Business
FireFly to unlock value from Pickle Crow Gold Project by sale for up to A$86.1M
FireFly has agreed to sell its Ontario Gold Assets, comprising its 70% interest in the Pickle Cro...
About this update from First Mining Gold Corp.
[{"type":"text","content":"FireFly to unlock value from Pickle Crow Gold Project by sale for up to A$86.1MShareholders will receive shares in project buyer Bellavista Resources Ltd, giving them ongoing exposure to the assets and their substantial exploration upside while FireFly targets ongoing growth at its Green Bay Copper-Gold Project\nFireFly has agreed to sell its Ontario Gold Assets, comprising its 70% interest in the Pickle Crow Project and 100% of the Sioux Lookout Project to ASX-listed Bellavista Resources Ltd (ASX: BVR) for total scrip consideration with a deemed aggregate value of up to A$86.1m1 FireFly will receive upfront consideration of 60 million Bellavista shares (A$47.4m1) and contingent consideration of 50 million Bellavista performance rights (A$38.7m2) Subject to shareholder approval, FireFly to undertake an in-specie distribution of the ~A$47.4m upfront Bellavista consideration shares, which is expected to comprise up to 31% of Bellavista shares on completion of the Transaction and Bellavista Capital Raising If shareholder approval is obtained, FireFly expects shareholders will receive 1 Bellavista consideration share for approximately every 12.8 FireFly shares held3FireFly and its shareholders will potentially own up to ~40% of Bellavista4FireFly will retain upside exposure to the Ontario Gold Assets through the contingent consideration performance rightsBased on Bellavista’s proposed exploration program on the Ontario Gold Assets, the first milestone performance rights are expected to vest within 12 months of completion, and result in FireFly holding no less than 9.9% of Bellavista5 Bellavista intends to raise ~A$25m (before costs) to drive Resource growth and a major regional exploration program at the Ontario Gold Assets (see BVR ASX release today) (‘Bellavista Capital Raising’) Bellavista is led by Glenn Jardine and Peter Canterbury who led the highly successful WA gold company De Grey Mining Ltd post discovery of the Hemi Gold deposit until De Grey’s A$6b takeover by Northern Star Resources LtdCompletion of the Transaction is expected around early April 2026, subject to satisfaction of customary conditions precedent, including FireFly and Bellavista shareholder approvals ___________________1 A$86.1m is based on Bellavista’s closing share price on 30 January 2026 of A$0.79 and represe...