VANCOUVER, BC, March 10, 2026 /CNW/ - Seva Mining Corp. (TSXV: ONV.H) (the "Company" or "Seva") is pleased to announce that it has completed its previously announced reverse takeover transaction with Cameron Gold Operations Ltd. ("SubCo") to acquire a 100% interest in the Cameron Gold Project, inclusive of its stockpile of mineralized material (the "CameronProject"), located in Northwestern Ontario (the "Transaction"). Please refer to the Company's November 20, 2025 news release for more information.
The Transaction was completed by way of a three-cornered amalgamation under the statutory provisions of the Business Corporations Act (Ontario). The Company incorporated a wholly owned subsidiary, 1001416725 Ontario Ltd. ("FinCo"), which amalgamated with SubCo, to form 1001529863 Ontario Ltd. ("Amalco"). SubCo was the owner of the Cameron Project and a wholly owned subsidiary of First Mining Gold Corp. ("FMGC"). Amalco is now the entity that owns the Cameron Project and is a wholly owned subsidiary of the Company.
Effective March 9, 2026, the Company changed its name from "Oronova Energy Inc." to "Seva Mining Corp." (the "Name Change"). The new CUSIP for the Common Shares following the Name Change is 81783A100 and the new ISIN is CA81783A1003.
In connection with the Transaction, 12,825,000 incentive stock options have been granted on March 9, 2026 to directors, officers and consultants of the Company exercisable at a price of $0.26 per share and will vest over eighteen months, with 25% vesting on the grant date and an additional 25% vesting every six months thereafter, expiring March 9, 2036.
Options granted to directors, officers and consultants of the Company are subject to restrictions on resale until July 10, 2026 in accordance with the policies of the TSXV.
For more information regarding the Transaction and the Cameron Project, please refer to the Company's Filing Statement dated March 9, 2026 (the "Filing Statement") and the NI 43-101 Technical Report on the Cameron Property, effective February 26, 2026 (the "Technical Report"), both available under the Company's profile on SEDAR+ at www.sedarplus.ca.
Mr. Ranj Pillai, CEO of Seva Mining, stated, "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."
Resumption of Trading
It is anticipated that the common shares of the Company (each, a "Common Share") will resume trading on the TSX Venture Exchange (the "TSXV") on March 18, 2026, under the ticker symbol "SEVA". It is anticipated that the Company will be listed on the TSXV as a Tier 1 Mining Issuer.
Escrow
In accordance with the requirements of the TSXV, the 80,000,000 Common Shares issued to FMGC in connection with Transaction (the "Consideration Shares") have been placed into escrow pursuant to a Tier 1 Value Security Escrow Agreement (the "Escrow Agreement"). Under the terms of the Escrow Agreement, 25% of the Consideration Shares will be released upon issuance of the final bulletin of the TSXV in respect of the Transaction, and the remaining Consideration Shares will be released in subsequent 25% increments 6, 12, and 18 months after such date.
Early Warning Disclosure
Immediately prior to the completion of the Transaction, FMGC did not hold any shares of the Company. The Consideration Shares acquired by FMGC upon completion of the Transaction represent approximately 47.85% of the issued and outstanding Common Shares. The Consideration Shares were acquired by FMGC for investment purposes. FMGC may in the future acquire or dispose of Common Shares or other securities of the Company, through the market, privately, or otherwise, as circumstances or market conditions warrant. FMGC will file an Early Warning Report under National Instrument 62-103, which will be available on the Company's SEDAR+ profile at www.sedarplus.ca.
About the Cameron Gold Project
The Cameron Project is located near Sioux Narrows in Northwestern Ontario, Canada, within Treaty Three Territory -- the traditional lands of the Anishinaabe people. The project is situated in one of Canada's most active and prolific gold districts, a region that has seen approximately $9.6 billion in M&A activity. The Cameron Project benefits from excellent year-round road access, existing on-site camp infrastructure, and grid power access.
The Cameron Project hosts a NI 43-101 compliant Mineral Resource estimate, effective February 26, 2026, comprising 515,000 ounces Measured & Indicated (6,564,000 tonnes at 2.44 g/t Au) and 740,000 ounces Inferred (10,559,000 tonnes at 2.18 g/t Au), supported by 118,810 metres of drilling. The Mineral Resource estimate was prepared by Mr. S. Bob Jankovic, P.Geo., of Snowden Optiro, in accordance with CIM Definition Standards (2014), and is available under the Company's profile on SEDAR+ at www.sedarplus.ca. Mineral Resources are constrained by a conceptual open pit shell (0.33 g/t Au cut-off) and underground stope shapes (1.25 g/t Au cut-off), based on a gold price of US$2,600/oz. Mineral Resources that are not Mineral Reserves do not demonstrate economic viability. No Mineral Reserves have been estimated for the Cameron Project.
Seva has a 25,000 metre drill program planned, with Phase 1 targeting 6,000 metres aimed at growing and upgrading the resource. The Company enters the public markets debt-free, with a current EV/oz of C$29.58.
Seva is committed to responsible resource development and to respectful, transparent, and ongoing collaboration with the Ojibways of Onigaming, Naotkamegwanning First Nation, Animakee Wa Zhing #37, and Northwest Angle #33 First Nation, honouring Treaty rights and Anishinaabe laws.
About the Fiore Group
The Fiore Group is a Vancouver-based private investment firm founded and led by Frank Giustra, focused on building and supporting high-potential companies in mining, resource development, and strategic investments. The firm has played a key role in the growth of companies including Dolly Varden Silver, West Red Lake Gold Mines, NexGold Mining, Selkirk Copper, Aris Gold, Nations Royalty, and Cambria Gold. Backed by deep capital markets expertise and a disciplined approach, Fiore partners with exceptional management teams to scale companies and create long-term value.
About Seva Mining Corp.
Seva Mining Corp. is a Canadian gold exploration and development company backed by the Fiore Group and anchored by the Cameron Gold Project in Northwestern Ontario. The Company aims to unlock the full discovery potential of the Cameron Project through systematic modern exploration while delivering long-term value for shareholders. Seva enters the public markets with zero debt, a high-grade mineral resource of over 1.25 million ounces of contained gold, existing camp infrastructure, and a disciplined capital allocation strategy.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Mr. Slobodan Bob Jankovic, P.Geo. (Ontario, PGO Certificate No. 1388), Principal Consultant at Snowden Optiro (Datamine Canada Ltd.), who is a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Jankovic is independent of the Company in accordance with NI 43-101 and is responsible for the 2026 Cameron Mineral Resource estimate, effective February 26, 2026.
On behalf of the Board of Directors of Oronova Energy Inc.
Ranj Pillai
Chief Executive Officer
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words, or variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this news release include information relating to: the business plans and objectives of the Company. Such forward-looking information is based on the Company's expectations, estimates and projections as at the date of this news release.
By their nature, forward-looking statement involve known and unknown risks, uncertainties and other factors, which may cause actual result, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern, risks associated with potential governmental and/or regulatory action with respect to the Company's operations, the potential inability of the Company to implement its business plan going forward, and failure to achieve the proposed benefits of the Transaction, Such statements and information reflect the current view of the Company and are based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to execute on its business plans. The Company has also assumed that no significant events will occur outside the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
SOURCE Seva Mining Corp.
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For more information, please contact: Ranj Pillai, Chief Executive Officer, 1-867 -332-8901