Gold developer First Mining Gold says the proposed transaction involving a majority stake in the Pickle Crow gold project, in Ontario, is expected to accelerate the project’s development.

First Mining joint-venture partner, FireFly Metals, this week agreed to sell its 70% interest in PC Gold – the holding company for the Pickle Crow project – to Australia-listed Bellavista Resources for consideration valued at A$82.5-million.

The consideration comprises 60-million Bellavista shares, valued at A$45-million based on the company’s concurrent financing price, as well as A$37.5-million in Bellavista performance rights. Bellavista is also seeking to raise A$25-million through an equity placement at A$0.75 a share.

“This is a transformative transaction for the Pickle Crow gold project,” said First Mining CEO Dan Wilton.

“We would like to thank the FireFly team for all the years of hard work put into the project and are very excited to work with the Bellavista team going forward. The Bellavista team have been one of the most successful groups in Australia advancing late-stage gold projects through the development cycle, having sold De Grey for more than $3-billion in 2025.

“We look forward to seeing the Pickle Crow gold project, one of the largest high grade gold resources in any Tier 1 jurisdiction, advanced with the significant funding that Bellavista will raise.”

Bellavista’s management team is led by managing director Glenn Jardine and finance director Peter Canterbury, who previously led De Grey Mining through its A$3.3-billion sale to Northern Star Resources in 2025.

The transaction is expected to close in the second quarter of 2026. Bellavista has also indicated its intention to exercise PC Gold’s buydown right to increase its ownership in the project to 80% by paying C$3-million in cash to First Mining.

If exercised, First Mining’s interest in PC Gold will be reduced from 30% to 20%, with its stake to be free carried through to a decision to mine at Pickle Crow.