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#FCM First Class Metals PLC – Exploration Progress 2024 Season
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada is pleased to provide an exploration update for the work conducted in 2024 field season.
Exploration Programme Highlights
· Gold (Au) results from the stripping channel samples, combined with the completion of the soil sampling programme at North Hemlo, have increased the potential width of gold anomalism along the Dead Otter trend (DOT) to approximately 30m, reinforcing its significance along its >3km strike length. Notably, high-grade grab samples include 19.6 g/t Au and 13.6 g/t Au.
· A review of historical drill core from the Sunbeam property, including TerraX (former claim owner) core, supports the gold anomalism in the host porphyry theory as reported in the 1 February 2024 RNS. https://firstclassmetalsplc.com/announcements/6183576 The analysis highlights a significant 10m+ alteration halo surrounding high-grade intersections, expanding the target zone. Notable historical drill results include Hole 57751, which returned 19.4 g/t Au over 0.63m from 5.33m and 15.17 g/t Au over 1.37m from 21.44m.
· Patterson Grant Watson (PGW) has been commissioned to interpret the magnetic geophysical survey flown in late summer 2024 at the Kerrs Gold Project. The interpretation aims to develop drill targets for the potential expansion of the historical NI 43-101 resource, which currently stands at 7.04 Mt at 1.71 g/t Au for 386,467 oz Au (Inferred, using a 0.5 g/t cut-off grade).
· Building on the success of the 2024 exploration program, a winter work program announced on 23 December 2024 has commenced, featuring lake sediment sampling at the North Hemlo and the extended Sunbeam property, along with a Very Low Frequency (VLF) survey at North Hemlo, aimed at identifying / refining exploration targets and unlocking further potential.
· GT Resources (TSXV: GT1) has applied for exploration permits over their Tyko block, which includes the West Pickle Lake JV, a high-grade nickel sulphide discovery.
Marc J. Sale CEO First Class Metals commented: “The 2024 field season was very much a year of consolidation for FCM in which we advanced both North Hemlo and Sunbeam as well as acquiring the Kerrs gold project. The potential of both the former is still considered significant and work conducted forms a firm basis for further work. The advance of North Hemlo and Sunbeam will be the focus of this year’s field work. With assured funding secured from the Seventy Ninth Group and an enhanced understanding of the geology at our flagship properties, FCM is poised to launch a comprehensive and targeted exploration programme on these key assets in 2025. This robust foundation also enables us to advance satellite projects like Esa and Kerrs, driving our growth and unlocking their full potential”
North Hemlo Exploration geochemistry update:
· Soil sampling at North Hemlo has increased the potential width of the gold anomalism of the Dead Otter trend.
· Strong support from pathfinder elements, particularly molybdenum, similar to that found at the Barrick Hemlo Gold Mine, highlighting the expanding potential of the trend.
· Structural review of the Dead Otter trend planned.
· Winter field work – Lake sediment sampling and Very Low Frequency (VLF) survey over targets in North Hemlo initiated
· GT Resources (TSXV: GT1) has applied for exploration permits over their Tyko block, which includes the West Pickle Lake JV, a high-grade nickel sulphide discovery.
Exploration of the Dead Otter trend was the focus of activities in 2024 on the North Hemlo block of claims. Work included the stripping at three locations (one area subsequently extended) soil sampling in the vicinity of the three stripped areas as well a further prospecting around the 2.3ppm Au sample (a stripped locality).
Gold assay results from the channel samples, as well as the baswate metal values, including additional channels cut at the Dead Otter and 19 grammer showing, have all been received. It is encouraging that most samples are anomalous to highly anomalous in gold, though no values exceeded one ppm (1 g/t). Given the high grades in previous grab samples (see figure 1) and the fact that the Photon assay results validated those grabs it further emphasises the ‘spotty’ nature of the gold reporting and therefore the requirement to fully understand the geochemical distribution of the gold. From the stripping and other field work it is also now believed that a strong structural component exists controlling the gold emplacement, as such a firm structural understanding will greatly enhance the potential success of any drill programme targeting the Dead Otter trend.
Figure 1 shows the original grab samples and the locations of the stripped areas.
