First Class Metals #FCM – Initiation of Multiple Asset Sales Process with Seventy Ninth Resources

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, north Ontario land holdings, is pleased to announce that it has entered into discussions with Seventy Ninth Resources Limited  (“Seventy Ninth”) which may result in the disposal of certain FCM properties (“Potential Transaction”).

Highlights 

·      Discussions commenced regarding a number of FCM’s core and non-core assets with Seventy Ninth Resources Limited, a division of the Seventy Ninth Group, who are a leading UK asset management company. 

·      This negotiation validates FCM’s business model to acquire, value add and monetise its assets.

·      In addition, the Company is also actively exploring further mutually beneficial synergies with Seventy Ninth Resources, to further expand on their existing portfolio of natural resources assets. Following the announcement of their intent to list on the Toronto Stock Exchange Venture in 2024, Seventy Ninth Resources is committed to exploring opportunities to enhance the relationship between both entities.

·      Seventy Ninth Resources and FCM are working towards establishing commercial Heads of Terms (“HOTs”)and further announcements will be made as these progress.

·      The acquisition of additional properties recently announced by FCM adds positively to the business model adopted by FCM.

First Class Metals CEO, Marc. J Sale Commented:

“The initiation of these discussions is a significant milestone for FCM. The Potential Transaction validates the business model we at FCM have been expounding. The collaboration with a company of Seventy Ninth Resources’ impressive calibre supports our assertion of the value of our properties. The interest shown by Seventy Ninth Resources confirms FCM’s belief that the current market capitalisation of the Company does not fully reflect the value of the properties in our portfolio and their potential to deliver. This belief is further supported by the significant upside that our successful exploration activities have achieved since the IPO, for that I am indebted to Bruce at Emerald Geological Services ‘EGS’.

I look forward to working with Natalie Bellis, CEO, and the wider team at Seventy Ninth Resources, not only to progress the Potential Transaction but also in future collaboration. We will provide further updates as more details become available. This milestone marks a crucial moment for FCM, and our focus remains on maximising value for our shareholders throughout the entire process.”

Natalie Bellis CEO, Seventy Ninth Resources Commented:

“This is an incredibly exciting move for Seventy Ninth Resources and continues our strategic development of building out a successful pipeline of data-verified assets, as well as helping in preparation for our proposed IPO later this year. By partnering with companies such as FCM, we are continuing to create multiple value points for the business and deliver on its corporate vision”.

 Seventy Ninth Resources Limited

Seventy Ninth Resources, a division of the Seventy Ninth Group, is an award-winning asset management company founded by entrepreneur Dave Webster and his two sons, Jake and Curtis Webster. Seventy Ninth Resources holds a unique and advantageous position in the natural resource sector, specialising in the acquisition, management, and development of desirable assets.

Seventy Ninth Resources has been unlocking the potential of the natural resources sector within the Republic of Guinea since 2011. With 15 employees in the operational in-country team, the company’s extensive presence in the Republic of Guinea has allowed them to cultivate trusted relationships with local communities. Through these relationships, they gain unique access to acquire land in areas with significant potential for gold and diamond mining. The company’s hands-on approach has enabled Seventy Ninth Resources to pair local knowledge with industry expertise.

The developed board and in-country team for Seventy Ninth Resources includes world-class experienced geologists, field consultants, and ESG specialists, working alongside our industry leading partners, SRK Exploration Services and The MSA Group, in executing specific and focused exploration on assets.

https://79thresources.com/ There can be no certainty that the Potential Transaction will be concluded, however, both parties are committed to proceeding to agree HOTs.

Ends

For further information, please contact:

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Novum Securities Limited

(Financial Adviser) 

David Coffman/ George Duxberry

 www.novumsecurities.com

(0)20 7399 9400

NOTES TO EDITORS

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 Gold (>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 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.

The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the ‘Dead Otter Trend’ which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay 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 drilled prior to Christmas 2023 and results have now been released.

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).

Sharepickers – Alan Green talks about three high risk stocks / high reward stocks with Justin Waite?

Sharepickers – Alan Green talks about three high risk stocks / high reward stocks with Justin Waite. We discuss Spurs v Forest, markets, Harland & Wolff #HARL, new Cathal Friel backed IPO European Green Transition #EGT & ECR Minerals #ECR.

