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#SVML Sovereign Metals LTD – Change of Director’s Interest Notice and AGM
Sovereign Metals Limited (ASX: SVM, AIM: SVML, OTCQX: SVMLF) (the Company) advises that Mr. Ian Middlemas, non-executive director (and PDMR), has purchased 400,000 fully paid ordinary shares (of no par value) in the Company on market at an average price of A$0.709 for consideration of A$283,414.
A Change of Director’s Interest Notice has been provided below:
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
|
Name of entity SOVEREIGN METALS LIMITED |
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ABN 71 120 833 427 |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
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Name of Director |
Ian Peter Middlemas |
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Date of last notice |
24 June 2020 |
Part 1 – Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Direct or indirect interest |
Indirect |
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Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
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Arredo Pty Ltd (director and shareholder) |
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Date of change |
4 – 8 October 2024 |
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No. of securities held prior to change |
16,100,000 Shares
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Class |
Fully paid ordinary shares (ASX.SVM) |
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Number acquired |
400,000 |
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Number disposed |
Not applicable |
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Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
|
$283,414 (average price of A$0.709) |
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No. of securities held after change |
16,500,000 |
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Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
On-market purchase
|
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Detail of contract |
Not applicable |
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Nature of interest
|
Not applicable |
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Name of registered holder (if issued securities)
|
Not applicable |
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Date of change |
Not applicable |
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No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
|
Not applicable |
|
Interest acquired |
Not applicable |
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Interest disposed |
Not applicable |
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Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
|
Not applicable |
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Interest after change |
Not applicable |
Part 3 – +Closed period
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Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
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If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
|
If prior written clearance was provided, on what date was this provided? |
Not applicable |
|
Initial notification/Amendment |
Initial |
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LEI |
213800NSPXSASTENFQ34 |
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Place of transaction |
Australian Securities Exchange (ASX) |
AGM
Sovereign Metals Limited (ASX: SVM, AIM: SVML, OTCQX: SVMLF) (the Company) advises that the Annual General Meeting (Meeting) will be held on Friday, 22 November 2024 at 11:00am (AWST) at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia 6000.
In accordance with 110D of the Corporations Act 2001 (Cth), the Company will not be dispatching physical copies of the Notice of Meeting (unless a shareholder has elected to receive documents in hard copy in accordance with the timeframe specified in section 110E(8) of the Corporations Act 2001 (Cth)).
A copy of the Notice of Meeting can be viewed and downloaded online as follows:
· the Company’s website: http://sovereignmetals.com.au/announcements/.
· the Company’s ASX Market announcements page at www.asx.com.au under the Company’s ASX code “SVM”; or
· if you have provided an email address and have elected to receive electronic communications from the Company, you will receive an email to your nominated email address with a link to an electronic copy of the Notice of Meeting.
The Company intends to hold a physical meeting. The Company will notify shareholders of any changes to this by way of an announcement on ASX and AIM and the details will also be made available on our website.
The Notice of Meeting is important and should be read in their entirety. If you are in doubt as to the course of action you should follow, you should consult your stock broker, investment advisor, accountant, solicitor or other professional adviser.
You may also, prior to the Meeting, obtain a paper copy of the Notice of Meeting (free of charge) by contacting the Company Secretary on +61 8 9322 6322 or by sending an email to info@sovereignmetals.com.au.
Holders of Depositary Interests should complete and sign a Form of Instruction, which will be sent separately to each Holder of Depositary Interests, and return it by the time and in accordance with the instructions set out in the Form of Instruction. Holders of Depositary Interests will not be eligible to vote in person at the Meeting.
How do I update my communications preferences?
Shareholders can still elect to receive some or all of their communications in physical or electronic form or elect not to receive certain documents such as annual reports. To review your communications preferences, or sign up to receive your shareholder communications via email, please update your communication preferences with Computershare at https://www-au.computershare.com/Investor/#Home.
ENQUIRIES
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Dylan Browne Company Secretary +61(8) 9322 6322 |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Buchanan |
+ 44 20 7466 5000 |
#FCM First Class Metals PLC – Half-year Report
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to present its interim results for the six months ended 30 June 2024.
Interim Management Report
I. Operational Highlights
In early May FCM announced that field work had been initiated on its projects in Canada, with three exploration teams deployed:
· Review of the historical core from the Sunbeam Property
· Reconnaissance trip to the Quinlan claims for access appraisal
· Preparation for stripping at North Hemlo
Additionally, Prospectair has been retained to undertake a geophysical survey at the newly acquired Kerrs Gold Property.
Marc Sale, CEO commented:
“I am, as ever, enthusiastic with the speed at which FCM has started the field season, all thanks to EGS’ (Emerald Geological Services) support. The review of the Sunbeam Property core, the geophysics survey over Kerrs and the preparation for work at Dead Otter herald an exciting field season for First Class”
II. Corporate and Financial Highlights
Since the beginning of 2024, the Company has undertaken several corporate actions aimed at leveraging its exceptional team and extensive network. FCM is now entering a phase of development that is expected to result in a significant increase in activity across its portfolio of assets.
· On 22 February the Company successfully completed a private placement through a subscription with an existing high-net-worth shareholder, issuing 3,700,000 ordinary shares at a price of 4.5 pence per share, thereby raising £166,500. This placement was facilitated by an additional share loan from the Company’s Executive Chairman, James Knowles, consisting of 3,700,000 shares.
· On 20 March 2024, the Company received approval for a maximum CAD$200,000 OJEP Grant for work completed on the Zigzag lithium and critical metals property, covering up to 50% of exploration expenditures from 1 April 2023, to 15 February 2024. This grant, which First Class has successfully secured in consecutive years, reflects the Ontario Government’s commitment to supporting early exploration for junior companies, and FCM is proud to be the only UK company to receive this non-dilutive funding for the second year running.
· On 3 April 2024, the Company received a Goods and Services Tax (GST)/Harmonized Sales Tax (HST) credit amounting to CAD$212,780.03 for the year ending 2023. This credit reflects the Company’s eligible expenditures and represents an important financial benefit, enhancing cash flow and supporting ongoing operations.
· On 9 April 2024, discussions commenced with Seventy Ninth Resources Limited (“SNR”), a division of the Seventy Ninth Group Limited (“SNG”), regarding several of FCM’s core and non-core assets. This negotiation underscored FCM’s business model of acquiring, enhancing, and monetizing its assets. The Company continues to explore potential synergies with SNR to expand their portfolio of natural resources assets.
· On 13 June 2024, the McKellar and Enable properties were sold to SNG for a combined cash payment of £270,000. Additionally, the Company entered into a £230,000 drawdown facility with SNG over a 12-month period, which will be utilised for general working capital and to advance exploration activities on remaining FCM properties. The loan, drawn in a single tranche, is secured by a debenture over the assets of First Class Metals PLC, carries a 15% coupon, and is structured on an interest-only basis with repayment due on 25 May 2025. Seventy Ninth Resources continues to conduct further due diligence on additional FCM assets, as previously announced on 9 April 2024.
James Knowles, Chairman commented:
“In the first half of the year, First Class Metals achieved a significant milestone with the successful asset sale to 79th Group, enhancing our financial position and providing resources for future growth. Our recent capital raises through share placements reflect our commitment to advancing our core portfolio and maximising shareholder value. We appreciate shareholders’ support as we continue to strengthen our position in the Canadian precious & critical metals exploration sector and work towards achieving our strategic goals. Thank you for being a part of our journey.”
III. Post period highlights
In the last three months comprising July to September 2024, FCM has been active both operationally with its exploration projects in Canada as well as on its corporate side. The highlights for this period are:
· On 8 July 2024, the Company completed the repayment of a share loan from director James Knowles, issuing 9,695,332 new ordinary shares to settle the outstanding position related to two tranches previously loaned to the Company.
