FireFly Metals Ltd (ASX: FFM, TSX: FFM) completed the distribution of 60 million shares in Bellavista Resources Ltd (ASX: BVR) to eligible shareholders on May 11, 2026, according to a company statement.

The in-specie distribution followed FireFly's sale of the Pickle Crow and Sioux Lookout Projects in Ontario to Bellavista, which was completed on April 29, 2026. Eligible FireFly shareholders received one Bellavista share for approximately every 12.8 FireFly shares held on the record date of May 4, 2026.

Shareholders with registered addresses in eligible jurisdictions who received distributions valued at A$500 or greater as of the record date qualified for the share distribution. Ineligible shareholders will receive cash proceeds from the sale of their allocated Bellavista shares, with Canaccord Genuity (Australia) Limited appointed as the sale agent.

Holding statements for distributed Bellavista shares were dispatched before noon Australian Eastern Standard Time on May 11, 2026. Trading in the distributed shares commenced on a normal T+2 basis on May 12, 2026.

FireFly submitted an application to the Australian Taxation Office for a class ruling on the Australian income tax implications of the distribution for shareholders. The company stated there is no certainty the tax office will agree with FireFly's submitted position.

FireFly focuses on the Green Bay Copper-Gold Project in Newfoundland, Canada, which contains mineral resources of 50.4 million tonnes of measured and indicated resources at 2.0% copper equivalent and 29.3 million tonnes of inferred resources at 2.5% copper equivalent.