First Mining Gold (FFMGF) 40-F 1 Apr 24 2023 FY Annual report (Canada) Financial data

Cover

Cover - shares	12 Months Ended
	Dec. 31, 2023	Mar. 22, 2024
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, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		916,414,375
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 Country	CA
Entity Address Postal Zip Code	V6E 4A2
City Area Code	604
Icfr Auditor Attestation Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Vancouver, Canada
Auditor Firm Id	271
Local Phone Number	688-3033
Security 12g Title	Common Shares, no par value
Entity Interactive Data Current	Yes
Document Registration Statement	false
Annual Information Form	true
Audited Annual Financial Statements	true
Business Contact [Member]
Document Information Line Items
Entity Address Address Line 1	1090 Vermont Avenue N.W.
Entity Address Address Line 2	Suite 910
Entity Address City Or Town	Washington
Entity Address State Or Province	DC
Entity Address Postal Zip Code	20005
City Area Code	202
Local Phone Number	371-8090
Contact Personnel Name	National Registered Agents, Inc.

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current
Cash and cash equivalents	$ 12,211	$ 13,558
Investments (Note 4)	263	184
Prepaid expenses, accounts and other receivables (Note 5)	875	1,118
Total current assets	13,349	14,860
Non-current
Mineral properties (Note 6)	244,234	221,147
Investment in Treasury Metals Inc. (Note 7)	3,269	5,592
Investment in PC Gold Inc. (Note 8)	21,527	21,572
Investment in Big Ridge Gold Corp. (Note 9)	1,406	2,119
Property and equipment (Note 10)	2,101	1,373
Other assets	181	270
Total non-current assets	272,718	252,073
TOTAL ASSETS	286,067	266,933
Current
Accounts payable and accrued liabilities (Note 12)	4,828	2,847
Current portion of lease liability	158	143
Flow-through share premium liability (Note 13)	1,225	1,042
Option - PC Gold (Note 8)	4,576	5,216
Current portion of other liabilities (Note 6 & 10)	400	0
Total current liabilities	11,187	9,248
Non-current
Lease liability	14	172
Provision for environmental remediation (Note 6(b))	1,500	1,500
Provision for Pickle Crow reclamation funding (Note 8)	151	1,172
Silver Stream derivative liability (Note 11)	34,295	27,171
Other liabilities (Note 6 & 10)	526	0
Total non-current liabilities	36,486	30,015
TOTAL LIABILITIES	47,673	39,263
SHAREHOLDERS' EQUITY
Share capital (Note 14)	354,913	340,963
Warrant and share-based payment reserve (Note 14)	53,623	49,589
Accumulated other comprehensive loss	(4,561)	(4,337)
Accumulated deficit	(165,581)	(158,545)
Total shareholders' equity	238,394	227,670
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 286,067	$ 266,933

CONSOLIDATED STATEMENTS OF NET

CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING EXPENSES (Note 15)
General and administration	$ 5,280	$ 4,962
Exploration and evaluation	787	639
Investor relations and marketing communications	1,279	1,394
Corporate development and due diligence	708	421
Impairment of non-current assets	1,545	10,361
Loss from operational activities	(9,599)	(17,777)
OTHER ITEMS
Gain on disposal of asset and royalties (Note 6)	(7,280)	(5,728)
Interest and other income	(941)	(264)
Investments fair value loss	0	1,606
Foreign exchange (gain)/loss	127	(38)
Other expenses	108	318
Provision for reclamation estimate (Note 8)	(1,021)	0
Fair value loss on Silver Stream liability (Note 11)	7,124	1,057
Fair value (gain)/loss on PC Gold Option	(640)	869
Loss before income taxes	(7,076)	(15,597)
Deferred income tax recovery	1,576	309
Equity loss and dilution impacts of equity accounted investments (Note 7, 8, 9)	(1,536)	(991)
Net loss for the year	(7,036)	(16,279)
Items that will not be reclassified to net income:
Investments fair value loss	(78)	(1,227)
Mineral property investments fair value gain/(loss)	0	(3,537)
Items that are or may be reclassified to net income or (loss):
Currency translation adjustment of foreign subsidiaries	(146)	17
Other comprehensive loss	(224)	(4,747)
Net loss and comprehensive loss for the year	$ (7,260)	$ (21,026)
Loss per share (in dollars)
Basic and diluted	$ (0.01)	$ (0.02)
Basic and diluted	826,998,665	738,197,818

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss for the period	$ (7,036)	$ (16,279)
Adjustments for:
Share-based payments (Note 14)	1,592	1,573
Impairment of non-current assets	1,545	10,361
Depreciation	479	411
Loss/(gain) on sale of asset	(570)	33
Gain on sale of royalty (Note 6)	(6,710)	(5,872)
Fair value (gain)/loss on PC Gold Option	(640)	869
Fair value loss on Silver Stream derivative liability (Note 11)	7,124	1,057
Investments fair value (gain)/loss	0	1,606
Accrued interest receivable	(53)	(18)
Other (income)/expenses	141	38
Unrealized foreign exchange (gain)/loss	81	(39)
Deferred income tax (recovery)/expense	(1,576)	(309)
Provision (recovery) for reclamation funding estimate	(1,021)	1,682
Equity and dilution loss on equity accounted investments	1,536	991
Operating cash flows before movements in working capital	(5,108)	(3,896)
(Increase)/decrease in accounts and other receivables	52	124
(Increase)/decrease in prepaid expenditures	81	(77)
Increase (decrease) in accounts payables and accrued liabilities	(97)	(1,233)
Total cash used in operating activities	(5,072)	(5,082)
Cash flows from investing activities
Mineral property expenditures (Note 6)	(18,193)	(25,113)
Proceeds from sale of investments (Note 4)	2,322	10,479
Proceeds from sale of mineral property	265	0
Property and equipment purchases	(349)	(600)
Proceeds from sale of royalties (Note 6)	4,680	9,581
Cash expended in acquisitions	0	(10,156)
Reclamation bond	(40)	0
Total cash used in investing activities	(11,315)	(15,809)
Cash flows from financing activities
Proceeds from private placements	15,833	5,325
Share issuance costs	(550)	(271)
Repayment of lease liability	(143)	(127)
Finance costs paid	(25)	(38)
Total cash provided by financing activities	15,115	4,889
Foreign exchange effect on cash	(75)	44
Change in cash and cash equivalents	(1,347)	(15,958)
Cash and cash equivalents, beginning	13,558	29,516
Cash and cash equivalents, ending	12,211	13,558
Cash	9,999	2,566
Term deposits	$ 2,212	$ 10,992

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) $ in Thousands	Total	Number of Common Shares	Warrant Reserve	Share-Based Payment Reserve	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance, shares at Dec. 31, 2021		700,200,059
Balance, amount at Dec. 31, 2021	$ 223,925	$ 318,499	$ 25,063	$ 22,219	$ 410	$ (142,266)
Statement [Line Items]
Proceed from private placements, shares		17,749,868
Proceed from private placements, amount	5,325	$ 5,325
Private placement share issuance costs	(271)	(271)
Flow through share premium liability	(1,351)	$ (1,351)
Settlement of RSUs, shares		516,664
Settlement of RSUs, amount	0	$ 120	0	(120)	0	0
Shares issued on acquisition of Duparquet Project, shares		79,169,460
Shares issued on acquisition of Duparquet Project, amount	17,391	$ 17,391	0	0	0	0
Shares issued in connection with mineral property tenure, shares		4,708,127
Shares issued in connection with mineral property tenure, amount	1,250	$ 1,250	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	0	0	2,427	0	0
Loss for the period	(16,279)	0	0	0	0	(16,279)
Other comprehensive income/(loss)	(4,747)	$ 0	0	0	(4,747)	0
Balance, shares at Dec. 31, 2022		802,226,149
Balance, amount at Dec. 31, 2022	227,670	$ 340,963	25,063	24,526	(4,337)	(158,545)
Statement [Line Items]
Proceed from private placements, shares		105,179,519
Proceed from private placements, amount	15,833	$ 14,443	1,390		0	0
Flow through share premium liability	(1,759)	(1,759)	0	0	0	0
Share-based payments	2,814	0	0	2,814	0	0
Loss for the period	(7,036)	0	0	0	0	(7,036)
Other comprehensive income/(loss)	(224)	0	0	0	(224)	0
Share issuance cost	(550)	$ (550)	0	0	0	0
Shares issuance on acquisition of mineral properties and property, plant and equipment (Note 6 & 10), shares		8,245,377
Shares issuance on acquisition of mineral properties and property, plant and equipment (Note 6 & 10), amount	1,646	$ 1,566	0	80	0	0
Settlement of restricted share units, shares		763,330
Settlement of restricted share units, amount	0	$ 250	0	(250)	0	0
Balance, shares at Dec. 31, 2023		916,414,375
Balance, amount at Dec. 31, 2023	$ 238,394	$ 354,913	$ 26,453	$ 27,170	$ (4,561)	$ (165,581)

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2023
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS AND GOING CONCERN 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 projects being the Springpole Gold Project in northwestern Ontario and the Duparquet Gold Project in the Abitibi region of Québec. The Company holds an 11.2% equity position in Treasury Metals Inc., which is advancing the Goliath Gold Complex toward construction, and a 14.1% 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 which is being advanced by FireFly Metals Ltd. (“FireFly Metals”), and a 49% direct project interest in the Hope Brook Project. Going Concern The Company’s annual consolidated financial statements have been prepared on a going concern basis, which contemplates that the Company will be able to continue its operations for at least twelve months from December 31, 2023 and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has not generated revenue from operations to date and will require additional financing or outside participation to undertake further advanced exploration of its mineral properties. Future operations of the Company are dependent upon its ability to raise additional equity financing and maintain sufficient working capital and upon future production or proceeds from the dispositions of its mineral property interests. As of December 31, 2023, the Company had cash and cash equivalents of $12,211,000, a working capital of $2,162,000, which is calculated as current assets less current liabilities, and accumulated deficit of $165,581,000. For the year ended December 31, 2023, the Company incurred a net loss of $7,036,000 and used cash in operating activities of $5,073,000. The Company’s operations to date have been financed by the issuance of common shares, sale of investments and royalties, and the exercise of stock options. The continuing operations of the Company are dependent about its ability to continue to raise adequate financing and liquidate its investments as necessary. During the year ended December 31, 2023, the Company raised combined total proceeds of $15,833,000 through non-brokered private placement financings (Note 14). Despite this, there can be no assurance that the Company will be able to continue to secure additional financings in the future on terms that are favourable. This gives rise to a material uncertainty that may raise substantial doubt about the Company’s ability to continue as a going concern. These annual consolidated financial statements do not give effect to any adjustments to the carrying values of the assets and liabilities, the reported expenses, and the statements of financial position classifications used that would be necessary should the Company be unable to continue as going concern. Such adjustments could be material.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2023
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION These annual consolidated financial statements (“financial statements”) have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). 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 financial statements are presented in thousands of Canadian dollars, unless otherwise noted, and tabular amounts are presented 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. 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 Duparquet Gold Mines Inc. 100% Duparquet Gold Project (“Duparquet”) Central Duparquet (“Duparquet”) Duquesne Gold Project (“Duquesne”) Pitt Gold Project (“Pitt”) Québec, Canada These financial statements were approved by the Board of Directors on March 27, 2024.