ECR Minerals #ECR COO Mike Whitlow talks to Stockbox

ECR Minerals Begin to Demonstrate the Scale of the Gold Mineralisation at Creswick. COO Mike Whitlow talks to Stockbox.

➡️ The COO emphasizes the importance of demonstrating extensive mineralization over narrow, high-grade shoots as revealed by recent drilling results, marking a significant breakthrough for ECR Minerals in the Creswick area.

➡️Discussion revolves around the potential for small-scale commercial operations based on obtained results, with plans to prove this potential through bulk sampling of anomalous and broad mineralization zones.

➡️Mike stresses the importance of delivering tangible results rather than speculative promises, highlighting the company’s commitment to working hard, ramping up activities, and enhancing shareholder value through strategic planning and asset management.

ECR Minerals #ECR – Creswick drilling results illustrate potentially extensive presence of larger ore bodies

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide additional results from its drilling programme at the Kuboid Hill site in its Creswick tenement.  Significantly, this drilling campaign has demonstrated quartz/gold mineralisation continuity in the Creswick area with results having the hallmarks of a potential future small scale operation.

HIGHLIGHTS

  • Two high grade results of 8.87g/t Au and 8.06g/t Au over 1 metre.
  • Far more significant is the extensive broad mineralisation demonstrated in several holes where contiguous gold is present at 3.05g/t Au over 3 metres, 2.25g/t Au over 4 metres and 1g/t Au over 5 metres.
  • This compares very favourably with historical mining operations elsewhere in Victoria with broad mineralisation where those grades averaged around 0.7 g/t Au.
  • Aggregated 51 metres of mineralized quartz.
  • The drilling returned significant intercepts with evidence of anomalous gold within 14 of the 15 holes drilled.
  • Bulk sample testing at Creswick has indicated in the past both greater prevalence and higher grades of gold and this is being carried out now on the results for Kuboid Hill.

A total of 1,025 metres of reverse circulation drilling was completed at Kuboid Hill on 16 February 2024 (“Kuboid Hill Programme”). This was the second part of an extended reverse circulation drilling programme, following on from an original drilling programme of 522 metres completed at Davey Road where ECR reported a best overall grade gold of 41.03g/t Au (for full details of the results see announcement dated 12 February 2024). The Kuboid Hill Programme was designed to follow up on the Company’s anomalous gold soil sampling campaign that was completed in 2022 which indicated the potential for a broader system which can now be seen in the today’s results. The drilling also tested best practices for first pass drilling evaluation at Creswick where operators have had historical challenges of reporting a representative broad mineralisation gold grade due to the coarse and random nature of gold that is very often present in Central Victoria.

ECR has now received laboratory results for 15 out of the 17 holes drilled at Kuboid Hill, comprising leaching and fire assay. As with the Davey Road analysis, due to the nature of the course gold expected in this region, ECR then utilises dry-blowing and pan concentration on the ‘leftovers’ from the preliminary drilling results to reduce the gold bias and potentially coalesce the overall Au g/t result. These bulk samples results will follow in due course with the results from the final two holes also anticipated very soon. I.

The best individual grades so far are from two holes: 1m @ 8.87g/t Au (hole KHRC001) and 1m @ 8.06g/t Au (hole KHRC016).

Details of current drilling and significant intercepts > 1g/t

HOLEID From (m) To (m) Interval (m) Sample ID Au g/t
KHRC001 9 10 1 CRC1538 8.87
KHRC016 50 51 1 CRC1146 8.06
KHRC012 30 31 1 CRC718 3.11
KHRC010 24 25 1 CRC547 2.23
KHRC009 23 24 1 CRC608 2.18
KHRC007 20 21 1 CRC1183 1.96
KHRC010 23 24 1 CRC546 1.95
KHRC011 27 28 1 CRC789 1.28
KHRC014 42 43 1 CRC853 1.25

However, what is far more significant is the extensive broad mineralisation demonstrated in several holes where contiguous gold is present at 3.05g/t Au over 3 metres, 2.25g/t Au over 4 metres and 1g/t Au over 5 metres. The drilling recorded intercepts greater than 0.5 g/t Au average over a total of 51 metres with the broadest identified mineralised zone being over 15 metres (KHRC010). All intercepts align along strike and dip to the same mineralised zone under Kuboid Hill. Previous drilling campaigns within the Creswick project have only identified narrow veins (often less than 1 metre) and high-grade gold mineralisation styles.

