First Mining JV partner to sell Bellavista interest

Executive Summary

• First Mining Gold Corp.'s joint venture partner, FireFly Metals Ltd., has agreed to sell its 70% interest in PC Gold Inc. (holding the Pickle Crow gold project) to Bellavista Resources Ltd.
• The transaction involves the issuance of 60 million Bellavista shares valued at $45 million (AUD) and $37.5 million (AUD) in performance rights, with proceeds distributed to FireFly shareholders.
• First Mining retains a 30% interest but is positioned to reduce this to 20% via a buydown right, while remaining free-carried to a decision to mine.

Key Details

• Transaction Structure: FireFly Metals Ltd. sells its 70% interest in PC Gold Inc. to Bellavista Resources Ltd. (ASX: BVR).
• Consideration:
  • 60 million Bellavista shares valued at $45 million (AUD) based on the concurrent financing price.
  • $37.5 million (AUD) in Bellavista performance rights.
• Concurrent Financing: Bellavista is seeking to raise $25 million (AUD) at a price of 75 Australian cents per share.
• Management: Bellavista’s team is led by Managing Director Glenn Jardine and Finance Director Peter Canterbury, previously of De Grey Mining (sold to Northern Star Resources for $3.3 billion USD in May 2025).
• First Mining’s Position:
  • Currently holds a 30% interest in PC Gold.
  • Bellavista intends to exercise a buydown right to increase ownership to 80% by paying $3 million in cash to First Mining.
  • Upon buydown, First Mining’s interest reduces to 20%.
  • First Mining’s interest is free carried to a decision to mine at Pickle Crow.
• Timeline: The transaction is expected to close in Q2 2026.

Notable Quotes

• "This is a transformative transaction for the Pickle Crow gold project... We look forward to seeing the Pickle Crow gold project, one of the largest high-grade gold resources in any Tier 1 jurisdiction, advanced with the significant funding that Bellavista will raise." — Dan Wilton, CEO, First Mining Gold Corp.