First Mining Gold Corp. completed a definitive amalgamation agreement to sell its wholly‑owned Cameron Gold Operations Ltd., which holds the Cameron Gold Project in northwestern Ontario, to Oronova Energy Inc. The transaction values the project at C$27 million, comprising C$5 million in cash, 80 million common shares of Oronova (valued at C$0.25 per share), and a future cash payment of at least C$2 million upon the completion of a mineralized stockpile at Cameron.
Under the terms, Oronova will rename itself Seva Mining Corp. after closing, and First Mining will become the largest shareholder, holding roughly 48 percent of the new company. First Mining will also retain the right to nominate two directors to Seva’s board through an investor rights agreement, ensuring continued influence over the development of the Cameron project.
The deal is structured to provide a dedicated, well‑funded team to advance the Cameron Gold Project while allowing First Mining to concentrate its resources on its core Springpole and Duparquet assets. The transaction is expected to close in the first quarter of 2026, subject to TSXV approval and the completion of a non‑brokered private placement of up to C$15 million in new shares at C$0.25 per share.
First Mining’s Q3 2025 financial results, released on November 13, showed a net loss of CAD 21.97 million compared with a loss of CAD 5.59 million a year earlier, underscoring the company’s focus on scaling its flagship projects. The sale of Cameron, a non‑core asset, is intended to unlock capital and management bandwidth for the larger Springpole and Duparquet projects, which have recently advanced in feasibility and permitting stages.
Oronova’s shift into gold exploration, supported by the Fiore Group—an experienced mining consortium led by Frank Giustra and Gordon Keep—positions Seva Mining to leverage its financial resources and operational expertise to accelerate the Cameron project. The private placement will provide working capital for Seva to conduct drilling, resource expansion, and development activities.
Management emphasized that the partnership will bring a dedicated, well‑funded team to the Cameron project. CEO Dan Wilton said the transaction “provides a focused, capital‑rich partner that will accelerate the development of the Cameron Gold Project while allowing First Mining to focus on the growth of its flagship Springpole and Duparquet assets.”
The transaction represents a strategic divestiture of a non‑core asset and a partnership that aligns First Mining’s interests with a company experienced in developing Canadian gold projects, positioning both parties for long‑term value creation.
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