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First Class Metals PLC
- LSE:FCM
- OTC:FCMXF
First Class Metals accelerates conditional share payment for Zigzag Lithium earn-in
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- First Class Metals PLC
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- LSE:FCM, OTC:FCMXF
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- investegate.co.uk
| Measure | Figure |
|---|---|
| Issue price | 0.0198 GBP |
| Interest in the Zigzag Lithium Property | 80% interest |
| Issued share capital | 251,449,552 ordinary shares |
Figures are quoted from this announcement and selected automatically.
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Announcement Summary
First Class Metals PLC (LSE: FCM) has elected to accelerate the final share-based option payment to Nuinsco for the Zigzag Lithium Property.
- The existing option agreement requires C$85,000 in ordinary shares to be issued to Nuinsco on or before June 1, 2026, as the final share consideration.
- The Company has elected to satisfy this obligation ahead of schedule by issuing 2,277,816 new ordinary shares, 0.1p each, at an issue price of 0.0198 GBP.
- The Issue settles the share-based obligation, subject to completion of the Issue, the remaining cash payment, and work commitments under the option agreement.
- After those requirements are satisfied, First Class Metals will earn an 80% interest; Nuinsco will retain 20%, and the parties will be deemed to have entered into an 80:20 joint venture.
- Application will be made to the London Stock Exchange for admission to the Official List (Standard Segment) and trading on the Main Market for listed securities, with Admission expected on or around February 12, 2026.
- Following Admission, issued share capital and total voting rights will be 251,449,552 ordinary shares, each with one voting right; the Company does not hold any shares in treasury.
The announced total voting-rights figure may be used as the denominator for shareholder interest notifications.
Investor FAQs
First Class Metals PLC announced that it has elected to accelerate the final share-based option payment to Nuinsco Resources Limited for the Zigzag Lithium Property. The Company will issue 2,277,816 new ordinary shares at an issue price of 0.0198 GBP to settle the obligation.
First Class Metals PLC made the announcement on 09 February 2026. The accelerated payment relates to the final share consideration under the existing option agreement for the Zigzag Lithium Property.
Under the existing option agreement, First Class Metals PLC was required to issue C$85,000 in ordinary shares to Nuinsco on or before 1 June 2026. The Company has elected to satisfy this share-based obligation ahead of schedule.
First Class Metals PLC will issue 2,277,816 new ordinary shares of 0.1p each to Nuinsco. The shares are being issued at an issue price of 0.0198 GBP in settlement of the share-based obligation.
Following completion of the Issue, the remaining cash payment and the work commitments under the option agreement, First Class Metals PLC will earn an 80% interest in the Zigzag Lithium Property, with Nuinsco retaining a 20% interest. Upon completion of the earn-in, the parties will be deemed to have entered into a joint venture for development of the property on an 80:20 basis.
The Board of First Class Metals PLC says the acceleration materially advances the Company towards completing the earn-in and strengthens its position within the joint venture structure. CEO Marc J Sale said the decision reflects the Company's confidence in the rally of the lithium price and its intention to secure management and ownership of the property.
First Class Metals PLC says drilling and surface sampling have confirmed at least one spodumene-rich pegmatite extending over approximately 800 metres of strike, with lithium grades of up to 5.19% Li₂O. The 2023 drill programme comprised ten diamond drill holes for a total of approximately 450 metres, with nine of the ten holes intersecting pegmatite.
The Zigzag Property is described as prospective for rubidium, gallium and tantalum in addition to lithium. Tantalum assays returned values of up to 732 parts per million, according to First Class Metals PLC.
First Class Metals PLC says it has revised quotations for a beneficiation study and intends to collect a representative 40 kilogramme sample when ground conditions permit. The Company also says the Property is fully permitted, allowing progression towards further exploration.
Admission of the 2,277,816 new ordinary shares is expected to occur on or around 12 February 2026. First Class Metals PLC says applications will be made to the London Stock Exchange for admission to the Official List (Standard Segment) and for admission to trading on the Main Market for listed securities.
Following Admission, First Class Metals PLC says its issued share capital will consist of 251,449,552 ordinary shares of 0.1p each, with one voting right per share. The Company says it does not hold any shares in treasury, so the total number of voting rights will be 251,449,552.
First Class Metals PLC is described as UK-listed and identified in the announcement as trading on the LSE under the ticker LSE: FCM. The announcement also refers to the London Stock Exchange's Official List (Standard Segment) and Main Market for listed securities in connection with the new share admission.
First Class Metals PLC is a UK-listed metals exploration company focused on high-quality critical and precious metal assets in Ontario, Canada. The Company says it currently holds 100% ownership of seven claim blocks covering over 250km² in northwest Ontario, while a further three blocks under option cover an additional 30km2.
Source announcement
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- First Class Metals PLC
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- investegate.co.uk
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Figures, forecasts and other claims are the announcement's, not FAQSIR's. FAQSIR does not independently verify them.
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