Canadian developer First Mining Gold has agreed to sell its Cameron gold project in Ontario to Oronova Energy in a C$27-million transaction that will create a newly branded vehicle, Seva Mining, backed by the Fiore Group.
Under the definitive amalgamation agreement, Oronova will acquire First Mining’s wholly owned Cameron gold operations subsidiary through a cash, shares and future-payment package consisting of C$5-million in cash, 80-million Oronova shares valued at C$0.25 each, and a minimum C$2-million cash payment tied to the processing of a mineralised stockpile at Cameron.
Upon closing, Oronova will be renamed Seva Mining, with First Mining becoming its largest shareholder. The company will hold the right to nominate two directors to the Seva board under an investor rights agreement.
“We are very excited to enter into this partnership with the Fiore Group to advance the Cameron gold project,” said First Mining CEO Dan Wilton. “The Fiore Group has a strong track record of creating shareholder value, with a focus and demonstrated success in building meaningful relationships and partnerships with Indigenous communities in Canada. This transaction will put in place a dedicated team which will be well funded to advance the project, benefitting the local and Indigenous communities around the Cameron project.”
Ahead of the transaction’s completion, Oronova plans to raise up to C$15-million through a non-brokered private placement of up to 60-million shares priced at C$0.25 each. The raise, subject to TSX-V approval, will occur within a newly incorporated subsidiary that will amalgamate with Cameron Gold.
Proceeds will fund exploration and project advancement, transaction costs and general working capital. Following the placement and the Cameron acquisition, First Mining is expected to hold about 48% of Seva.
The partnership brings the Fiore Group, well known for its role in establishing Aris Gold, Leagold, UrAsia Energy, Endeavour Mining and other growth-stage miners, into the Cameron project. The group is led by mining entrepreneurs Frank Giustra and Gordon Keep.
The Cameron asset joins First Mining’s broader Canadian portfolio, which includes the Springpole and Duparquet gold projects and a 30% interest in the Pickle Crow joint venture.
The company submitted the final environmental-impact statement for Springpole in late 2024 and is progressing toward feasibility.