Wedoany.com Report-Nov. 24, First Mining Gold has entered into a definitive amalgamation agreement to transfer its wholly owned subsidiary, Cameron Gold Operations Ltd., to Oronova Energy Inc. The transaction is valued at C$27 million.

The Cameron Gold Project is anchored by the Cameron gold deposit, which hosts an estimated 464,000oz of gold in the measured and indicated categories.

Cameron Gold Operations holds the Cameron Gold Project, located approximately 80 km southeast of Kenora in northwestern Ontario, Canada. The district-scale project covers 53,000 hectares and includes the Cameron gold deposit (464,000 oz measured and indicated, 533,000 oz inferred), as well as the West Cedartree, East Cedartree, and several other prospective gold targets.

Under the agreement, First Mining will receive C$5 million in cash and 80 million common shares of Oronova at C$0.25 per share. An additional minimum C$2 million cash payment is due upon processing of an existing mineralised stockpile. Following completion, Oronova will change its name to Seva Mining, with First Mining emerging as the largest shareholder, holding approximately 48% of the issued shares.

Dan Wilton, CEO of First Mining Gold, stated: “We are very excited to enter into this partnership with the Fiore Group to advance the Cameron Gold Project. 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. We look forward to working with the Fiore Group and the Seva management team as its largest shareholder.”

The transaction will be structured as a three-cornered amalgamation under Ontario’s Business Corporations Act. First Mining will nominate two directors to the Seva board and retain certain governance rights through an investor rights agreement. Shares issued to First Mining will be subject to escrow and transfer restrictions in accordance with TSX Venture Exchange rules.

Proceeds from a concurrent financing will primarily fund exploration, development activities at Cameron, transaction expenses, and working capital for the resulting issuer.

Closing is subject to customary conditions, including TSXV approval and completion of the financing, and is anticipated in the first quarter of 2026.

The arrangement allows First Mining to retain significant exposure to the Cameron Gold Project while partnering with a team experienced in project advancement and community engagement in Canada. Upon completion, Seva Mining will focus on progressing the Cameron asset toward potential future production.