MATERIAL AND OTHER ACCOUNTING P

MATERIAL AND OTHER ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
MATERIAL AND OTHER ACCOUNTING POLICIES
MATERIAL AND OTHER ACCOUNTING POLICIES	3. MATERIAL AND OTHER 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. 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 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. (ii) Accounting Policy Judgement and Estimate Uncertainty 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. (iii) 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 8. 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 8. Changes in these assumptions can significantly affect the fair value estimate. o) IFRS Accounting Standards Issued but Not Yet Applied There are no IFRS Accounting Standards or International Financial Reporting Interpretations Committee interpretations, including amendments to IAS 1, “Classification of Liabilities as Current or Non-current” and “Non-current liabilities with Covenants” that are not yet effective that would be expected to have a material impact on the Company’s consolidated financial statements.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2023
INVESTMENTS
INVESTMENTS	4. INVESTMENTS The movements in investments during the year ended December 31, 2023 and the year ended December 31, 2022 are summarized as follows: Marketable Securities (FVTOCI) Total Investments Balance as at December 31, 2022 $ 184 $ 184 Additions 2,479 2,479 Disposals (2,322 ) (2,322 ) Loss recorded in other comprehensive income (78 ) (78 ) Balance as at December 31, 2023 $ 263 $ 263 Marketable Securities (FVTPL) Marketable Securities (FVTOCI) 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 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 FireFly Metals common shares, which were sold during the year ended December 31, 2022, were classified as FVTPL. Other marketable securities are designated as FVTOCI. During the three months ended December 31, 2023, the Company: · Received common shares of Patriot Lithium Limited, in connection with the sale of an unpatented mining claims in Ontario, Canada. During the year ended December 31, 2023, the Company: · Received common shares of Westward Gold Inc., in connection with the Earn-in Agreement associated with the Turquoise Canyon Project in Nevada, USA, which were all sold during the period. · Received common shares of Grid Metals Corp. as part of consideration for the sale of the Company’s certain mining claims in Manitoba. · Received common shares of Elemental Altus Royalties Corp which was part of the consideration of the sale of the Company’s non-core royalty portfolio which were all sold during the period. As of December 31, 2023, the Company held common shares of Grid Metals Corp. and Patriot Lithium Limited.

PREPAID EXPENSES ACCOUNTS AND O

PREPAID EXPENSES ACCOUNTS AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2023
PREPAID EXPENSES ACCOUNTS AND OTHER RECEIVABLES
PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES	5. PREPAID EXPENSES, ACCOUNTS AND OTHER RECEIVABLES December 31, 2023 December 31, 2022 GST and HST receivables $ 344 $ 467 Other receivables 156 32 Prepaid expenses 375 619 $ 875 $ 1,118

MINERAL PROPERTIES

MINERAL PROPERTIES	12 Months Ended
	Dec. 31, 2023
MINERAL PROPERTIES
MINERAL PROPERTIES	6. MINERAL PROPERTIES As at December 31, 2023 and December 31, 2022, the Company had the following mineral properties: Springpole Birch-Uchi (Note 6(a)) Duparquet (Note 6(b)) Cameron Hope Brook (Note 6(c)) Others (1) Total Balance December 31, 2022 $ 125,829 $ 3,871 $ 42,886 $ 32,581 $ 15,852 $ 128 $ 221,147 Acquisition 1,192 450 513 - - - 2,155 Concessions, taxes and royalties 405 - 28 23 - - 456 Salaries and share-based payments 2,509 862 1,293 111 - - 4,775 Drilling, exploration, and technical consulting 1,654 1,080 1,146 22 - - 3,902 Assaying, field supplies, and environmental 6,464 1,143 2,570 85 - - 10,262 Travel and other expenses 904 577 158 26 - - 1,665 Total Expenditures $ 13,128 4,112 5,708 267 - - 23,215 Option payments received - - - - - (128 ) (128 ) Balance December 31, 2023 $ 138,957 $ 7,983 $ 48,594 $ 32,848 $ 15,852 $ - $ 244,234 Springpole Birch-Uchi (Note 6(a)) Duparquet (Note 6(b)) Cameron Hope Brook (Note 6(c)) Others (1) Total Balance December 31, 2021 $ 104,065 $ 1,320 $ 10,342 $ 32,329 $ 18,027 $ 3,934 $ 170,017 Acquisition 1,566 674 30,489 - - - 32,729 Concessions, taxes and royalties 255 - 2 17 - - 274 Salaries and share-based payments 3,406 652 281 94 - - 4,433 Drilling, exploration, and technical consulting 7,400 788 142 83 - - 8,413 Assaying, field supplies, and environmental 7,356 261 119 47 - - 7,783 Travel and other expenses 1,781 176 11 11 - - 1,979 Total Expenditures $ 21,764 $ 2,551 $ 31,044 $ 252 $ - $ - $ 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 $ 42,886 $ 32,581 $ 15,852 $ 128 $ 221,147 (1) 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. At the time of the sale, the carrying value of the royalty portfolio was nil, resulting in a realized gain equivalent to the consideration received. 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. 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. During the year ended December 31, 2023, the Company issued 391,873 common shares valued at $75,000 and made payments of $10,000 in cash under the terms of the earn-in agreement. As of December 31, 2023, the Company has made total payments of $260,000 comprised of $60,000 in cash and issued common shares worth of $200,000. (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, 2023, the Company had issued 1,256,395 common shares valued at $325,000 and made a payment of $150,000 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. On September 15, 2023, the Company and ALX agreed to amend the option agreement for the first stage of the earn-in to issue common shares instead of cash payment for future anniversary payments as follows: · On or before the second anniversary of the Closing Date, the Company is to issue to ALX common shares of the Company’s shares equal to $175,000 (issued); · On or before the third anniversary of the Closing Date, the Company is to issue to ALX commons shares of the Company’s shares equal to $175,000; · On or before the fourth anniversary of the Closing Date, the Company is to issue to ALX common shares of the Company’s shares equal to $100,000; · On or before the fifth anniversary of the Closing Date, the Company to incur and fund expenditures on the property of not less than $500,000. Pursuant to the amended agreement, the Company issued common shares of $175,000 during the year ended December 31, 2023. As of December 31, 2023, the Company has made payments of $350,000 in cash and issued common shares worth $375,000. (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. On October 12, 2023, the Company and Pelangio Exploration Inc. (“Pelangio”) agreed to amend the earn-in agreement to amend the future cash and share payment requirements and have additional period of 3 years to complete the first stage of the earn-in. Pursuant to the amended agreement, the Company paid $10,000 in cash and issued 250,000 common shares during the three months ended December 31, 2023. The agreement gives the Company the right to earn, through Gold Canyon, up to an 80% interest in Pelangio’s Birch Lake and Birch Lake West properties. As of December 31, 2023, the Company has made payments of $110,000 in cash and issued common shares worth $153,750. On January 13, 2023, a subsidiary of the Company acquired the net assets of a private Company associated with Birch Lake and Casummit Lake properties for a total consideration of $600,000 cash and 3.5 million of First Mining common shares. $100,000 was paid prior to December 31, 2022, $100,000 cash was paid on closing, with the remaining cash to be paid as follows: · $100,000 cash payable on the first anniversary of the Closing Date (Completed in January 2024). · $100,000 cash payable on the second anniversary of the Closing Date. · $200,000 cash payable on the third anniversary of the Closing Date. 2,000,000 common shares were issued on closing and the remaining shares will be issued as follows: · 500,000 will be issued on the first anniversary of the Closing Date (Completed in January 2024). · 1,000,000 common shares will be issued on the earlier of the third anniversary of closing and the date of a positive decision regarding the environmental assessment of the Springpole properties. (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. On November 5, 2023, the Company entered into an amended agreement to amend the original terms of cash and share payments of $250,000 to $236,000 and the Company is to incur $300,000 worth of expenditures instead of $350,000. The remaining share payments will be issued as follows: · No option payment is to be made following the second and third anniversary dates of the Closing Date; · On the fourth anniversary of the Closing Date, the Company is to issue common shares worth $25,000; · On the fifth anniversary of the Closing Date, the Company is to issue common shares worth $25,000; · On the sixth anniversary of the Closing Date, the Company is to issue common shares worth $50,000; · On the seventh anniversary of the Closing Date, the Company is to issue common shares worth $100,000. As of December 31, 2023, the Company has made payments of $24,000 in cash and issued common shares worth $12,000. b) Duparquet Project 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 were not already owned by the Company or Clifton Star Resources Inc. (“Clifton Star”). The total consideration of the Beattie Transaction was $443,641 cash per Beattie common share and 35 common shares of First Mining (“First Mining Shares”) per Beattie 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 Magna Terra Minerals Inc. (formerly 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 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 was 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 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 transferred 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 On January 30, 2023, First Mining, through its wholly-owned subsidiary Duparquet Gold Mines Inc. (formerly, Clifton Star), entered into an agreement with IAMGOLD Corporation, to acquire its Porcupine East property located adjacent to the Company’s Duparquet property and connecting the land package to its Pitt and Duquesne properties to the east. The transaction closed on February 2, 2023, for a total consideration of: · 2.5 million First Mining common shares with a fair value of $512,500 issued upon closing of the transaction; · The granting of a 1.5% net smelter return royalty on the property; · A payment of $500,000, in cash or First Mining common shares, as First Mining may elect at its sole election, if the Company declares a minimum of 350,000 koz gold resource on the property; and · A payment of $1,000,000, in cash or First Mining common shares, as First Mining may elect at its sole discretion, 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. On April 24, 2023, the Company announced that through its subsidiary it had sold mining claims (“Cat Lake Claims”) located in Manitoba to Grid Metals Corp. for total consideration of: · $300,000 in cash; · 250,000 common shares of Grid Metals Corp.; · NSR 2% royalty on all production sold from the property. Grid Metals Corp may at any time purchase from the Company 50% (for a total of 1.0%) of the royalty by paying $1,000,000 to the Company; and · Deferred cash payment of $350,000, when the earlier of (i) the delineation of a 2 million tonnes or greater Mineral Resource on the Cat Lake Claims; and (ii) the date Grid Metals announces a construction decision which will result in the Mineral Resources on the Cat Lake Claims being mined at some point in time as part of an overall mining project. As of December 31, 2023, the Company continues to maintain a provision for environmental remediation activities of $1.5 million (December 31, 2022 - $1.5 million) related to work to be incurred by the Company’s wholly-owned subsidiary. c) Hope Brook Project On June 8, 2021, the Company announced

INVESTMENT IN TREASURY METALS

INVESTMENT IN TREASURY METALS	12 Months Ended
	Dec. 31, 2023
INVESTMENT IN TREASURY METALS
INVESTMENT IN TREASURY METALS	7. INVESTMENT IN TREASURY METALS a) Treasury Metals Share Purchase Agreement Overview On August 7, 2020, First Mining completed a transaction with Treasury Metals under a share purchase agreement (the “Treasury Share Purchase Agreement”), pursuant to which Treasury Metals agreed to acquire all of the issued and outstanding shares of Tamaka Gold Corporation, a previously wholly-owned subsidiary of the Company, and 100% owner of the Goldlund Project. The only remaining term of the Treasury Share Purchase Agreement is the right by First Mining over 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, 2023. b) Equity Accounting Method for Investment in Treasury Metals and Impairment The Company has concluded it has significant influence over Treasury Metals. The Company is accounting for its As at December 31, 2023, the Company owns approximately 20.0 million Treasury Metals Shares. December 31, 2023 December 31, 2022 Balance, beginning of period $ 5,592 $ 15,400 Equity (loss) (778 ) (850 ) Impairment of Investment in Treasury Metals Inc. (1,545 ) (8,958 ) Balance, end of period $ 3,269 $ 5,592 The equity accounting for Treasury Metals is based on audited results for the year ended December 31, 2023. The Company’s equity share of Treasury’s net loss for the year ending December 31, 2023 was $778,000.

