First Class Metals (LON:FCM) Initiation of Multiple Asset Sales Process

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: