FireFly shareholders approve sale of Ontario gold assets and all conditions are satisfied or waived

FireFly Metals shareholders have approved the sale of its Ontario gold assets, specifically the Pickle Crow and Sioux Lookout Projects, to Bellavista Resources Ltd. All conditions precedent for the transaction have been satisfied or waived, including a tax ruling condition that had previously been noted as a potential delay risk.

Completion of the transaction is expected on 29 April 2026. As part of the deal, FireFly will execute an in-specie distribution of 60 million Bellavista shares to existing shareholders, equating to approximately one Bellavista share for every 12.8 FireFly shares. The contingent consideration consists of 50 million performance rights retained by FireFly, which are tied to drilling and production milestones at the Ontario assets over a five-year period. Trading in the distributed Bellavista shares is scheduled to commence on 12 May 2026.

FireFly Metals Ltd. (FFM) confirmed the execution of a transaction originally announced on 1 February 2026. The approval serves as procedural confirmation of a deal that had already been priced into the market over recent months.

The removal of the ATO Class Ruling condition eliminates a specific regulatory risk that could have delayed closing, providing certainty to shareholders regarding the distribution timeline. The in-specie distribution effectively transfers ownership of the Ontario assets' upside, specifically Bellavista shares, directly to FireFly shareholders. This move simplifies FireFly's balance sheet to focus on Green Bay while maintaining exposure to the gold project via Bellavista equity.

The release lacks genuinely new information regarding the A$86.1 million consideration and share distribution mechanics detailed in the prior announcement.

FireFly Metals Ltd (FFM) is advancing its flagship Green Bay Copper-Gold Project in Newfoundland, Canada, which is currently in the advanced development stage with a high-grade resource base. The company’s resource estimate includes 50.4 million tonnes at 2.0% copper equivalent (CuEq) in the Measured and Indicated category, alongside 29.3 million tonnes at 2.5% CuEq in the Inferred category. The high-grade Core Zone accounts for 8.8 million tonnes at 3.9% CuEq.

In April 2026, FireFly Metals sold its Ontario Gold Assets, including Pickle Crow and Sioux Lookout, to Bellavista Resources Ltd. The company is focused on underground development, pre-construction works, and economic studies, targeting a production restart in early 2026.