FireFly Completes Ontario Gold Sale with Bellavista Share Distribution

FireFly Divests Ontario Gold Assets for Bellavista Shares

FireFly Metals Ltd (ASX:FFM, TSX: FFM) has closed the sale of its Ontario gold interests, including a 70% stake in the Pickle Crow Project and full ownership of the Sioux Lookout Project, to Bellavista Resources Ltd (ASX:BVR). The transaction consideration comprises 60 million Bellavista shares upfront and an additional 50 million contingent performance rights, reflecting potential future milestones.

The sale was executed through the transfer of all issued shares in Auteco Minerals (Canada) Pty Ltd, the holding entity for the Ontario assets, alongside assignment of intercompany loan receivables to Bellavista. FireFly shareholders will receive Bellavista shares via an in-specie distribution, with a record date set for 4 May 2026 and distribution expected on 11 May 2026. The exchange ratio is approximately one Bellavista share for every 12.8 FireFly shares held, subject to rounding.

Bellavista’s Experienced Leadership and Growth Ambitions

Bellavista is helmed by mining veterans Glenn Jardine and Peter Canterbury, who previously led De Grey Mining Ltd through the discovery and development of the Hemi Gold deposit before its A$6 billion acquisition by Northern Star Resources Ltd (ASX:NST). This leadership pedigree positions Bellavista to aggressively advance the newly acquired assets in Ontario, which include significant gold resources in the Uchi and Wabigoon belts.

The acquisition adds to Bellavista’s portfolio, which already includes the Brumby Base metal Project in Western Australia, a region known for its potential to host world-class base and battery metal deposits. Bellavista’s strategy is to build on these foundations with a focus on exploration and development of tier-one mineral assets.

FireFly’s Strategic Refocus on Copper-Gold Growth

With the divestment of its Ontario gold assets, FireFly is sharpening its focus on its flagship Green Bay Copper-Gold Project in Newfoundland, Canada. The project hosts a substantial Mineral Resource Estimate of 50.4 million tonnes at 2.0% copper equivalent in the Measured and Indicated categories, with an additional 29.3 million tonnes inferred at 2.5% copper equivalent. This resource includes the high-grade Ming Deposit and the Little Deer Complex, positioning FireFly as an emerging copper-gold developer.

Recent drilling results have reinforced the continuity of high-grade mineralisation at Green Bay, supporting a resource upgrade and economic studies slated for mid-2026. FireFly’s strategy aims to rapidly grow this resource to establish a globally significant copper-gold asset, a pivot underscored by its recent high-grade continuity at Green Bay drilling results.

Distribution Timetable and Shareholder Impact

The in-specie distribution will be effected as an equal capital reduction, transferring Bellavista shares directly to FireFly shareholders or sale nominees for ineligible jurisdictions. FireFly shares will trade ex-distribution from 30 April 2026, with Bellavista shares expected to commence trading on 12 May 2026 on a normal T+2 basis.

This transaction crystallises value for FireFly shareholders from the Ontario gold assets while providing ongoing upside via Bellavista’s performance rights. It also streamlines FireFly’s portfolio, allowing management to concentrate resources and capital on advancing the Green Bay project and other strategic interests such as the Limestone Well Vanadium-Titanium Project in Western Australia.

As FireFly transitions away from its gold assets in Ontario, investors will be watching how Bellavista leverages the newly acquired projects and how FireFly advances its copper-gold ambitions amid a competitive mining landscape.