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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).
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.
First Class Metals #FCM – New interactive investor website
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 strategic exploration footprint in Ontario, Canada is pleased to announce the launch of our interactive investor website. For both existing and prospective shareholders, the new investor website brings all First Class Metals content into a single integrated platform to better inform and engage with investors and stakeholders, including:
· Regulatory announcements
· Reports
· Presentations
· Educational material
· Interviews
· Corporate research
The investor website also provides an interactive online experience allowing the First Class Metals stakeholders to comment on and ask the First Class Metals team questions via a portal which will be monitored and responded to in a timely manner.
How to sign up for the First Class Metals investor website:
1. Visit firstclassmetalsplc.com
2. Follow the prompts to sign up for an investor account
3. Complete your account profile
James Knowles, Executive Chairman First Class Metals Commented:
“At First Class Metals, keeping our shareholders informed and engaged is central to our mission. The launch of our investor website marks a significant step in enhancing this communication, providing a platform where current and prospective investors can connect with us and gain a deeper understanding of our objectives.
The website will be packed with valuable video content, detailed information, and insights into our ongoing projects and future ambitions. We invite our stakeholders to explore the website and share their feedback as we continue to refine our communication efforts.”
Ends
Engage with us by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor website here: https://fcm-l.investorhub.com/link/qy1oAr
For further information, please contact:
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First Class Metals investor website Sign up to the website to receive news and engage with the management team |
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James Knowles, Executive Chairman
Marc J Sale, CEO
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JamesK@Firstclassmetalsplc.com 07488 362641 MarcS@Firstclassmetalsplc.com 07711 093532 |
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Novum Securities Limited (Financial Adviser) David Coffman/ George Duxberry |
(0)20 7399 9400 |
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Axis Capital Markets (Broker) Lewis Jones/ Ben Tadd
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Axcap247.com (0) 203 026 0449 |
Subscribe to our news alert service: firstclassmetalsplc.com/auth/signup
First Class Metals #FCM – Dead Otter Gold Trend
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.
This update follows on from the news release of 24 July 2024 in which FCM announced the ‘upgrade’ of the Dead Otter trend within its 100% owned North Hemlo Property to a high-profile target. The planned stripping and channel sampling at three locations along the 3.7 km strike identified, has now been successfully completed.
EXPLORATION PROGRAMME HIGHLIGHTS:
- Stripping and channel sampling have been completed at three locations along the Dead Otter trend
- Extensive channel sampling at the 19gramme location.
- 18 channels cut for 70 samples.
- Channel samples are currently being analysed at a laboratory in Thunder Bay.
- First assay results are expected within the month, with subsequent batches of additional results to be received over the coming weeks. Further market updates will be provided as results are received, analysed and interpreted and verified if required.
- Results of 25 total Fire assay of selected 2023 season pulps received
- In addition to the channel sampling in August, 127 coarse residues from the highly successful 2022/23 sampling programs were submitted for Photon assay.
Marc J. Sale CEO First Class Metals Commented:
“The exploration work on the Dead Otter trend continues to deliver positive results, visually the channels cut show that the 19 grammer is potentially not an isolated high-grade occurrence. The anticipated results from the stripping / sampling will allow a decision to drill specific locations and to expand the footprint of the mineralised structure with additional stripping along strike.”
FURTHER INFORMATION
Dead Otter Trend
- The Company has confirmed the presence of a discontinuous 3.7km long gold trend at Dead Otter (open along strike so potentially larger) in the south of the North Hemlo Property.
- North Hemlo property covers ~90km² and contiguous with the OnGold property, 35km² and contains the GT Resources JV over West Pickle Lake 7km².
- The Property is only 20km north of Barrick’s Hemlo 23 million ounce gold (“Au”) mine.
- The structure forming the Dead Otter trend is considered to be subparallel to a district scale structure identified in the magnetics that has similarities to the structure hosting the Barrick Hemlo gold mine, see Figure 1; furthermore, the Dead Otter showing contains significant molybdenum, also a characteristic of the Hemlo mineralisation.
- Visible gold has been observed in multiple grab samples from the Dead Otter trend, a grab sample reported 19.6g/t Au with a 13.6g/t Au sample in the near vicinity.
- Exploration Permit covering the North Hemlo block, including the 3.7km gold trend at Dead Otter was granted in November 2023 and is valid for three years. The permit allows mechanical stripping and diamond core drilling, and a drilling operator has successfully reviewed site logistics and access for a diamond drill rig.