· On 17 July 2024, the Company completed a private placing of 3,035,714 ordinary shares at a price of 2.8 pence per share, raising gross proceeds of £85,000, which represented a 5.6% premium to the mid-market closing price on July 16, 2024. To facilitate this placing, Executive Chairman James Knowles entered into a share lending agreement to loan the required shares to the Company, with the allotment of 5,912,059 new shares from him. No fees or security were associated with this share loan.
· On 2 August 2024, the Company completed the repayment of shares loaned by Executive Chairman James Knowles, issuing 5,912,059 new ordinary shares to settle the outstanding position related to two tranches previously announced on 17 July 2024. On the same date the Company also completed a private placing of 9,500,000 shares at a price of 2.7 pence per share, raising gross proceeds of £256,500, with Axis Capital Markets acting as the sole placing agent and subsequently appointed as the Company’s new broker.
IV. Financial Review
Funding
At the period end, the Group was funded through equity raises as well as sale of certain properties as stated above. A sum of £435,000 was raised through private placement and sale of properties.
Current Assets
At 30 June 2024, the Group had trade and other receivables of £75,428 (Dec 2023: £290,012, June 2023: £157,632).
Liquidity, cash and cash equivalents
At 30 June 2024, the Group held £83,006 (Dec 2023: £140,802, 30 June 2023: £844,131) of cash and cash equivalents, all of which are denominated in pound sterling.
Going concern
The financial information has been prepared on the basis that the Group will continue as a going concern.
As a junior exploration company, the Directors are aware that the Company must seek funds from the market to meet its investment and exploration plans and to maintain its listing status.
The Group’s reliance on a successful fund raising presents a material uncertainty that may cast doubt on the Group’s ability to continue to operate as planned and to pay its liabilities as they fall due.
The Company successfully raised £166,500 in the period ended 30 June 2024 through issuing shares loaned by a director. Additionally Canadian Tax Refunds of $212,780, the “OJEP” Grant receipt of $200,000 and property sales of £270,000 have been received during the period.
The Directors are aware of the reliance on fund raising within the next 12 months and the material uncertainty this presents but having reviewed the Group’s working capital forecasts they believe the Group is well placed to manage its business risks successfully providing the fund raising is successful.
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Financial risk review
Group
Principle risks & uncertainties are detailed in the most recent Annual report (page 54) which can be found on the company’s website and remain unchanged. This Annual Report can be found at: https://www.firstclassmetalsplc.com/.
This note presents information about the group’s exposure to financial risks and the group’s management of capital.
Capital risk management
The Group’s objectives when managing capital are: (a) To maintain a flexible capital structure which optimizes the cost of capital at acceptable risk; (b) To meet external capital requirements on debt and credit facilities; (c) To ensure adequate capital to support long-term growth strategy; and (d) To provide an adequate return to shareholders. The Group continuously monitors and reviews the capital structure to ensure the objectives are met. Management defines capital as the combination of its indebtedness and equity balances and manages the capital structure within the context of the business strategy, general economic conditions, market conditions in the power industry and the risk characteristics of assets. The Group’s objectives in managing capital and the definition of capital remain unchanged throughout the period. External factors, such as the economic environment, have not altered the Group’s objectives in managing capital.
Credit risk
The group’s definition of credit risk is Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. At present the Group does not have any customers and its risk on cash and bank is mitigated by holding of the funds in an “A” rated bank.
Liquidity risk
The group’s definition of liquidity risk is Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The Group manages liquidity risk by maintaining adequate cash balances.
Market risk
The group’s definition of market risk is Market risk is the risk that changes in market prices, such as commodity prices, will affect the Group’s earnings. The objective of market risk management is to identify both the market risk and the Group’s option to mitigate this risk.
A majority of the Group’s operating costs will be incurred in US and Canadian dollars, whilst the Group has raised capital in £ Sterling. The Group will incur exploration costs in US and Canadian Dollars, but it has raised capital in £ Sterling. Fluctuations in exchange rates of the US Dollar and Canadian Dollar against £ Sterling may materially affect the Group’s translated results of operations. In addition, given the relatively small size of the Group, it may not be able to effectively hedge against risks associated with currency exchange rates at commercially realistic rates. Accordingly, any significant adverse fluctuations in currency rates could have a material adverse effect on the Group’s business, financial condition and prospects to a much greater extent than might be expected for a larger enterprise.
Interest rate risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because of changes in market rates of interest. As the Group has no significant interest bearing assets or liabilities, the group’s operating cash flows are substantially independent of changes in market interest rates. Therefore, the Group is not exposed to significant interest rate risk.
UK Listing Rules
On 29 July 2024, the Listing Rules were replaced by the UK Listing Rules (“UKLR”) under which the existing Standard Listing category was replaced by the Equity Shares (transition) category under Chapter 22 of the UKLR. Consequently, with effect from that date the Company is admitted to Equity Shares (transition) category of the Official List under Chapter 22 of the UKLR and to trading on the London Stock Exchange’s Main Market for listed securities.
Statement of Directors’ Responsibilities
The Directors are responsible for preparing this report and the financial statements in accordance with applicable United Kingdom law and regulations and UK adopted International Financial Reporting Standards (“IFRS”).
Company law requires the Directors to prepare financial statements for each financial period which present fairly the financial position of the Company and the financial performance and cash flows of the Company for that period. In preparing those financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
• state whether applicable IFRS standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
• provide additional disclosures when compliance with the specific requirements in IFRS standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the Company financial statements comply with the Companies Act 2006 and Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate Governance Statement that comply with that law and those regulations, and for ensuring that the Annual report includes information required by the Listing Rules of the Financial Conduct Authority.
The financial statements are published on the Company’s website https://www.firstclassmetalsplc.com/. The work carried out by the Auditor does not involve consideration of the maintenance and integrity of this website and accordingly, the Auditor accepts no responsibility for any changes that have occurred to the financial statements since they were initially presented on the website. Visitors to the website need to be aware that legislation in the United Kingdom covering the preparation and dissemination of the financial statements may differ from legislation in their jurisdiction.
The Directors confirm that to the best of their knowledge the Company financial statements give a true and fair view of the assets, liabilities, financial position of the Company.
