Highlights

  • Two diamond drill rigs have been mobilised at Pickle Crow, targeting the top 260 metres of the existing 2.8Moz inferred mineral resource.
  • Bellavista completed the Acquisition of 70% of Pickle Crow (increased to 80% via an earn-in payment) from FireFly Metals during the June 2026 quarter.
  • The company held $30.6 million in cash as at 30 June 2026, following a $35 million Placement and a $21.28 million SPP-style Capital raise.
  • A 4,000-metre drilling program at the Brumby Project in Western Australia has been completed, with assay results still pending.

Bellavista Resources Ltd (ASX:BVR) shares traded down 1.23% to close at $0.40 on 17 September 2026, a decline of half a cent on the day. The exploration company progresses drilling activity across its Canadian gold Assets and its Western Australian rare-earth-bearing black shale project.

The company's June 2026 Quarterly Report, released 29 July 2026, detailed the commencement of drilling at the Pickle Crow Gold Project in Ontario, alongside a series of corporate transactions completed during the quarter.

Pickle Crow Drilling Program

Bellavista reported that two diamond drill rigs were mobilised to the Pickle Crow site in late June 2026, with drilling focused on the top 260 metres of the existing mineral resource. That upper zone contains an estimated 1 million ounces of gold at 4.1 grams per tonne, out of a total inferred mineral resource of 2.8 million ounces at 7.2 grams per tonne gold, unconstrained by Mining shapes. The company said it expects a steady stream of assay results beginning in the second half of the September 2026 quarter, as the initial phase of the 15,000-metre program assesses open pit potential and near-surface extensions.

Bellavista has engaged Orbit Garant Drilling Services for drilling, Bayside Geosciences for geological consulting, and Horizon North, part of the Dexterra Group, for camp and infrastructure services. The company plans to pivot the campaign in January 2027 to test near-surface regional targets, including the North East Powderhouse and Central Patricia East prospects.

Pickle Crow Acquisition and Corporate Activity

During the June 2026 quarter, Bellavista completed its acquisition of a 70% interest in the Pickle Crow Gold Project and a package of exploration assets in Ontario's Uchi belt from FireFly Metals Ltd (ASX:FFM). On the acquisition date, Bellavista exercised an option to lift its interest in Pickle Crow to 80% through a C$3 million earn-in payment to First Mining Gold Corp.

The transaction was completed through acquisition of 100% of FireFly's Subsidiary Auteco Minerals (Canada) Pty Ltd, for upfront consideration of 60 million Bellavista shares plus 50 million performance rights. The deal also brought in the Sioux Lookout Project and neighbouring Pickle Crow-related tenements.

Shareholders approved the transaction on 22 April 2026, and FireFly completed its pro-rata in-specie distribution of shares to its own shareholders on 11 May 2026. The company also strengthened its board with the appointment of Darren Cooke, a geologist and Chief Executive Officer of FireFly, while Michael Wilson transitioned from Non-Executive Director to Technical Consultant. Bellavista's shares commenced trading on the OTCQX Best Market under the symbol BVRXF on 15 May 2026.

Cash Position and Capital Raising

As at 30 June 2026, Bellavista held $30.6 million in cash. The company issued 21,214,779 fully paid ordinary shares at $0.75 each on 30 April 2026 under the second Tranche of a two-tranche $35 million placement, raising approximately $15.9 million before costs. A further 1,500,000 shares were issued during the quarter following exercise of Options at $0.25 each, generating $375,000 in proceeds. Cash used in Operating Activities during the quarter totalled $624,000, while investing activities consumed $3.334 million, largely reflecting the C$3 million tenement payment tied to the Pickle Crow earn-in.

Sioux Lookout and Edmund Basin Projects

At the Sioux Lookout Project, located in the Wabigoon sub-province of the Superior Craton, first-pass exploration has identified surface rock chip samples of up to 73.6 grams per tonne gold. A soil sampling program commenced during the quarter, with results expected to be reported in a subsequent period.

In Western Australia, Bellavista completed a 4,000-metre drilling program at the Brumby Project targeting the continuity of Hyper Enriched Black Shale (HEBS) mineralisation, with assays still pending at the time of the report. The drilling also collected bulk samples for metallurgical testing, including column leach trials scheduled for the September quarter. Bioleaching studies conducted during the prior quarter examined base metal and rare earth element recovery rates across varying pulp densities.

What to Watch Next

Assay results from the Pickle Crow drilling program, expected to begin flowing through in the second half of the September quarter, represent the most immediate catalyst for the stock. Results from the Sioux Lookout soil sampling program and the Brumby HEBS drilling are also outstanding and due to be reported in upcoming periods.

Investors may also watch for updates on the planned January 2027 pivot to regional targets near Pickle Crow, as well as any further resource definition drilling flagged for later in the year at Brumby.

Risks

As an exploration-stage company, Bellavista's projects at Pickle Crow, Sioux Lookout and Brumby remain pre-resource-expansion or pre-feasibility in nature, and drilling results may not confirm the continuity or grade suggested by historical data. The company's Mineral Resource estimates are unconstrained by mining shapes, meaning further technical work is required before any economic assessment can be made.

Bellavista's forward plans, including the January 2027 drill pivot and further Edmund Basin sampling, are contingent on funding, permitting and drilling contractor availability, and the company's own disclosures caution that forward-looking statements are estimates only and not guarantees of future performance.

Key Takeaways

Bellavista Resources enters the second half of 2026 with multiple exploration programs running concurrently across two continents, following a significant corporate restructuring that saw it substantially expand its footprint in Ontario's gold-endowed Uchi and Wabigoon sub-provinces. With drilling now underway at Pickle Crow and assay results pending across several of its projects, the coming months are likely to determine whether the company's expanded resource base and exploration targets translate into resource growth. The modest pullback in the share price on 17 September 2026 reflects a market still awaiting confirmation of drilling outcomes rather than any change in the underlying project fundamentals.