Identified Broad Mineralised Zones with intercepts

HOLEID From (m) To (m) Interval (m) SampleID Au g/t Drilled intercept composite grade
KHRC001 9 10 1 CRC1538 8.87 4m @ 2.41 g/t Au
KHRC001 10 11 1 CRC1539 0.03
KHRC001 11 12 1 CRC1540 0.26
KHRC001 12 13 1 CRC1541 0.46
KHRC006 7 8 1 CRC1218 0.96 4m @ 0.52 g/t Au
KHRC006 8 9 1 CRC1219 0.03
KHRC006 9 10 1 CRC1220 0.63
KHRC006 10 11 1 CRC1221 0.45
KHRC007 19 20 1 CRC1182 0.77 6m @ 0.57 g/t Au
KHRC007 20 21 1 CRC1183 1.96
KHRC007 21 22 1 CRC1184 0.12
KHRC007 22 23 1 CRC1185 0.05
KHRC007 23 24 1 CRC1186 0.32
KHRC007 24 25 1 CRC1187 0.2
KHRC009 17 18 1 CRC601 0.45 8m @ 0.52 g/t Au
KHRC009 18 19 1 CRC602 0.12
KHRC009 19 20 1 CRC604 0.03
KHRC009 20 21 1 CRC605 0.14
KHRC009 21 22 1 CRC606 0.58
KHRC009 22 23 1 CRC607 0.03
KHRC009 23 24 1 CRC608 2.18
KHRC009 24 25 1 CRC609 0.59
KHRC010 20 21 1 CRC543 0.51 15m @ 0.51 g/t Au
KHRC010 21 22 1 CRC544 0.2
KHRC010 22 23 1 CRC545 0.03
KHRC010 23 24 1 CRC546 1.95
KHRC010 24 25 1 CRC547 2.23
KHRC010 25 26 1 CRC548 0.22
KHRC010 26 27 1 CRC549 0.14
KHRC010 27 28 1 CRC550 0.03
KHRC010 28 29 1 CRC551 0.35
KHRC010 29 30 1 CRC552 0.32
KHRC010 30 31 1 CRC553 0.03
KHRC010 31 32 1 CRC554 0.41
KHRC010 32 33 1 CRC555 0.79
KHRC010 33 34 1 CRC556 0.03
KHRC010 34 35 1 CRC557 0.43
KHRC012 27 28 1 CRC715 0.76 5m @ 1.00 g/t Au
KHRC012 28 29 1 CRC716 0.26
KHRC012 29 30 1 CRC717 0.21
KHRC012 30 31 1 CRC718 3.11
KHRC012 31 32 1 CRC719 0.67
KHRC014 42 43 1 CRC853 1.25 3m @ 0.53 g/t Au
KHRC014 43 44 1 CRC854 0.13
KHRC014 44 45 1 CRC855 0.2
KHRC016 46 47 1 CRC1142 0.27 6m @ 1.55 g/t Au
KHRC016 47 48 1 CRC1143 0.03
KHRC016 48 49 1 CRC1144 0.38
KHRC016 49 50 1 CRC1145 0.42
KHRC016 50 51 1 CRC1146 8.06
KHRC016 51 52 1 CRC1147 0.16

Whilst this is still early stage, this drilling campaign at Kuboid Hill is the first time that ECR has demonstrated that broad-scale quartz/gold mineralisation exists in the Creswick area. Also significantly broad mineralisation is also present at shallow vertical depths. This compares very well with historical small-scale commercial mining operations elsewhere in Victoria with similar broad mineralisation where those grades averaged around 0.7 g/t Au (examples being the Bailieston open pit and the Nagambie open pit). Furthermore these previous mines were established when the gold price was much lower than it is today.

Drilling at Kuboid Hill was some 8km west of previous exploration undertaken at Davey Road which is associated with, or close to, the Dimocks Main Shale corridor (“DMS”). Kuboid Hill falls within another parallel mineralised system approximately 8km west of the DMS and shows early signs of the potential to generate a low-grade, bulk tonnage proposition. This is the first type of modern exploration applied within this part of Creswick.