INVESTMENT IN PC GOLD INC

INVESTMENT IN PC GOLD INC	12 Months Ended
	Dec. 31, 2023
INVESTMENT IN PC GOLD INC
INVESTMENT IN PC GOLD INC.	8. INVESTMENT IN PC GOLD INC. Pursuant to a definitive Earn-in agreement (“Earn-in”) the Company and FireFly Metals executed on March 12, 2020, comprised of two stages, on June 9, 2021, the Company announced completion of the Stage 1 earn-in and accordingly FireFly Metals obtained a 51% ownership of the PC Gold legal entity. First Mining received the scheduled 100,000,000 FireFly Metals shares and executed the joint venture shareholders agreement. Following the completion of the Stage 1 earn-in by FireFly Metals, the Company’s percentage ownership of its former subsidiary, PC Gold, was reduced from 100% to 49%, which led to a loss of control and the resulting deconsolidation of PC Gold Inc. from First Mining’s financial statements. First Mining determined that its then 49% investment in the common shares of PC Gold gave it significant influence over PC Gold, requiring PC Gold to be recorded in First Mining’s financial statements using the equity method of accounting as an investment in associate. Upon the completion of Stage 2 earn-in by FireFly Metals in August 2021, the Company’s percentage ownership was reduced from 49% to 30%. 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, 2023 December 31, 2022 Balance, beginning of period $ 21,572 $ 21,570 Equity income/(loss) (45 ) 2 Balance, end of period $ 21,527 $ 21,572 The subsequent equity accounting for PC Gold is based on audited results that is publicly available information for the year-ended June 30, 2023, and on the unaudited six-month period ended December 31, 2023. The $4,576,000 (December 31, 2022 - $5,216,000) liability balance as at December 31, 2023 represents the additional net dilution which would result from FireFly Metals completing its additional 10% equity interest. Following receipt of $3,000,000 under this option, First Mining’s ownership would reduce to 20%. The FireFly Metals Earn-In Agreement requires First Mining to contribute its pro-rata share of environmental reclamation funding, which was 30% as at December 31, 2023 following completion of the Stage 2 earn-in. The Company has recorded a provision of $151,000 as of December 31, 2023 (December 31, 2022 - $1,172,000) which is in line with FireFly Metals’ revised estimate of the environmental reclamation provision.

INVESTMENT IN BIG RIDGE GOLD CO

INVESTMENT IN BIG RIDGE GOLD CORP	12 Months Ended
	Dec. 31, 2023
INVESTMENT IN BIG RIDGE GOLD CORP
INVESTMENT IN BIG RIDGE GOLD CORP.	9. 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. During the year ended December 31, 2023, the Company recorded dilution losses on investment in Big Ridge primarily as a result of Big Ridge’s acquisition of a private company during the period. See Note 22 for details pertaining to investment in Big Ridge subsequent to December 31, 2023. December 31, 2023 December 31, 2022 Balance, beginning of period $ 2,119 $ 1,491 Equity (loss) (149 ) (144 ) Completion of Stage 1 Earn-in - 2,175 Impairment of Investment in Big Ridge - (1,403 ) Dilution losses on Investment (564 ) - Balance, end of period $ 1,406 $ 2,119 The subsequent equity accounting for Big Ridge is based on its audited results that is publicly available information for the year ended June 30, 2023, and an estimate of results for the period of July 1, 2023 to December 31, 2023.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT	10. PROPERTY, PLANT AND EQUIPMENT On April 28, 2023, the Company and its subsidiary acquired real and personal property for $800,000 in cash and 1,000,000 common shares of the Company from a private company and individual on the following payment terms: · $200,000 cash payable on the closing date and issue 1,000,000 shares (completed) · $300,000 cash payable on or before the first anniversary of the closing date · $300,000 cash payable on or before the second anniversary of the closing date.

SILVER STREAM DERIVATIVE LIABIL

SILVER STREAM DERIVATIVE LIABILITY	12 Months Ended
	Dec. 31, 2023
SILVER STREAM DERIVATIVE LIABILITY
SILVER STREAM DERIVATIVE LIABILITY	11. SILVER STREAM DERIVATIVE LIABILITY a) Silver Purchase Agreement Overview and Consideration Received On June 10, 2020, the Company entered into a silver purchase agreement (the “Silver Purchase Agreement”) with First Majestic Silver Corp. (“First Majestic”), which closed on July 2, 2020. Under the terms of the Silver Purchase Agreement, First Majestic agreed to pay First Mining total consideration of US$22.5 million (approx. $30.6 million as at the closing date), in three tranches, for the right to purchase 50% of the payable silver produced from the Springpole Gold Project over the life of the project (the “Silver Stream”) and also received 30 million common share purchase warrants of First Mining. Each share purchase warrant entitles First Majestic to purchase one common share of First Mining at an exercise price of $0.40 for a period of five years (subsequently re-priced to $0.37 in accordance with the terms of the Silver Purchase Agreement). First Mining has the right to repurchase 50% of the Silver Stream for US$22.5 million (approximately $29.8 million as at December 31, 2023) at any time prior to the commencement of production at Springpole (the “Buy-Back Right”). Per the Silver Purchase Agreement, First Majestic paid US$10 million ($13.7 million) to First Mining on the July 2, 2020, closing date, with US$2.5 million ($3.3 million) paid in cash and the remaining US$7.5 million ($10.4 million) paid in 805,698 common shares of First Majestic (“Tranche 1”). Upon announcement of the Pre-Feasibility Study (“PFS”) on March 4, 2021, First Mining received US$7.5 million ($9.8 million) from First Majestic, with US$3.75 million ($4.8 million) paid in cash and the remaining US$3.75 million ($5.0 million) paid in 287,300 common shares of First Majestic (“Tranche 2”). 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 considered 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, with the following key input assumptions: 1) Observable assumptions include, Silver Stream based implied volatility of COMEX silver, COMEX silver future curve, silver spot price, USD risk-free rate, USD/CAD foreign exchange rates, and share price of the Company, and 2) Unobservable assumptions include the Company’s credit spread, historical volatility of the warrant and payable silver quantities. 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 and the Silver Stream obligation, 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, 2023 is US$25,930,000 ($34,295,000), which is comprised of the Silver Stream obligation fair value of US$29,470,000 ($38,976,000) less the Advance Payment receivable fair value of US$3,540,000 ($4,681,000). The fair value of the Silver Stream derivative liability as at December 31, 2022 was 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). December 31, 2023 December 31, 2022 Balance, beginning of period $ (27,171 ) $ (26,114 ) Change in fair value (7,124 ) (1,057 ) Balance, end of period $ (34,295 ) $ (27,171 )

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2023 December 31, 2022 Accounts payable $ 1,844 $ 750 Accrued liabilities 2,984 2,097 Total $ 4,828 $ 2,847

FLOW-THROUGH SHARE PREMIUM LIAB

FLOW-THROUGH SHARE PREMIUM LIABILITY	12 Months Ended
	Dec. 31, 2023
FLOW-THROUGH SHARE PREMIUM LIABILITY
FLOW-THROUGH SHARE PREMIUM LIABILITY	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 June 23, 2023 Total Balance, December 31, 2022 $ 872 $ 170 $ - $ 1,042 Settlement of flow-through share premium liability upon incurring eligible expenditures (872 ) (170 ) (534 ) (1,576 ) Liability incurred for flow-through share issued June 23, 2023 - - 1,759 1,759 Balance, December 31, 2023 $ - $ - $ 1,225 $ 1,225 As at December 31, 2023, the Company had $3,482,000 (December 31, 2022 – $4,090,000) of unspent flow-through expenditure commitments.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2023
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, 2023: 916,414,375 (December 31, 2022 – 802,226,149). Preferred shares as at December 31, 2023: nil (December 31, 2022 – 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 On June 23, 2023, the Company completed a non-brokered private placement raising aggregate gross proceeds of $5,000,000 (the “June Offering”) which consists of 18,518,519 flow-through units (the “FT units”) of the Company at a price of $0.27 per FT unit. Each FT unit consists of one common share and one half of one common share purchase warrant (the “Warrant”), with each full common share purchase warrant being exercisable to acquire one additional common share of the Company at a price of $0.27 for a period 36 months following the closing date of the Offering. The common shares that comprise the FT units qualify as “flow-through shares” for the purposes of the Income Tax Act Exercise price: $0.27 per unit Time to expiration: 3 years Risk-free rate: 3.74% Volatility rate: 48.33% As at December 31, 2023, the Company had a balance of $1,225,000 as flow-through share premium liability related to this offering. On December 7, 2023, the Company completed the non-brokered private placement financing (the “December Offering”), raising total gross proceeds of $10,833,000 across two tranches of the offering. The Company issued 86,661,000 units of common shares at a price of $0.125 per unit. Each unit consists of one common share of the Company and one-half of one common share purchase warrant. Each full common share purchase warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.20 prior to the expiry date. An amount of $9,378,000 ($9,767,000 net of issuance costs of $389,075) was recorded in share capital. The Warrants were valued at $1,065,000 using the relative fair value method. The fair value of warrants is determined using the Black-Scholes option pricing model, which takes into account of the following assumptions: Exercise price: $0.20 per unit Time to expiration: 3 years Risk-free rate: 3.59% Volatility rate: 48.69% c) Warrants The movements in warrants during the year ended December 31, 2023, and year ended December 31, 2022 are summarized as follows: Number Weighted average exercise price Balance as at December 31, 2021 91,892,620 $ 0.48 Warrants expired (41,545,383 ) 0.57 Balance as at December 31, 2022 50,347,237 $ 0.35 Warrants expired (18,297,009 ) 0.31 Warrants issued 52,589,759 0.21 Balance as at December 31, 2023 84,639,987 $ 0.27 The following table summarizes information about warrants outstanding as at December 31, 2023: Exercise price Number of warrants outstanding Weighted average exercise price ($ per share) Weighted average remaining life (years) $ 0.20 43,330,500 $ 0.20 2.90 $ 0.27 9,259,259 $ 0.27 2.47 $ 0.37 32,050,228 $ 0.37 1.50 84,639,987 $ 0.27 2.33 d) Stock Options The Company has adopted a stock option plan that allows for the granting of stock options to Directors, Officers, employees and certain consultants of the Company for up to 10% of the Company’s issued and outstanding common shares. Stock options granted under the plan may be subject to vesting provisions as determined by the Board of Directors. The movements in stock options during the year ended December 31, 2023, and year ended December 31, 2022 are summarized as follows: Number Weighted average exercise price Balance as at December 31, 2021 45,140,000 $ 0.44 Options granted 16,010,000 0.26 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 Options granted 16,960,000 0.19 Options expired/cancelled (16,517,500 ) 0.44 Options forfeited (1,755,000 ) 0.23 Balance as at December 31, 2023 45,060,000 $ 0.28 The following table summarizes information about the stock options outstanding as at December 31, 2023: 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) 0.16- 0.18 625,000 $ 0.17 4.52 156,250 $ 0.17 4.52 0.185- 0.25 19,735,000 $ 0.20 3.59 11,855,000 $ 0.21 3.24 0.26- 0.50 24,700,000 $ 0.34 2.17 24,700,000 $ 0.34 2.17 45,060,000 $ 0.28 2.83 36,711,250 $ 0.30 2.51 During the year ended December 31, 2023, there were 16,960,000 (December 31, 2022 –16,010,000) stock options granted with an aggregate fair value at the date of grant of $1,695,000 (December 31, 2022 - $2,173,644), or a weighted average fair value of $0.10 per option (December 31, 2022 – $0.14). As at December 31, 2023, 8,348,750 (December 31, 2022 – 8,142,500) stock options remain unvested with an aggregate grant date fair value of $833,300 (December 31, 2022 - $1,100,717). 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. For the year ended December 31, 2023, share-based payments expense is comprised of stock options $1,547,136, restricted share units (“RSUs”) $323,457, deferred share units (“DSUs”) $80,511, and performance share units (“PSUs”) $532,551, and is classified within the financial statements as follows: For the year ended December 31, Statements of Net Loss: 2023 2022 General and administration $ 1,170 $ 1,235 Exploration and evaluation 56 44 Investor relations and marketing communications 121 149 Corporate development and due diligence 245 145 Subtotal $ 1,592 $ 1,573 Statements of Financial Position: Mineral Properties 892 854 Total $ 2,484 $ 2,427 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, 2023 December 31, 2022 Risk-free interest rate 3.25 % 1.87 % Share price at grant date (in dollars) $ 0.19 $ 0.27 Exercise price (in dollars) $ 0.19 $ 0.27 Expected life (years) 5.00 years 5.00 years Expected volatility (1) 65.06 % 63.97 % 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, 2023, the Company granted 2,817,045 (December 31, 2022 – 1,090,000) RSUs under its share-based compensation plan to the Company’s executive officers as part of the Company’s long-term incentive plan (“LTIP”). Unless otherwise stated, the awards typically have a graded vesting schedule over a three-year period and will be settled in equity upon vesting. During the year ended December 31, 2023, the Company issued 763,330 (December 31, 2022 – 516,664) common shares pursuant to the exercise of RSUs for an aggregate settlement value of $250,011. 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 RSU’s for the year ended December 31, 2023: Number Weighted average fair value Balance as at December 31, 2021 1,550,000 $ 0.40 RSUs granted 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 RSUs granted 2,817,045 0.18 RSUs settled (763,330 ) 0.33 RSUs forfeited (330,002 ) 0.30 Balance as at December 31, 2023 3,613,715 $ 0.20 f) Deferred Share Units During the year ended December 31, 2023, the company granted 450,000 (December 31, 2022- 356,000) DSUs under its share-based compensation plan to a director as part of the Company’s LTIP. DSUs have a graded vesting schedule over an 18-month period and will be settled in equity upon vesting. The associated compensation cost, 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 DSUs granted 356,000 0.26 Balance as at December 31, 2022 659,000 $ 0.30 DSUs granted 450,000 0.18 Balance as at December 31, 2023 1,109,000 $ 0.25 g) Performance Share Units During the year ended December 31, 2023, the Company granted 4,900,000 PSUs (December 31, 2022 – 1,913,000) 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, 2023: Number Weighted average fair value Balance as at December 31, 2021 - $ - PSUs granted 1,913,000 0.24 Balance as at December 31, 2022 1,913,000 $ 0.24 PSUs granted – February 14, 2023 4,900,000 0.22 Balance as at December 31, 2023 6,813,000 $ 0.23

