Big Ridge Gold Corp. announced that it has met the requirements of the first stage earn-in at the Hope Brook Gold Project (the "Project"), located in southwestern Newfoundland and Labrador. The Stage-1 earn-in set out in the company's earn-in agreement (the "Earn-in Agreement") with, among others, First Mining Gold Corp.

("First Mining"), included a requirement to incur eligible expenditures on the Project amounting to $10 million, to issue a total of 15 million common shares of Big Ridge to First Mining and to grant a 1.5% net smelter return royalty on the Project to First Mining, of which 0.5% can be bought back for $2 million. As a result of these actions, Big Ridge now owns a 51% interest in the underlying mineral claims which make up the Project with an option to earn-in up to 80%. Under the terms of the Earn-in Agreement, in order to complete the Stage-2 earn-in to increase its ownership in the Project to 80%, Big Ridge must incur an additional $10 million in exploration expenditures and issue up to an additional 10,000,000 common shares of Big Ridge to First Mining by June 8, 2026.

Upon completion of the Stage 2 earn-in, First Mining will be free carried on its 20% ownership interest until Big Ridge completes a Feasibility Study on the Hope Brook Gold Project. To date, Big Ridge has completed 61 diamond drill holes and released results of 33 of those holes, focusing on connecting the Main Zone and 240 Zone near surface and at depth respectively, and testing the down dip extensions to both the Main and 240 Zones. Results from the Phase 1 drill program will be included in the updated mineral resource estimate that Big Ridge expects to update in first half of 2023.