REG - First Class Metals - Corporate Update, LOI Announcement and Fundraising

FIRST CLASS METALSAnnouncement

05/06/2025 08:00

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RNS Number : 5878L  First Class Metals PLC  05 June 2025

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

FIRST CLASS METALS PLC

05 JUNE 2025

Corporate Update, LOI Announcement and Fundraising

First Class Metals PLC (LSE: FCM) is pleased to announce that it has signed a
non-binding Letter of Intent ("LOI") in relation to a potential disposal of
one of its properties. The proposed transaction, if completed, would be
material to the Company and reflects the growing third-party interest in the
Company's highly prospective portfolio.

The proposed consideration is entirely cash, and the prospective purchaser is
currently undertaking detailed due diligence with the intention to move to
binding documentation as soon as possible. Whilst there can be no certainty at
this stage that a transaction will complete, the Board is encouraged by the
progress to date.

The Company is also pleased to confirm that it has successfully raised gross
proceeds of £520,000 through the issue of 26,000,000 new ordinary shares of
0.1p each at a price of 2p per share, representing a discount of approximately
7% to the closing mid-market price of 2.15p on 4 June 2025, being the last
trading day prior to this announcement. This comprises a placing of 25,000,000
new ordinary shares raising £500,000 via Clear Capital Markets Limited
("CCM"), the Company's placing agent, with the shares placed with
institutional and high net worth investors, and a private subscription of
£20,000 by Non-Executive Director Marc Bamber for 1,000,000 new ordinary
shares.

The proceeds will strengthen the Company's working capital position and enable
further exploration work across its portfolio. This includes targeted
programmes in the early part of the summer focused on refining and defining
key targets, which are expected to lead to more invasive fieldwork and
drilling in the latter part of the season.

Director Participation in the Fundraising

As part of the fundraising, the Company confirms that Marc Bamber,
Non-Executive Director, has subscribed for 1,000,000 new ordinary shares at a
price of 2p per share for a total consideration of £20,000. Following this
subscription, Marc Bamber will be interested in 1,375,000 ordinary shares.

 

Marc Sale, CEO of First Class Metals, commented:

"This potential transaction is not only a strong endorsement of the underlying
value in our portfolio, but also as it's a significant cash deal has the
probability to be transformational for the Company. We are confident this is a
pivotal moment for First Class Metals as we move decisively to unlock that
value for shareholders."

James Knowles, Chairman of First Class Metals, added:

"Following the withdrawal of the second stage investment from 79TH GRP earlier
this year, it was important for the Board to act decisively. This fundraise
provides the financial flexibility to advance our exploration strategy over
the coming months, with early summer work aimed at generating meaningful
results.

Total Voting Rights

Application will be made to the Financial Conduct Authority ("FCA") for
admission of the 26,000,000 new ordinary shares to the Equity Shares
(transition) category of the Official List, and to the London Stock Exchange
for admission to trading on the Main Market for listed securities (together,
"Admission"). Admission is expected to occur on or around 12 June 2025.

Following Admission, the Company's issued share capital will consist of
217,741,361 ordinary shares of 0.1p each, each with one voting right. The
Company does not hold any shares in treasury. Therefore, the total number of
voting rights in the Company will be 217,741,361. This figure may be used by
shareholders as the denominator for calculations by which they will determine
if they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and Transparency
Rules.

Notification and public disclosure of transaction by person discharging
managerial responsibilities

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                                                     Marc Bamber
 2   Reason for notification
 a.  Position/Status                                                                             Non-Executive Director

 b.  Initial notification/ Amendment                                                          Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                                                     First Class Metals PLC
 b.  LEI                                                                                      894500V981ZTFLGVOZ38
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument                              Ordinary shares of £0.001 value each

Identification Code

                                                                                              ISIN Code: GB00BPJGTF16
 b.  Nature of the transaction                                                                participation in Placing
 c.  Price(s) and volume(s)                                                                   Price  Volume
                                                                                              2p     1,000,000
 d.  Aggregated information                                                                   N/A

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                                                  5 June 2025
 f.  Place of the transaction                                                                 London Stock Exchange

d.

Aggregated information

 

- Aggregated Volume

 

- Price

N/A

e.

Date of the transaction

5 June 2025

f.

Place of the transaction

London Stock Exchange

 

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
(https://fcm-l.investorhub.com/link/MP7o0P)

For further information, please contact:

James Knowles, Executive Chair

Email: JamesK@Firstclassmetalsplc.com (mailto:JamesK@Firstclassmetalsplc.com)

Tel: 07488 362641

Marc J Sale, CEO

Email: MarcS@Firstclassmetalsplc.com (mailto:MarcS@Firstclassmetalsplc.com)

Tel: 07711 093532

Bob Roberts-CCM (Placing Agents)

Email: bobroberts@clear-cm.co.uk (mailto:bobroberts@clear-cm.co.uk)

Novum Securities Limited (Financial Adviser)

David Coffman / Anastassiya Eley

Website: www.novumsecurities.com (http://www.novumsecurities.com)

Tel: (0)20 7399 9400

Axis Capital Markets (Broker)

Lewis Jones

Website: Axcap247.com (http://www.axcap247.com)

Tel: (0)203 026 0449

 

 

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 Mining (>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 250km²
in north west Ontario. A further three blocks are under option and cover an
additional 30km(2).FCM is focussed on exploring for gold, but has base metals,
critical metals and rare earth element mineralization. FCM is maintaining  a
joint venture with GT Resources on the West Pickle Lake Property a
drill-proven ultra-high-grade Ni-Cu project.

The flagship properties, North Hemlo and Sunbeam, are gold focussed. North
Hemlo has a significant discovery  in the Dead Otter trend  which is a
discontinuous 3.5km gold anomalous trend with a 19.6g/t Au peak grab sample.
This sampling being the highest known assay from a grab sample 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 successfully drilled prior to
Christmas 2023 and results have now been released.

The Kerrs Gold property, acquired under option by First Class Metals in April
2024, is located in northeastern Ontario within the Abitibi Greenstone Belt,
one of the world's most prolific gold-producing regions. The project holds a
historical inferred resource of approximately 386,000 ounces of gold,
underscoring its potential as a meaningful addition to FCM's expanding gold
portfolio. Kerrs Gold complements the Company's exploration strategy and
provides exposure to a well-established mining district. FCM is currently
reviewing plans to advance the project and further unlock its value.

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).

For further information see the Company's presentation on the web site:
firstclassmetalsplc.com

 

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.

 

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