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2023
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, 2023 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $ 259 $ 159 $ 15 $ 16 $ 449 Consultants 344 31 - 130 505 Depreciation (non-cash) 299 180 - - 479 Directors’ fees 305 - - - 305 Marketing and conferences - 7 646 7 660 Professional fees 1,008 - 1 72 1,081 Salaries 1,694 323 377 225 2,619 Share-based payments (non-cash) (Note 14(d)) 1,170 56 121 245 1,592 Transfer agent and filing fees 154 - 43 - 197 Travel and accommodation 47 31 76 13 167 Operating expenses total $ 5,280 $ 787 $ 1,279 $ 708 $ 8,054 Impairment of non-current assets (non-cash) 1,545 Loss from operational activities $ 9,599 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 Marketing and conferences 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 Impairment of non-current assets (non-cash) 10,361 Loss from operational activities $ 17,777

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
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, 2023 and December 31, 2022 is as follows: Canada - $272,718,000 (December 31, 2022 - $251,941,000) and USA $nil (December 31, 2022 - $132,000). The Company dissolved its wholly owned U.S. subsidiary during the three months ended December 31, 2023.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	17. INCOME TAXES Year ended December 31, 2023 Year ended December 31, 2022 Net loss before income tax $ 8,612 $ 16,588 Combined Canadian statutory income tax rate 27.00 % 27.00 % Income tax recovery computed at statutory income tax rate 2,325 4,479 Tax effect of: Permanent differences and other 1,627 1,557 Investment in Treasury Metals (314 ) (1,324 ) Investment in PC Gold - (201 ) Flow-though eligible expenditures (884 ) (327 ) Share issue costs 149 73 Difference in tax rates in foreign jurisdictions 32 1 Flow-through share premium liability 1,576 309 Changes in unrecognized deferred tax assets (2,831 ) (4,258 ) Other (104 ) - Income tax recovery $ 1,576 $ 309 Deferred tax assets and liabilities are offset if they relate to the same taxable entity and the same taxation authority. Recognized deferred income tax assets (liabilities) are arising from: December 31, 2023 December 31, 2022 Non-capital loss carryforwards $ 4,607 $ 3,115 Mineral properties (4,715 ) (3,033 ) Other (38 ) (82 ) Property and Equipment 146 - Total $ - $ - Deferred tax assets have not been recognized in respect of the following temporary differences: December 31, 2023 December 31, 2022 Non-capital loss carryforwards $ 55,676 $ 51,574 Investment in Treasury Metals 32,731 30,408 Investment in PC Gold 14,473 14,428 Investment in Big Ridge 2,954 2,241 Silver Stream derivative liability 17,109 9,985 Investment tax credits 5,209 5,209 Other 1,994 1,519 Undeducted financing costs 1,049 217 Property and equipment 1,330 1,057 Mineral properties 41 1,997 Capital loss carryforwards 28,144 31,820 Total $ 160,710 $ 150,455 As at December 31, 2023, the Company and its subsidiaries had unrecognized Canadian non-capital loss carryforwards of approximately $72,997,000 (2022 - $63,256,000) which expire between the years 2025 and 2043, unrecognized Canadian capital loss carryforwards of approximately $28,144,000 (2022- $31,820,000) which can be carried forward indefinitely, unrecognized Canadian investment tax credits of approximately $5,209,000 (2022 - $5,209,000) which expire between the years 2026 and 2034.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	18. RELATED PARTY TRANSACTIONS The Company’s related parties consist of the key management personnel, Company’s Directors and Officers. Key management of the Company includes the members of the Board 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, 2023 and 2022 is as follows: Service or Item Year ended December 31, 2023 2022 Directors’ fees $ 305 $ 296 Salaries and consultants’ fees 2,084 2,089 Share-based payments (non-cash) 1,827 1,669 Total $ 4,216 $ 4,054 During the last three months ended December 31, 2023, the key management personnel including members of the Board of Directors and Officers and Vice Presidents of the Company participated in the equity financing for total gross proceeds of $1,585,000 (December 31, 2022: nil).

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	19. SUPPLEMENTAL CASH FLOW INFORMATION During the year ended December 31, 2023, the significant non-cash investing and financing transactions were as follows: · 2,500,000 common shares issued with a value of $512,500 for the acquisition of Porcupine East property; · 2,000,000 common shares issued with a value of $440,000 for the acquisition of the net assets of a private company associated with Birch Lake and Casummit Lake properties (Note 6); · 2,445,257 common shares issued with a value of $385,000 in connection with earn-in payments for various property interests; · 1,000,000 common shares issued for the purchase of real and personal property (Note 10); · Received 1,598,162 common shares from Elemental Atlus Royalties Corp worth $2,000,000 in connection with the sale of non-core royalty portfolio (Note 6); · Received 250,000 common shares from Grid Metals Corp worth of $35,000; and · Received 1,250,000 common shares from Patriot Lithium Limited for the sale of mining claims in Ontario Canada. During the year ended December 31, 2022, the significant non-cash investing and financing transactions were as follows: · 79,169,460 common shares issued with a value of $17,391,000 in connection with the Duparquet acquisition; · 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); 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.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2023
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, short term investments, current other receivables, and accounts payable, accrued and other 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, 2023 and was therefore considered to be Level 1. As the FireFly Metals Earn‐In Agreement provides FireFly Metals the right to earn an interest in PC Gold Inc., rather than a direct interest in the Pickle Crow project, FireFly Metals’ 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 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, 2023, 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 FireFly Metals 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, 2023 December 31, 2022 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 4) $ 263 $ 263 $ - $ - $ 184 $ 184 $ - $ - Financial liabilities: Silver Stream derivative liability (Note 11) $ 34,295 $ - $ - $ 34,295 $ 27,171 $ - $ - $ 27,171 Option – PC Gold (Note 8) $ 4,576 $ - $ - $ 4,576 $ 5,216 $ - $ - $ 5,216

FINANCIAL AND CAPITAL RISK MANA

FINANCIAL AND CAPITAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2023
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 FVTOCI had been 10% higher or lower as at December 31, 2023, other comprehensive income (loss) for the year ended December 31, 2023 would have decreased or increased, respectively, by approximately $26,000 (2022 – $18,000), as a result of changes in the fair value of equity investments. Foreign Currency Risk The Company is exposed to financial risk related to fluctuation of foreign exchange rates. As at December 31, 2023, the Company held USD denominated cash and cash equivalents of $3,139,000 (2022 - $10,992,000). 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. The sensitivity of the Company’s net loss due to change in commodity price risk would have been increased or decreased by approximately $3,429,500 if the commodity price had been 10% higher or lower as at December 31, 2023. 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 try to ensure that it will have sufficient cash to allow it to meet its liabilities when they become due. 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 (Note 1). The following table summarizes the maturities of the Company’s financial liabilities as at December 31, 2023 based on the undiscounted contractual cash flows: Carrying Amount Contractual Cash Flows Less than 1 year 1 – 3 years 4 – 5 years After 5 years Accounts payable and accrued liabilities $ 4,828 $ 4,828 $ 4,828 $ - $ - $ - Other liabilities 926 1,000 400 600 Lease liability 172 182 168 14 - - Total $ 5,926 $ 6,010 $ 5,396 $ 614 $ - $ - As at December 31, 2023, the Company held cash and cash equivalents of $12,211,000 (December 31, 2022 - $13,558,000). 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. In the management of capital, the Company includes the components of shareholders’ equity. 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, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS a) Incentive Grants Subsequent to December 31, 2023, the Company granted the following incentive grants: Stock Options The Company granted 26,607,500 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 $0.118 per share and are exercisable for a period of five years from grant date. RSUs The Company granted 8,422,115 RSUs to Officers and employees 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. PSUs The Company granted 5,650,000 PSUs to Officers and Vice Presidents 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 and it is dependent on the Company’s share performance as compared to the share performance of a selected group of peer companies. DSUs The Company grants 400,000 DSUs to a Director 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. b) Subsequent to December 31, 2023, 5,125,000 of stock options expired at a weighted average exercise price of $0.39, 1,261,213 unvested RSUs and $1,997,000 unvested PSUs were cancelled related to the departure of employees. c) Investment in Big Ridge Gold Corp. On March 21, 2024, the Company amended the Earn-In Agreement between the Company and its subsidiary and Big Ridge Gold Corp. As part of the terms of the amending agreement, the Company granted Big Ridge the exclusive right and option to increase its undivided interest in and to the property from 51% to 80% in exchange for 10,000,000 Big Ridge Shares, effectively exercising Stage 2 of the amended Earn-In Agreement. In addition, the Company sold a total of 36,500,000 Big Ridge shares for $0.05 a share, resulting in gross proceeds of $1,825,000. The Company retains a 20% ownership interest in the Hope Brook Project.

MATERIAL AND OTHER ACCOUNTING_2

MATERIAL AND OTHER ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
MATERIAL AND OTHER 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 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. (ii) Accounting Policy Judgement and Estimate Uncertainty 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. (iii) 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 8. 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 8. Changes in these assumptions can significantly affect the fair value estimate.
IFRS Accounting Standards Issued but Not Yet Applied	There are no IFRS Accounting Standards or International Financial Reporting Interpretations Committee interpretations, including amendments to IAS 1, “Classification of Liabilities as Current or Non-current” and “Non-current liabilities with Covenants” 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, 2023
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 Duparquet Gold Mines Inc. 100% Duparquet Gold Project (“Duparquet”) Central Duparquet (“Duparquet”) Duquesne Gold Project (“Duquesne”) Pitt Gold Project (“Pitt”) Québec, Canada

MATERIAL AND OTHER ACCOUNTING_3

MATERIAL AND OTHER ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
MATERIAL AND OTHER ACCOUNTING POLICIES
Property and equipment useful lives	Buildings 10 years Machinery and equipment 5 years Furniture and fixtures 5 years Vehicles 5 years Computer equipment 3 years Computer software 1 year

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
INVESTMENTS
Change in investments	Marketable Securities (FVTOCI) Total Investments Balance as at December 31, 2022 $ 184 $ 184 Additions 2,479 2,479 Disposals (2,322 ) (2,322 ) Loss recorded in other comprehensive income (78 ) (78 ) Balance as at December 31, 2023 $ 263 $ 263 Marketable Securities (FVTPL) Marketable Securities (FVTOCI) 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

PREPAID EXPENSES ACCOUNTS AND_2

PREPAID EXPENSES ACCOUNTS AND OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2023
PREPAID EXPENSES ACCOUNTS AND OTHER RECEIVABLES
Prepaids expenses, accounts and other receivables	December 31, 2023 December 31, 2022 GST and HST receivables $ 344 $ 467 Other receivables 156 32 Prepaid expenses 375 619 $ 875 $ 1,118