Subsequent to the initial stripping and trenching a further short extension and sampling programme was completed at two locations. These results further validate the robust gold anomalous characteristics of the trend. In conjunction with this follow-up programme and prior to the soils sampling orientation survey, prospecting was undertaken in the vicinity of the 2.3ppm sample / trenches. This resulted in further anomalous but sub 1ppm Au results. However, the pathfinder element molybdenum (characteristically associated with the gold at the Hemlo mine) reported high (2290ppb) in the grab samples to the north of the Dead Otter trench, where some of the higher gold in soils were also reported. Additionally, there were anomalous gold in soil samples from the end of the line to the south of the 19 grammer.
Figure 2 showing historic high-grade samples, location of two soil sample orientation areas, with results, indicating a far wider anomaly that originally defined.
Furthermore, the prospecting in the vicinity of the stripped area reported a 0.5ppm (0.5g/t) in a grab sample 30 metres north of the 2.3pppm showing / stripped area and also reported up to 0.43% copper, whilst a second sample anomalous in gold reported 7g/t Ag and 0.33% Cu.
This indicates that the Dead Otter trend as originally targeted could have a greater width or be comprised of more than one sub parallel structures. Irrespective there is mounting evidence that the (gold) anomalism is far wider than originally factored and the potential greater than previously anticipated. The variable locations of the reporting of the gold, copper and molybdenum also suggests metal zonation, again a common factor in mineral deposits.
In order to better understand the structural controls FCM will now finalise discussions with a leading structural geologist to undertake a detailed study of the geological exposure at the stripped areas with the aim of increasing the structural understanding of the mineralisation. This will preface the field work and will allow a focussed exploration of the trend once ground conditions allow access.
In parallel FCM is conducting an ‘in-house’ review of the LiDAR (Light Detection and Ranging) covering the Dead Otter trend to identify any prominent cross structure which might be loci for the gold mineralisation. Integrating the LiDAR with the hi-res. mag. previously flown, the geochemistry and the structural study is expected to help focus the exploration push in the spring.
The work planned will give a better understanding of the geology, structure and mineralisation and will optimise any proposed drilling. This focussed approach will overall save time and costs.
Winter work programme is now underway on the North Hemlo claim block. Emerald Geological Services (EGS) are undertaking a combined lake sediment sampling programme as a follow-up and expansion of a previous programme. In conjunction a Very Low Frequency (VLF) geophysics and magnetic survey will being conducted at up to seven location where anomalous gold in lake sediments returned values up to 103 ppb Au from sampling in 2022 and 2023.
VLF and Magnetic surveying are also planned along the Dead Otter Trend.
The Company, after consultation with Bruce MacLachlan of EGS decided to conduct a Very Low-Frequency (VLF) and magnetic survey, as this would be conducive to mapping out conductors related to faults, alteration and sulphide mineralisation in the area of the anomalous gold in Lake sediments and add important information relating to the structures at the Dead Otter trend.
As VLF surveying can be carried out during the winter on the ice, costs are significantly reduced.
Bruce, CEO of EGS commented: “We look forward to over laying the geophysical results on the anomalous lake sediments and the Dead Otter trend geochemistry to guide the next steps for follow up work”.
Sunbeam Property
· Results from the review of the TerraX core from the Sunbeam property support the gold anomalism in the host porphyry reported in the RNS 1 February 2024 https://firstclassmetalsplc.com/announcements/6183576
· Soil sampling orientation survey at the Roy and Pettigrew and other locations completed
· Winter work will commence next month, including lake sediment sampling on the original Sunbeam property and its extended areas, to refine targets and unlock potential.
Sunbeam property extending over 70km contains three historic development sites: Sunbeam, the most exploited, Roy and Pettigrew. However, along the three known mineralised structures a number of other significant gold bearing sites have been identified, such as Road zone and Rubble. The historic developments as well as the widespread occurrence of gold (along the structures) emphasise the gold endowment of the property and the potential for a major discovery.
Review of Nuinsco and TerraX core
In 2023 stripping and associated grab sampling in the areas of the Roy and Pettigrew developments on the Sunbeam property identified anomalous (4.98 g/t Au over 0.5m) in the ‘host’ / wall rock porphyry. This discovery was an important development in the exploration on the Sunbeam property. Whilst it is known that the quartz veining variously hosted by sheared mafic volcanics contains significant gold (one Nuinsco drillhole sample reported 93.3g/t over 0.44m), the gold bearing potential of the porphyry was not documented.