ECR’s next steps are to dry-blow bulk sampling of anomalous and broad mineralisation zones as described above. This follow-on step at Davey Road produced some enhancement of the results there.  These preliminary results from Kuboid Hill took some time to assemble given the extent of mineralisation zones but the Company anticipates the results of the final two drill holes and the bulk sampling will be completed more quickly.  A further announcement will be made in due course.

Mike Whitlow Chief Operating Officer said: “These results point to, what the directors believe is, a significant breakthrough at Creswick where the geological features demonstrate a distinct difference from the challenges historically faced in the region which we have previously understood to be predominated by the sporadic or random nature of coarse nuggety gold.  With this new analysis what we now understand is that Kuboid Hill has a potentially extensive presence of larger ore bodies from much broader quartz/gold mineralised zones. 

“Our Creswick tenement covers a total of 192 square kilometres and investors will be aware that ECR has undertaken a considerable amount of work on our prospects there.  We still have more to do but, importantly, what we can now see is the commercial potential in the aggregated 51 metres of mineralized quartz.  Investors may recall a video released in January of this year featuring our Chairman, Nick Tulloch, and Chief Geologist, Adam Jones, standing in front of the former open pit gold mine just to the north of our Baileston tenement.  To set today’s results in context, that Baileston mine produced approximately 20,000 oz at an average grade of around 0.7g Au/t, and whilst ECR’s Creswick tenement is still early stage, and there can be no guarantee it will produce gold, we consider this indicative of the potential in this area.

“We look forward to reporting our bulk samples shortly and, further to the placing we announced on 14 March 2024, we will shortly finalise and announce our 2024 work programme in Victoria and Queensland.”

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
Nick Tulloch, Chairman

Andrew Scott, Director

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

Axis Capital Markets Limited Tel: +44 (0) 203 026 0320
Broker
Ben Tadd/Lewis Jones
 
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green

Quoted Micro 8 April 2024

AQUIS STOCK EXCHANGE

Phoenix Digital (PNIX) is benefiting from the rise in cryptocurrency values. At the end of March 2024, NAV was £74.5m, equivalent to 7.38p/share. The NAV was 4.67p/share at the end of 2023. The NAV could be reduced by up to 1.1p/share due to a tax charge.

Gunsynd (GUN) has raised A$453,000 from selling shares in Charger Metals, Pacific Nickel Mines and Rincon Resources. It retains small stakes in each of the companies.

Capital for Colleagues (CFCP) investee company Bright Ascension has received £2.25m in the latest funding round. The company’s original £750,000 loan investment in the space software developer will generate interest of 10%/year.

In the six months to December 2023, video technology company Visum Technologies (VIS) lost £342,000 on revenues of £85,000. There are plans to secure further funding. Several new installations are planned, including in the US.

Cadence Minerals (KDNC) has raised £500,000 at 3p/share. The new shares come with a warrant exercisable at 5p. The cash will be invested in the Amapa iron ore project in Brazil.

Tectonic Gold (TTAU) generated an initial £84,000 in revenues in the six months to December 2023. The cash outflow from operations was reduced from £95,000 to £75,000. Net debt was £43,000. An acquisition target has been identified in Ghana.

Coinsilium Group (COIN) has launched a new series of Web3 industry reports. These will provide a greater understanding of the Web3 space and the blockchain technology underpinning it.

Brewer Adnams (ADB) says it continues to explore ways of raising funds, including a share issue or sale of freehold assets.

First York has put 12 new buses into services that feature the Equipmake (EQIP) electric powertrain. This follows a trial with a convertible prototype vehicle.

William Potts has resigned as chief investment officer of drug-based mental health treatments developer Psych Capital (PSY) but will remain as an adviser.

Tap Global Group (TAP) chairman David Hunter bought an initial 148,347 shares at 1.35p each.

AIM

Video games publisher Frontier Developments (FDEV) is trading in line with expectations before the benefit of the profit from the sale of RollerCoaster Tycoon 3 publishing rights. Those rights returned to Frontier Developments in 2018 under the original publishing agreement. The game has been generating $1.5m profit/year. Atari has acquired the rights for $7m with an initial payment of $3m. There was no value in the books for the game. This has boosted the cash position to £23.4m.