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2023
MINERAL PROPERTIES
Mineral properties	Springpole Birch-Uchi (Note 6(a)) Duparquet (Note 6(b)) Cameron Hope Brook (Note 6(c)) Others (1) Total Balance December 31, 2022 $ 125,829 $ 3,871 $ 42,886 $ 32,581 $ 15,852 $ 128 $ 221,147 Acquisition 1,192 450 513 - - - 2,155 Concessions, taxes and royalties 405 - 28 23 - - 456 Salaries and share-based payments 2,509 862 1,293 111 - - 4,775 Drilling, exploration, and technical consulting 1,654 1,080 1,146 22 - - 3,902 Assaying, field supplies, and environmental 6,464 1,143 2,570 85 - - 10,262 Travel and other expenses 904 577 158 26 - - 1,665 Total Expenditures $ 13,128 4,112 5,708 267 - - 23,215 Option payments received - - - - - (128 ) (128 ) Balance December 31, 2023 $ 138,957 $ 7,983 $ 48,594 $ 32,848 $ 15,852 $ - $ 244,234 Springpole Birch-Uchi (Note 6(a)) Duparquet (Note 6(b)) Cameron Hope Brook (Note 6(c)) Others (1) Total Balance December 31, 2021 $ 104,065 $ 1,320 $ 10,342 $ 32,329 $ 18,027 $ 3,934 $ 170,017 Acquisition 1,566 674 30,489 - - - 32,729 Concessions, taxes and royalties 255 - 2 17 - - 274 Salaries and share-based payments 3,406 652 281 94 - - 4,433 Drilling, exploration, and technical consulting 7,400 788 142 83 - - 8,413 Assaying, field supplies, and environmental 7,356 261 119 47 - - 7,783 Travel and other expenses 1,781 176 11 11 - - 1,979 Total Expenditures $ 21,764 $ 2,551 $ 31,044 $ 252 $ - $ - $ 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 $ 42,886 $ 32,581 $ 15,852 $ 128 $ 221,147
assets acquired and liabilities assumed	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
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, 2023
INVESTMENT IN TREASURY METALS
Investment in Treasury Metals	December 31, 2023 December 31, 2022 Balance, beginning of period $ 5,592 $ 15,400 Equity (loss) (778 ) (850 ) Impairment of Investment in Treasury Metals Inc. (1,545 ) (8,958 ) Balance, end of period $ 3,269 $ 5,592

INVESTMENT IN PC GOLD INC (Tabl

INVESTMENT IN PC GOLD INC (Tables)	12 Months Ended
	Dec. 31, 2023
INVESTMENT IN PC GOLD INC
Investment In PC Gold Inc	December 31, 2023 December 31, 2022 Balance, beginning of period $ 21,572 $ 21,570 Equity income/(loss) (45 ) 2 Balance, end of period $ 21,527 $ 21,572

INVESTMENT IN BIG RIDGE GOLD _2

INVESTMENT IN BIG RIDGE GOLD CORP (Tables)	12 Months Ended
	Dec. 31, 2023
INVESTMENT IN BIG RIDGE GOLD CORP
Investment In Big Ridge Gold Corp.	December 31, 2023 December 31, 2022 Balance, beginning of period $ 2,119 $ 1,491 Equity (loss) (149 ) (144 ) Completion of Stage 1 Earn-in - 2,175 Impairment of Investment in Big Ridge - (1,403 ) Dilution losses on Investment (564 ) - Balance, end of period $ 1,406 $ 2,119

SILVER STREAM DERIVATIVE LIAB_2

SILVER STREAM DERIVATIVE LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2023
SILVER STREAM DERIVATIVE LIABILITY
Fair value of derivative liability	December 31, 2023 December 31, 2022 Balance, beginning of period $ (27,171 ) $ (26,114 ) Change in fair value (7,124 ) (1,057 ) Balance, end of period $ (34,295 ) $ (27,171 )

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities	December 31, 2023 December 31, 2022 Accounts payable $ 1,844 $ 750 Accrued liabilities 2,984 2,097 Total $ 4,828 $ 2,847

FLOW-THROUGH SHARE PREMIUM LI_2

FLOW-THROUGH SHARE PREMIUM LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2023
FLOW-THROUGH SHARE PREMIUM LIABILITY
schedule of the liability portion	August 26, 2022 September 2, 2022 June 23, 2023 Total Balance, December 31, 2022 $ 872 $ 170 $ - $ 1,042 Settlement of flow-through share premium liability upon incurring eligible expenditures (872 ) (170 ) (534 ) (1,576 ) Liability incurred for flow-through share issued June 23, 2023 - - 1,759 1,759 Balance, December 31, 2023 $ - $ - $ 1,225 $ 1,225

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE CAPITAL
Warrant activity	Number Weighted average exercise price Balance as at December 31, 2021 91,892,620 $ 0.48 Warrants expired (41,545,383 ) 0.57 Balance as at December 31, 2022 50,347,237 $ 0.35 Warrants expired (18,297,009 ) 0.31 Warrants issued 52,589,759 0.21 Balance as at December 31, 2023 84,639,987 $ 0.27
Warrants outstanding	Exercise price Number of warrants outstanding Weighted average exercise price ($ per share) Weighted average remaining life (years) $ 0.20 43,330,500 $ 0.20 2.90 $ 0.27 9,259,259 $ 0.27 2.47 $ 0.37 32,050,228 $ 0.37 1.50 84,639,987 $ 0.27 2.33
Stock option activity	Number Weighted average exercise price Balance as at December 31, 2021 45,140,000 $ 0.44 Options granted 16,010,000 0.26 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 Options granted 16,960,000 0.19 Options expired/cancelled (16,517,500 ) 0.44 Options forfeited (1,755,000 ) 0.23 Balance as at December 31, 2023 45,060,000 $ 0.28
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) 0.16- 0.18 625,000 $ 0.17 4.52 156,250 $ 0.17 4.52 0.185- 0.25 19,735,000 $ 0.20 3.59 11,855,000 $ 0.21 3.24 0.26- 0.50 24,700,000 $ 0.34 2.17 24,700,000 $ 0.34 2.17 45,060,000 $ 0.28 2.83 36,711,250 $ 0.30 2.51
Share-based payments expenses	For the year ended December 31, Statements of Net Loss: 2023 2022 General and administration $ 1,170 $ 1,235 Exploration and evaluation 56 44 Investor relations and marketing communications 121 149 Corporate development and due diligence 245 145 Subtotal $ 1,592 $ 1,573 Statements of Financial Position: Mineral Properties 892 854 Total $ 2,484 $ 2,427
Stock option weighted average assumptions	Year ended Year ended December 31, 2023 December 31, 2022 Risk-free interest rate 3.25 % 1.87 % Share price at grant date (in dollars) $ 0.19 $ 0.27 Exercise price (in dollars) $ 0.19 $ 0.27 Expected life (years) 5.00 years 5.00 years Expected volatility (1) 65.06 % 63.97 % 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 RSUs granted 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 RSUs granted 2,817,045 0.18 RSUs settled (763,330 ) 0.33 RSUs forfeited (330,002 ) 0.30 Balance as at December 31, 2023 3,613,715 $ 0.20
Share-based payments expenses And reserve	Number Weighted average fair value Balance as at December 31, 2021 303,000 $ 0.36 DSUs granted 356,000 0.26 Balance as at December 31, 2022 659,000 $ 0.30 DSUs granted 450,000 0.18 Balance as at December 31, 2023 1,109,000 $ 0.25
Summarizes of changes in PSUs	Number Weighted average fair value Balance as at December 31, 2021 - $ - PSUs granted 1,913,000 0.24 Balance as at December 31, 2022 1,913,000 $ 0.24 PSUs granted – February 14, 2023 4,900,000 0.22 Balance as at December 31, 2023 6,813,000 $ 0.23

OPERATING EXPENSES (Tables)

OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
OPERATING EXPENSES (Note 15)
Expenditures	For the year ended December 31, 2023 General and administration Exploration and evaluation Investor relations and marketing communications Corporate development and due diligence Total Administrative and office $ 259 $ 159 $ 15 $ 16 $ 449 Consultants 344 31 - 130 505 Depreciation (non-cash) 299 180 - - 479 Directors’ fees 305 - - - 305 Marketing and conferences - 7 646 7 660 Professional fees 1,008 - 1 72 1,081 Salaries 1,694 323 377 225 2,619 Share-based payments (non-cash) (Note 14(d)) 1,170 56 121 245 1,592 Transfer agent and filing fees 154 - 43 - 197 Travel and accommodation 47 31 76 13 167 Operating expenses total $ 5,280 $ 787 $ 1,279 $ 708 $ 8,054 Impairment of non-current assets (non-cash) 1,545 Loss from operational activities $ 9,599 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 Marketing and conferences 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 Impairment of non-current assets (non-cash) 10,361 Loss from operational activities $ 17,777

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Recognized Income tax recovery (liabilities)	Year ended December 31, 2023 Year ended December 31, 2022 Net loss before income tax $ 8,612 $ 16,588 Combined Canadian statutory income tax rate 27.00 % 27.00 % Income tax recovery computed at statutory income tax rate 2,325 4,479 Tax effect of: Permanent differences and other 1,627 1,557 Investment in Treasury Metals (314 ) (1,324 ) Investment in PC Gold - (201 ) Flow-though eligible expenditures (884 ) (327 ) Share issue costs 149 73 Difference in tax rates in foreign jurisdictions 32 1 Flow-through share premium liability 1,576 309 Changes in unrecognized deferred tax assets (2,831 ) (4,258 ) Other (104 ) - Income tax recovery $ 1,576 $ 309
Recognized deferred income tax assets (liabilities)	December 31, 2023 December 31, 2022 Non-capital loss carryforwards $ 4,607 $ 3,115 Mineral properties (4,715 ) (3,033 ) Other (38 ) (82 ) Property and Equipment 146 - Total $ - $ -
Deferred income tax assets	December 31, 2023 December 31, 2022 Non-capital loss carryforwards $ 55,676 $ 51,574 Investment in Treasury Metals 32,731 30,408 Investment in PC Gold 14,473 14,428 Investment in Big Ridge 2,954 2,241 Silver Stream derivative liability 17,109 9,985 Investment tax credits 5,209 5,209 Other 1,994 1,519 Undeducted financing costs 1,049 217 Property and equipment 1,330 1,057 Mineral properties 41 1,997 Capital loss carryforwards 28,144 31,820 Total $ 160,710 $ 150,455

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Key management compensation	Service or Item Year ended December 31, 2023 2022 Directors’ fees $ 305 $ 296 Salaries and consultants’ fees 2,084 2,089 Share-based payments (non-cash) 1,827 1,669 Total $ 4,216 $ 4,054

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE
Financial assets measured at fair value	December 31, 2023 December 31, 2022 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 4) $ 263 $ 263 $ - $ - $ 184 $ 184 $ - $ - Financial liabilities: Silver Stream derivative liability (Note 11) $ 34,295 $ - $ - $ 34,295 $ 27,171 $ - $ - $ 27,171 Option – PC Gold (Note 8) $ 4,576 $ - $ - $ 4,576 $ 5,216 $ - $ - $ 5,216

FINANCIAL AND CAPITAL RISK MA_2

FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2023
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 $ 4,828 $ 4,828 $ 4,828 $ - $ - $ - Other liabilities 926 1,000 400 600 Lease liability 172 182 168 14 - - Total $ 5,926 $ 6,010 $ 5,396 $ 614 $ - $ -

NATURE OF OPERATIONS AND GOING

NATURE OF OPERATIONS AND GOING CONCERN (Details Narrative)	12 Months Ended
	Dec. 31, 2023 CAD ($)
Statement [Line Items]
Cash and cash equivalents	$ 12,211,000
Working capital	2,162,000
Accumulated deficit	(165,581,000)
Net loss	7,036,000
Cash used in operating activities	$ 5,073,000
Subsidiary ownership percentage	100%
Pickle Crow
Statement [Line Items]
Subsidiary ownership percentage	30%
BIG RIDGE GOLD CORP [Member]
Statement [Line Items]
Subsidiary ownership percentage	14.10%
Treasury Metals Inc [Member]
Statement [Line Items]
Subsidiary ownership percentage	11.20%
Fire Fly Metals [Member]
Statement [Line Items]
Subsidiary ownership percentage	49%

