Northwire Canada EditionThursday, November 12, 2026
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M&A / Property

First Mining JV partner to sell Bellavista interest

By The Northwire Desk — AI Analysis Feb 03, 2026 · 16:34 FF · 0.71 First Mining Gold Corp.
FF · Price

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.
Read the original news release →

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M&A / Property