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First Mining Gold is deeply undervalued, trading at ~$50-60/oz in the ground compared to peer transactions at $400-500/oz. Recent de-risking milestones—federal environmental assessment approval, term-sheet agreements with three First Nations—significantly advance the Springpole project, unlocking fundamental value. The project has robust economics (40% IRR at $3,100 gold, NPV of $3.8B at spot) in a top-tier jurisdiction. With a market cap around $960M and capex of $1.1B, project-level financing and potential earn-in partnerships can minimize equity dilution. Scarcity of large, EA-approved gold projects in Canada adds strategic value. The stock is poised for a 3-4x re-rating to peer multiples as institutional investors recognize the de-risked story.