Mr. Geir Liland reports

ORONOVA ENERGY INC. TO ACQUIRE HIGH-GRADE CAMERON GOLD PROJECT IN NORTHWESTERN ONTARIO, ANNOUNCES $15 MILLION NON-BROKERED PRIVATE PLACEMENT

Oronova Energy Inc. has entered into a definitive amalgamation agreement effective as of Nov. 19, 2025, with First Mining Gold Corp. to launch Seva Mining Corp., a new venture that will acquire a 100-per-cent interest in the Cameron gold deposit, inclusive of its stockpile of mineralized material strategically located in Northwestern Ontario.

The project is located approximately 80 kilometres southeast of Kenora, is road accessible year-round and is situated close to hydroelectric power infrastructure. The project comprises 24 patented claims, 2,001 mining claims, seven licences of occupation and four mining leases totalling approximately 53,000 hectares of prospective Archean greenstone terrane with a historic mineral resource estimate and multiple gold targets. The project encompasses the Cameron gold deposit, the West Cedartree deposits (Dubenski and Dogpaw) and several prospective gold showings across more than 30 kilometres of prospective mineralized structures. Cameron Gold Operations Ltd. (SubCo), an Ontario company, wholly owned by First Mining, currently owns the project.

The company will complete the transaction through the purchase of 100 per cent of a wholly owned subsidiary of First Mining (SubCo) for total consideration of $27-million. At closing, the company will be renamed Seva Mining Corp. and First Mining will be its largest shareholder. The transaction is supported by the Fiore Group.

Project highlights:

• Company to acquire a 100-per-cent interest in the Cameron project, a high-grade gold project strategically situated in Northwestern Ontario; the project covers approximately 53,000 hectares of prospective Archean greenstone rocks with a historic mineral resource estimate and multiple exploration targets;
• Historic mineral resource at Cameron deposit (2017); readers are cautioned that this resource estimate is historical in nature, has not been independently verified by a qualified person and should not be relied upon:
  • Measured plus indicated ($1,350 (U.S.)): 464,000 ounces at 2.61 grams per tonne gold (5.5 million tonnes);
  • Inferred ($1,350 (U.S.)): 530,000 ounces at 2.54 grams per tonne gold (6.5 million tonnes);
  • See Table 1 and Table 2 (Jan. 17, 2017);
• Advanced gold targets: Dubenski, Dogpaw and East Cedartree prospects have been tested with 50,000 metres combined of historic drilling, identifying near-surface mineralized structural trends that are open in all directions:
  • Notable historical drill results include:
    • 18 metres at 21.36 g/t Au (DB-08-07) -- Dubenski;
    • 12 metres at 28.56 g/t Au (DB-08-09) -- Dubenski;
    • 7.5 metres at 29.9 g/t Au (DP-07-42) -- Dogpaw;
    • 3.6 metres at 11.99 g/t Au (DP-07-55) -- Dogpaw;
    • 46.8 metres at 4.51 g/t Au (MC-02-05) -- East Cedartree;
    • 18.8 metres at 5.44 g/t Au (MC-02-13), East Cedartree;
• Year-round road access through Highway 71 and proximity to hydroelectric power. The project consists of an exploration camp and is 88 kilometres from Coeur's Rainy River gold mine;
• Approximately 14,000 tonnes of mineralized material with an average grade of 4.46 g/t Au sits at surface from historic underground development in 1988 (see news release dated Feb. 25, 2009).

Geir Liland, the president and chief executive officer of the company, stated: "Our team brings a proven track record of discovery and development to an underexplored district like Cameron, an area with significant potential for growth and new discoveries. With a strong grasp of the geological controls and mineralization continuity at the Cameron deposit, we have the confidence and expertise to drive a high-impact exploration program designed to unlock and expand the true value of this emerging gold belt."

Exploration in the area began in the 1940s, with numerous companies conducting prospecting, line cutting, geological mapping, trenching, sampling, and ground magnetic and electromagnetic (EM) surveys. The Cameron gold deposit has been evaluated through extensive surface and underground drilling as well as bulk sampling. Drilling efforts have concentrated on the Cameron deposit, with approximately 952 holes totalling approximately 118,000 metres. Mineralization remains open at depth and along strike to the northwest, offering potential for resource expansion. Historic exploration also outlined several additional mineralized trends and prospects, including Dubenski, Dogpaw, East Cedartree, Robertson, Angel Hill, Victor and Monte Cristo.

Past advanced exploration at the project during the late 1980s included the development of significant infrastructure, much of which remains in place. This includes a decline to a vertical depth of 243 metres (1,390 metres of development) and three levels of drifting totalling 1,848 metres. Sixty-five cubic metres of material were excavated and placed on surface at site in three separate stockpiles, two piles being mineralized material.