Through dedicated efforts, a majority of the modern core drilled by TerraX at the Sunbeam property from multiple sites was successfully located. All the core has now been (re)logged, photographed and is now securely stored under FCM control. This asset will be invaluable as we advance the property’s exploration.
During the review of the Nuinsco and TerraX core samples were collected from Nuinsco holes, as the TerraX holes were more thoroughly sampled in the past. Including standards and blanks 80 samples were collected of intervals deemed to be significantly altered and mineralized, or adjacent to intervals which returned anomalous historical gold results, (>50 ppb Au generally considered to be anomalous).
A combination of new and historic results highlights the presence of relatively wide zones of low-grade gold.
Roy zone
· From 38m 0.71g/t Au over 13.8m
· From 41.0m 0.43g/t Au over12.3m
WN2 zone
· From 28.8m 0.33g/t Au over 11.8m
AL198 Zone
· From 63.3m 0.30g/t Au over 10.3m @63.3m.
Rubble Zone
· From 20.3m 0.61g/t Au over 12.3m.
Pettigrew
No new samples were taken from Pettigrew, (Nuinsco did not undertake any drilling there) however historic results by TerraX confirm that there are high grade intersections:
· Hole 57751: 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au over 1.37m at 21.44m
The ‘new’ and historic zones when considered with the known high grade gold intersections both in drill hole and in the stripping, combined with the robust nature of the three mineralised structures makes the Sunbeam property a significant district scale target.
Sunbeam Soil Sampling
Late in the 2024 season, a soil sample orientation programme was complete over several of the historic gold developments. The rationale was, based on the gold identified in the host porphyry, to see whether assaying soil samples in lines orthogonal to the trends would highlight wider areas of increased anomalism which could then be explored by ground prospecting and stripping where permitted, see Figure 3 for the location of the soil survey areas and results. Considering this was an orientation survey the results indicated areas of Au anomalism not previously identified as well as indicating that some of the classic pathfinder elements, such as arsenic (As) copper and lead (Pb) require further modelling.
Figure 3 showing the major mineralised structural trends, historic developments, as well as the locations of the mini grid orientation soil sample lines, note the cohesive anomaly at Roy.
A property / trend wide soil sampling programme is planned, this will increase the geochemical understanding, potentially identify further zones along the trends warranting invasive exploration, possibly drilling. Certainly, it will be a far more cost effective method of exploration than premature drilling.
However, the soil results from the area around the Roy development already support further drilling between the historic drill holes of the 80’s
Winter work programme:
FCM has commissioned EGS to undertake a lake sediment sampling programme this winter.
It is anticipated to commence next month and be completed with results returned for designing additional exploration work later this season.
The impetus of the exploration on the Sunbeam property will be the follow up of the soil survey, but the lake sediment programme will be the first sampling conducted by FCM on the extension claims on the property. To date data review has not revealed much if any historic work in this area. Figure 4 shows the proposed locations of the lake sediment samples. A number of ‘reference’ samples are also proposed around the historic developments in order to gauge the levels of anomalism from the new work.
Figure 4 showing the mineralised trends on the Sunbeam property and with the locations of the proposed lake sediment samples.
Advances on other properties
· FCM has contracted PGW of Toronto to undertake the interpretation of the recently flown low level hi-resolution geophysical data over Kerrs Gold Property. This work is anticipated to take several weeks.
· FCM is also in discussion with the owners of the Kerrs Gold drill database that would allow a review of the NI 43-101 resource.
· FCM understands that GT Resources, the owner of the vast Tyko property and 80% Joint Venture partner on West Pickle Lake is involved in ‘negotiations between themselves, the relevant First Nations and the Ontario government’. Meanwhile FCM understands that several Exploration permit applications across the block have also been lodged.
· The Esa soil anomaly will be further appraised with infill lines intended to identify sites for stripping. In the north around the ‘Hemlo look alike sample’ of 0.7ppm and extending further north it is proposed a ‘glacial till’ sampling programme is undertaken.
· FCM is also investigating metallurgical (benefaction) studiers on the core from the Zigzag hard rock lithium discovery.