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2023
Statement [Line Items]
Subsidiary ownership percentage	100%
Subsidiary 2 [Member]
Statement [Line Items]
Subsidiary name	Duparquet Gold Mines Inc.
Subsidiary place of incorporation	Québec, Canada
Subsidiary ownership percentage	100%
Subsidiary 1 [Member]
Statement [Line Items]
Subsidiary name	Gold Canyon Resources Inc.
Subsidiary place of incorporation	Northwestern Ontario, Canada
Subsidiary ownership percentage	100%

MATERIAL AND OTHER ACCOUNTING_4

MATERIAL AND OTHER ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2023
Buildings [Member]
Statement [Line Items]
Estimated useful life of property, plant and equipment	10 years
Machinery [Member]
Statement [Line Items]
Estimated useful life of property, plant and equipment	5 years
Fixtures And Fittings
Statement [Line Items]
Estimated useful life of property, plant and equipment	5 years
Vehicles
Statement [Line Items]
Estimated useful life of property, plant and equipment	5 years
Computer Equipment [Member]
Statement [Line Items]
Estimated useful life of property, plant and equipment	3 years
Computer Software
Statement [Line Items]
Estimated useful life of property, plant and equipment	1 year

INVESTMENTS (Details)

INVESTMENTS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Marketable securities, beginning	$ 184	$ 13,386
Additions	2,479	110
Disposals	(2,322)	(10,438)
Gain recorded in other comprehensive income/loss	(78)	(1,227)
Gain (loss) recorded in net loss		(1,647)
Marketable securities, ending balance	263	184
Marketable Securities (FVTOCI)
Statement [Line Items]
Marketable securities, beginning	184	4,986
Additions	2,479	110
Disposals	(2,322)	(3,685)
Gain recorded in other comprehensive income/loss	(78)	(1,227)
Gain (loss) recorded in net loss		0
Marketable securities, ending balance	$ 263	184
Marketable Securities (FVTPL)
Statement [Line Items]
Marketable securities, beginning		8,400
Additions		0
Disposals		(6,753)
Gain recorded in other comprehensive income/loss		0
Gain (loss) recorded in net loss		(1,647)
Marketable securities, ending balance		$ 0

PREPAID EXPENSES ACCOUNTS AND_3

PREPAID EXPENSES ACCOUNTS AND OTHER RECEIVABLES (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Current accounts and other receivables	$ 875	$ 1,118
GST and HST Receivables
Statement [Line Items]
Current accounts and other receivables	344	467
Other Receivables
Statement [Line Items]
Current accounts and other receivables	156	32
Prepaid Expenses
Statement [Line Items]
Current accounts and other receivables	$ 375	$ 619

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	$ 221,147,000	$ 170,017,000
Acquisition	2,155,000	32,729,000
Concessions, taxes and royalties	456,000	274,000
Salaries and share-based payments	4,775,000	4,433,000
Drilling, exploration, and technical consulting	3,902,000	8,413,000
Assaying, field supplies and environment	10,262,000	7,783,000
Travel and other expenditures	1,665,000	1,979,000
Total Expenditures	23,215,000	55,611,000
Environmental remediation		1,500,000
Option payments received	(128,000)	(2,285,000)
Currency translation adjustments		13,000
Disposal, impairment or reclassification		(3,709,000)
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	244,234,000	221,147,000
Birch-Uchi
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	3,871,000	1,320,000
Acquisition	450,000	674,000
Concessions, taxes and royalties	0	0
Salaries and share-based payments	862,000	652,000
Drilling, exploration, and technical consulting	1,080,000	788,000
Assaying, field supplies and environment	1,143,000	261,000
Travel and other expenditures	577,000	176,000
Total Expenditures	4,112,000	2,551,000
Option payments received		0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	7,983,000	3,871,000
Springpole
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	125,829,000	104,065,000
Acquisition	1,192,000	1,566,000
Concessions, taxes and royalties	405,000	255,000
Salaries and share-based payments	2,509,000	3,406,000
Drilling, exploration, and technical consulting	1,654,000	7,400,000
Assaying, field supplies and environment	6,464,000	7,356,000
Travel and other expenditures	904,000	1,781,000
Total Expenditures	13,128,000	21,764,000
Option payments received		0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	138,957,000	125,829,000
Hope Brook
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	15,852,000	18,027,000
Acquisition	0	0
Concessions, taxes and royalties	0	0
Salaries and share-based payments	0	0
Drilling, exploration, and technical consulting	0	0
Assaying, field supplies and environment	0	0
Travel and other expenditures	0	0
Total Expenditures	0	0
Option payments received		(2,175,000)
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	15,852,000	15,852,000
Other
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	128,000	3,934,000
Acquisition	0	0
Concessions, taxes and royalties	0	0
Salaries and share-based payments	0	0
Drilling, exploration, and technical consulting	0	0
Assaying, field supplies and environment	0	0
Travel and other expenditures	0	0
Total Expenditures	0	0
Option payments received	(128,000)	(110,000)
Currency translation adjustments		13,000
Disposal, impairment or reclassification		(3,709,000)
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance		128,000
Cameron
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	32,581,000	32,329,000
Acquisition	0	0
Concessions, taxes and royalties	23,000	17,000
Salaries and share-based payments	111,000	94,000
Drilling, exploration, and technical consulting	22,000	83,000
Assaying, field supplies and environment	85,000	47,000
Travel and other expenditures	26,000	11,000
Total Expenditures	267,000	252,000
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	32,848,000	32,581,000
Duparquet (Note 6(b))
Statement [Line Items]
Acquisition, exploration, and evaluation costs on mineral properties, Beginning Balance	42,886,000	10,342,000
Acquisition	513,000	30,489,000
Concessions, taxes and royalties	28,000	2,000
Salaries and share-based payments	1,293,000	281,000
Drilling, exploration, and technical consulting	1,146,000	142,000
Assaying, field supplies and environment	2,570,000	119,000
Travel and other expenditures	158,000	11,000
Total Expenditures	5,708,000	31,044,000
Environmental remediation		1,500,000
Option payments received		0
Acquisition, exploration, and evaluation costs on mineral properties, Ending Balance	$ 48,594,000	$ 42,886,000

MINERAL PROPERTIES (Details 1)

MINERAL PROPERTIES (Details 1) $ in Thousands	Dec. 31, 2023 CAD ($)
MINERAL PROPERTIES
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

MINERAL PROPERTIES (Details 2)

MINERAL PROPERTIES (Details 2) $ in Thousands	Dec. 31, 2022 CAD ($)
MINERAL PROPERTIES
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

MINERAL PROPERTIES (Details Nar

MINERAL PROPERTIES (Details Narrative) - CAD ($)						1 Months Ended							12 Months Ended
	Nov. 05, 2023	Oct. 12, 2023	Jan. 13, 2023	Oct. 11, 2021	Jun. 09, 2021	Apr. 24, 2023	Jan. 30, 2023	Sep. 15, 2022	Oct. 29, 2021	Sep. 15, 2021	Apr. 28, 2021	Feb. 26, 2021	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Aggregate common share issued													1,598,162
Ownership percentage description													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
Total consideration													$ 6,700,000
NSR royalty percentage													1.50%
Cash													$ 4,700,000
Springpole
Statement [Line Items]
Expenditures	$ 300,000
Ownership percenatge									100%
Cash and share payments	250,000								$ 250,000				24,000
Common share issued during period, value													12,000
Fourth anniversary share issued amount	25,000
Fifth anniversary share issued amount	25,000
Sixth anniversary share issued amount	50,000
Seventh anniversary share issued amount	$ 100,000
Hope Brook
Statement [Line Items]
Share issued during period					36,500,000
Expenditures					$ 20,000,000
Shares received					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%
Swain Post Property Option
Statement [Line Items]
Ownership percenatge												100%
Cash													60,000
Common stock share issued												391,873
Common stock share issued, value												$ 75,000	200,000
Cash and share payments												$ 335,000	260,000
Birch Lake Properties Acquisition
Statement [Line Items]
Cash payment		$ 10,000		$ 350,000
Cash consideration			$ 600,000
Shares issued during the period		250,000		1,300,000
Additional term		3 years
Shares issued for acuisition			3,500,000
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 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
Paying in cash for project				$ 400,000
Additional expenditures				$ 1,750,000
Ownership percenatge				80%
First Mining percentage rate				51%
Amount received upon issuance of shares													153,750
Common share issued during period, value													110,000
Cash payable on first anniversary			$ 100,000
cash payable on the second anniversary			100,000
cash payable on the third anniversary			$ 200,000
Remaining shares issued			2,000,000
Share issued on the first anniversary			500,000
Share issued on the second anniversary			1,000,000
Swain Lake Property Option
Statement [Line Items]
Cash payment											$ 200,000		$ 150,000
Share issued during period													1,256,395
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, value													$ 325,000
Share payments totaling											$ 425,000
Vixen Properties Acquisition
Statement [Line Items]
Expenditures										$ 500,000
Ownership percenatge										100%
First Mining percentage rate										70%
Amount received upon issuance of shares													375,000
Common shares issued during period													175,000
Cash payments										$ 550,000			$ 350,000
Second anniversary share issued amount										175,000
Third anniversary share issued amount										175,000
Fourth anniversary share issued amount										100,000
Fifth anniversary share issued amount										$ 500,000
Duparquet [Member]
Statement [Line Items]
Share issued during period								35						71,532,516
Ownership percenatge														100%
Cash consideration						$ 300,000		$ 6,227,176
Total share consideration						250,000	2,500,000	51,532,516
Transaction amount per share								$ 443,641
Consideration for acquisition								$ 2,500,000
Share issued for acquisition								20,000,000
fair value of share issued							$ 512,500
Net smelter return						2%	1.50%
Cash payments							$ 500,000
Cash payments for commercial production							$ 1,000,000
Deferred cash payment						$ 350,000
Consideration description						Company 50% (for a total of 1.0%) of the royalty by paying $1,000,000 to the Company

INVESTMENT IN TREASURY METALS_2

INVESTMENT IN TREASURY METALS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVESTMENT IN TREASURY METALS
Beginning Balance	$ 5,592	$ 15,400
Equity (loss) income	(778)	(850)
Fair value adjustment of Investment in Treasury Metals Inc.	(1,545)	(8,958)
Ending Balance	$ 3,269	$ 5,592

INVESTMENT IN TREASURY METALS_3

INVESTMENT IN TREASURY METALS (Details Narrative) - CAD ($) shares in Millions		12 Months Ended
	Aug. 07, 2020	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Ownership percentage		100%
Treasury's net loss		$ 778,000
Treasury Metals Shares, share		20
Fair value of treasury metals shares at closing		$ 3,269,000	$ 5,592,000
Treasury Share Purchase Agreement [Member]
Statement [Line Items]
Stock fair value		$ 1,500,000
Net Smelter Returns [Member]
Statement [Line Items]
Contingent consideration payable in cash	$ 5,000,000

INVESTMENT IN PC GOLD INC (Deta

INVESTMENT IN PC GOLD INC (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVESTMENT IN PC GOLD INC
Investments, Balance, beginning of period	$ 21,572	$ 21,570
Equity income/(loss)	(45)	2
Balance, Ending of period	$ 21,527	$ 21,572

INVESTMENT IN PC GOLD INC (De_2

INVESTMENT IN PC GOLD INC (Details Narrative) - CAD ($)		12 Months Ended
	Jun. 09, 2021	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Ownership percent description		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
Provision for investment		$ (1,021,000)	$ 0
Pickle Crow
Statement [Line Items]
Ownership percenatge	51%		30%
Share received	100,000,000
Ownership percent description	the Company’s percentage ownership was reduced from 49% to 30%
liability balance		4,576,000	$ 5,216,000
Option payment receipt		$ 3,000,000
Equity interest		10%
Ownership reduce percentage		20%
Provision for investment		$ 151,000	$ 1,172,000

INVESTMENT IN BIG RIDGE GOLD _3

INVESTMENT IN BIG RIDGE GOLD CORP. (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVESTMENT IN BIG RIDGE GOLD CORP
Investments, Balance, beginning of period	$ 2,119	$ 1,491
Equity loss	149	144
Completion of Stage 1 Earn-In	0	2,175
Impairment of Investment in Big Ridge	0	(1,403)
Dilution losses on Investment	(564)	0
Balance, Ending of period	$ 1,406	$ 2,119

