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Advancing Two of Canada’s Largest Undeveloped Gold Projects | Daniel Wilton - First Mining Gold Corp

The Deep Dive Sep 25, 2026 7:33

Summary

Wilton argues Canada's mine approvals stay slow because building trust with Indigenous communities takes time no government mandate can compress.

Springpole, five million ounces in northwestern Ontario, won federal environmental assessment approval in June after eight and a half years.

Permits and detailed engineering come next, with a definitive feasibility study and a final investment decision (FID — the build commitment) targeted for early 2028.

At Duparquet in Quebec, six million ounces and 50,000 metres drilled since 2022 support a resource update targeted for Q1.

Wilton claims the market assigns Duparquet almost no value today and argues the project could carry a multibillion-dollar net asset value.

Key points on First Mining Gold

  • Springpole received its federal environmental assessment approval on June 30, with provincial EA approval expected in October, making it one of Canada's most advanced undeveloped gold projects on permitting.
  • Remaining Springpole steps are the actual permits — via a staged closure plan (early works first, then detailed operating permits) — with detailed engineering that must conform to the EA approval conditions.
  • The company is targeting a definitive feasibility study around this time next year, project financing shortly after, and a final investment decision in Q1 2028.
  • First Mining is advancing two of Canada's largest undeveloped gold projects: Springpole at 5 million ounces in Northwestern Ontario, 100 km from Red Lake, and Duparquet at 6 million ounces in the heart of Quebec's Abitibi Gold Belt.
  • At Duparquet, roughly 50,000 metres have been drilled since the 2022 acquisition with about 15,000 more metres planned by year-end, connecting previously unconnected areas and finding new mineralized horizons; the CEO argues the market gives the asset very little value in the current market cap and believes it could be a project with a multiple-billion-dollar NAV.

Mark Carney's takeaways

  • Top takeaway Cited by the host as leading an investment summit aimed at bringing a trillion dollars of investment into Canada.
  • Referenced only as context for the permitting discussion — alongside the major projects office working to streamline processes — and he does not speak in the video.

Dan Wilton's takeaways

  • Top takeaway Lays out Springpole's path to production: federal EA approval in hand at the end of June after eight and a half years in assessment, provincial approval expected in October, staged permits and detailed engineering next, a definitive feasibility study around this time next year, financing shortly after, and a final investment decision targeted for Q1 2028.
  • Argues you cannot mandate a timeline to build relationships with Indigenous communities, calling that the rate-determining step for most Canadian projects, and notes First Mining funded the community review work the government did not.
  • Is optimistic his company's eight-and-a-half-year EA process proves the high-water mark and hopes other Canadian projects clear faster.
  • Is enthusiastic about Duparquet: about 50,000 metres drilled since the 2022 acquisition with another 15,000 metres planned by year-end, connecting areas that were not connected before and finding new horizons, with a resource update expected in Q1 of next year and a pre-feasibility study by the middle of next year.
  • Believes the market currently assigns Duparquet very little value within the company's market cap and argues it could be a project with a multiple-billion-dollar NAV.

Steve Hyland's takeaways

  • Top takeaway Says he is getting mixed opinions on whether Canada's current administration is actually moving mine projects forward, which frames the permitting discussion.
  • Notes his audience repeatedly asked for more First Mining coverage, prompting this Beaver Creek interview, and asks for a 60-second overview for viewers new to the space.