Half yearly accounts
Consolidated Income Statement for the Period from 1 January 2024 to 30 June 2024
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6 months to |
6 months to |
12 months to |
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Revenue |
– |
– |
|
|
Cost of sales |
– |
– |
|
|
Gross loss |
– |
– |
|
|
Administrative expenses |
(573,159) |
(693,460) |
(1,461,347) |
|
Other gains |
32,503 |
– |
– |
|
Operating loss |
(540,656) |
(693,460) |
(1,461,347) |
|
Finance income |
71 |
2,058 |
5,742 |
|
Finance costs |
(16,100) |
(53,298) |
(123,324) |
|
Net finance cost |
(16,029) |
(51,240) |
(117,582) |
|
Loss before tax |
(556,685) |
(744,700) |
(1,578,929) |
|
Loss for the period |
(556,685) |
(744,700) |
(1,578,929) |
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
(556,685) |
(744,700) |
(1,578,929) |
|
Loss for the period |
(556,685) |
(744,700) |
(1,578,929) |
|
|
Items that may be reclassified subsequently to profit or loss |
||||
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Foreign currency translation (losses)/gains |
(9,848) |
(84) |
14 |
|
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Total comprehensive (loss)/income for the period |
(566,533) |
(744,784) |
(1,578,915) |
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Total comprehensive (loss)/income attributable to: |
||||
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Owners of the company |
(566,533) |
(744,784) |
(1,578,915) |
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Loss per share: |
(0.87) |
(1.06)p |
(2.13)p |
|
Consolidated Statement of Financial Position as at 30 June 2024
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Note |
30 June |
30 June |
31 December |
|
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Assets |
||||
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Non-current assets |
||||
|
Property, plant and equipment |
5 |
636 |
1,169 |
903 |
|
Mineral property exploration and evaluation |
4 |
3,427,255 |
2,914,105 |
3,351,389 |
|
3,427,891 |
2,915,274 |
3,352,292 |
||
|
Current assets |
||||
|
Trade and other receivables |
7 |
75,427 |
157,632 |
290,012 |
|
Cash and cash equivalents |
8 |
83,006 |
844,131 |
140,802 |
|
158,433 |
1,001,763 |
430,814 |
||
|
Total assets |
3,586,324 |
3,917,037 |
3,783,106 |
|
|
Equity and liabilities |
||||
|
Equity |
||||
|
Share capital |
9 |
(82,046) |
(79,551) |
(82,046) |
|
Share premium |
(4,719,622) |
(4,470,806) |
(4,719,622) |
|
|
Equity reserve |
(719,440) |
(22,201) |
(719,440) |
|
|
Foreign currency translation reserve |
9,736 |
(14) |
(112) |
|
|
Retained earnings |
2,981,329 |
1,614,079 |
2,424,644 |
|
|
Equity attributable to owners of the company |
(2,530,043) |
(2,958,493) |
(3,096,576) |
|
|
Current liabilities |
||||
|
Trade and other payables |
11 |
(821,596) |
(459,558) |
(526,530) |
|
Loans and borrowings |
10 |
(234,685) |
(498,986) |
(160,000) |
|
Total liabilities |
(1,056,281) |
(958,544) |
(686,530) |
|
|
Total equity and liabilities |
(3,586,324) |
(3,917,037) |
(3,783,106) |
|
Consolidated Statement of Changes in Equity for the Period from 1 January 2024 to 30 June 2024
|
Unaudited |
Share capital |
Share premium |
Equity reserve |
Foreign currency translation |
Retained earnings |
Total equity |
|
At 1 January 2024 |
82,046 |
4,719,622 |
719,440 |
112 |
(2,424,644) |
3,096,576 |
|
Loss for the period |
– |
– |
– |
– |
(556,685) |
(556,685) |
|
Other comprehensive income |
– |
– |
– |
(9,848) |
– |
(9,848) |
|
Total comprehensive income |
– |
– |
– |
(9,848) |
(556,685) |
(566,533) |
|
At 30 June 2024 |
82,046 |
4,719,622 |
719,440 |
(9,736) |
(2,981,329) |
2,530,043 |
|
Unaudited |
Share capital |
Share premium |
Equity reserve |
Foreign currency translation |
Retained earnings |
Total equity |
|
At 1 January 2023 |
69,049 |
3,395,168 |
10,258 |
98 |
(869,379) |
2,605,194 |
|
Loss for the period |
– |
– |
– |
– |
(744,700) |
(744,700) |
| Other comprehensive income |
– |
– |
– |
(84) |
– |
(84) |
|
Total comprehensive income |
– |
– |
– |
(84) |
(744,700) |
(744,784) |
|
New share capital subscribed |
10,502 |
1,075,638 |
– |
– |
– |
1,086,140 |
|
Other equity reserve movements |
– |
– |
11,943 |
– |
– |
11,943 |
|
At 30 June 2023 |
79,551 |
4,470,806 |
22,201 |
14 |
(1,614,079) |
2,958,493 |
|
Audited |
Share capital |
Share premium |
Equity reserve |
Foreign currency translation |
Retained earnings |
Total equity |
|
At 1 January 2023 |
69,049 |
3,395,168 |
10,258 |
98 |
(869,379) |
2,605,194 |
|
Loss for the period |
– |
– |
– |
– |
(1,578,929) |
(1,578,929) |
|
Other comprehensive income |
– |
– |
– |
14 |
– |
14 |
|
Total comprehensive income |
– |
– |
– |
14 |
(1,578,929) |
(1,578,915) |
|
New share capital subscribed |
12,997 |
1,324,454 |
– |
– |
– |
1,337,451 |
|
Shares to be issued |
– |
– |
719,440 |
– |
– |
719,440 |
|
Other equity reserve movements |
– |
– |
13,406 |
– |
– |
13,406 |
|
Transfer |
– |
– |
(23,664) |
– |
23,664 |
– |
|
At 31 December 2023 |
82,046 |
4,719,622 |
719,440 |
112 |
(2,424,644) |
3,096,576 |
Consolidated Statement of Cash Flows for the Period from 1 January 2024 to 30 June 2024
|
Note |
6 months to |
6 months to |
12 months to |
|
|
Cash flows from operating activities |
||||
|
Loss for the period |
(576,268) |
(744,700) |
(1,578,929) |
|
|
Adjustments to cash flows from non-cash items |
||||
|
Depreciation and amortisation |
266 |
266 |
532 |
|
|
Profit on disposal of intangible assets |
(32,503) |
– |
– |
|
|
Impairment losses |
3,306 |
– |
88,568 |
|
|
Foreign exchange loss/(gain) |
104,910 |
80,474 |
77,447 |
|
|
Finance income |
(71) |
(2,058) |
(5,742) |
|
|
Finance costs |
16,099 |
53,298 |
123,324 |
|
|
(484,261) |
(612,720) |
(1,294,800) |
||
|
Working capital adjustments |
||||
|
Decrease/(increase) in trade and other receivables |
7 |
99,208 |
68,585 |
(107,521) |
|
Increase in trade and other payables |
11 |
54,221 |
102,233 |
283,876 |
|
Increase in deferred consideration |
(54,609) |
– |
– |
|
|
Net cash flow from operating activities |
(385,441) |
(441,902) |
(1,118,445) |
|
|
Cash flows from investing activities |
||||
|
Interest received |
71 |
2,058 |
5,742 |
|
|
Acquisitions of property plant and equipment |
– |
(624) |
(624) |
|
|
Proceeds from sale on intangible assets |
274,291 |
– |
– |
|
|
Acquisition of mineral property exploration and revaluation |
4 |
(287,210) |
(729,823) |
(1,253,726) |
|
Net cash flows from investing activities |
(12,848) |
(728,389) |
(1,248,608) |
|
|
Cash flows from financing activities |
||||
|
Interest paid |
– |
– |
(18) |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
– |
1,098,083 |
1,337,451 |
|
|
Proceeds from other borrowing draw downs |
230,000 |
280,394 |
450,000 |
|
|
Repayment of other borrowing |
(160,000) |
(15,353) |
(517,143) |
|
|
Financing of shares loaned by directors |
166,500 |
– |
725,602 |
|
|
Finance cost of financial instruments |
– |
– |
(123,305) |
|
|
Foreign exchange loss/(gain) |
– |
– |
(77,447) |
|
|
Net cash flows from financing activities |
236,500 |
1,363,124 |
1,795,140 |
|
|
Net increase in cash and cash equivalents |
(161,789) |
192,833 |
(571,913) |
|
|
Cash and cash equivalents at 1 January |
140,802 |
712,715 |
712,715 |
|
|
Effect of exchange rate fluctuations on cash held |
99,308 |
(61,417) |
– |
|
|
Cash and cash equivalents at 30 June |
78,321 |
844,131 |
140,802 |
|
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2024
|
1 |
General information |
The Company is a public company limited by share capital, incorporated and domiciled in England and Wales.
The principal activity of the Company was that of a holding company.
The principal activity of the Group was that of the exploration of gold and other semi-precious metals as well as battery metals critical to energy storage and power generation solutions.
The Company’s ordinary shares are traded on the London Stock Exchange (LSE) under the ticker symbol FCM.
The address of its registered office is:
Suite 16 Freckleton Business Centre
Freckleton Street
Blackburn
Lancashire BB2 2AL
United Kingdom
These unaudited interim results comprise the Company and its subsidiary, First Class Metals Canada Inc. .
The Company’s interim report and accounts for the six months ended 30 June 2024 have been prepared using the recognition and measurement principles of International Accounting Standards in conformity with the requirements of the Companies Act 2006.
These interim financial statements for the six months ended 30 June 2024 should be read in conjunction with the financial statements for the year ended 31 December 2023, which have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as applied in accordance with the provisions of the Companies Act 2006. The interim report and accounts do not include all the information and disclosures required in the annual financial statements.
The interim report and accounts have been prepared in accordance with IAS34 (interim financial statements) and on the basis of the accounting policies, presentation and methods of computation as set out in the Company’s December 2023 Annual Report and Accounts, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2024 and will be adopted in the 2024 annual financial statements.
