11:18 AM EDT, 03/31/2025 (MT Newswires) -- First Mining Gold ( FFMGF ) was edging down early Monday after the company reported a wider loss for year-ended Dec. 31, 2024.

The company also appointed Darren Prins as the interim Chief Financial Officer as Lisa Peterson is taking maternity leave starting on or about April 4. Peterson is expected to return in October 2025.

Net loss was $15.314 million or basic and diluted loss per share of $0.02 in 2024 compared with net loss of $7.0 million or basic and diluted loss per share of $0.01, a year earlier. It said the change is primarily due to the change in net loss from non-cash items for the current period. The net loss for the year ended December 31, 2024 is primarily comprised of an impairment of Hope Brook Project of $12.0 million (December 31, 2023: $1.5 million impairment on equity investment in NexGold).

As of December 31, 2024 , the company's cash and current investments balance was $13.7 million and the equity interest in PC Gold Inc. (Pickle Crow Project) was $21.5 million. It said the decrease in cash and cash equivalents held for the year ended December 31, 2024 was primarily due to cash used in operating activities and investing activities at the company's mineral projects, particularly at Springpole and Duparquet, offset by the cash received from the sale of marketable securities and proceeds from equity financings.

The company said its annual financial statements were prepared on a "going concern" basis, which contemplates that First Mining will be able to continue its operations for at least 12 months from Dec. 31, 2024 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 need additional financing or outside participation to undertake further advanced exploration of its mineral properties.

A statement noted: "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."

Shares of the company were last seen down 3.5% at $0.135 on the Toronto Stock Exchange.

Price: 0.14, Change: -0.01, Percent Change: -3.57