First Mining Forges Seva Partnership in C$27M Cameron Gold Deal

VANCOUVER, BC – March 10, 2026 – First Mining Gold Corp. has officially closed the sale of its Cameron Gold Project to Seva Mining Corp., a strategic transaction valued at approximately C$27 million that reshapes the landscape for both companies. The deal sees First Mining monetize a non-core asset while retaining significant upside, and it launches Seva Mining as a formidable new developer backed by industry heavyweights.

Under the terms of the agreement, First Mining received C$5 million in cash and 80 million common shares of Seva, representing a substantial 48% ownership stake in the company. The deal also includes a future contingent payment of at least C$2 million tied to the processing of an existing mineralized stockpile at the Cameron site. Solidifying the partnership, First Mining will appoint two representatives to Seva Mining's Board of Directors, ensuring its influence in the project's future.

This move positions First Mining as the largest shareholder in a revitalized company poised to unlock the value of the northwestern Ontario gold project. Seva Mining is notably supported by the Fiore Group, a team of renowned mine builders, and is led by Ranj Pillai, the former Premier of Yukon.

A Strategic Shift for First Mining Gold

For First Mining, the transaction represents a calculated strategic pivot, allowing the company to de-risk its portfolio and sharpen its focus on its two flagship Canadian assets: the Springpole Gold Project in Ontario and the Duparquet Gold Project in Quebec. The C$5 million cash infusion, combined with recent proceeds from warrant exercises, provides valuable non-dilutive capital to advance these larger, more advanced-stage projects.

"We are very excited to announce the closing of the Transaction and to embark on this partnership with Seva as its largest shareholder and with the Fiore Group as it advances the Cameron Project," stated Dan Wilton, CEO of First Mining. His comments underscore that this is not a simple divestment but the creation of a strategic alliance.

By retaining a nearly 50% equity stake, First Mining ensures its shareholders will continue to benefit from any exploration success and development milestones achieved at Cameron, without bearing the full operational and financial burden. This hybrid model—selling an asset while becoming a controlling partner in the new owner—allows the company to concentrate its own management and technical teams on the complex permitting and feasibility work at Springpole and Duparquet. Springpole, one of Canada's largest undeveloped gold projects, is advancing toward a Feasibility Study, while the PEA-stage Duparquet project holds significant potential in Quebec’s prolific Abitibi gold belt.

The Ascent of Seva Mining

The transaction marks the emergence of Seva Mining Corp. (formerly Oronova Energy Inc.) as a serious contender in the junior mining space. The company's strength is built on a trifecta of a quality asset, strong financial backing, and proven leadership. The support from the Fiore Group, led by entrepreneurs Frank Giustra and Gordon Keep, provides a pedigree of success. The group has a multi-decade track record of building world-class mining companies, including Goldcorp, Endeavour Mining, and Aris Gold, lending immense credibility and strategic guidance to the new venture.

Leading the charge is CEO Ranj Pillai, whose extensive political and economic experience is a unique asset. As the former Premier of Yukon, and having held key ministerial roles in Energy, Mines and Resources, and Economic Development, Pillai brings an invaluable understanding of governance, community relations, and the regulatory landscape essential for advancing a major resource project in Canada.

To fund its ambitions, Seva has planned a private placement to raise up to C$15 million. These funds are earmarked for aggressive exploration and development at the Cameron Project, transaction costs, and working capital. This robust financing plan signals that Seva is well-capitalized and ready to hit the ground running.

Unlocking Value at the Cameron Gold Project

Seva Mining inherits a significant and promising asset in the Cameron Gold Project. Located 80 kilometers southeast of Kenora, Ontario, the project is a district-scale land package spanning 53,000 hectares with excellent infrastructure, including year-round highway access and nearby power.

The project already boasts a substantial resource defined in a 2017 estimate, totaling 464,000 ounces of gold in the Measured and Indicated categories (at 2.61 g/t) and an additional 533,000 ounces in the Inferred category (at 2.54 g/t). Critically, mineralization at the main Cameron Gold Deposit remains open at depth and along strike, presenting clear targets for resource expansion.

Furthermore, the project includes a surface stockpile of 14,000 tonnes of mineralized material, left from historic underground development, with an average grade of 4.46 g/t gold. The plan to process this stockpile provides a potential near-term source of revenue and is the trigger for the C$2 million contingent payment to First Mining, demonstrating an early-stage path to value creation.

This combination of an established resource, clear expansion potential, and near-term processing opportunities makes Cameron an ideal asset for a focused and well-funded team like Seva to advance. As Wilton noted, "Seva is well funded to advance and unlock value at the Cameron Project which will benefit the local and Indigenous communities around the Cameron Project."