Fiore-backed Seva Mining completes acquisition of Cameron gold project

Seva Mining has closed the acquisition of First Mining Gold's Cameron project in Ontario through a reverse takeover transaction. The deal creates a new gold exploration vehicle backed by the Fiore Group, with First Mining retaining a 48% stake and board representation.

Seva Mining has completed its acquisition of the Cameron Gold Project from First Mining Gold, according to an official announcement. The transaction, structured as a reverse takeover, involved Seva acquiring Cameron Gold Operations through a three-cornered amalgamation. First Mining received C$5 million in cash and 80 million common shares of Seva, representing approximately 48% of the outstanding shares, along with two board seats. The Cameron project, located in northwestern Ontario within Treaty Three Territory, hosts NI 43-101 compliant mineral resources of 515,000 ounces measured and indicated and 740,000 ounces inferred.

The asset benefits from year-round road access, existing camp infrastructure, and grid power connectivity. Seva is backed by the Fiore Group, a Vancouver-based private investment firm led by Frank Giustra with a track record of building mining companies including Endeavour Mining and Aris Gold. The company's management team is led by Ranj Pillai, former Premier of Yukon, who previously held ministerial portfolios including energy, mines, and resources. This development matters as it brings a well-funded, experienced team to advance a Canadian gold asset during a period of sustained gold prices.

The transaction structure allows First Mining to retain significant upside while focusing on its core Springpole and Duparquet projects. For the junior mining sector, the deal demonstrates continued appetite for quality assets from well-capitalised teams with Indigenous engagement expertise. Seva plans a 25,000-metre drill programme, with Phase 1 targeting 6,000 metres to expand and upgrade resources. The company begins trading as a Tier 1 mining issuer on the TSX-V without debt, positioning it for systematic exploration in one of Canada's active gold districts.