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, 2023	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

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Apr. 28, 2023	Dec. 31, 2022
Statement [Line Items]
cash	$ 12,211,000		$ 13,558,000
On The Closing Date [Member]
Statement [Line Items]
Payment Terms	$200,000 cash payable on the closing date and issue 1,000,000 shares
Personal Property [Member]
Statement [Line Items]
cash		$ 800,000
Common shares		1,000,000
first anniversary [Member]
Statement [Line Items]
Payment Terms	$300,000 cash payable on or before the first anniversary of the closing date
Second Anniversary [Member]
Statement [Line Items]
Payment Terms	$300,000 cash payable on or before the second anniversary of the closing date

SILVER STREAM DERIVATIVE LIAB_3

SILVER STREAM DERIVATIVE LIABILITY (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SILVER STREAM DERIVATIVE LIABILITY
Fair value, beginning	$ (27,171)	$ (26,114)
Change in fair value	(7,124)	(1,057)
Fair value, ending	$ (34,295)	$ (27,171)

SILVER STREAM DERIVATIVE LIAB_4

SILVER STREAM DERIVATIVE LIABILITY (Details Narrative)		12 Months Ended
	Jun. 10, 2020 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Mar. 04, 2021 USD ($) shares	Mar. 04, 2021 CAD ($) shares	Jul. 02, 2020 USD ($)	Jul. 02, 2020 CAD ($)	Jun. 10, 2020 CAD ($) shares
Statement [Line Items]
Derivative liability		$ 25,930,000			$ 20,061,000
Advance Payment receivable		3,540,000			3,585,000
Fair value obligation		29,470,000			$ 23,646,000
Derivative liability consideration payable				$ 34,295,000		$ 27,171,000
Advance Payment receivable minimum amount				4,681,000		4,855,000
Fair value obligation minimum payment				$ 38,976,000		$ 32,026,000
Three Tranche [Member]
Statement [Line Items]
Consideration payable		$ 5,000,000
Silver Purchase Agreement [Member]
Statement [Line Items]
Buy-back right discription		First Mining has the right to repurchase 50% of the Silver Stream for US$22.5 million (approximately $29.8 million as at December 31, 2023) at any time prior to the commencement of production at Springpole (the “Buy-Back Right”).	First Mining has the right to repurchase 50% of the Silver Stream for US$22.5 million (approximately $29.8 million as at December 31, 2023) at any time prior to the commencement of production at Springpole (the “Buy-Back Right”).
Mining total consideration	$ 22,500,000
Mining at closing date										$ 30,600,000
Right to purchase	50%
Warrants purchase | shares	30,000,000
Exercise price | $ / shares	$ 0.40
Re-priced per share | $ / shares	$ 0.37
First Majestic [Member]
Statement [Line Items]
Consideration payable			$ 5,000,000
Cash								$ 4,800,000
Common stock shares | shares							287,300	287,300
Mining received							$ 7,500,000
First Majestic [Member] | Tranche2 [Member]
Statement [Line Items]
Mining total consideration							3,750,000
Tranche for cash							$ 3,750,000
Mining received								$ 9,800,000
First Majestic [Member] | Tranche 3 [Member]
Statement [Line Items]
Consideration payable			$ 6,500,000
First Mining [Member]
Statement [Line Items]
Mining at closing date									$ 2,500,000
Cash	$ 7,500,000
Common stock shares | shares	805,698										805,698
First Mining [Member] | Tranche 1 [Member]
Statement [Line Items]
Mining total consideration									$ 10,000,000		$ 13,700,000
Mining at closing date										$ 3,300,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable	$ 1,844	$ 750
Accrued liabilities	2,984	2,097
Accounts payable and other accrued liabilities	$ 4,828	$ 2,847

FLOW-THROUGH SHARE PREMIUM LI_3

FLOW-THROUGH SHARE PREMIUM LIABILITY (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($)
Statement [Line Items]
Beginning balance	$ 1,042
Settlement of flow-through share premium liability upon incurring eligible expenditures	(1,576)
Liability incurred for flow-through shares issued June 23, 2023	1,759
Ending balance	1,225
August 26, 2022 [Member]
Statement [Line Items]
Beginning balance	872
Settlement of flow-through share premium liability upon incurring eligible expenditures	(872)
Liability incurred for flow-through shares issued June 23, 2023	0
Ending balance	0
September 2, 2022 [Member]
Statement [Line Items]
Beginning balance	170
Settlement of flow-through share premium liability upon incurring eligible expenditures	(170)
Liability incurred for flow-through shares issued June 23, 2023	0
Ending balance	0
June 23, 2023 [Member]
Statement [Line Items]
Beginning balance	0
Settlement of flow-through share premium liability upon incurring eligible expenditures	(534)
Liability incurred for flow-through shares issued June 23, 2023	1,759
Ending balance	$ 1,225

FLOW-THROUGH SHARE PREMIUM LI_4

FLOW-THROUGH SHARE PREMIUM LIABILITY (Details Narrative) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
FLOW-THROUGH SHARE PREMIUM LIABILITY
Unspent flow-through expenditure commitments	$ 3,482,000	$ 4,090,000

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - $ / shares		1 Months Ended	12 Months Ended
	Dec. 07, 2023	Jun. 23, 2023	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Risk-free rate			3.25%	1.87%
Volatility rate			65.06%	63.97%
Non-Brokered Private Placement Financing [Member]
Statement [Line Items]
Exercise price	$ 0.20	$ 0.27
Time to expiration	3 years	3 years
Risk-free rate	3.59%	3.74%
Volatility rate	48.69%	48.33%

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SHARE CAPITAL
Warrants, outstanding, beginning	50,347,237	91,892,620
Warrants Issued	52,589,759
Warrants expired	(18,297,009)	(41,545,383)
Warrants, outstanding, ending	84,639,987
Weighted average exercise price, outstanding, beginning	$ 0.35	$ 0.48
Weighted average exercise price, issued	0.21
Weighted average exercise price, expired	0.31	0.57
Weighted average exercise price, outstanding, ending	$ 0.27	$ 0.35

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Statement [Line Items]
Warrants, outstanding | shares	84,639,987
Weighted average exercise price | $ / shares	$ 0.27
Weighted average remaining life, outstanding	2 years 3 months 29 days
Warrant 1
Statement [Line Items]
Exercise price	0.20
Warrants, outstanding | shares	43,330,500
Weighted average exercise price | $ / shares	$ 0.20
Weighted average remaining life, outstanding	2 years 10 months 24 days
Warrant 2
Statement [Line Items]
Exercise price	0.27
Warrants, outstanding | shares	9,259,259
Weighted average exercise price | $ / shares	$ 0.27
Weighted average remaining life, outstanding	2 years 5 months 19 days
Warrant 3
Statement [Line Items]
Exercise price	0.37
Warrants, outstanding | shares	32,050,228
Weighted average exercise price | $ / shares	$ 0.37
Weighted average remaining life, outstanding	1 year 6 months

SHARE CAPITAL (Details 3)

SHARE CAPITAL (Details 3)	12 Months Ended
	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
SHARE CAPITAL
Options, outstanding, beginning | shares	46,372,500	45,140,000
Options, granted | shares	16,960,000	16,010,000
Options expired/cancelled	(16,517,500)	(13,146,250)
Options, forfeited | shares	(1,755,000)	(1,631,250)
Options, outstanding, ending | shares	45,060,000	46,372,500
Weighted average exercise price, outstanding, beginning	$ 0.37	$ 0.44
Weighted average exercise price, granted	0.19	0.26
Weighted average exercise price, expired	0.44	0.63
Weighted average exercise price, forfeited	0.23	0.31
Weighted average exercise price, outstanding, ending	$ 0.28	$ 0.37

SHARE CAPITAL (Details 4)

SHARE CAPITAL (Details 4)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Statement [Line Items]
Options, outstanding | shares	45,060,000
Weighted average exercise price, outstanding | $ / shares	$ 0.28
Weighted average remaining life, outstanding	2 years 9 months 29 days
Number of options, exercisable | shares	36,711,250
Weighted average exercise price, exercisable | $ / shares	$ 0.30
Weighted average remaining life, exercisable	2 years 6 months 3 days
Stock options 3
Statement [Line Items]
Exercise price	0.26- 0.50
Options, outstanding | shares	24,700,000
Weighted average exercise price, outstanding | $ / shares	$ 0.34
Weighted average remaining life, outstanding	2 years 2 months 1 day
Number of options, exercisable | shares	24,700,000
Weighted average exercise price, exercisable | $ / shares	$ 0.34
Weighted average remaining life, exercisable	2 years 2 months 1 day
Stock options 1
Statement [Line Items]
Exercise price	0.16- 0.18
Options, outstanding | shares	625,000
Weighted average exercise price, outstanding | $ / shares	$ 0.17
Weighted average remaining life, outstanding	4 years 6 months 7 days
Number of options, exercisable | shares	156,250
Weighted average exercise price, exercisable | $ / shares	$ 0.17
Weighted average remaining life, exercisable	4 years 6 months 7 days
Stock options 2
Statement [Line Items]
Exercise price	0.185- 0.25
Options, outstanding | shares	19,735,000
Weighted average exercise price, outstanding | $ / shares	$ 0.20
Weighted average remaining life, outstanding	3 years 7 months 2 days
Number of options, exercisable | shares	11,855,000
Weighted average exercise price, exercisable | $ / shares	$ 0.21
Weighted average remaining life, exercisable	3 years 2 months 26 days

SHARE CAPITAL (Details 5)

SHARE CAPITAL (Details 5) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Statements of Net Loss: share-based payments	$ 1,592	$ 1,573
Share-based payments	2,484	2,427
Mineral Properties [Member]
Statement [Line Items]
Statements of Financial Position: share-based payments	892	854
General and Administration
Statement [Line Items]
Statements of Net Loss: share-based payments	1,170	1,235
Exploration and Evaluation
Statement [Line Items]
Statements of Net Loss: share-based payments	56	44
Investor Relations and Marketing
Statement [Line Items]
Statements of Net Loss: share-based payments	121	149
Corporate Development and Due Diligence
Statement [Line Items]
Statements of Net Loss: share-based payments	$ 245	$ 145

SHARE CAPITAL (Details 6)

SHARE CAPITAL (Details 6) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SHARE CAPITAL
Risk-free interest rate	3.25%	1.87%
Share price at grant date	$ 0.19	$ 0.27
Exercise price	$ 0.19	$ 0.27
Expected life	5 years	5 years
Expected volatility	65.06%	63.97%
Forfeiture rate	7.50%	7.50%

SHARE CAPITAL (Details 7)

SHARE CAPITAL (Details 7) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SHARE CAPITAL
Restricted Share Units Beginning Balance	1,890,002	1,550,000
Restricted Share Units, granted	2,817,045	1,090,000
Restricted Share Units, settled	(763,330)	(516,664)
Restricted Share Units, forfeited	(330,002)	(233,334)
Restricted Share Units Ending Balance	3,613,715	1,890,002
Weighted average, Beginning Balance	$ 0.31	$ 0.40
Weighted average fair value, Granted	0.18	0.25
Weighted average fair value, settled	0.33	0.40
Weighted average fair value, forfeited	0.30	0.40
Weighted average, Ending Balance	$ 0.20	$ 0.31

SHARE CAPITAL (Details 8)

SHARE CAPITAL (Details 8) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SHARE CAPITAL
Deferred Share Units Beginning Balance	659,000	303,000
Deferred Share Units, Granted - February 11, 2022	450,000	356,000
Deferred Share Units, Ending Balance	1,109,000	659,000
Weighted average, Deferred Share Units, Beginning Balance	$ 0.30	$ 0.36
Weighted average fair value, Deferred Share Units, Granted - February 11, 2022	0.18	0.26
Weighted average, Deferred Share Units, Ending Balance	$ 0.25	$ 0.30

SHARE CAPITAL (Details 9)

