Sunbeam Property Expanded – Strategic Position Between Agnico Eagle Holdings
First Class Metals PLC the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, is pleased to announce that it has entered into an option agreement (“Option Agreement”) over two additional claim blocks (“Sunbeam SE” or “Sunbeam South East”) contiguous to the Sunbeam Property, increasing the total land package to approximately 90km².
The Sunbeam Property is strategically located between Agnico Eagle’s Hammond Reef deposit – which hosts 3.3 million ounces of open pit probable reserves (123.5Mt @ 0.84 g/t Au) – and Agnico Eagle’s wider regional holdings. This positioning underscores Sunbeam’s exceptional potential within a highly endowed and infrastructure-accessible gold district.
Highlights
· Strategic Expansion: Option Agreement secured over two new claim blocks contiguous to Sunbeam, increasing the project size to in excess of ~90km².
· Prime Location: Consolidates a gap between Sunbeam and Agnico Eagle’s Melema property, only ~15km from Agnico Eagle’s 3.3Moz Hammond Reef deposit.
· Enhanced Footprint: Enlarged land package now exceeds 90km², consolidating a highly prospective position across multiple mineralised structures and strengthening the exploration case and scale at Sunbeam.
· Very Low Frequency (“VLF”)-magnetic survey: 905 stations across 17.1km of grid surveyed; data undergoing interpretation to refine targets ahead of possible drill planning.
· Cost-Effective Growth: Option (“Option”) secured at modest cost – C$31,000 cash and C$55,000 in ordinary shares of £0.001 each (“Shares”) over three years – with a 1.5% NSR royalty, 50% re-purchasable for C$400,000.
Marc J. Sale CEO First Class Metals Commented:
“The accretion of this parcel of claims to the expanding Sunbeam property is a sensible addition to our project portfolio. The new claims have added ~4km2 to the property further progressing the district scale potential.
Work is ongoing on the Sunbeam Property, specifically on the >10km Roy lineament. We eagerly await the results of the soil survey and the VLF interpretation so we can plan the next steps for this field season.“
Sunbeam Property
The Sunbeam property, which now extends over >90km2, contains three historic development sites: i) Sunbeam, the most exploited and the only site with recorded production, ii) Roy and iii) Pettigrew; these all sit on previously identified mineralised, district scale, structures, see Figure 1.
In addition, along these three mineralised structures a number of other significant gold bearing sites have been identified, such as Road zone and AL 308. A potential 4th lineation, the Burger structure, has not been explored by FCM, neither has the Rubble zone.
The historic developments as well as the widespread occurrence of gold emphasise the mineral endowment of the property and the potential for a major discovery.
Figure 1 showing the mineralised trends on the Sunbeam property and with the locations of the lake sediment samples, the area of soil / VLF survey as well as the recently staked claims.
Sunbeam is situated between two extensive properties held by Agnico Eagle, both these properties have mineralised northeast striking structures, with the western property hosting the Hammond reef deposit of 3.3M oz of gold, see Figure 2.
Figure 2 showing the Sunbeam property’s neighbours (Agnico Eagle) and similar mineralised structures
The ‘new’ claims that form the Option Agreement are contiguous to both the southeastern margin of the Sunbeam block and the northwestern margin of the Agnico Eagle’s Melema property filling in a prospective as well as logistically important location, see Figure 3.
Figure 3 showing the new ‘Sunbeam SE’ claims in light blue, relative to the main property
The area is equivalent to 48 single cell claims and importantly, as stated are contiguous to the main property, which has positive implications for assessment credits, the new claims increased the property size from roughly 88km2 to above 90km2 making it truly district scale in its potential.
The key commercial terms of the Agreement are:
|
Due Date |
Common Share Payments |
Cash Payment (CAD) |
|
Signing the Agreement |
Payment of $ 10,000 to be satisfied by the allotment of 276,924 Shares at a price of 1.95 pence per share within 30 days of execution |
$5,000 |
|
On the 1st anniversary of the Effective Date |
$45,000 in Shares at a price equal to the closing mid-price on the 1st anniversary. |
$6,000 |
|
On the 2nd anniversary of the Effective Date |
nil |
$8,000 |
|
On the 3rd anniversary of the Effective Date |
nil |
$12,000 |
|
Total |
$55,000 in share value |
$31,000 |
There is also 1.5% NSR Royalty associated with the property with the ability to buy-back 50% of the same for C$ 400,000
Other developments
o Soil sampling
The results of the soil sampling programme are still to be received and will report once in-house and interpreted.
o VLF / magnetic survey
A VLF and magnetic survey has resumed over the southern, (Roy section) of the district lineament as well as completion of the central grid area which now has 6km line survey.
The southern grid (over the Roy shafts) as well as ‘tie lines’ orientated northeast, southwest bring the total surveyed on this grid at month’s end to 12.1km. This data will be processed and then interpreted before completing the remainder (northern grid) of the survey.
Issue of Equity
276,924 Shares are being issued to cover the first Sunbeam South East Share Payment, they will rank Pari passu with the Company’s existing issued ordinary shares. The Company intends to allot and issue these new ordinary shares under its existing authorities on a non-pre-emptive basis.
Application is being made to the FCA for admission of the 276,924 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 10 September 2025.
Following Admission, the Company’s issued ordinary share capital will be 233,932,820 ordinary shares, which may be used by shareholders as the denominator for the calculations 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 FCA’s Disclosure Guidance and Transparency Rule
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30 years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
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
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO and Executive Director
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
