Bellavista Targets Ontario Gold Bonanza with Pickle Crow Acquisition and A$25m Raise

Transformational Acquisition in a Tier 1 Jurisdiction

Bellavista Resources Ltd (ASX, BVR) has announced a major strategic move with the acquisition of a 70% interest in the Pickle Crow Gold Project, located in Ontario, Canada’s prolific Uchi sub-province. This acquisition, with an option to increase to 80%, brings Bellavista a world-class asset boasting a 2.8 million ounce inferred gold resource at an impressive 7.2 grams per tonne grade. The Pickle Crow Project is notable not only for its scale and grade but also for its location within a major gold belt with over 40 million ounces of gold endowment.

The project benefits from existing infrastructure including a 50-person camp, high-speed communications, and a 100,000 tonnes per annum processing plant, alongside year-round road and air access. Historical mining at Pickle Crow produced 1.5 million ounces at a remarkable 16.1 g/t gold grade, underscoring the high-grade nature of the deposit.

Funding the Next Phase of Growth

To support the acquisition and subsequent exploration activities, Bellavista is undertaking a non-underwritten two-tranche placement to raise approximately A$25 million. The placement will enable an aggressive drilling campaign aimed at expanding the resource base and advancing the project towards development. Directors have committed to participate in the placement, signalling confidence in the transaction and the asset’s potential.

The acquisition consideration includes the issue of 60 million Bellavista shares at a deemed price of A$0.75 per share and 50 million performance rights tied to key milestones such as drilling meters completed, resource growth to 5 million ounces at a minimum 5 g/t grade, and production of 200,000 ounces of gold. This structure aligns vendor interests with Bellavista’s success and provides ongoing exposure to the project’s upside.

Strategic Upside and Exploration Potential

Pickle Crow’s mineral resource remains open in all directions, with significant near-surface potential including over 1 million ounces at 4.1 g/t gold within the top 250 metres. The project also offers camp-scale exploration upside across a 500 square kilometre landholding, with multiple drill-ready targets identified. Bellavista’s management team, with a proven track record in resource development and corporate growth, is well positioned to unlock value from this high-grade asset.

Alongside Pickle Crow, Bellavista is acquiring the Sioux Lookout Project in the Wabigoon belt, an early-stage exploration asset with promising surface gold assays and proximity to other significant deposits. This complements Bellavista’s existing portfolio, including the Brumby and Edmund Basin projects in Western Australia.

Conditions and Risks Ahead

The acquisition remains subject to a series of conditions precedent, including shareholder approvals from both Bellavista and FireFly Metals, regulatory consents, and First Mining Gold Corp’s approvals related to joint venture arrangements. The transaction also involves an in-specie distribution of consideration shares by FireFly to its shareholders, adding complexity to the completion process.

Investors should be mindful of risks including integration challenges, funding requirements beyond the current placement, regulatory and indigenous land claims in Canada, and commodity price volatility. The inferred resource classification carries inherent geological uncertainty, and exploration success is not guaranteed.

Nonetheless, this acquisition significantly elevates Bellavista’s profile, providing exposure to a tier 1 mining jurisdiction and a high-grade gold asset with substantial growth potential.