FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has secured shareholder approval to sell its Ontario gold assets to Bellavista Resources Ltd (ASX: BVR), with all conditions precedent now satisfied or waived.
The transaction covers FireFly’s 70% interest in the Pickle Crow Project and 100% of the Sioux Lookout Project, which will be sold through the transfer of Auteco Minerals (Canada) Pty Ltd to Bellavista.
FireFly will receive 60 million Bellavista shares as upfront consideration, along with 50 million Bellavista performance rights as contingent consideration.
The upfront Bellavista shares are expected to be distributed in-specie to eligible FireFly shareholders, who are expected to receive 1 Bellavista share for approximately every 12.8 FireFly shares held.
The record date for the distribution is May 4, 2026, with the distribution expected to be completed on May 11, 2026. Bellavista shares distributed under the transaction are expected to begin normal T+2 trading on May 12, 2026.
What it means for FireFly
The sale allows FireFly to streamline its portfolio and sharpen its focus on the Green Bay Copper-Gold Project in Newfoundland, Canada.
Green Bay remains the company’s flagship asset, hosting measured and indicated resources of 50.4 million tonnes at 2.0% copper equivalent for 1.016 million tonnes of copper equivalent, plus inferred resources of 29.3 million tonnes at 2.5% copper equivalent for 722,000 tonnes of copper equivalent.
The company recently delivered another round of strong drilling results from Green Bay, with new assays reinforcing the continuity and scale of a high-grade core as the company advances plans for an accelerated production restart.
Underground drilling at the Ming deposit returned standout intersections of 70.8 metres at 4.0% copper equivalent (CuEq), including 19.2 metres at 7.5% CuEq, and 53.3 metres at 4.1% CuEq.
The results further define a thick and coherent high-grade zone, which could support strong early cashflow under future mining scenarios.
What’s next
Completion of the sale is expected on April 29, 2026, subject to there being no material adverse change in relation to Auteco Minerals and its subsidiaries.
FireFly also expects to update shareholders on the outcome of an Australian Taxation Office Class Ruling application relating to the tax treatment of the in-specie distribution.
The company will retain the 50 million Bellavista performance rights, meaning these will not be distributed to FireFly shareholders.