· A significant development at the Quinlan Property has occurred, as four centrally located claims, previously held by a third party, have now lapsed and been successfully staked. As a result, these claims have been reintegrated into the terms of the existing option agreement. This development ensures that exploration activities can proceed without obstruction, as these claims are no longer under external ownership.
Other field work activities are currently in the planning stage and will be reported on as appropriate.
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here:
https://fcm-l.investorhub.com/link/MP7o0P
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
#FCM First Class Metals PLC – Change of Registered Office
First Class Metals plc (LSE: FCM) announces that, with immediate effect, it has changed its registered office to Manor Court Offices. Suite 24 Manor Court, Salesbury Hall Road, Ribchester, Preston, England, PR3 3XR.
For further information, please contact:e
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
First Class Metals #FCM – The 79th GRP Limited Strategic Funding & Winter Work Programme
First Class Metals PLC (“First Class Metals,” “FCM,” or the “Company”), (LSE: FCM, FWB: WN9), the Ontario focused gold and critical metals explorer is pleased to announce that The 79th GRP Limited (“79th GRP”) has increased its existing loan to the Company (“Loan”) by £200,000, bringing the total Loan to £700,000. This follows the previously announced conditional strategic equity funding by 79th GRP of approximately £2.18 million (“Conditional Equity Funding”). The additional funding underlines 79th GRP’s commitment to advancing the proposed Conditional Equity Funding process and supporting the Company’s strategic objectives as the partnership progresses.
Key Highlights:
· Existing Loan with 79th GRP increased from £500,000 to £700,000: This additional funding comes as a further demonstration of 79th GRP’s commitment to supporting FCM’s strategic goals with the planned Winter Exploration Plans for North Hemlo & Sunbeam now fully funded.
· Funding to advance North Hemlo & Sunbeam properties, including:
o Very Low Frequency (VLF) geophysical survey across priority targets at North Hemlo
o Lake sediment sampling programme to identify additional targets at North Hemlo
o Wide scale lake sediment sampling across ‘newly’ staked claims at Sunbeam to identify new targets
Loan Facility Update:
The new loan agreement increases the total facility from £500,000 to £700,000, to be drawn in a single tranche. Key terms of the loan include:
I. Repayment Date: The Loan is repayable on the earlier of 25 April 2025 and completion of the first stage of the Conditional Equity Funding or, if such should not occur, the day after the relevant general meeting.
II. Interest Only: Interest is payable at a 15% annual rate throughout the term.
III. Secured Facility: The Loan is secured by a debenture over the assets of First Class Metals PLC.
IV. Equity Conversion: The Loan together with accrued but unpaid interest and fees will be capitalised into ordinary shares of the Company at a price of 1.7p per share upon completion of the first stage of the Conditional Equity Funding, as detailed in the announcement dated 18 December 2024.
For more details on the original loan facility, please refer to the announcements dated 13 June 2024 and 8 October 2024.
James Knowles, Executive Chairman, commented:
“This additional £200,000 loan from the 79th GRP underscores their continued confidence in our assets and strategy, as well as their commitment to the previously announced £2.18 million conditional equity investment. Their financial support strengthens our ability to execute fully funded Winter Exploration Plans for North Hemlo and Sunbeam, enabling us to maintain momentum across our portfolio.
This latest funding highlights the alignment between FCM and the 79th Group as we work collaboratively towards completing the conditional investment process. We are excited about the opportunities this partnership presents to drive forward the development of our northern Ontario projects and deliver significant value for our shareholders.”
Marc Sale, Chief Executive Officer, commented:
“I am excited that we can initiate a funded Winter Work Programme which will ensure that, when the spring field season starts, we can maximise the efforts on the two main properties. The Winter Work Programme in conjunction with the stripping and the results from the recently completed soil sampling programmes at North Hemlo and Sunbeam will provide focus in the coming months, the intention being to drill one or both properties.”
Dave Webster, Chairman, The 79th GRP Limited, commented:
“The Seventy Ninth Group is deeply committed to investing heavily in the development of FCM’s assets, aligning with its strategic focus on generating significant value across the portfolio for shareholders. This proactive investment approach underscores the Group’s dedication to driving sustainable growth and maximising value through disciplined and strategic asset management.”
