First Class Metals PLC (LSE:FCM), (“First Class Metals”, “FCM” or the “Company”), a UK-listed gold exploration company with assets in Ontario, Canada, is pleased to provide the following update regarding the proposed monetisation of one of its assets, originally announced on 5 June 2025.
As announced on that date, the Company entered into a non-binding Letter of Intent (“LOI”) in relation to the proposed monetisation of one of its Ontario gold assets. The Company now confirms that it has executed a definitive Site Programme and Alternative Land Use Rights Agreement (the “Agreement”) in respect of the Kerrs Gold project, 100% owned by FCM, with nGRND Inc.
Highlights
· FCM has entered into a binding agreement to monetise assets on the Kerrs property
· The agreement will provide a (non-diluting) funding stream
· FCM retains full ownership of the Kerrs Gold project and all underlying mineral title.
· No disposal of the underlying mineral asset.
· Additional upside retained by FCM through future exploration success and future resource upgrades.
The legally binding Agreement establishes an innovative long-term monetisation framework linked to the Kerrs NI 43-101 gold resource, while importantly preserving FCM’s ownership of the underlying mineral title and future exploration upside.
Commercial terms have been agreed and are outlined in the Agreement and the payment schedule will be announced on closing which is anticipated before the end of June 2026.
The successful implementation of the programme provides the Company with access to an additional source of non-dilutive funding. Management firmly believes the transaction has the potential to be transformational for First Class Metals, supporting the advancement of its exploration objectives across the portfolio, while maintaining full exposure to future resource growth at Kerrs.
Marc J Sale, CEO of First Class Metals PLC, commented:
“The proceeds from the successful implementation of this deal will materially strengthen the Company’s stature as a leading, innovative exploration company.
The enhanced balance sheet will provide the flexibility to advance our exploration plans not only at Kerrs but across the Company’s portfolio. In particular, and specifically it will enable us to maintain increased level of exploration at Sunbeam. This momentum in the exploration effort has already commenced on the back of the recent placement.
The resource review of Kerrs with an aim of expanding both the resource based on the higher gold price as well as identifying zones where it might be possible to increase the confidence level has been reinitiated. Progress will be reported as and when.”
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://firstclassmetalsplc.com/link/PnK1ly
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO and Executive Director
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
AlbR Capital Limited (Financial Adviser)
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