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 announce that it has completed the final cash payment under the Kerrs Gold Property option agreement and has now secured 100% ownership of the Kerrs Gold Project in northeastern Ontario.
Importantly, the Company has accelerated completion of the acquisition significantly ahead of the original staged earn-in schedule announced on 22 April 2024.
Highlights
• FCM now owns 100% of the Kerrs Gold Project.
• All option obligations completed materially ahead of the original three-year schedule.
• The claims are in the process of being transferred to First Class Metals Canada Inc.
• Acceleration reflects the Company’s confidence in the strategic value of the asset and its broader portfolio positioning initiatives.
• Kerrs hosts a historic NI 43-101 inferred gold resource estimate of 386,467 ounces grading 1.71 g/t Au.
• Full ownership provides maximum strategic and corporate flexibility as FCM advances initiatives focused on unlocking shareholder value.
The Kerrs Gold Project is situated within the highly prolific Timmins Mining Camp in Ontario, Canada, one of the world’s premier gold producing regions, surrounded by major mining operations including Newmont’s Hoyle Pond and Hollinger mines and McEwen Mining’s Black Fox Complex.
By accelerating the acquisition timetable, FCM has consolidated outright ownership of a significant gold asset within a Tier-1 mining jurisdiction at a time when the Company continues to evaluate multiple avenues to maximise value across its Ontario project portfolio.
James Knowles, Executive Chairman of First Class Metals, commented:
“We believe outright ownership of quality projects in established mining jurisdictions, particularly those with defined gold inventory and resource expansion potential, will become increasingly important as new models for recognising and financing resource-backed gold assets continue to emerge.”
Further Information on the Kerrs Gold Project
The Kerrs Gold Project comprises 36 units covering approximately 665 hectares located approximately 90 kilometres east-northeast of Timmins, Ontario within the Abitibi Greenstone Belt.
The Project hosts a historic inferred resource estimate, prepared in accordance with NI 43-101 by Kirkham Geosystems Ltd. in 2011, of:
7,041,460 tonnes grading 1.71 g/t Au for 386,467 ounces of gold at a 0.5 g/t cut-off grade, using a gold price significantly below the current price.
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, announces it has received a conversion notice in respect of a portion of the Notes* issued pursuant to the Convertible Loan Note instrument announced on 30 January 2026 as detailed below.
Following this conversion, £75,000 debt remains to be converted under the Convertible Loan Note instrument announced on 30 January 2026.
| Notes to be converted: * & ** | 325,000 |
| Value of Notes to be converted: | £325,000 |
| Date of conversion: | 27/05/2026 |
| Number of Ordinary shares to be issued to satisfy the conversion | 18,771,501 |
* Notes = 325,000 £1.00 interest-free convertible loan notes
** Using the conversion formula set out in the 30 Jan 2026 announcement
Application will be made to the London Stock Exchange for the 18,771,501 new Ordinary shares to be admitted to trading on the Main Market for listed securities (“Admission”) and it is expected that such Admission will take place at 8.00 a.m. on or around on 4th June 2026.
In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the above new Ordinary shares, its issued ordinary share capital will comprise 386,720,973 Ordinary Shares. All the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 386,720,973. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or a change to their interest in, the Company.
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
AlbR Capital Limited
David Coffman / Dan Harris
Website: www.albrcapital.com
Tel: (0)20 7469 0930
Axis Capital Markets (Broker)
Richard Hutchinson
Website: Axcap247.com
Tel: (0)203 026 0449