On April 29, 2026, FireFly Metals Ltd. completed the sale of its Ontario gold assets to ASX-listed Bellavista Resources Ltd. for total consideration with a deemed aggregate value of up to A$86.1 million. The assets sold comprise FireFly's 70 percent interest in the Pickle Crow Project and its 100 percent interest in the Sioux Lookout Project, together held through Auteco Minerals (Canada) Pty Ltd. The transaction was effected through the sale of all of the issued share capital of Auteco Minerals (Canada) Pty Ltd. to Bellavista, together with the assignment to Bellavista of FireFly's rights and interests in certain intercompany loans receivable.
As consideration, FireFly received 60 million Bellavista shares as upfront consideration and contingent consideration of 50 million Bellavista performance rights. In connection with the transaction, Bellavista exercised the associated earn-in option to increase the Pickle Crow interest to 80 percent, and conducted a placement of new Bellavista shares to raise approximately A$25 million to fund exploration at the Pickle Crow and Sioux Lookout projects. FireFly intends to distribute the 60 million upfront Bellavista shares to eligible FireFly shareholders through a pro-rata in-specie distribution structured as an equal capital reduction, with a record date of May 4, 2026 and the distribution expected on May 11, 2026, on the basis of one Bellavista share for approximately every 12.8 FireFly shares held.
The divestiture crystallizes value from the Ontario gold assets while allowing FireFly to sharpen its focus on the high-grade Green Bay Copper-Gold Project in Newfoundland, and provides FireFly shareholders with continued exposure to the Ontario assets through their retained interest in Bellavista. Bellavista is led by Glenn Jardine and Peter Canterbury, who previously led De Grey Mining Ltd. following the discovery of the Hemi gold deposit in Western Australia.
Osler, Hoskin & Harcourt LLP acted as Canadian legal counsel to FireFly Metals Ltd., with a team led by Alan Hutchison that included Vanessa Yee, Michael Stewart, Hillary Song, Kim Maguire, and Michael Vandenberghe. Hamilton Locke acted as Australian legal counsel to FireFly. Gilbert + Tobin, supported by Cassels, acted as counsel to Bellavista Resources Ltd. Cassels acted as counsel to the underwriters.