SHARE CAPITAL (Details 9) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SHARE CAPITAL
Performance Share Units, Beginning Balance	1,913,000
Performance Share Units, Granted - February 14, 2023	4,900,000	1,913,000
Performance Share Units, Ending Balance	6,813,000	1,913,000
Weighted average, Performance Share Units, Beginning Balance	$ 0.24	$ 0
Weighted average fair value, Performance Share Units, Granted - February 14, 2023	0.22	0.24
Weighted average, Performance Share Units, Ending Balance	$ 0.23	$ 0.24

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - CAD ($)		1 Months Ended	12 Months Ended
	Dec. 07, 2023	Jun. 23, 2023	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Common shares issued and fully paid			916,414,375	802,226,149
Aggregate gross proceeds	$ 10,833,000	$ 5,000,000	$ 5,325,000
Issued an aggregate of flow-through units		18,518,519	17,749,868
FT shares price per share	$ 0.125	$ 0.27	$ 0.30
Paid issuance costs			$ 271,000
Amount of share capital	$ 9,378,000	$ 2,789,000	3,703,000
Exercise price	$ 0.20
Remaining share issuance cost		1,759,000	1,351,000
Outstanding flow-through share premium liability			$ 1,042,000
Stock options granted			16,960,000	16,010,000
Stock options granted fair value			$ 1,695,000	$ 2,173,644
Weighted average fair value per stock options			$ 0.10	$ 0.14
Unvested Options			8,348,750	8,142,500
Unvested stock options fair value Grant			$ 833,300	$ 1,100,717
Warrant value	$ 1,065,000	$ 324,000
Flow-through share premium liability			1,225,000
Common share issued unit	86,661,000
Share-based payments expense			2,814,000	$ 2,427,000
Stock options
Statement [Line Items]
Share-based payments expense			$ 1,547,136
Restricted Share Units
Statement [Line Items]
Granted shares			2,817,045	1,090,000
Common share issued unit			763,330	516,664
Share-based payments expense			$ 323,457
Aggregate settlement value			250,011
Performance Share Units
Statement [Line Items]
Share-based payments expense			$ 532,551
Shares granted			4,900,000	1,913,000
Deferred Share Units D S Us [Member]
Statement [Line Items]
Share-based payments expense			$ 80,511
Shares granted			450,000	356,000

OPERATING EXPENSES (Details)

OPERATING EXPENSES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
General and administration	$ 5,280,000	$ 4,962,000
Exploration and evaluation	787,000	639,000
Investor relations and marketing communications	1,279,000	1,394,000
Corporate development and due diligence	708,000	421,000
Total	8,054,000	7,416,000
Fair value adj. of non-current assets (non-cash)	1,545,000	10,361,000
Loss from operational activities	(9,599,000)	(17,777,000)
Administrative and Office
Statement [Line Items]
General and administration	259,000	328,000
Exploration and evaluation	159,000	125,000
Investor relations and marketing communications	15,000	17,000
Corporate development and due diligence	16,000	13,000
Total	449,000	483,000
Consultants
Statement [Line Items]
General and administration	344,000	432,000
Exploration and evaluation	31,000	12,000
Investor relations and marketing communications	0	0
Corporate development and due diligence	130,000	1,000
Total	505,000	445,000
Depreciation (Non-cash)
Statement [Line Items]
General and administration	299,000	235,000
Exploration and evaluation	180,000	176,000
Investor relations and marketing communications	0	0
Corporate development and due diligence	0	0
Total	479,000	411,000
Directors Fees
Statement [Line Items]
General and administration	305,000	296,000
Exploration and evaluation	0	0
Investor relations and marketing communications	0	0
Corporate development and due diligence	0	0
Total	305,000	296,000
Investor Relations and Marketing Communications
Statement [Line Items]
General and administration	0	25,000
Exploration and evaluation	7,000	3,000
Investor relations and marketing communications	646,000	721,000
Corporate development and due diligence	7,000	8,000
Total	660,000	757,000
Professional Fees
Statement [Line Items]
General and administration	1,008,000	974,000
Exploration and evaluation	0	48,000
Investor relations and marketing communications	1,000	0
Corporate development and due diligence	72,000	0
Total	1,081,000	1,022,000
Salaries
Statement [Line Items]
General and administration	1,694,000	1,233,000
Exploration and evaluation	323,000	209,000
Investor relations and marketing communications	377,000	377,000
Corporate development and due diligence	225,000	230,000
Total	2,619,000	2,049,000
Share-based Payments (Non-cash)
Statement [Line Items]
General and administration	1,170,000	1,235,000
Exploration and evaluation	56,000	44,000
Investor relations and marketing communications	121,000	149,000
Corporate development and due diligence	245,000	145,000
Total	1,592,000	1,573,000
Transfer Agent and Filing Fees
Statement [Line Items]
General and administration	154,000	123,000
Exploration and evaluation	0	0
Investor relations and marketing communications	43,000	16,000
Corporate development and due diligence	0	0
Total	197,000	139,000
Travel and Accommodation
Statement [Line Items]
General and administration	47,000	81,000
Exploration and evaluation	31,000	22,000
Investor relations and marketing communications	76,000	114,000
Corporate development and due diligence	13,000	24,000
Total	$ 167,000	$ 241,000

SEGMENT INFORMATION (Details Na

SEGMENT INFORMATION (Details Narrative) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
Canada
Statement [Line Items]
Total non-current assets	$ 272,718,000	$ 251,941,000
USA
Statement [Line Items]
Total non-current assets		$ 132,000

INCOME TAXES (Details)

INCOME TAXES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Net loss before income tax	$ 8,612	$ 16,588
Combined Canadian statutory income tax rate	27%	27%
Income tax recovery computed at statutory income tax rate	$ 2,325	$ 4,479
Tax effect of:
Permanent differences and other	1,627	1,557
Investment in Treasury Metals	(314)	(1,324)
Investment in PC Gold	0	(201)
Flow-through eligible expenditures	(884)	(327)
Share issue costs	149	73
Difference in tax rates in foreign jurisdictions	32	1
Flow-through share premium liability	1,576	309
Changes in unrecognized deferred tax assets	(2,831)	(4,258)
Other	(104)	0
Income tax recovery (expense)	$ 1,576	$ 309

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Non-capital loss carry forwards	$ 4,607	$ 3,115
Mineral properties	(4,715)	(3,033)
Other	(38)	(82)
Property and Equipment	146	0
Total	$ 0	$ 0

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Deferred income tax assets, net	$ 160,710	$ 150,455
Property and Equipment
Statement [Line Items]
Deferred income tax assets, net	1,330	1,057
Non-capital Loss Carryforwards
Statement [Line Items]
Deferred income tax assets, net	55,676	51,574
Investment in Treasury Metals
Statement [Line Items]
Deferred income tax assets, net	32,731	30,408
Investment in PC Gold
Statement [Line Items]
Deferred income tax assets, net	14,473	14,428
Investment in Big Ridge
Statement [Line Items]
Deferred income tax assets, net	2,954	2,241
Silver Stream Derivative Liability
Statement [Line Items]
Deferred income tax assets, net	17,109	9,985
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	1,049	217
Capital Loss Carryforwards
Statement [Line Items]
Deferred income tax assets, net	28,144	31,820
Mineral Properties [Member]
Statement [Line Items]
Deferred income tax assets, net	41	1,997
Other
Statement [Line Items]
Deferred income tax assets, net	$ 1,994	$ 1,519

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Non-capital loss carryforwards	$ 4,607,000	$ 3,115,000
Canada
Statement [Line Items]
Non-capital loss carryforwards	72,997,000	63,256,000
Capital loss carryforwards	28,144,000	31,820,000
Investment tax credits	$ 5,209,000	$ 5,209,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Directors' fees	$ 305	$ 296
Salaries and consultants' fees	2,084	2,089
Share-based payments (non-cash)	1,827	1,669
Total	$ 4,216	$ 4,054

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Gross proceeds	$ 1,585,000	$ 0

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Porcupine East Property [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	2,500,000
Shares issued in connection with acquisitions value	$ 512,500
Birch Lake and Casummit Lake Properties [Member]
Statement [Line Items]
Proceed from shares issued in connection with acquisitions	2,000,000
Shares issued in connection with acquisitions value	$ 440,000
Various Property [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	2,445,257
Shares issued in connection with acquisitions value	$ 385,000
Real And Personal Property [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	1,000,000
Royalties Corp [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	1,598,162
Shares issued in connection with acquisitions value	$ 0
Initial recognition amounts	2,000,000
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
Grid Metals Corp [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	250,000
Shares issued in connection with acquisitions value	$ 0
Initial recognition amount	$ 35,000
Ontario Canada [Member]
Statement [Line Items]
Shares issued in connection with acquisitions	1,250,000
Duparquet [Member]
Statement [Line Items]
Shares issued in connection with acquisitions		79,169,460
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
Shares issued in connection with acquisitions value		$ 1,250,000

FAIR VALUE (Details)

FAIR VALUE (Details) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Investments	$ 263,000	$ 184,000
Fair value, beginning	34,295,000	27,171,000
Option - PC Gold	4,576,000	5,216,000
Level 1
Statement [Line Items]
Investments	263,000	184,000
Fair value, beginning	0	0
Option - PC Gold	0	0
Level 2
Statement [Line Items]
Investments	0	0
Fair value, beginning	0	0
Option - PC Gold	0	0
Level 3
Statement [Line Items]
Investments	0	0
Fair value, beginning	34,295,000	27,171,000
Option - PC Gold	$ 4,576,000	$ 5,216,000

FAIR VALUE (Detail Narrative)

FAIR VALUE (Detail Narrative)	Dec. 31, 2023 CAD ($)
FAIR VALUE
Additional earn	10%
Received on exercise	$ 3,000,000

FINANCIAL AND CAPITAL RISK MA_3

FINANCIAL AND CAPITAL RISK MANAGEMENT (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Accounts payable and accrued liabilities	$ 4,828	$ 2,847
Other liabilities	926
Lease liability	172
Total liability	5,926
Contractual Cash Flows
Statement [Line Items]
Accounts payable and accrued liabilities	4,828
Other liabilities	1,000
Lease liability	6,010
Total liability	182
Less Than 1 Year
Statement [Line Items]
Accounts payable and accrued liabilities	4,828
Other liabilities	400
Lease liability	168
Total liability	5,396
1 - 3 Years
Statement [Line Items]
Accounts payable and accrued liabilities	0
Other liabilities	600
Lease liability	14
Total liability	614
4 - 5 Years
Statement [Line Items]
Accounts payable and accrued liabilities	0
Lease liability	0
Total liability	0
After 5 Years
Statement [Line Items]
Accounts payable and accrued liabilities	0
Lease liability	0
Total liability	$ 0

FINANCIAL AND CAPITAL RISK MA_4

FINANCIAL AND CAPITAL RISK MANAGEMENT (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL AND CAPITAL RISK MANAGEMENT
Cash and cash equivalents	$ 12,211,000	$ 13,558,000
Commodity price risk increased or decreased	3,429,500
Cash and cash equivalents foreign currency risk	3,139,000	$ 10,992,000
Investments in equity instruments designated percentage FVTPL		10%
Investment in equity instrument designated percentage FVTOCI		10%
Other comprehensive income (loss)	$ 26,000	$ 18,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - CAD ($)	1 Months Ended	12 Months Ended
	Mar. 21, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Stock options expired		5,125,000
Unvested RSUs		1,261,213
Unvested PSUs		1,997,000
Gross proceeds		$ 15,833,000	$ 5,325,000
Weighted average exercise price		$ 0.39
RSUs [Member]
Statement [Line Items]
Granted RSU		8,422,115
PSUs [Member]
Statement [Line Items]
Granted Performance Share Units		5,650,000
DSUs [Member]
Statement [Line Items]
Exercisable period		18 months
Granted deferred stock		400,000
Big Ridge Gold Corp [Member] | Non-adjusting events after reporting period [member]
Statement [Line Items]
Exchange of shares	10,000,000
Sold of stock	36,500,000
Gross proceeds	$ 1,825,000
Issue price	$ 0.05
Stock options
Statement [Line Items]
Weighted average exercise price		$ 0.118
Granted stock options		26,607,500