Sirios, OVI to combine as Osisko-backed gold company

Sirios Resources Inc. [SOI-TSXV, SIREF-OTCQB] has announced a definitive arm’s length agreement to acquire all the issued and outstanding shares of –privately-owned OVI Mining Corp. pursuant to a statutory plan of arrangement.

The combination is expected to create a Quebec-focused gold company, uniting Osisko Development Corp.’s [ODV-TSXV] expertise in asset development with Sirios’ longstanding track-record of exploration success in the Eeyou Istchee James Bay region. The combined company will control three district scale resource-stage assets, with the Cheecho project as the combined company’s flagship asset.

OVI Mining is a privately-owned exploration stage company with a portfolio that includes the 100%-owned Corvet Est and PLEX properties. OVI is currently advancing its projects towards drill ready status.

Under the agreement, Sirios will issue 131.9 million common shares to OVI shareholders, with each holder of common shares of OVI entitled to receive 2.34 Sirios shares for each common share of OVI held. That represents an offer price of $0.1755 per OVI share based on the last closing price of the Sirios shares on the TSX Venture Exchange prior to execution of the agreement.

Sirios shares advanced on the news, rising 20% or $0.015 to $0.09 in early trading Thursday. The shares previously traded in a 52-week range of $0.085 and $0.04.

Prior to closing, Sirios and OVI will agree on a corporate re-branding and name change for the combined company. Until the name change occurs, Sirios will continue to trade on the TSX Venture Exchange under the symbol SOI. Subject to the conditions set out in the agreement, the transaction is expected to close in the first quarter of 2026.

Osisko Development executives Sean Roosen and Laurence Farmer will join the Sirios board on closing. Jean-Felix Lepage, previously Vice-President, Project Development at O3 Mining, will assume the role of CEO. Dominique Doucet, founder and CEO of Sirios will transition to Executive Chairman and Head of Exploration.

Also, Electric Elements Mining Corp., an OVI shareholder, will distribute to its shareholders, by way of a return of capital, of all or a portion of the arrangement consideration to be received in accordance with the agreement.

The combination creates a district-scale platform anchored by the Cheecho gold deposit, with exploration upside at Corvet Est and PLEX.

Cheecho is a large-scale, predictable gold deposit with open-pittable geometry, significant growth potential and proximity to Dhilmar’s Eleonore Mine. The project hosts 1.3 million ounces at grade 1.12 g/t in the indicated category and 1.7 million ounces at 1.23 g/t gold in the inferred category.

PLEX covers 21,000 hectares and hosts the Orfee Zone with multiple structural corridors from surface and untested at depth and along strike.

Corve Test covers 6,500 hectares and consists of a historically drilled at surface gold system with numerous attractive mineralized zones and significant untested potential. The project was once part of a Virginia Gold Mines – Goldcorp joint venture but has been dormant since 2012.