Xeros Technology (XSG) announced a fundraising late on Thursday. There has been £4.5m raised at 1.5p/share and up to £1m more could be raised via a retail offer that closes on 19 April. This will strengthen the balance sheet and provide cash to finance current contracts and commercialise the laundry technologies developer. The first royalty income could be received in the second half of 2024. EBITDA breakeven could be achieved before the end of the year.

Online gaming firm Gaming Realms (LSE: GMR) is growing revenues in Europe and North America. In 2023, revenues were 26% ahead at £23.4m with content licencing growth of 30%. Brand licencing revenues more than doubled to £1.3m, while social gaming revenues were lower despite additional spending on this part of the business. Pre-tax profit improved from £3.5m to £5.2m. There was £9.28m generated from operating activities and that more than covered the £4.63m of capitalised spending on new games and the technology platform. Net cash is £7.46m.

Strong second half trading at Cavendish Financial (CAV) meant that full year pro forma revenues grew from £50.5m to £54m. Private and public M&A activity was buoyant. There was cash of £20.8m at the end of March 2024. Annualised savings of £7m have been made with more to come.

Diagnostic tests developer genedrive (GDR) benefited from NICE’s recommendation of the CYP2C19-ID test for genotype-guided clopidogrel treatment in the NHS. It is the preferred platform for UK point-of-care testing for the management of ischemic stroke and transient ischaemic attack patients. It is advised that these patients should have a genetic test before antiplatelet treatment.

Gelion (GELN) syas the energy density testing of its lithium-sulphur battery technology shows that it far exceeds lithium-ion batteries. The 9.5 Ah pouch cell achieved an energy density of 395 Wh/kg, which 60% higher than lithium-ion batteries. This means that the batteries could be lighter and cheaper than rival technologies, as well as being made from more abundant materials, but there is some way to go to get to commercialisation. Gelion has cash of £7.5m. The share price is back above last November’s £4.4m fundraising price of 24p/share.

Redx Pharma (REDX) is the latest AIM company that has decided to leave the junior market. A plan to reverse into a Nasdaq shell fell through last year and there is limited liquidity because two shareholders own more than 84% of the company. There are already enough votes to guarantee that the proposal is passed at the general meeting on 19 April. Last October, £14.1m was raised at 26p/share. Management believes that it will be easier to raise money as a private company.

Portable oxygen technology developer Belluscura (BELL) has suffered from the distraction and delays in the acquisition of standard list shell TMT Acquisition. This delayed the launch of the DISCOV-R product until June and the acquisition of components. Manufacturing is being moved to InnoMax in China. Cash flow breakeven has been delayed until the first quarter of 2025. A line of credit is being sought to cover non-recurring expenses. There is $3m in cash at the end of March 2024. The 2024 revenues will be lower than the previous range of $16m-$19m. There will be impairment charges in the 2023 accounts.

Steppe Cement (STCM) plans to return 1.5p/share after a capital reduction is agreed by shareholders. That did not offset the disappointing trading statement from the Kazakhstan cement supplier. First quarter revenues fell from $10.8m to $8.4m due to a combination of lower sales and reduced selling price. The market decreased by 12%, but Steppe Cements market share fell from 12.7% to 11.5%.

MAIN MARKET

Pinewood Technologies (PINE) has confirmed details of the £358m cash return to shareholders. A general meeting will be held on 22 April to gain shareholder agreement to the 24.5p/share dividend and a 20-for-one share consolidation. The company retains a motor dealer software business.

Picton Property Income (PCTN) is selling Angel Gate, London for £29.6m. That is 5% higher than the valuation. This is the second largest asset in the portfolio. The cash will be used pay off a credit facility that has a higher interest rate than others. The occupancy of the remaining portfolio is 91%.

