07:42 AM EDT, 03/14/2025 (MT Newswires) -- First Mining Gold ( FFMGF ) said Friday that it agreed to amend its silver purchase agreement with First Majestic Silver ( AG ) .

Under the amended agreement, the final tranche payment of US$5 million in cash will be paid by First Majestic by March 31.

First Mining agreed to amend the terms of the warrants issued to First Majestic on July 2, 2020. The exercise price of the 32,050,228 warrants issued to First Majestic will be changed to $0.20 from $0.374 per warrant, and the expiration date was moved to March 31, 2028 from July 2, 2025.

If the closing price of First Mining's shares on the TSX equals or exceeds $0.30 for 45 consecutive trading days, First Mining may accelerate the expiry date of the warrants.

"This final payment solidifies First Majestic's interest in the Springpole gold project, securing the over 20-million-ounce silver stream with a Canadian-based and highly experienced silver mining company," First Mining CEO Dan Wilton said. "When in production, the Springpole gold project would be Ontario's largest silver producer securing a domestic supply of a key metal required for various clean energy applications including electric vehicles."