- The Company believes that this work programme will be the last exploration step that should be required for delineation of actual drill hole locations.
Figure 1 showing the district setting with the vast Barrick Hemlo gold mine on the south limb and the Dead Otter trend on FCM’s 100% owned property containing the high grade ‘19gramme’ location.
North Hemlo Exploration Progress:
A field team, working from Manitouwadge spent five weeks supervising the clearing and then the channel sampling in three distinct locations on the Dead Otter trend.
An access trail was cleared to each area which was then stripped – the removal of the soil and vegetation (over burden). Then the bare rock was pressured washed before the geologist mapped and marked out the samples for diamond saw cutting.
At the 19 grammer, 10 separate channels were cut up to 3.1m for a total of 55 samples.
At the historic showing which reported 3.1 g/t gold (Au) and 0.59% molybdenum (Mo), three channels were cut for cumulative 5 samples.
At the 2.3g/t ‘showing’ 750m to the southeast a further 5 channels were cut for 10 samples. Trenches were cleared over the 2.3g/t location as well as 25m to the east and west.
See figure 2, below for relative locations of channels
Figure 2, showing the Dead Otter trend with details of the location of the channels and samples
Channel Sampling Process Detailed
Channels samples are taken by cutting two parallel diamond sawn ‘groves’ in the rock up to 4cm deep and 4cm wide. The rock between the cut grooves is then chipped out bagged, see figures 3 to 9 for a sequential account of the stripping / sampling process.
The programmes were extended at the 19 gramme location with a significant increase in the number of samples taken, in line with previous announcements of the expanded stripping programme.
Figure 3 initial stages of ‘stripping’: mechanical removal of overburden
Figure 4 overburden removed, bare rock – outcrop revealed
Figure 5 washing off the soil to clean outcrop
Figure 6 The cleaned outcrop is mapped and ‘marked-up’ for cutting samples
Figure 7 cutting samples with diamond saw.
Figure 8 showing two parallel cuts for sampling
Figure 9 collecting and bagging samples
The results from 25 ‘total pulp assay’ whereby up to 500g was assayed, as compared to the standard 50g Fire Assay, have been received. The results validate and, in some cases, have enhanced the original results. These pulps were submitted as FCM believes there is the potential for ‘coarse gold’ at Dead Otter.
Whilst the ‘total pulp’ assays confirm the previous assays the coarse gold situation is still not addressed. Hence over 100 samples from the 2022/23 programme were submitted for Photon Assay, these results are anticipated shortly.
The initial results from the completed stripping programme are expected within the month with further announcements as deemed appropriate. Depending on the findings of the Photon Assay results selected samples will be re assayed using this methodology.
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 Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
| Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
Novum Securities Limited (Financial Adviser)
| David Coffman/ George Duxberry | www.novumsecurities.com | (0)20 7399 9400 |
Axis Capital Markets (Broker)
| Lewis Jones/ Ben Tadd | Axcap247.com | (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 30years 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).
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
First Class Metals #FCM – Total Voting Rights
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, as at 30 August 2024, the Company’s issued share capital consists of 97,653,420 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 97,653,420.
The above figure of 97,653,420 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, please contact:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited (Financial Adviser)
|
David Coffman / George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
Axis Capital Markets (Broker)
|
Lewis Jones / Ben Tadd |
Axcap247.com |
(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 – Total Voting Rights
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, as at 31 July 2024, the Company’s issued share capital consists of 91,741,361 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 91,741,361.
The above figure of 91,741,361 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, please contact:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited (Financial Adviser)
|
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
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 – Major Shareholding
TR-1: Standard form for notification of major holdings. First Class Metals #FCM was notified by Graeme Paton that he now owns 3,200,000 shares (3.488% of the company).
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii: |
First Class Metals PLC |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify) iii: |
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3. Details of person subject to the notification obligation iv
|
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Name |
Graeme Paton |
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City and country of registered office (if applicable) |
N/A |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi: |
22/07/2024 |
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6. Date on which issuer notified (DD/MM/YYYY): |
25/07/2024 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights held in issuer (8.A + 8.B) vii |
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Resulting situation on the date on which threshold was crossed or reached |
3.488% |
3.488% |
3,200,000 |
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Position of previous notification (if applicable) |
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