The financial information is presented in Pounds Sterling, rounded to the nearest pound and has been prepared under the historical cost convention.
The interim report and accounts do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. These interim financial statements were approved by the Board of Directors on 28 September 2024. The results for the six months to 30 June 2024 and the comparative results for the six months to 30 June 2023 are unaudited. The figures for the year ended 31 December 2023 are extracted from the audited statutory accounts of the Company for that period.
Going Concern
The Directors have confirmed their intention to support the Company whilst it is in the process of raising funds to achieve its business plans. The Directors consider that sufficient resources are available to support the Company’s operations for the foreseeable future and therefore believe that the going concern basis of preparation is appropriate.
2 Loss per share
|
6 months ended 30 June 2024 |
6 months ended 30 June 2023 |
12 months ended 31 December 2023 |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
Loss from operations |
£ |
(556,685) |
(744,700) |
(1,578,915) |
|
Weighted average number of shares |
63,838,554 |
70,410,322 |
74,217,536 |
|
|
Basic and fully diluted loss per share |
Pence |
(0.87) |
(1.06) |
(2.13) |
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
There are potentially issuable shares all of which relate to share warrants issued as part of placings in 2022. However, due to the losses for the year the impact of the potential additional shares is anti-dilutive and has therefore not been recognised in the calculation of the fully diluted loss per share.
|
3 |
Earnings per share |
The calculation of the basic and diluted earnings per share (EPS) has been based on the loss attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding.
|
4 |
Mineral property exploration and evaluation |
||
|
Mineral property exploration and evaluation |
|
||
|
Cost or valuation |
|||
|
At 1 January 2023 |
2,256,720 |
||
|
Additions |
1,253,726 |
||
|
Foreign exchange movements |
(70,489) |
||
|
At 31 December 2023 |
3,439,957 |
||
|
At 1 January 2024 |
3,439,957 |
||
|
Additions |
414,476 |
||
|
Disposals |
(240,204) |
||
|
Foreign exchange movements |
(183,691) |
||
|
At 30 June 2024 |
3,430,538 |
||
|
Amortisation |
|||
|
Impairment |
(3,283) |
||
|
Carrying amount |
|||
|
At 30 June 2024 |
3,427,255 |
||
|
At 30 June 2023 |
2,914,105 |
||
|
At 31 December 2023 |
3,351,389 |
||
|
5 |
Property, plant and equipment |
||
Group
|
Furniture, fittings and equipment |
|||||
|
|
|||||
|
At 1 January 2023 |
974 |
|
|||
|
Additions |
624 |
|
|||
|
At 30 June 2023 |
1,598 |
|
|||
|
Depreciation |
|
||||
|
At 1 January 2023 |
162 |
|
|||
|
Charge for the period |
533 |
|
|||
|
At 31 December 2023 |
695 |
|
|||
|
At 1 January 2024 |
695 |
|
|||
|
Charge for the period |
267 |
|
|||
|
At 30 June 2024 |
962 |
|
|||
|
Carrying amount |
|
||||
|
At 30 June 2024 |
636 |
|
|||
|
At 31 December 2023 |
903 |
|
|||
|
6 |
Investments |
|
|||
Group subsidiaries
Details of the group subsidiaries as at 30 June 2024 are as follows:
|
Name of subsidiary
|
Principal activity
|
Registered office
|
Proportion of ownership interest and voting rights held |
2023 |
|
First Class Metals Canada Inc.* |
Mining of other non-ferrous metal ores |
55 York Street Canada |
100% |
100% |
* indicates direct investment of the company.
|
7 |
Trade and other receivables |
|||
|
30 June |
30 June |
31 December |
||
|
Accrued income |
34,684 |
– |
118,991 |
|
|
Prepayments |
2,292 |
60,479 |
32,452 |
|
|
Other receivables |
38,451 |
97,153 |
138,569 |
|
|
75,427 |
157,632 |
290,012 |
||
|
8 |
Cash and cash equivalents |
|||||
|
30 June |
30 June |
31 December |
|
|||
|
Cash at bank |
83,006 |
844,131 |
140,802 |
|
||
|
Bank overdrafts |
(4,685) |
– |
– |
|
||
|
78,321 |
844,131 |
140,802 |
|
|||
|
9 |
Share capital |
|||||
|
|
||||||
Allotted, called up and fully paid shares
|
30 June |
31 December |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £0.001 each |
82,046,029 |
82,046 |
82,046,029 |
82,046.03 |
|
Zigzag Option Agreement In accordance with the Zigzag Option Agreement, payments and issuances of FCM ordinary shares are scheduled over a four-year period. The following table provides a detailed summary of the contractual obligations for cash payments, the issuance of ordinary shares, and the annual work commitments as per the agreement:
Issuance of FCM Ordinary Shares The financial position as of 30 June 2024 reflects this as a share issuance obligation. Since the shares have now been issued, no further liability for these shares remains outstanding as of the date of this report. The schedule above continues to outline the future obligations under the option scheme for the subsequent periods. Kerrs Gold Property – IFRS Disclosure In accordance with the Kerrs Gold Property Agreement, the following is a summary of the contractual obligations:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Issuance of Shares Quinlan Property – IFRS Disclosure In accordance with the Quinlan Property Agreement, the following is a summary of the contractual obligations:
*The issuance of CAD $15,000 in ordinary FCM shares, originally due on signing, is still pending as of 30 June 2024 and will be completed upon the next prospectus publication. Issuance of Shares Ongold Property – IFRS Disclosure In accordance with the Ongold Property Agreement, the following is a summary of the share issuance obligation:
Issuance of Shares Future updates will reflect the status of this issuance in accordance with the terms of the agreement.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
10 |
Loans and borrowings |
|
30 June |
30 June |
31 December |
|
|
Current loans and borrowings |
|||
|
Bank overdraft |
4,685 |
– |
– |
|
Other borrowings |
230,000 |
– |
– |
|
Convertible debt |
– |
498,986 |
160,000 |
|
234,685 |
498,986 |
160,000 |
|
The group’s exposure to market and liquidity risks, including maturity analysis, relating to loans and borrowings is disclosed in note 15 “Financial risk review”.
In June 2024, the company completed the drawdown facility of £230,000 from the 79th Grp Limited and this is secured by way of debenture.
|
11 |
Trade and other payables |
||||
|
30 June |
30 June |
31 December |
|
||
|
Trade payables |
128,613 |
183,257 |
114,959 |
|
|
|
Accrued expenses |
483,170 |
269,562 |
385,277 |
|
|
|
Social security and other taxes |
23,796 |
4,875 |
15,735 |
|
|
|
Outstanding defined contribution pension costs |
– |
1,864 |
– |
|
|
|
Other payables |
186,017 |
– |
10,559 |
|
|
|
821,596 |
459,558 |
526,530 |
|
||
|
12 |
Post balance sheet events As of July 8, 2024, the Company completed the repayment of a share loan from director James Knowles, issuing 9,695,332 new ordinary shares to settle the outstanding position related to two tranches previously loaned to the Company.
As of July 17, 2024, the Company completed a private placing of 3,035,714 ordinary shares at a price of 2.8 pence per share, raising gross proceeds of £85,000, which represented a 5.6% premium to the mid-market closing price on July 16, 2024. To facilitate this placing, Executive Chairman James Knowles entered into a share lending agreement to loan the required shares to the Company, with the allotment of 5,912,059 new shares from him. No fees or security were associated with this share loan.
On August 2, 2024, the Company completed the repayment of shares loaned by Executive Chairman James Knowles, issuing 5,912,059 new ordinary shares to settle the outstanding position related to two tranches previously announced on July 17, 2024.
The Company also completed a private placing of 9,500,000 shares at a price of 2.7 pence per share, raising gross proceeds of £256,500, with Axis Capital Markets acting as the sole placing agent and subsequently appointed as the Company’s new broker.
|
|
|
13 |
Related party transactions |
|
Parties are considered to be related if one party has the ability (directly or indirectly) to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities.