Looking Forward
Following the recent announcement of the conditional subscription agreement with 79th GRP, First Class Metals PLC is pleased to highlight the strengthening of its financial position through the increased loan facility provided by 79th GRP. This additional funding, bringing the Loan to £700,000, ensures that key exploration initiatives, including the funded Winter Work Programme for North Hemlo and Sunbeam, can progress as planned.
The increased loan commitment further demonstrates 79th GRP’s confidence in FCM’s strategy and the potential of our northern Ontario assets. This strategic financial support not only enables us to advance our current exploration programmes but also underscores the growing alignment between the two companies as we work together to create long-term value.
The Board is fully committed to capitalising on these developments and leveraging the opportunities that this strengthened partnership presents. With the support of 79th GRP, we are well-positioned to achieve our objectives and deliver meaningful progress across our portfolio.
We look forward to providing further updates as we continue to advance our projects and deliver value to shareholders.
Ends
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here:
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
NOTES TO EDITORS
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30 years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
First Class Metals PLC – Background
First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.
The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the ‘Dead Otter Trend’ which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay ever recorded on the North Limb of Hemlo.
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).
FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and results have now been released.
The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).
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First Class Metals #FCM – Proposed Strategic Investment by Seventy Ninth Group via Conditional Subscription
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the Canada focused precious and base metal explorer, with extensive land holdings in northern Ontario, announces that it has entered into a conditional subscription agreement (the “Subscription Agreement”) with The 79th GRP Limited (“Seventy Ninth Group” or the “Investor”) regarding a proposed investment (“Proposed Investment”).
Highlights:
- Proposed Investment in two stages by Seventy Ninth Group of approximately £2.18 million subject, inter alia, to FCM shareholder approval
- On completion of both stages of the Subscription Agreement, Seventy Ninth Group will own approximately 51.2% of the enlarged share capital of FCM
- Strategic investment to accelerate the development of project portfoli
- Potential for business synergies to create new project acquisition opportunities
- Deal will represent Seventy Ninth Group’s first external equity investment in the exploration sector
James Knowles, Executive Chairman, commented:
“We are delighted to announce the proposed significant investment in First Class Metals by Seventy Ninth Group, a diversified asset manager with a track record of deal selection and value creation. The deal will provide FCM with an enhanced capability to unlock the potential of our northern Ontario assets. This investment demonstrates the strength of our proposition, particularly against the challenging backdrop of UK capital markets. Securing funding of this nature is essential to advancing our exploration efforts and building shareholder value. With the backing of Seventy Ninth Group, a supportive partner with global reach, we are well-positioned to drive forward our projects efficiently and responsibly.”
David Webster, Chairman of The Seventy Ninth Group, commented:
“I am delighted that Seventy Ninth Group is making this investment in First Class Metals. As an international conglomerate, we will utilise our global presence to add value across the portfolio and apply the full support of the group’s expertise in developing and financing assets. As we already hold exploration projects in the Republic of Guinea and Ontario, Canada, this investment strengthens our position in the global mining industry whilst giving us increased exposure to a top-tier mining jurisdiction.”
The Seventy Ninth Group Investment Terms
The proposed investment (“Subscription”) is to be completed via a direct subscription into the Company in two stages for a total 128,500,000 ordinary shares of £0.001 (“Shares”) at 1.7p per Share (“Subscription Shares”).
The first stage of the Subscription consists of 78,552,084 Shares (“Stage 1 Shares”) and uses the Company’s current shareholder authority to issue shares on a non-pre-emptive basis, subject to the publication of an FCA approved prospectus and shareholder approval of a Rule 9 Waiver at a General Meeting of the Company (“GM”).
The second stage of the Subscription consisting of 49,947,916 Shares (“Stage 2 Shares”) will be issued subject to additional shareholder authority at a second GM to allot additional shares and disapply pre-emption rights along with shareholder approval for a second Rule 9 Waiver.
