First Mining Sells Cameron Gold Operations to Oronova Energy

First Mining and Oronova Energy Form Strategic Partnership

First Mining Gold signed an agreement to sell its Cameron Gold Operations to Oronova Energy. Meanwhile, Oronova will rename itself Seva Mining. First Mining will remain the largest shareholder, supported by the Fiore Group. This transaction is valued at C$27 million, including C$5 million in cash and 80 million Oronova shares. Additionally, First Mining will receive at least C$2 million after processing a mineralised stockpile.

The deal executes as a three-cornered amalgamation under Ontario’s Business Corporations Act. As a result, Oronova will create a subsidiary, NewCo, which will amalgamate with Cameron Gold. Furthermore, First Mining will retain influence by nominating two directors to Seva’s Board under an investor rights agreement. Following closing, First Mining is expected to own approximately 48% of Seva.

Cameron Gold Project Overview and Future Development

The Cameron Gold Project spans 53,000 hectares in north-western Ontario, including the Cameron deposit and multiple Cedartree deposits. Importantly, the Cameron gold deposit hosts an estimated 464,000 ounces in the measured and indicated categories and 533,000 ounces inferred. Moreover, the project contains several other highly prospective gold showings.

Proceeds from the transaction will fund exploration and advancement of the Cameron Project, cover transaction costs, and provide working capital. In addition, the Fiore Group brings experience in building partnerships with local and indigenous communities, ensuring sustainable development. The transaction is expected to close in the first quarter of 2026, pending TSXV approval and completion of the offering.

SuperMetalPrice Commentary:

This transaction positions the Cameron Gold Project for accelerated development with strong financial backing. Furthermore, First Mining maintains significant influence while sharing risk with Seva Mining. The partnership highlights growing investor interest in district-scale gold assets in Ontario. As a result, the project could attract further strategic investment and community engagement, strengthening its long-term value for shareholders.