During the period, the Group incurred consultancy and travel expenses in relation to the intangible assets from Specialist Exploration Services (Scotland) Limited, a company controlled by a common director. The services were for £83,234 (Dec 2023: £181,814) of which £Nil (Dec 2023: £7,000) was outstanding at 30 June 2024.
During the year, the Group incurred director’s fees for A Williamson through Vrynwy Limited, a company controlled by a common director. The services were for £17,188 (2023: £4,170) of which £2,750 (2023: £Nil) was outstanding at 30 June 2024.
During the year, the director, James Knowles loaned additional 3,700,000 shares with total loaned being 9,695,332 and Ayub Bodi loaned 5,995,331 in the previous year, to be returned on the publication of prospectus or when headroom allows. This has been reflected in the equity reserve. The directors received an 8.25% facility fee on the shares loaned. Ayub Bodi was resigned as director on 2 February 2024.
#FCM First Class Metals PLC – Operations update – Coco East and OnGold Earn-in
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce that field work on the Coco East base / precious metal property is now underway.
Highlights
· Field work has commenced on the Coco East property, base metal potential
· The Earn-in deal with OnGold Invest Corp (“OnGold”) has been renegotiated, FCM has now acquired 100% of the property as a result the exploration work commitment has been removed.
Marc Sale First Class Metals CEO Commented:
“In true FCM fashion we are endeavouring to put as much of the available funds ‘into-the-ground’, though gold prices are soaring the Coco East property has real potential for base metals. However, the very anomalous gold in lake sediment samples on the OnGold property constitute a significant target which too demands follow-up when appropriate.’
Coco East
The Coco East block of 30 single cell claims covering ~6.3km² situated about 25km north of the town of Terrace Bay. Geologically the property is on the eastern sector of the Big Duck Lake Porphyry. The Big Duck Lake Porphyry contains a number of historic showings as well as the Coco Estelle gold deposit.
The one showing located within the Coco East property boundary, the Big Birch occurrence, where two pits are reported with a 5m spacing, striking east-west. The main pit exposes a 10cm-wide quartz and calcite vein and contains pyrite and possible chalcopyrite mineralisation; historic assay results have returned values of 0.56 g/t Au and 2.83 g/t Ag
 |
Figure 01 Showing the regional setting of the Coco East claim block with Ontario Mineral Index (OMI) showings.
During the 2022 field season, FCM collected 47 rock samples predominantly in the area of the Big Birch occurrence and historical drilling. Over the winter of 2022/23 six lake sediment samples were collected, Assays returned gold and silver grades that were generally in order of the historic samples,
Figure 02 Showing the main target areas, southern sector being gold and northern base metals.
The Coco East property not only has potential for precious metal targets but also base metals. The geophysical anomaly in the northern sector has been interpreted as a potential eastern continuation of the ‘zinc belt’ from the Winston Lake area.
The Winston Lake Mine closed at the end of the 1990s due to low zinc prices. The Winston deposit was mined between 1988 and 1998, producing approximately 3.3 million tonnes of 14 per cent zinc and one per cent copper.
Today, the critical mineral is hovering between US$2,500 and US$3,000 per tonne. Zinc is in demand for renewable energy technologies in wind, solar and battery storage, as well as for the galvanizing, construction and automotive sectors.
A mine feasibility study published in 2022 shows 2.35 million tonnes at 17.9 per cent zinc and 0.9 per cent copper. There are also some precious metals in the mix, including one million gold equivalent ounces at 13 grams per tonne. Source- Metallum Resources: NPV(8) increases to C$383M(1,2) with average EBITDA of C$102m pa(3) for Superior Lake Zinc Project – Junior Mining Network
The focus of the current field exploration programme will be the geophysical anomaly in the northern sector.
OnGold
The project is located roughly 21km southeast from the town of Manitouwadge, Ontario comprising of 163 single cell mining claims covering about 34km2. Limited previous exploration has been focussed to investigate several discreet magnetic anomalies thought to be associated with Ni-Cu-PGE mineralised mafic-ultramafic intrusions. Similar rock types comprise the Tyko, RJ, Smoke Lake and the recently discovered West Pickle massive sulphide discovery, see link below to the full report:
https://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000021101/20000021101_01.pdf
The 103ppb Au lake sediment sample collected by Emerald Geological Services ‘EGS’ in the winter of 2022/23 also now shows the gold potential of the area.
Figure 03 showing the extended North Hemlo claim block with the contiguous 100% owned OnGold claims.
FCM, as part of the due diligence process, conducted an extension lake sediment sampling campaign in April to March 2023 extending from the wider North Hemlo sampling programme. The initial results from this campaign have reported gold grades of up to 103ppb.
Bruce MacLachlan, Principle of EGS was quoted in a previous press release as saying, “To the best of our knowledge the 103ppb Au Lake sediment value is the highest lake sediment value collected in the Hemlo Belt outside of the deposit area”.
While at a very early stage, these initial results are extremely encouraging and add to the potential for the prospectivity of the property.
Figure 04 Showing geophysical targets identified by OnGold as well as location of the lake sediment samples with the very anomalous 103ppb Au result.
The terms of the revised Agreement, which is now a Purchase Agreement, not Earn-In as the property is now 100% controlled by FCM and the annual work requirements are removed:
Structure of Deal
FCM has assumed 100% of the claim block constituting the ‘OnGold deal’, being the previous executed Agreement.
· The claims cells will be transferred to First Class Metals Canada Inc.
· The existing 2% NSR on southern block with 50% buy back for $500k, remain as is but the buy back is transferred to FCM.
· OnGold to be granted a 2% NSR on northern block with 50% buy back of $500k.
· OnGold to be granted £100k shares in FCM subject to the publication of an FCA approved prospectus.
The amendments made to the original deal are advantageous for FCM, as they grant the company 100% control over the property. This development, if further exploration success ensues, is expected to significantly bolster future value potential as complete ownership will be retained solely by FCM.
The original deal is detailed in the RNS published 14 June 2023 polaris.brighterir.com/public/first_class_metals/news/rns/story/xlkm7gw
Admission of Shares
The Company has become aware that 300 ordinary shares of 0.1p each (“Shares”) that were issued in connection of the exercise of warrants announced on 23 January 2023, were not admitted to trading.
Application is therefore being made for 300 Shares to be admitted to trading on the Main Market of the London Stock Exchange which is expected to be on or around 1 July 2024. These shares rank pari passu with the existing Shares of the Company.
Following the issue of the 300 new Shares, the Company’s issued ordinary share capital shall consist of 82,046,029 Shares. This figure of 82,046,029 represents the total voting rights in the Company and should be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance & 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 |
#FCM First Class Metals PLC – Operations Update – Field Work Commenced
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce that field work is now underway.
Highlights
- Sunbeam property, porphyry focus:
o review and sampling of the Nuinsco core.
o review of historic TerraX core approximately 1,500m.
- Instructed Prospectair to commence a High-resolution magnetic survey of the Kerrs Gold property block.
- Zigzag Critical Metals Property-Exploration Permit application submitted.
- Ontario Junior Exploration Programme, (OJEP), application submitted for work on the North Hemlo Property.
.
- Reconnaissance trip to the Quinlan lithium property.
- Planning for stripping programme at the Dead Otter trend, North Hemlo.
- Prospecting at Coco East
Marc Sale First Class Metals CEO Commented:
“I am, as ever, enthusiastic with the speed at which FCM has started the field season, all thanks to EGS support. The review of the Sunbeam Property core, the geophysics survey over Kerrs and the preparation for work at Dead Otter herald an exciting field season for First Class.”
Sunbeam Property historic core review
Whilst a review of the Nuinsco core was previously conducted by FCM through Emerald Geological Services (EGS), the identification of reportable gold values in the host rock – a felsic porphyry, has significant upside for a radicle re-rate of the potential for additional mineralisation on the Property. Accordingly, after exhaustive searching EGS located the TerraX core. TerraX undertook several short drill campaigns over many of the prospects on the Sunbeam property.
