss)	$ 18,000	$ 1,142,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - 12 months ended Dec. 31, 2022	USD ($) $ / shares shares	CAD ($)	USD ($)
Statement [Line Items]
Total Consideration		$ 6,700,000
Cancelled unvested incentive stock options | shares	930,000
Unvested RSUs | shares	330,002
Common shares issued upon closing of the transaction	$ 250,000
Net smelter return royalty percent	1.50%
Future contingent payment			$ 500,000
Cash Future contingent payment			$ 1,000,000
Administrative penalty	$ 10,000
Consideration paid in cash	$ 470,000
Consideration paid in shares | shares	1,598,162
NSR royalty on the Pickle Crow Gold Project	2%
NSR royalty on the Hope Brook Gold Project	1.50%
DSUs [Member]
Statement [Line Items]
Exercisable period	18 months
Granted deferred stock	450,000
PSUs [Member]
Statement [Line Items]
Exercisable period	3 years
Granted Performance Share Units	4,900,000
Stock Options [Member]
Statement [Line Items]
Weighted average exercise price | $ / shares	$ 0.19
Granted stock options	16,075,000
Exercisable period	5 years
RSUs [Member]
Statement [Line Items]
Exercisable period	3 years
Granted RSU	2,817,045