08:52 AM EDT, 07/07/2025 (MT Newswires) -- First Mining Gold ( FFMGF ) said Monday that it agreed to sell its remaining 20% stake in the Hope Brook gold project in Newfoundland to joint venture partner Big Ridge Gold ( ALVLF ) .

First Mining will receive $3 million in cash and 7 million Big Ridge shares. The transaction is expected to close in the third quarter.

"First Mining will retain exposure to the Hope Brook gold project as a shareholder of Big Ridge and look forward to its continued success," said Dan Wilton, CEO of First Mining.

First Mining said it will now focus on advancing the Springpole gold project in Ontario and the Duparquet gold project in Quebec.

First Mining's share price closed 2.7% lower on Friday to $0.18 on the TSX.