Background:
In 2010, TerraX drilled five diamond drill holes (SP10-01 to SP10-05) totalling 661.5m in the Pettigrew area. The first four holes targeted chargeability highs from an IP/Resistivity survey, results were anomalous but not ‘high grade’. The main structure was not drilled.
In 2011, TerraX drilled three holes (SP11-06 to SP11-08) spaced 50 m apart along the trend of quartz vein system and the mineralised zone encountered by Nahanni, the ‘Road Zone’. (In 1982, Nahanni Mines drilled an intersection at the Road zone of 4.8 g/t over 8.5m, including 15.8 g/t Au over 1.8m). The alteration zone in TerraX hole SP11-06 returned an intersection 1.11 g/t Au over 13.90 m.
At the WN12 occurrence, early 2012, three holes (SP12-14 to SP12-16) were drilled. The first two holes tested the 65m intermittently mineralised stripped outcrop with hole SP12-15 intersecting 18.0 g/t Au over 0.95m in the footwall zone.
At Roy, two holes, SP11-12 intersected 4.01 g/t Au over 1.85m. SP11-13 intersected 1.05 g/t Au over 3.78m, see figure 01.
Figures 01, TerraX core from the Roy zone showing gold grade in the porphyry ‘wall rock’.
The stripping at the Roy zone reported high grade gold intersections as well as gold in the porphyry, highlights previously reported:
- Results from the stripping at Roy have confirmed high grade gold assays up to 18.8 g/t gold (Au) / 0.3m channel sample at Roy.
Other highlights include:
- 6.27 g/t Au channel / 0.35m in mafic schist with quartz veinlets;
- 4.98 g/t Au channel / 0.5m in sheared porphyry; and
- 5.58g/t Au channel / 0.5m within a quartz vein.
The total number of samples for assay (with blanks and standards) will be in the order of 90+ samples, over 80 being new half core samples
Kerrs Gold property
Prospectair have been commissioned to undertake a low level hi-resolution magnetic survey over the property in late June / July.
The survey will be carried out with 50m traverse lines oriented in order to properly map the dominant magnetic/geological strike. Control lines will be flown perpendicular to traverse lines and at a 500 m line spacing. This gives a total survey distance of 736 l-km.
The road accessible Kerrs Gold Deposit consists of 36 units totalling approximately 665 hectares and lies 90 kilometres east-northeast of Timmins, in the Larder Lake Mining Division.
Geologically the Project is located in the Abitibi Greenstone Gold Belt. Initially drilled in the 1980’s, with further drilling in the early to late-2000’s and early 2011. The drilling database was used to calculate the 2011 historic resource estimate, with further drilling completed after the release of the estimate, see figure 02.
Figure 02 at property scale showing the significant historical sampling as well as the drill grid.
The Kerrs Gold deposit is considered a stratabound deposit, occurring at the contact of a thick, mafic pillow flow sequence overlying an ultramafic, magnetite-rich flow sequence. Drilling has traced the main zone eight hundred metres and remains open in both directions and at depth.
Gold mineralisation occurs as pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging approximately 10m and alteration envelopes varying up to 40 m in thickness.
The Kerrs Gold historical resources estimate of 386,467 Oz Au was disclosed in “NI 43-101 Resource Estimation on the Kerr’s Gold Deposit, Matheson, Ontario” prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd. And dated June 10, 2011.
The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The table below shows the potential ounces with differing cut of grades. FCM would look at remodelling the resource in order to identify higher grade envelopes for targeting in any proposed future drilling.
| Kerrs Resources
Estimate Cut-Off Grade |
TONNES | GOLD (g/t) | Metal
(OZ.) |
| 0.5 | 7,041,460 | 1.71 | 386,467 |
| 1 | 5,237,213 | 2.04 | 342,856 |
| 1.5 | 3,375,361 | 2.47 | 268,468 |
| 2 | 1,936,189 | 3.04 | 188,972 |
| 2.5 | 1,165,664 | 3.57 | 133,778 |
| 3 | 818,171 | 3.94 | 103,622 |
Zigzag Exploration Permit
The updated exploration permit (“Permit”) for the Zigzag property has been submitted to the Ontario Ministry of Mines with the full support of Whitesand First Nation community.
The new Permit will allow further stripping and drilling along the main trend both to the easy and west of the ‘core 400m zone’. Importantly it will also allow initial stripping and if warranted allows for drilling on the southern, possibly subparallel trend.
Highlights from the pre-Christmas drilling included:
- Assay results from the recent drill programme are in line with and exceed the channel sample results.
- Selected highlights include:
- ZIG-23-01 4.3m @ 1.65% Lithium (Li20) including 1m at 2.93%
- ZIG-23-02 5.0m @ 1.5% Li20 including 0.2m @ 5.19% and 5.75m @ 0.21% Rb20
- ZIG-23-07 6.5m @ 1.09% Li20 including 0.5m @ 2.76%
- Elevated grades of several key technology critical metals present including: gallium (Ga), rubidium (Rb20), caesium (Ca) and tantalum (Ta).
- Significant upside for the expansion of the geochemical envelope along strike in both directions and down dip.
Ontario Junior Exploration Program (OJEP) 2024 Intake
The recently opened (8 May 2024) intake for OJEP closed on 5 June 2024. FCM has successfully submitted an application for the grant with the focus being the auriferous Dead Otter trend on the flagship North Hemlo property. FCM has twice been awarded the maximum OJEP grant of CAD$200,000.
Quinlan lithium prospect
The Quinlan property, containing ninety-eight claims covering about 20km2 is the subject of an earn in Option to Purchase agreement with Broken Rock Resources. The property contains an extremely anomalous lithium value from a lake sediment sampled collected during a government sampling programme. EGS recently undertook a reconnaissance exercise in order to ascertain the possibility of ground access rather than a helicopter supported field campaign.
Dead Otter trend, North Hemlo
The Dead Otter trend on the North Hemlo claim block extends for 3km from the historic showing in the northwest (3.1ppm Au and 0.59% Mo) to the ’19 grammer’ in the southeast. Other gold occurrences as well as anomalous ‘pathfinder’ elements are reported along thee 3km strike. The structure is discontinuous as outcrop is intermittent.
Figure 03, the Dead Otter trend at North Hemlo with the significantly anomalous geochemistry along 3km of strike.
FCM plans to undertake a stripping programme in the area of the Dead Otter showing, the ’19 grammer’ as well as one or two locations along strike.
Given the potential for ‘coarse gold’ in the Dead Otter sector of the structure FCM is identifying up to thirty samples for photon assay for gold with ALS Thunder Bay.
Other activities
McInnes Lake
EGS has elected not to continue with the Earn in Option over McInnes lake. After discussions FCM has agreed to cease negotiations.
Coco East
FCM also intends to undertake a reconnaissance / prospecting programme in the northern sector of the Coco Este property where we interpret the metalliferous belts extends from the west on to the property.
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 |
#FCM First Class Metals PLC – Grant Receipt, Tax Refund & Kerrs Gold Exclusivity
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, focused in north west Ontario land holdings, is delighted to announce the following update in regard to the Ontario Junior Exploration Program (OJEP) Grant, Canadian Goods and Services Tax/Harmonized Sales Tax credit and an Exclusivity over the Kerrs Gold Property.
Highlights
- First Class Metals (FCM) has signed an exclusivity agreement with a Canadian vendor for the Kerr’s Gold Project in Northeastern Ontario. This project holds a historic resource estimate of 386,467 Oz (ounces) of Au (gold) as per the NI-43-101 standard
- CAD$200,000 OJEP Grant received from the Canadian Ministry of Mines for the Zigzag lithium & critical metals property.
- Goods and Services Tax (GST) /Harmonized Sales Tax (HST) credit for the year ending 2023. The amount received totalled CAD$212,780.03.
