FireFly Metals completes Ontario gold assets sale to sharpen Green Bay focus Proactive uses images sourced from Shutterstock

FireFly Metals Ltd (ASX: FFM, TSX: FFM) has completed the sale of its Ontario gold assets to Bellavista Resources Ltd (ASX: BVR), clearing the way for the company to focus more directly on its flagship Green Bay copper-gold project in Newfoundland, Canada.

The assets sold comprise FireFly’s 70% interest in the Pickle Crow Project and 100% of the Sioux Lookout Project. In return, FireFly has received 60 million Bellavista shares and contingent consideration of 50 million Bellavista performance rights.

FireFly intends to distribute the 60 million Bellavista shares to eligible FireFly shareholders through an in-specie distribution, structured as an equal capital reduction.

The record date is May 4, 2026, with the distribution expected to occur on May 11, 2026. Shareholders are expected to receive 1 Bellavista share for approximately every 12.8 FireFly shares held, subject to rounding.

Trading in the distributed Bellavista shares is expected to begin on a normal T+2 basis on May 12, 2026.

What it means for FireFly

The sale simplifies FireFly’s portfolio and removes the Ontario gold assets from its direct development pipeline.

The company can now concentrate on Green Bay, which hosts 50.4 million tonnes of measured and indicated resources at 2.0% copper equivalent for 1.016 million tonnes of copper equivalent, plus 29.3 million tonnes inferred at 2.5% copper equivalent.

FireFly said its strategy is to rapidly grow the Green Bay copper-gold resource to demonstrate a globally significant asset.

Bellavista takes control of Ontario portfolio

Bellavista will now hold the Pickle Crow and Sioux Lookout assets, adding to its existing exploration portfolio.

The company is led by Glenn Jardine and Peter Canterbury, who previously led De Grey Mining following the Hemi gold discovery through to its A$6 billion takeover by Northern Star Resources Ltd.

For FireFly, the next key steps are completion of the in-specie distribution and continued advancement of Green Bay as its core growth asset.

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