First Mining Gold Corp. (FFMGF) has transferred its 30% stake in the Pickle Crow Gold Project to Bellavista Resources Limited, leaving First Mining with a 20% interest. The transaction was executed through FireFly Metals Ltd., First Mining’s joint‑venture partner, which sold its 70% holding in PC Gold Inc. to Bellavista for 60 million Bellavista shares (valued at A$45 million) and A$37.5 million in performance‑rights, with the deal expected to close in the second quarter of 2026.
The consideration package gives First Mining a mix of equity and contingent value. Bellavista will raise an additional A$25 million at A$0.75 per share and will exercise a buy‑down right that will increase its ownership to 80% by paying C$3 million in cash to First Mining. The combination of shares, performance rights and cash ensures First Mining retains upside potential while reducing its direct operational exposure to the Pickle Crow project.
First Mining’s CEO Dan Wilton described the transaction as “transformative,” noting that Bellavista’s expertise and capital‑raising capability will accelerate the development of Pickle Crow. By divesting a majority interest, First Mining can focus its resources on its core Springpole and Duparquet projects, which are at the pre‑feasibility and preliminary economic assessment stages, respectively. The move aligns with First Mining’s strategy to streamline its portfolio and partner with experienced developers for non‑core assets.
Bellavista’s management team, led by former De Grey Mining executives Glenn Jardine and Peter Canterbury, brings a proven track record of advancing late‑stage gold projects. The company’s planned capital raise and buy‑down right position it to invest aggressively in exploration and resource expansion at Pickle Crow, which hosts an inferred resource of 2.8 million ounces at 7.2 g/t gold. The partnership is expected to unlock value through accelerated development and potential future monetization of the resource.
FireFly Metals, which is divesting its Ontario gold assets to focus on its Green Bay copper‑gold project in Newfoundland, has positioned the sale as a win‑win for all parties. FireFly CEO Darren Cook highlighted that the deal provides immediate value to FireFly shareholders while preserving long‑term upside for First Mining. The transaction underscores a broader industry trend of portfolio optimization and strategic partnerships among mid‑stream gold developers.
The sale marks a significant shift in First Mining’s asset base and capital allocation strategy. By retaining a 20% stake, First Mining maintains exposure to Pickle Crow’s high‑grade resource while offloading the majority of operational responsibilities. Bellavista’s expertise and capital infusion are expected to accelerate the project’s development timeline, potentially bringing the resource closer to production and creating a new revenue stream for both companies.
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