08:25 AM EDT, 05/14/2025 (MT Newswires) -- First Mining Gold ( FFMGF ) on Wednesday said its first-quarter loss widened on a non-cash charge.

The company, which is advancing the Springpole project in Ontario and the Duparquet gold project in Quebec, said it lost $19.09 million, or $0.02 per share, in the period, compared with a loss of $18.46 million, or $0.02, in the year-prior quarter. It reported no revenue in either quarter.

First Mining said the loss came on a fair-value charge for its sale of a silver stream from its Springpole project to First Majestic Silver ( AG ) . It took a charge of $19.2 million in the measure, compared with a prior-year charge of $3.09 million for the streaming agreement that is supporting its exploration program.

"We are pleased to announce a successful start to the fiscal year where we were able to bring forward a US$5 million payment through the continued endorsement of First Majestic Silver ( AG ). We continue to make significant progress on the permitting front at our Springpole Gold Project and continue to demonstrate exploration potential at Duparquet with the recently announced exploration program," Chief Executive Dan Wilton said in a release.

The company ended the quarter with $11.7 million of cash on hand.

First Mining shares closed up $0.005 to $0.16 Tuesday on the Toronto Stock Exchange.