Bellavista to Acquire Majority Stake in Canada’s Pickle Crow Gold Project and Raise A$25m for Exploration

FireFly Metals ( (AU:FFM) ) just unveiled an announcement.

Bellavista Resources has agreed to acquire FireFly Metals’ 70% stake in the Pickle Crow Gold Project in Ontario, Canada, and will exercise an option to lift its interest to 80%, along with securing extensive nearby exploration tenure in the Uchi and Wabigoon belts, including the Sioux Lookout project. The transaction delivers Bellavista a 2.8 million ounce inferred JORC gold resource grading 7.2 grams per tonne and a pipeline of high-grade shallow prospects, which the company plans to advance through aggressive exploration once the deal, subject to shareholder approvals, is completed. As consideration, Bellavista will issue 60 million shares and up to 50 million performance rights to FireFly and is concurrently seeking to raise about A$25 million in a two-tranche placement to fund the earn-in at Pickle Crow, exploration across the Canadian assets and its Brumby project, and general corporate purposes, positioning the company for potential regional M&A and a step-change in its growth profile.

The most recent analyst rating on (AU:FFM) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on FireFly Metals stock, see the AU:FFM Stock Forecast page.

More about FireFly Metals

Bellavista Resources is an Australian-listed exploration company focused on gold and base metals, with existing activities including the Brumby project in Western Australia. The company is expanding its international footprint by targeting high-grade gold assets in established Canadian mining belts, aiming to build scale and enhance its position as a substantial exploration-led resource player.

YTD Price Performance: 0.48%

Average Trading Volume: 3,951,552

Technical Sentiment Signal: Buy

Current Market Cap: A$1.61B

For detailed information about FFM stock, go to TipRanks’ Stock Analysis page.