Andrew Hore

Alan Green covers Acuity Risk Management #ACRM, Kondor AI #KNDR & European Green Transition #EGT on this week’s Stockbox Research Talks

Alan Green covers Acuity Risk Management #ACRM, Kondor AI #KNDR & European Green Transition #EGT on this week’s Stockbox Research Talks

Cadence Minerals #KDNC – Placing to raise £500,000 and Issue of Warrants to Advance the Amapa Iron Ore Project

Cadence Minerals (AIM: KDNC; OTC: KDNCY) announces that it has successfully raised, subject to Admission, £500,000 before expenses (the “Fundraise”)  through the placing of 16,666,667 new ordinary shares (the “New Ordinary Shares”) in the capital of the Company at a price of 3 pence per Ordinary Share (the “Issue Price”) and the issue of warrants to the subscriber of the New Ordinary Shares in the ratio of one warrant to each one New Ordinary Share subscribed for (the “Warrant”). The Fundraise was with a single institutional investor.

The Issue Price represents a discount of approximately 43 per cent. to the closing price of 5.25 pence per ordinary share on 4 April 2024, being the latest practicable business day prior to the publication of this Announcement.

The Warrants in the Fundraise grant rights to subscribe for one additional Ordinary Share for each Warrant held in the ratio of one Warrant for every one New Ordinary Share issued to the investor. The Warrants are exercisable at a price of 5 pence per Ordinary Share and expire on 31 March 2025.

The net proceeds of the Fundraise will solely be used to fund Cadence’s investment in the Amapá Iron Ore Project in Brazil (“Amapá”, “Project” or “Amapá Project”), specifically:

  • Prepare a revised mine schedule, up to a Pre-Feasibility Study (“PFS”) level, to reflect an increased production of 5.5 million tonnes per annum (“Mtpa”), with 4.51 Mtpa at 65% Fe and 0.99 Mtpa at 62% Fe.
  • Prepare and publish a revised PFS economic model that reflects the production increase and the 33% lower plant capital expenditure, which we announced on March 22, 2024.
  • The sampling and testing of the 67% Fe “Green Iron” product flow sheet, to a PFS level or accuracy.
  • If the testing of the “Green Iron” flow sheet is successful, the preparation and publication of a revised PFS economic model to reflect the higher product quality increased production.
  • Working capital at the Amapá Project to fund ongoing licensing requirements, with the expectation that all the required licensing for construction will be granted by the end of 2024.

Application will be made for the admission to trading on the AIM market (“AIM”) of London Stock Exchange plc (“LSE”) for the New Ordinary Shares (“Admission”). Admission is expected to occur at 8.00 a.m. on or around 11 April 2024. The New Ordinary Shares will represent approximately 8.4 per cent. of the Company’s issued share capital immediately following Admission.

Following Admission, the Company’s issued and fully paid share capital will consist of 197,637,704 Ordinary Shares, all of which carry one voting right per share. The Company does not hold any Ordinary Shares in treasury. The figure of 197,637,704 Ordinary Shares may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

The New Ordinary Shares will be issued fully paid and will rank pari passu in all respects with the Company’s existing Ordinary Shares.

Cadence CEO Kiran Morzaria commented: “I am pleased that we have been able to raise this money from a single investor at a pivotal time for the development and evolution of Amapá. This will enable completion of the revised PFS and fund the licensing process through to a license for construction at the end of 2024. I look forward to reporting back with further updates.”

For further information contact:

 

Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 20 7220 1666
James Joyce
Darshan Patel
Fortified Securities – Joint Broker +44 (0) 20 3411 7773
Guy Wheatley
Brand Communications +44 (0) 7976 431608
Public & Investor Relations               
Alan Green

 

Edison Research – Cadence Minerals #KDNC Amapa Optimisation Adds Value

This year will be important for Cadence Minerals’ major asset, the Amapá iron ore project in Brazil. Cadence recently announced the results of an optimisation study that points to the potential to increase production by 4.8% and lower processing plant commissioning costs by 33%. An updated pre-feasibility study (PFS) level NPV will be published in the near future and we explore some of the sensitivities in this report. We have adjusted our valuation to reflect portfolio changes and the rise in Cadence’s stake in Amapá, although we have yet to include the value uplift of the optimisation of Amapá.

View the full Edison Research note – cadence-minerals_33430_20240404

Stockbox Minerals talks to Fulcrum Metals following the LOI for the sale of its uranium assets

Stockbox Minerals talks to Fulcrum Metals following the LOI for the sale of its uranium assets. CEO Ryan Mee discusses the terms of the deal with Canada listed Terra Balcanica Resources and the C$3.3m of cash and shares the deal brings into the business. Ryan also discusses progress at the Big Bear and Jackfish project, the Tully Gold project plus the Teck-Hughes project sampling programme, and in particular the testing and study agreement with Extrakt Process Solutions. Ryan also highlights the recent appointment of Jason Brewer as strategic advisor, and gives investors a flavour of upcoming developments to watch out for.

