First Mining Gold Corp. (TSX: FF; Germany: FMG) reports an important change in the ownership structure of the Pickle Crow Gold project. Joint venture partner FireFly Metals has agreed to sell its 70% stake in PC Gold Inc. – the project company that owns Pickle Crow – to Bellavista Resources (ASX: BVR). For First Mining, the transaction primarily means that a new partner is taking over the operational role and at the same time announcing that it intends to provide significant capital for the further development of the project!
According to First Mining, the agreed consideration comprises 60 million Bellavista shares. These are valued on the basis of the price of a parallel planned financing of AUD 45 million and are to be distributed to FireFly’s shareholders. In addition, AUD 37.5 million in the form of Bellavista performance rights are part of the transaction. In parallel, Bellavista is planning to raise AUD 25 million at an issue price of AUD 0.75 per share. This means that the deal is not only a change of ownership, but also involves a financing step that could accelerate the pace of further work on the Pickle Crow gold project!
First Mining accordingly classifies the process as a significant milestone. CEO Dan Wilton speaks of a “transformative” transaction for the Pickle Crow gold project and emphasizes that they thank FireFly for the work done. At the same time, First Mining management is “very pleased” to be working with the Bellavista team in the future, which, according to First Mining, has experience in leading advanced gold projects through the development phase.
The management team of Bellavista is explicitly highlighted by First Mining. Bellavista is managed by Managing Director Glenn Jardine and Finance Director Peter Canterbury. Both are described as experienced managers who previously accompanied De Grey Mining – a former top pick of Goldinvest.de – until its sale to Northern Star Resources in May 2025. First Mining suggests that this development experience – especially in late project phases – may be important for Pickle Crow.
Buydown right: Bellavista wants to increase to 80%, First Mining remains “free carried”
In addition to the immediate acquisition of shares, the announcement contains a second component that is central to the future structure: According to First Mining, Bellavista has announced that it intends to exercise its buydown right to increase its own share in the Pickle Crow Gold project from 70% to 80%. To this end, Bellavista is to pay CAD 3 million in cash to First Mining.
If this step is taken, First Mining’s share in PC Gold Inc. – and thus in the project – will change from 30% to 20%. The financial structure is particularly important for First Mining: The remaining share is described as “free carried” until a decision is made on mine development. This means that First Mining will not have to bear any pro rata project costs until this decisive project milestone. In practice, such a structure can reduce the burden on the minority partner in the exploration and development phase, while at the same time maintaining a stake in a later mine decision.
From a project perspective, this mechanism shows how Bellavista wants to strengthen its control over Pickle Crow. For First Mining, the understanding of roles thus moves to the foreground: The company remains involved in the Pickle Crow Gold project, but is being shifted more strongly into the position of a minority partner with cost exemption until the mine decision.
First Mining and the portfolio: Pickle Crow as a JV investment alongside core Canadian projects
First Mining is also using the announcement to update the classification of the company portfolio. As a gold developer, First Mining is driving forward two major Canadian projects: the Springpole Gold project in northwestern Ontario, for which a feasibility study has been launched and approval activities are underway. The company also refers to the Duparquet Gold project in Québec, which is in the PEA stage and is located on the Destor-Porcupine Fault Zone in the Abitibi region. In addition, First Mining holds the Cameron Gold project in Ontario and – currently – a 30% stake in the Pickle Crow Gold project, which would fall to 20% if the buydown right is exercised.
With the entry of Bellavista and the planned financing, the expectations for the Pickle Crow Gold project are shifting: A new majority and, in the future, possibly 80% partner is taking over the management, while First Mining retains a smaller stake that is free of charge until the mine decision.
