First Mining Gold Corp. announced that it has completed the previously announced sale of its non-core royalty portfolio to Elemental Altus Royalties Corp. for total consideration of approximately CAD 6.7 million, comprised of CAD 4.7 million in cash and 1,598,162 common shares of Elemental Altus.

First Mining's royalty portfolio sale to Elemental Altus comprised of 19 royalties across four countries, and includes a 2.0% net smelter return ("NSR") royalty on the Pickle Crow Gold Project that is located in Ontario and is being operated by Auteco Minerals Ltd., a 1.5% NSR royalty on the Hope Brook Gold Project that is located in Newfoundland and is being operated by Big Ridge Gold Corp., and a number of other royalties on exploration and development projects. Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets, and its common shares trade on the TSX Venture Exchange under the symbol ELE. The Consideration Shares are subject to a statutory hold period of four months and one day from the issuance of the shares, expiring on June 22, 2023, along with a contractual restriction that expires six months after the closing date of the Transaction, namely August 21, 2023.