James Knowles Executive Chairman Commented:
“We are pleased to have swiftly completed the necessary paperwork that enabled the release of the grant funding for our Zigzag project from the OJEP team. Our dedicated geology team (Emerald Geological Services) in Canada demonstrated professionalism and worked diligently to ensure the documentation was completed promptly, aligning with the timelines for payment release by the Canadian Fiscal Year end on March 31, 2023.
Additionally, we are pleased to receive a GST/HST refund of $212,780.03 for the full year 2023. This refund further strengthens our financial position and provides us with confidence to pursue opportunities like the Kerrs Gold Property and the other recent additions to the portfolio. These payments also give us the confidence to start the planned 2024 field work program.
During times of uncertainty and market downturns, such as those we are currently witnessing with junior metal explorer stocks, there is indeed a unique opportunity for strategic investment. First Class Metals recognizes this opportunity and believes in the proactive approach of expanding its portfolio with quality assets available at distressed prices.
Entering into an exclusivity agreement for the Kerrs Gold Property fits this remit. Located in a highly productive gold mining district with numerous active mines, the property’s low-cost entry and substantial NI-43-101 historic reportable resource of 386,467 ounces of gold make it an incredibly exciting prospect, especially with the price of gold continuously reaching new all-time highs.
By capitalising on the market turbulence and acquiring undervalued assets, First Class Metals can fortify its portfolio and position itself for future growth. This approach allows the Company to benefit from potential appreciation in asset value as market conditions stabilise and improve.
Furthermore, First Class Metals understands the importance of divestment in a well-managed portfolio. When the time is right by selectively divesting certain assets, the Company can generate capital and maximise returns on investment. This disciplined approach to divestment ensures that First Class Metals remains agile and focused on maintaining a strong and balanced portfolio.”
OJEP Grant
FCM announced on the 120 March RNS we had been awarded a $200,000 grant from the OJEP Fund for work completed on the Zigzag property, we are pleased to confirm these funds have now been received. 1polaris.brighterir.com/public/first_class_metals/news/rns/story/ry7ooyr
GST/HST Refund 2023
We have received a GST/HST tax refund for the year ended 2023 for CAD$212,780.03. Goods and Services Tax (GST)/Harmonized Sales Tax (HST) is the Canadian direct equivalent of Value Added Tax (VAT) in the United Kingdom. This refund relates to the entire year of 2023.
Kerrs Gold Exclusivity
FCM has signed a thirty day exclusivity agreement and is currently in the process of finalising commercial terms with a Canadian vendor in respect of an ‘earn in’ to acquire 100% of the Kerrs Gold Property located in the Larder Lake Mining Division of Northeastern Ontario. The property holds a resource estimate of 386,467 Oz Au resource as per an historical NI-43-101 standard.
Ends
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 |
#FCM First Class Metals PLC – Sunbeam Property: High-Grade Gold Assay Results
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo Sunbeam and Zigzag land holding is pleased to announce high-grade gold assays from channel sampling undertaken following the recently completed exploration at the Company’s 100% owned Sunbeam property (“the Property”).
The Property contains three subparallel mineralised structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the recently staked area where prospective structural features are inferred. FCM now commands a district scale land package of over 70km².
The Property hosts several sites of historic mine development and gold mining: the Sunbeam Mine, the Roy Development, and the Pettigrew Development. Multiple other gold occurrences are also known including the Road Zone, AL198 Zone, WN2 Occurrence and the Rubble Occurrence.
Given the discovery of significant gold within the tonalite to diorite porphyry which hosts the main mineralised structures across the property, First Class Metals will be moving swiftly to relog and assay core from previous drilling on the property for its potential gold endowment within any intervals of prospective porphyry which have not previously been assayed.
HIGHLIGHTS
· First Class Metals announced on 14 November 2023 the results from the Company’s recently completed channel sampling programme from the Roy prospect which confirmed high grade gold mineralisation in the vicinity of the old workings.
· Results from the stripping at Roy have confirmed high grade gold assays up to 18.8 g/t gold (Au) / 0.3m channel sample at Roy. Other highlights include:
o 6.27 g/t Au channel / 0.35m in mafic schist with quartz veinlets;
o 4.98 g/t Au channel / 0.5m in sheared porphyry; and
o 5.58g/t Au channel / 0.5m within a quartz vein.
· At Pettigrew channel and grab samples returned significant gold grades, including:
o 13.0 g/t Au grab sample from quartz rubble dug up beside the stripped outcrop.
o 3.5 g/t Au channel / 0.2m in a quartz vein with galena and chalcopyrite;
o 1.82 g/t Au channel / 0.75m in sheared porphyry; and
o 0.32 g/t Au channels / 3.95 m within sheared porphyry.
These results are considered very encouraging and typify this style of mineralisation.
· Mineralisation (up to 4.98 g/t Au over 0.5m) discovered in the porphyry at Roy which hosts the main mineralised structures has the potential to add a wider envelope (10m+) of alteration (silicification and ankeritisation) and gold mineralization. The discovery of gold within the sheared and altered porphyry could add significant upside to what was thought to be predominantly a high grade vein system hosted in mafic schist, from which the known historic production was mined.
· The reported historical drilling at Pettigrew was encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.
A further announcement will be made once the Company has decided on the most appropriate exploration programme to continue to advance the Company’s knowledge of the mineralisation at the Sunbeam Property. This is anticipated to culminate in drilling at Roy and Pettigrew.
Marc J Sale Chief Executive Officer commented: “Since we optioned Sunbeam in late 2022, we have made quick and significant progress in developing the Property both in terms of understanding the mineralisation and increasing its scale.”
“The channel results from Roy and Pettigrew are most encouraging and have identified drill targets at both locations. The auriferous porphyry hosing the shear zone at Roy and Pettigrew further enhances the significant potential that this Property can deliver.”
“As a result of the encouraging results from the recent stripping programs, FCM has staked 119 contiguous claims, along strike to the northeast I look forward to sharing further information on this Property, including our plans for the 2024 field season, as soon as possible.”
Background & Update
Since the announcement of the Sunbeam acquisition in early October 2022, FCM through Emerald Geological Services (EGS) have been working to advance the Property to drill ready status.
The pre-exploration phase included a review of historic core; however, recent work has identified the potential of the porphyry to host significant gold mineralisation, therefore further review of the Sunbeam (Nuinsco) core is now recommended with additional samples taken if warranted.
The Sunbeam Property is dominated by three mineralised structures, all of which host significant gold anomalism as well as historic development, including the Sunbeam high grade gold mine which operated until 1905 and reportedly produced multi ounce material.
In July 2021, Nuinsco reported grades up to 93.3g/t Au from a drill programme conducted predominantly in the vicinity of the Sunbeam Mine area. Significant results include:
o NS-21-01 – 3.98g/t Au over 0.6m (from 96.0m) within 3.39m of strongly gold anomalous deformation zone.
o NS-21-02 – 13.8g/t Au over 0.15m (from 80.85m) within 2.83m of strongly gold anomalous deformation zone.
o NS-21-03 – 93.3g/t Au over 0.44m (from 99.5m) within 3.19m of strongly anomalous deformation zone.
o NS-21-05 – 2.94g/t Au over 0.5m (from 118.5m) within 7.50m of strongly anomalous deformation zone.
Historical drilling at Pettigrew was also encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.
The Sunbeam Property contains three subparallel mineralised subparallel structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the new area of claims where prospective structural features are inferred. FCM now commands a district scale land package of over 70km².
Figure 1 showing the combined Sunbeam and English claims as well as the recent staking.
FCM has undertaken two stripping campaigns and the gold (Au) results from the second campaign at the Pettigrew zone are now available. Most of the samples were 1m in length or less, with a minimum of 0.2m and a maximum of 1.0 m. The Pettigrew results are similar to those from Roy, (previously reported) and have defined a broad zone of shearing, alteration, and mineralization, peaking at 3.5 g/t Au in channel samples and 13.0 g/t Au in grab samples (highest grade at Roy was 18.8 g/t Au).