Seventy Ninth Group does not currently hold any Shares in the Company however it has lent £500,000 to the Company in two tranches as announced on 13 June 2024 and 8 October 2024 and under the terms of the Subscription Agreement such loans together with accrued interest will be capitalised by the issue of new Shares as part of the Subscription. Following the issue of the Stage 1 Shares, Seventy Ninth Group will hold 78,552,084 Shares in the Company equating to approximately 41.0% of the enlarged share capital of the Company. After the issue of the Stage 2 Shares, Seventy Ninth Group will hold 128,500,000 Shares equating to 51.2% of the enlarged share capital of the Company. The percentage of the enlarged share capital after completion of Stage 1 of the Subscription takes into account the issue, simultaneously with such completion, of (a) 5,995,332 Shares to Mr Ayub Bodi in repayment to him of Shares lent to the Company on 24 November 2023 (b) 5,882,353 Shares to OnGold Investment Corp. under the Ongold Agreement dated 26 June 2024 and (c) 492,352 Shares to Broken Rock Resources Limited under the Quinlan Agreement dated 21 March 2024. The percentage of the enlarged share capital after completion of Stage 2 of the Subscription takes into account the issue, simultaneously with such completion, of 9,500,001 Shares to Mr James Knowles in repayment to him of Shares lent to the Company on 2 August 2024.
Immediately following the issue of the Stage 2 Shares, the Investor will also be issued 64,250,000 warrants in the Company exercisable at 5p within three years of issue and 64,250,000 warrants exercisable at 10p within five years of issue.
Investment Conditions
Completion of the issue of the Stage 1 Shares is subject to (i) publication of an FCA approved prospectus, (ii) shareholder approval by independent shareholders of a waiver in accordance with Rule 9 of the Takeover Code and (iii) admission of the Stage 1 Shares to the Official List and to trading on the Main Market of the London Stock Exchange plc (“First Admission”).
Completion of the issue of the Stage 2 Shares is subject to (i) First Admission having occurred; (ii) the Company having the necessary shareholder authorities to issue the Stage 2 Shares, including disapplication of pre-emption rights, (iii) approval by independent shareholders of a waiver in accordance with Rule 9 of the Takeover Code; and (iv) admission of the Stage 2 Shares to the Official List and to trading on the main market of the London Stock Exchange plc.
At First Admission the following board changes will be implemented:
i) David Webster will be appointed as a director of the Company and will become non-executive chairman
ii) James Knowles will step down as Executive Chairman and will become an executive director
iii) Marc Sale will cease to be a director of the Company and will retain the role of CEO
Further announcements will be made in due course on the Investment.
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: Home | First Class Metals (firstclassmetalsplc.com)
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
NOTES TO EDITORS
First Class Metals PLC – Background
First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.
The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the ‘Dead Otter Trend’ which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay ever recorded on the North Limb of Hemlo.
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).
FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and results have now been released.
The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).
#FCM First Class Metals LTD – Major Share Holding
The company was informed on 12th November 2024 that Graeme Paton now holds 4,500,000 shares in the company (4.463%) up from 3,200,000 shares (3.488%) previously.
Read here: https://www.londonstockexchange.com/news-article/FCM/holding-s-in-company/16760956
#FCM First Class Metals PLC – Total Voting Rights
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, as at 31 October 2024, the Company’s issued share capital consists of 100,819,240 Ordinary Shares of £0.001, each with one voting right. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 100,819,240.
The above figure of 100,819,240 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: Home | First Class Metals (firstclassmetalsplc.com)
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
First Class Metals #FCM – Issue of Equity-Professional Fees
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – Northern Ontario land holding, announces that it has issued 2,742,250 ordinary shares of £0.001 par value (“Shares”) to a number of key service providers, in lieu of professional fees, totalling £70,111.
Application is being made for the 2,742,250 Shares to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange which is expected to be on or around 24 October 2024. These Shares rank pari passu with the existing ordinary shares of the Company.
Total Voting Rights
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, including the issue of the Shares, the Company’s issued share capital consists of 100,819,240 Shares, each with one voting right. The Company does not hold any Shares in treasury. Therefore, the total number of voting rights in the Company is 100,819,240.
The above figure of 100,819,240 should be used by shareholders in the Company as the
denominator for the calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the Company under the Financial
Conduct Authority’s Disclosure Guidance and Transparency Rules.
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: Home | First Class Metals (firstclassmetalsplc.com)
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
NOTES TO EDITORS
First Class Metals PLC – Background
First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.
The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the ‘Dead Otter Trend’ which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay ever recorded on the North Limb of Hemlo.
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).
FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and results have now been released.
The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).
