Gold Developer Completes CA$27M Cameron Project Acquisition in Ontario

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Seva Mining Corp. (SEVA:TSX.V) announced the completion of its reverse takeover of Cameron Gold Operations Ltd., through which it has acquired full ownership of the Cameron Gold Project in Ontario, including its stockpile of mineralized material, according to a March 11 release.

Seva structured its CA$27 million acquisition of the Cameron Project through a three-cornered amalgamation, forming a new subsidiary to complete the transaction. Before the merger, Cameron Gold was the sole owner of the Cameron Project; and after the merger, the new company, or "Amalco," now a wholly owned subsidiary of Seva, owns the project.

On March 9, coinciding with these corporate activities, the company rebranded from Oronova Energy Inc. (which had the ticker ONV) to Seva Mining Corp. Trading of the Company's common shares is expected to resume on the TSXV under the ticker symbol "SEVA" on March 18, with Seva classified as a Tier 1 Mining Issuer.

"Seva is a company committed to building social capital in the communities we get to partner alongside, supported by an exceptional team focused on creating shareholder value," Chief Executive Officer Ranj Pillai said.

In conjunction with these developments, Seva granted 12,825,000 incentive stock options to its directors, officers, and consultants on March 9. These options, priced at CA$0.26 per share, are set to vest over 18 months, with an initial 25% vesting immediately and an additional 25% every six months thereafter, expiring on March 9. These options are subject to a resale restriction until July 10, as per TSX Venture Exchange policies.

For further details on the Transaction and the Cameron Project, stakeholders are encouraged to review the Company's Filing Statement dated March 9 and the NI 43-101 Technical Report on the Cameron Property, effective February 26 on SEDAR+.

Details of the Transaction

In the release, the company said 80,000,000 Common Shares issued to First Mining Gold Corp. (Cameron Gold's parent company) as part of the transaction have been placed into escrow. According to the Tier 1 Value Security Escrow Agreement, 25% of these shares will be released following the issuance of the final bulletin by the TSXV concerning the transaction, with the remainder released in three subsequent 25% increments over the next 18 months.

First Mining, which did not own any shares in Seva prior to this transaction, now holds approximately 47.85% of the issued and outstanding common shares. These shares were acquired for investment purposes, and First Mining reserves the right to adjust its holdings based on market conditions or other factors, as detailed in an Early Warning Report available on SEDAR+.

The Cameron Project, located near Sioux Narrows within Treaty Three Territory of the Anishinaabe people, is part of a vibrant gold mining district in Northwestern Ontario. The project boasts a NI 43-101 compliant Mineral Resource estimate, effective February 26, with significant measured, indicated, and inferred gold resources, supported by extensive drilling. Seva plans a 25,0000-meter drilling program to further explore and develop these resources.

According to the Seva's website, Cameron boasts 515,000 ounces of Measured and Indicated gold and 740,000 ounces of Inferred gold, underpinned by a substantial history of 118,809 meters of drilling. Looking ahead, there is a planned exploration program set to cover an additional 25,000 meters. The project also includes a stockpile with an average grade of 3.5 grams per tonne gold (g/t Au), encompassing a volume of 13,630 cubic meters, which has been thoroughly assessed through 281 samples.

A CA$27 Million Deal

According to a report by Mariaan Webb for Mining Weekly on November 21, 2025, the purchase price for the project was CA$27 million.

The definitive amalgamation agreement includes a payment structure of CA$5 million in cash, 80 million Oronova shares priced at CA$0.25 each, and a contingent cash payment of at least CA$2 million related to the processing of a mineralized stockpile at Cameron.

Upon the deal's closure, with Oronova adopting the new name Seva Mining, First Mining becomes its principal shareholder and is gaining the right to appoint two directors to Seva's board as per an investor rights agreement. First Mining’s CEO, Dan Wilton, expressed enthusiasm about the partnership with the Fiore Group, noting their "strong track record of creating shareholder value" and their success in fostering significant partnerships with Indigenous communities in Canada, Webb reported. He highlighted that the transaction will enable the formation of a well-funded, dedicated team to advance the Cameron project, which will benefit local and Indigenous communities.

The Fiore Group is recognized for establishing successful mining ventures like Aris Gold and Endeavour Mining and is spearheaded by notable mining entrepreneurs Frank Giustra and Gordon Keep, the article noted.

The acquisition of Cameron enriches First Mining’s extensive portfolio in Canada, which includes major projects like Springpole and Duparquet, and a 30% stake in the Pickle Crow joint venture. First Mining recently moved closer to operational readiness at Springpole, having submitted its final environmental impact statement in late 2024, with feasibility studies underway.

The Catalysts: War and the Fed

Gold prices stabilized after an initial drop below crucial thresholds on Monday, amidst ongoing tensions in the U.S.-Israel conflict with Iran and ahead of a critical Federal Reserve meeting, according to a report by Ambar Warrick for Investing.com on March 16. The anticipation of a potentially stringent stance by the Fed due to persistent inflation influenced the market, causing spot gold to rise slightly by 0.3% to US$5,033.31 an ounce by 10:07 a.m. ET, although gold futures saw a decrease of 0.4% to US$5,040.31/oz after dipping below US$5,000 earlier in the day.

The situation with Iran remains tense following a weekend attack by the U.S. and Israel on a significant Iranian export terminal, which prompted severe threats of retaliation from Tehran. Concurrently, oil prices hovered just over US$100 a barrel, with some earlier gains pared back following President Donald Trump's announcement that negotiations were underway to unblock a crucial maritime route obstructed by Iran, Warrick said. Trump optimistically mentioned that the end of the conflict with Iran could be near, a claim Iran has consistently denied.

Gold's performance has been lackluster since the conflict began, with the usual surge in demand for the metal as a safe haven being eclipsed by concerns over prolonged high interest rates sparked by the war's inflationary impacts. According to ANZ analysts, "Gold has struggled as it is being overshadowed by a stronger U.S. dollar, rising yields and uncertainty surrounding Federal Reserve policy," also noting that forced sales by traders needing to cover margin calls contributed to the metal’s price declines.

However, they also emphasized that gold's fundamental appeal as a refuge amid geopolitical uncertainty remains valid. Despite recent challenges, gold has still managed an approximate 16% increase in value throughout 2026.

According to a March 14 report by Moz Farooque for TheStreet, seasoned strategist Ed Yardeni predicts a bright future for gold, envisioning its price potentially soaring to US$6,000 per ounce by the end of 2026 — a 20% rise from its current levels — and reaching US$10,000 by the decade's end.

Yardeni's optimism isn't driven by the typical concerns over inflation or commodity demand. Instead, he attributes the anticipated surge in gold prices to significant shifts in geopolitics and global financial strategies. In a recent Bloomberg interview, he highlighted the pivotal moment when the U.S. and Europe seized nearly US$300 billion in Russian central bank reserves after Ukraine's invasion, prompting a global reassessment of wealth storage. This event has increased the allure of assets not tied to any government's balance sheet, positioning gold as an increasingly attractive option for diversification. Yardeni noted that although gold is currently consolidating around US$5,000 an ounce, the dynamics propelling its value upward are just beginning to unfold.

Ownership and Share Structure¹

In addition to First Mining's 48%, about 21% of the company is owned by The Fiore Group and about 13% is owned by insiders and management. The rest is retail.

Its market cap is CA$6.34 million with 24.38 million shares outstanding. It trades in a 52-week range of CA$0.08 and CA$0.39.