Visible gold was identified in at least one sample at Roy during the sawn channel programme.
The results indicate the potential for both high-grade gold mineralization hosted in quartz veins and lower-grade gold mineralization hosted in sheared, altered porphyry or chlorite schist. Lithologies hosting the mineralization are often well-sheared and exhibit isoclinal or near-isoclinal folding.
Photo 1 Showing sheared mafic and felsic rocks hosting quartz veining. Note the Pettigrew shaft in the background.
At Roy there were a significant number of results exceeding 1ppm Au that define the anomalous structure over a strike of 100m between the existing shafts which remains open along strike. One sample of sheared porphyry reported 4.98ppm Au over 0.5m – as the porphyry is considered the host this is significant, as the potential mineralised package would be appreciably wider (10m+). FCM now intends to review the historic core again with the intention of sampling more of the porphyry hosting the mineralised shear zone.
At both Pettrigrew and Roy the high-grade gold mineralisation is hosted in quartz veining in sheared ‘mafics’ within a broader envelope of sheared, folded felsic to intermediate porphyry which often exhibits irregular quartz veining, silicification and ankerite alteration associated with up to 1% pyrite, and which also frequently contains anomalous gold concentrations as noted above.
Photo 2 showing quartz veining at Pettigrew containing galena (Pb) and chalcopyrite (Cu). The sample reported 3.5 g/t Au.
Photo 3 showing sheared, silicified and ankeritised porphyry with pyrite and quartz veining, 4.98 g/t Au / 0.5m channel.
Future work will focus on expanding the potential mineralisation with the sampling of any prospective porphyry.
The results from the channel sampling at Roy and Pettigrew, in conjunction with the encouraging geology encountered in the stripping at both locations (as well as the geology / geochemistry at the Sunbeam mine area) validate the Company’s efforts to bring the property to drill ready stage.
The ‘English claims have now been transferred 100% to First Class Metals Canada Inc. The Company now has 100% control of a potential district scale property block with multiple structures, hosting potentially high-grade gold bearing systems, extending over 72km². We believe this gives First Class Metals a true ‘District Scale’ gold project that could potentially host multiple significant gold deposits.
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 |
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.
Vox Market Podcast – Alan Green talks about: #OTMP OnTheMarket, #CNG China NonferrousGold & #LEX Lexington Gold
New Vox Market Podcast where Alan Green discusses about OnTheMarket, China NonferrousGold and Lexington Gold
Listen – https://www.voxmarkets.co.uk/articles/alan-green-talks-about-onthemarket-china-nonferrousgold-lexington-gold-6ebdc0a/
#TEK TekCapital PLC – Placing to raise £2.25 Million(C.US$2.7M)
Tekcapital Plc (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property investment group focused on creating valuable products that can improve people’s lives announces that it has raised a total of £2.25 million (c.US$2.7m) before expenses, in an oversubscribed placing from existing and new shareholders, by way of the issue of, in aggregate, 14,062,500 new ordinary shares of 0.4 pence each in the Company (the “Ordinary Shares”), at a price of 16 pence per share (the “Placing Shares”) (together, the “Placing”).
The net proceeds of the Placing will primarily be used to accelerate the growth of the Company’s portfolio companies. The Placing was undertaken by the Company’s broker SP Angel Corporate Finance LLP.
Key Highlights:
– £2.25m (US$2.7m) before expenses was raised by means of a fundraise through the issue of, in aggregate 14,062,500 Placing Shares at 16 pence per Placing Share.
Funds raised will be used as follows:
– £0.6m to build commercial inventory of MicroSalt Limited
– £1m to purchase autonomous shuttles for Guident’s Remote Control Monitoring Centre clients and for fabrication and testing of their regenerative shock absorbers for prospective clients
– the remainder of the funds raised will primarily be for additional working capital.
Admission and Total Voting Rights
Application has been made for the 14,062,500 Placing Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective on or around 23 February 2023.
Following the issue of the 14,062,500 Placing Shares, which on Admission will rank pari passu with the existing Ordinary Shares, the total number of Ordinary Shares in issue with voting rights in the Company will be 164,754,828. There are no shares held in treasury.
The above figure of 164,754,828 Ordinary Shares may therefore be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Clifford M. Gross Ph.D., Executive Chairman of Tekcapital plc commented:
“We are pleased to announce this oversubscribed offering to facilitate the further good progress of our portfolio
companies.“
About Tekcapital plc
Tekcapital creates value from investing in new, university-developed discoveries that can enhance people’s lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.
LEI: 213800GOJTOV19FIFZ85
For further information, please contact:
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Tekcapital Plc |
Via Flagstaff |
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Clifford M. Gross, Ph.D. |
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SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker) |
+44 (0) 20 3470 0470 |
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Richard Morrison/Charlie Bouverat (Corporate Finance) |
||
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Abigail Wayne (Corporate Broking) |
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Flagstaff Strategic and Investor Communications |
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+44 (0) 20 7129 1474 |
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Tim Thompson/Andrea Seymour/Fergus Mellon |
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#FCM First Class Metals – Exploration Program Update-Esa Property
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo land holding is pleased to provide an update on activities in respect to the Esa claim block.
HIGHLIGHTS
· Full coverage VTEM geophysical data set of the Esa property sourced free of cost from the previous claim holder.
· FCM has contracted Paterson Grant and Watson to interpret geophysical data over the Esa claim block.
· Ground reconnaissance – exploration- recommences on the Esa property.
Esa
The Esa property covers 20km² and is situated only 11km north of the Hemlo gold mine operated by Barrick Gold (>23m oz Au).
FCM has appointed Patterson Grant Watson Ltd (‘PGW’) ( https://www.pgw.ca/site/home ) to interpret the VTEM survey on the Esa block for which FCM received the raw data from the previous owners at no cost, saving the company a significant amount of time and money.
A strong geophysical response dissecting the property has been in part ground-truthed and supports the interpreted presence of a shear, (also identified on adjacent properties to the west, trending on to Esa). This inferred shear across the property has formed the focus of field work to date with over 150 rock and soil samples collected for gold and base metal analysis, results pending. Rock samples were identified as sheared sulphitic mafic rocks. It is worth noting that owing to ground cover, both forestation and Quaternary gravels, there is a paucity of exposure generally across the property.
Currently FCM has a field team collecting soil samples along the inferred surface expressions of the shear and thereafter the team will continue the systematic prospecting of the claim block.
FCM is confident that the reinterpretation of the geophysical data will enable the exploration effort to be more focussed along the interpreted ground trace of the shear.
Furthermore, in the south of the property is the inferred contact with the Cedar Lake pluton. Contact zones are often the focus on veining and therefore potentially associated mineralisation. The interpretation again, will allow this structural contact and potentially associated spurs to be identified and ground truthed / prospected.
Marc J. Sale CEO First Class Metals Said: “I am delighted that we have manged to acquire the raw data to a recent modern VTEM survey which incorporates the Esa property, from a previous claim owner at zero cost to FCM.
This data set has now been forwarded to Patterson Grant Watson Ltd (‘PGW’) who are a world-renown geophysical interpretation company. PGW integrates geophysical datasets with geology to provide compelling results that deliver both direct and indirect targeting.
The reinterpretation of the Esa VTEM data using modern techniques will allow us to speed up the process of exploration on the property and I eagerly await the results that this re-interpretation provides”
For further information, please contact:
First Class Metals PLC
James Knowles, Executive Chairman 07488 362641
Add Email adresses
Marc Sale, Chief Executive Officer 07711 093532
Ayub Bodi, Executive Director 07860 598086
First Equity Limited (Financial Adviser & Broker ) 020 7374 2212
Jonathan Brown
Jason Robertson
On the Vox Market Podcast, Alan Green discusses #OTMP OnTheMarket, #ROO Deliveroo and #TM1 Technology Minerals
On the Vox Market Podcast, Alan Green discusses #OTMP OnTheMarket, #ROO Deliveroo and #TM1 Technology Minerals
Listen to the podcast here