 |
| Cameron Gold Project |
Strategic Sale Enhances Gold Project Development in Ontario
First Mining Gold has finalized the Cameron Gold Project sale to Oronova Energy, marking a strategic partnership. The transaction values Cameron Gold Operations at C$27 million, reflecting the growing investor interest in Canadian gold assets. As a result, Oronova will be renamed Seva Mining, while First Mining remains the largest shareholder.
The Cameron Gold Project sale involves 80 million Oronova common shares and C$5 million in cash for First Mining. An additional C$2 million will be paid upon processing a mineralized stockpile. The deal will execute via a three-cornered amalgamation under Ontario’s Business Corporations Act. Meanwhile, Seva Mining will integrate Cameron Gold through its subsidiary, NewCo, enabling structured project development.
Project Scale and Market Implications
The Cameron Gold Project spans 53,000 hectares, including the Cameron, West Cedartree, and East Cedartree deposits. Measured and indicated resources total approximately 464,000oz gold, with inferred resources of 533,000oz. Consequently, the Cameron Gold Project sale positions Seva Mining to accelerate exploration and create value for local communities. First Mining will retain influence by nominating two directors to Seva’s board under an investor rights agreement.
The transaction’s proceeds will fund exploration, advance infrastructure, and provide working capital. TSXV approval and standard closing conditions are required, with completion expected in Q1 2026. In turn, this agreement strengthens Canadian gold supply chains and signals continued institutional investment in Ontario’s mineral sector.
ScrapInsight Commentary
This Cameron Gold Project sale strengthens First Mining’s balance sheet while maintaining significant influence in Seva Mining. Gold supply visibility in Ontario will improve, supporting local employment and indigenous partnerships. Regulatory approval and escrow restrictions are expected to mitigate investor risk, enhancing sustainable project development.
