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First Class Metals PLC
- LSE:FCM
- OTC:FCMXF
First Class Metals reports Sunbeam exploration progress and conditional Kerrs monetisation agreement
Published
At a glance
- Company
- First Class Metals PLC
- Listings
- LSE:FCM, OTC:FCMXF
- Announcement type
- Financial results
- Published
- Reporting period
- six months ended 30 June 2026
- Source announcement
- investegate.co.uk
| Measure | Figure | Period | Compared with |
|---|---|---|---|
| Gross proceeds | £1,000,000 | June 2026 | Not stated |
| Indicative consideration for the initial tranche | approximately US$10.64 million | Not stated | Not stated |
| Kerrs resource | 386,465 ounces | Not stated | Not stated |
| Initial purchase | 77,293 Eligible Ounces | Not stated | 20% in the current compliant resource |
Figures are quoted from this announcement and selected automatically.
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Announcement Summary
First Class Metals PLC reported its half-year results for the period ending 30 June 2026, including exploration, financing and Kerrs developments.
- Sunbeam's approximately 1,000m Roy drill program had 11 of 12 holes intersecting the targeted structure; final assay results followed shortly after period end.
- The June placing raised gross proceeds of £1,000,000 through 26,315,790 new ordinary shares at 3.8p; Axis acted as sole placing agent.
- The proceeds are earmarked for Pettigrew drilling, Roy follow-up drilling, Sunbeam structural work, northeast lineament testing, other Ontario projects and working capital.
- At Kerrs, nGRND holds a conditional right to acquire all 386,465 ounces and agreed an initial purchase of up to 77,293 Eligible Ounces, or 20%.
- The initial purchase has a minimum threshold of 60% of those ounces within twelve months.
- At US$138 per ounce, the initial tranche's indicative consideration is approximately US$10.64 million before bonuses, excluding potential carbon, biodiversity and other ESG-attribute payments; FCM retains full ownership.
The agreement includes a US$160,000 advance deposit and grants nGRND 10 million warrants at 5.5p and 10 million at 10p. For the six months to 30 June 2026, the financial statements show a loss of £1,163,264 and cash and cash equivalents of £1,170,113.
Investor FAQs
First Class Metals PLC announced its half-year report for the period ending 30 June 2026. The report covers progress at the Sunbeam, Kerrs Gold and Zigzag projects, corporate fundraising, the Kerrs monetisation agreement and the Company’s interim financial position.
First Class Metals PLC’s half-year report covers the six months ending 30 June 2026. The interim financial statements are unaudited and are prepared under UK adopted International Accounting Standard 34, ‘Interim Financial Reporting’.
First Class Metals PLC reported that it is an exploration company without current revenues. Its operating costs during the period reflected the winter drill programme, early spring exploration work and corporate expenses.
First Class Metals PLC reported a loss for the period of £1,163,264 for the six months to 30 June 2026, compared with £931,314 for the six months to 30 June 2025. Net cash flow from operating activities was an outflow of £1,263,408.
First Class Metals PLC reported cash and cash equivalents of £1,170,113 at 30 June 2026, compared with £77,398 at 31 December 2025. The financial review says the cash resources at the end of the period provide a sufficient runway into the second half of the year, while additional funding discussions were ongoing.
First Class Metals PLC raised gross proceeds of £1,000,000 through a placing of 26,315,790 new ordinary shares at 3.8p per share. The placing was arranged by Axis Capital Markets as sole placing agent, and the proceeds were earmarked for expanded exploration at Sunbeam, work on other Ontario projects and general working capital.
First Class Metals PLC said that 11 of the 12 holes in the approximately 1,000m winter diamond drill programme at Roy intersected the targeted structure. Hole SUN26-05 reported 5.1m @ 4.14g/t Au from 13.9m depth, containing a VG sample with 45g/t Au, while the reported results also included broader lower-grade intersections.
First Class Metals PLC combined drilling at Roy with structural, geochemical and geophysical work across the Roy and Pettigrew trends. At Pettigrew, the Company conducted 33km of VLF survey and collected 431 soil samples; the final VLF and soil sample assay reports had not been received at the period end.
First Class Metals PLC said it had completed its earn-in obligations at Zigzag and had earned an 80% interest and operational control. The project contains drill-confirmed lithium mineralisation together with tantalum, rubidium, caesium and gallium.
First Class Metals PLC completed the closing conditions on 30 June 2026 for a definitive Site Programme and Alternative Land Use Rights Agreement with nGRND Inc in respect of the 100%-owned Kerrs Gold project. The agreement gives nGRND a conditional right to acquire all 386,465 ounces of the Kerrs resource and an agreed initial purchase of up to 77,293 Eligible Ounces, representing 20% of the current compliant resource.
First Class Metals PLC said the Kerrs agreement could provide a potential non-dilutive monetisation pathway alongside conventional funding routes. At a price of US$138 per ounce, referenced to the spot gold price at the date of each purchase, the indicative consideration for the initial tranche is approximately US$10.64 million before bonuses; the arrangement is supported by a US$160,000 advance deposit and warrants granted to nGRND.
First Class Metals PLC said it retains full ownership of Kerrs and title to all underlying mineral claims. The Company also retains exposure to approved future exploration and to carbon, biodiversity and ESG attributes generated on the property.
First Class Metals PLC said a review of the historic 2011 Kerrs NI 43-101 resource estimate was under way, with finalisation expected in the third quarter of 2026. The Company said the review is intended to reassess the scale and confidence of the existing resource at prevailing gold prices.
First Class Metals PLC said the June placing proceeds would support an exploratory drill programme at Pettigrew, follow-up drilling at Roy, structural work around the Sunbeam mine and testing of the north-easterly extensions of the three main lineaments. The Company also said a revised three-year Exploration Permit application covering the whole Sunbeam property had been submitted to the Ontario Ministry of Mines, while a prospecting campaign at Coco East was planned for the third quarter of 2026.
Source announcement
- Company
- First Class Metals PLC
- Title
- Half-year Report - period ending 30 June 2026
- Published
- Source site
- investegate.co.uk
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