Historic mineral resource

The historic mineral resource was completed in 2017 by Opitro, reported in accordance with the Standards on Mineral Resources and Reserves of the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) 2014 definition standards. No relevant drilling or assay work has been conducted since 2017 on the Cameron gold deposit.

The resource estimates for the Cameron gold deposit are considered historic in nature and are based on prior data and reports prepared by previous property owners. The company views the estimate as a meaningful reference point for planning current exploration activities and assessing the project's potential, but a qualified person has not done sufficient work yet to classify the historic estimates as current resources in accordance with current CIM categories and the company is not treating the historic estimates as current resources. Significant data compilation, redrilling, resampling and data verification may be required by a qualified person before the historical estimates on the project can be classified as a current resource. There can be no assurance that any of the historic mineral resources, in whole or in part, will ever become economically viable.

Geology and mineralization

The Cameron gold deposit hosts structurally controlled mineralization within mafic volcanic rocks along the northwest-trending Cameron Lake shear zone, with gold occurring in quartz breccia and sulphide-rich zones marked by strong silica-sericite-carbonate-pyrite alteration. Mineralization is open at depth and along strike; Cameron exhibits key features typical of large orogenic systems and offers significant potential for resource expansion within an underexplored gold belt.

All reported intervals are downhole core lengths; true widths are not known at this time.

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and the company is not treating the historical estimate as current mineral resources or mineral reserves.

Infrastructure

The project has excellent year-round road access through Highway 71 and is within close proximity to hydroelectric power and service centres in Sioux Narrows and Kenora. The project consists of an exploration camp and is 88 kilometres from New Gold's Rainy River gold mine.

Transaction terms

The transaction will be structured as a three-cornered amalgamation under the statutory provisions of the Business Corporations Act (Ontario), whereby the company will incorporate a subsidiary (FinCo) which will then amalgamate with Subco.

As consideration for the transaction, the company will pay $27-million through a cash payment of $5-million and the issuance to First Mining of 80 million common shares in the capital of the company at a deemed value of 25 cents per share. Certain additional payments of at least $2-million may be made pursuant to an ore stockpile agreement expected to be entered into prior to closing. In addition, the company will issue a total of 2.8 million shares in the capital of the company as an administration fee to certain parties.

The securities issued for the purchase price will be subject to any applicable escrow restrictions pursuant the policies of the TSX Venture Exchange and transfer restrictions pursuant to the definitive agreement. First Mining is an arm's-length party to the company per the policies of the TSX-V and no non-arm's-length party (as defined in the policies of the TSX-V) of the company has any direct or indirect beneficial interest First Mining or SubCo.

Non-brokered private placement

Prior to the completion of the transaction and subject to approval of the TSX-V, the company intends that FinCo will complete a non-brokered private placement of up to 60 million shares at a price of 25 cents per FinCo share for total gross proceeds of up to $15-million. There may be finders' fees or commissions payable in connection with the offering.

The proceeds of the offering will be used to finance the exploration and advancement of the project, to pay transaction costs and expenses, and to provide general working capital.

Future arrangements

On closing of the transaction, the company intends to change its name to Seva Mining Corp. and to reconstitute the board of directors of the company. Further details of the transaction, including the names and biographies of the proposed members of the board and other principals, and financial information regarding SubCo, will be disclosed in future news releases.

The transaction constitutes a reverse takeover as contemplated under the TSX-V Policy 5.3, Acquisitions and Dispositions of Non-Cash Assets, and, as a result, trading in the company's common shares on the TSX-V has been halted in accordance with the policies of the TSX-V and will remain halted until such time as all required documentation has been filed with and accepted by the TSX-V and permission to resume trading has been obtained from the TSX-V. Upon resumption of trading on the TSX-V, it is anticipated that the industry sector in which the company will operate will be Tier 2 mining. The transaction is not subject to shareholder approval of the company per Policy 5.2 of the TSX-V as the transaction is not a related party transaction, the company is currently without active operations and is listed on NEX, the company is not and will not be subject to a cease trade order or otherwise suspended from trading upon completion of the transaction, and shareholder approval is not required under applicable corporate and securities laws. Closing of the transaction is subject to a number of conditions, including receipt of all required corporate, regulatory and third party consents, the closing of the offering, TSX-V approval, and satisfaction of other customary closing conditions. There can be no assurance that the transaction will be completed as proposed or at all.

Qualified person

The technical content of this news release has been reviewed and approved by Carl Ginn, PGeo, independent consultant to the company and a qualified person pursuant to National Instrument 43-101.

We seek Safe Harbor.