First Class Metals #FCM – Holding in Company
FCM was notified by Lee Scott on 09/10/2024 that his shareholding of 2,948,344 shares represented 3.01% of the Company.
#FCM First Class Metals – STRATEGIC FUNDING-79TH GROUP & ISSUE OF EQUITY
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”), the UK-listed metals exploration company focused on unlocking the value of its extensive land holdings in northern Ontario, Canada, is pleased to announce that The 79th GRP Ltd (“79th Group”), has increased its loan to the Company by £270,000, reinforcing the strategic partnership that has been developing between the two companies. This additional funding builds on the strong relationship already established and marks an exciting new phase of collaboration.
Key Highlights:
· Existing Loan with 79th Group increased from £230,000 to £500,000: This additional funding comes as a further demonstration of the 79th Group’s commitment to supporting FCM’s strategic goals and ongoing exploration initiatives.
· Enhanced Partnership: The Company is delighted to be deepening its relationship with the 79th Group, which continues to conduct detailed due diligence on other FCM assets, opening the potential for additional future transactions.
· Exploration Acceleration: Funds will be allocated towards advancing key projects within the FCM portfolio, as the Company remains focused on driving forward exploration activities across its core North Hemlo & Sunbeam properties.
Loan Facility Update:
The new loan agreement increases the total facility from £230,000 to £500,000, to be drawn in a single tranche. Key terms of the loan include:
I. Repayment Date: The loan is repayable on 25 May 2025.
II. Interest Only: Interest will be paid at a 15% annual rate throughout the term.
III. Secured Facility: The loan is secured by a debenture over the assets of First Class Metals PLC.
IV. No Equity Conversion: The loan does not include any conversion rights into equity.
For more details on the original loan facility, please refer to the announcement dated 13 June 2024. LSE:FCM – First Class Metals – Asset Sales & Funding (firstclassmetalsplc.com)
James Knowles, Executive Chairman, commented:
“This additional funding from the 79th Group not only highlights their confidence in our assets but also strengthens our mutual relationship, a partnership we believe will bring long-term benefits to both companies. We are pleased to see this continued commitment and are optimistic about future collaborations that will further support the growth and development of our portfolio. This latest financing underscores the validity of our incubator-style strategy, where we actively progress assets along the value chain while efficiently managing our resources.”
Looking Forward:
With gold prices maintaining strong levels and the global demand for critical and base metals rising, FCM is in a prime position to capitalise on its exploration efforts. The deepening partnership with 79th Group not only validates our strategy but positions us strongly for further growth and value creation. As both parties explore new opportunities, we are excited about the prospects this collaboration will continue to unlock.
The Board is committed to ensuring that our shareholders and stakeholders benefit from these developments, with the focus firmly on unlocking the potential of our high-quality assets, and the strategic backing of 79th Group is crucial to realising this vision.
We look forward to providing further updates as we move forward into this exciting new phase.
Seventy Ninth Resources CEO, Natalie Bellis, added:
We are very pleased to continue our collaboration with First Class Metals. Our deepening partnership aligns with our long-term strategy of internationally expanding our footprint in quality mining projects. We remain highly optimistic about the opportunities ahead and will continue to work closely with FCM to maximise these assets and grow the portfolio collectively.
Issue of Equity:
Kerrs Gold First Share Option Payment
423,570 new ordinary shares of £0.001 (“Shares”) are being issued to the owners of the Kerrs Gold Option in respect of the first share based payment to the Kerrs Gold ‘option to earn in’ as set out in the news release of 22 April 2024, LSE:FCM – First Class Metals – Kerrs Gold Property Earn-In Agreement Signed (firstclassmetalsplc.com).
Application is being made for the 423,570 Shares to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange which is expected to be on or around 11 October 2024. These Shares rank pari passu with the existing ordinary shares of the Company.
Total Voting Rights
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, including the issue of the Shares, the Company’s issued share capital consists of 98,076,990 Shares, each with one voting right. The Company does not hold any Shares in treasury. Therefore, the total number of voting rights in the Company is 98,076,990.
The above figure of 98,076,990 should be used by shareholders in the Company as the
denominator for the calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the Company under the Financial
Conduct Authority’s Disclosure Guidance and Transparency Rules.
Ends
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: Home | First Class Metals (firstclassmetalsplc.com)
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449