#FCM First Class Metals PLC – Grant Receipt, Tax Refund & Kerrs Gold Exclusivity

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, focused in north west Ontario land holdings, is delighted to announce the following update in regard to the Ontario Junior Exploration Program (OJEP) Grant, Canadian Goods and Services Tax/Harmonized Sales Tax credit and an Exclusivity over the Kerrs Gold Property.

Highlights

  • First Class Metals (FCM) has signed an exclusivity agreement with a Canadian vendor for the Kerr’s Gold Project in Northeastern Ontario. This project holds a historic resource estimate of 386,467 Oz (ounces) of Au (gold) as per the NI-43-101 standard
  • CAD$200,000 OJEP Grant received from the Canadian Ministry of Mines for the Zigzag lithium & critical metals property.
  • Goods and Services Tax (GST) /Harmonized Sales Tax (HST) credit for the year ending 2023. The amount received totalled CAD$212,780.03.

James Knowles Executive Chairman Commented:

“We are pleased to have swiftly completed the necessary paperwork that enabled the release of the grant funding for our Zigzag project from the OJEP team. Our dedicated geology team (Emerald Geological Services) in Canada demonstrated professionalism and worked diligently to ensure the documentation was completed promptly, aligning with the timelines for payment release by the Canadian Fiscal Year end on March 31, 2023.

Additionally, we are pleased to receive a GST/HST refund of $212,780.03 for the full year 2023. This refund further strengthens our financial position and provides us with confidence to pursue opportunities like the Kerrs Gold Property and the other recent additions to the portfolio. These payments also give us the confidence to start the planned 2024 field work program.

During times of uncertainty and market downturns, such as those we are currently witnessing with junior metal explorer stocks, there is indeed a unique opportunity for strategic investment. First Class Metals recognizes this opportunity and believes in the proactive approach of expanding its portfolio with quality assets available at distressed prices.

Entering into an exclusivity agreement for the Kerrs Gold Property fits this remit. Located in a highly productive gold mining district with numerous active mines, the property’s low-cost entry and substantial NI-43-101 historic reportable resource of 386,467 ounces of gold make it an incredibly exciting prospect, especially with the price of gold continuously reaching new all-time highs.

By capitalising on the market turbulence and acquiring undervalued assets, First Class Metals can fortify its portfolio and position itself for future growth. This approach allows the Company to benefit from potential appreciation in asset value as market conditions stabilise and improve.

Furthermore, First Class Metals understands the importance of divestment in a well-managed portfolio. When the time is right by selectively divesting certain assets,  the Company can generate capital and maximise returns on investment. This disciplined approach to divestment ensures that First Class Metals remains agile and focused on maintaining a strong and balanced portfolio.”

OJEP Grant

FCM announced on the 120 March RNS we had been awarded a $200,000 grant from the OJEP Fund for work completed on the Zigzag property, we are pleased to confirm these funds have now been received. 1polaris.brighterir.com/public/first_class_metals/news/rns/story/ry7ooyr

GST/HST Refund 2023

We have received a GST/HST tax refund for the year ended 2023 for CAD$212,780.03. Goods and Services Tax (GST)/Harmonized Sales Tax (HST) is the Canadian direct equivalent of Value Added Tax (VAT) in the United Kingdom. This refund relates to the entire year of 2023.

Kerrs Gold Exclusivity

FCM has signed a thirty day exclusivity agreement and is currently in the process of finalising commercial terms with a Canadian vendor in respect of an ‘earn in’ to acquire 100% of the Kerrs Gold Property located in the Larder Lake Mining Division of Northeastern Ontario. The property holds a resource estimate of 386,467 Oz Au resource as per an historical NI-43-101 standard.

Ends

For further information, please contact:

James Knowles, Executive Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532

 

Novum Securities Limited

 

(Financial Adviser)

 

David Coffman/ George Duxberry  www.novumsecurities.com (0)20 7399 9400

 

 

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.