George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Chuteless, hopefully 🤞
Hey Gloope
maybe I’m matching you with optimism but wasn’t it conspicuous by its absence any mention of asset sales?
“Listen Sarah don’t mention the elephant in the room as we’re close to a deal , I’ll give you exclusive interview next week “😁
Maybe you were right a a deal could be done quickly 👍
Good to see some action and they are looking busy again.
Like to see a company on the front foot.
Https://x.com/FirstClassMetal/status/1782671846774599869
𝗜𝘁’𝘀 𝗮𝗹𝗹 𝘀𝘁𝗮𝗿𝘁𝗶𝗻𝗴 𝗮𝗴𝗮𝗶𝗻 𝗳𝗼𝗿 𝟮𝟬𝟮𝟰
With the CEO @MarcFCMetals already in Thunder Bay at the OPA event, other parts of the Emerald Team are moving the Sunbeam core so we can review and focus on assaying the porphyry intervals.
Photos included.
Good write up, very undervalued this one, especially if gold keeps going---
First Class Metals – Signs Kerrs Gold Project Earn-in Agreement
Ryan D. Long
Ryan D. Long
Sharing Insights from the Global Mining Industry
108 articles
Following
April 22, 2024
Open Immersive Reader
First Class Metals PLC LSE:FCM FRA:WN9 has signed an earn-in agreement to acquire up to 100% of the Kerrs Gold Project, located in the Abitibi Greenstone Belt of northeastern Ontario for a total consideration of C$300,000. The C$300,000 is payable in 50% cash and 50% shares, based on a series of 6 milestones.
The Kerrs Gold Project covers an area of 665 hectares and contains a historic non-compliant mineral resource estimate of 386,467 ounces of gold at an average grade of 1.71 g/t (Figure 1). The project is located in the Timmins Mining Camp, one of the most prolific gold camps in Canada, which has produced over 67 million ounces (Moz) since 1910.
Figure 1: The Kerrs Gold Project
Source: First Class Metals
Nearby-producing gold mines include Newmont Corporation’s 6.3 Moz (1.57 grams per tonne (g/t)) Hoyle Pond & Hollinger Mines and McEwen Mining Inc.’s 2.4 Moz (4.06g/t) Stock and Black Fox operations.
First Class Metals has commenced a detailed historic data review to understand the resource and its potential, ahead of planning an initial exploration programme in the summer.
The Kerrs property is not currently permitted for drilling or stripping and once the data review has been completed a ground appraisal a permit will be drafted for consultation with the local First Nations.
Thoughts
First Class Metals is earning into the Kerrs Gold Project for around US$0.57 per ounce (/oz) based on the historic resource estimate, with the gold price currently at US$2,358.10/oz, this is unquestionably an attractive deal for the company.
The historic data should give First Class Metals a good platform to rapidly establish a compliant mineral resource and assess potential targets for future exploration.
The company plans to remodel the the historic data to identify higher-grade areas for targeting in any proposed future drilling. Higher-grade areas are present within the historic resource demonstrated by the fact that over 100,000oz was defined at an average grade of 3.94g/t, using a cut-off grade of 3g/t
The Project benefits from well-established infrastructure within a premier mining jurisdiction. During a better market for junior explorers, First Class Metals would have been unlikely to secure such an attractive project, at such a low cost.
The Company continues to build for the future, with the acquisition of the advanced gold project.
These are the prospective buyers of FCM's 5 licences on offer.
Probably worth a follow if you are on X, they seem to be focussed on gold.
https://twitter.com/79thresources
Despite it being quiet there are only £10k of shares on offer before they want a premium, it shows how illiquid this stock is.
Hard to say when news on the 5 licence/projects up for sale will come however the buyer must have a clear understanding of these. The numbers are what everyone wants to know, however it would hardly be worth FCM's while unless they were of some scale.
Even if a package came in at $3m/$4m it would still be well above the current m/cap, you have to be in it to win, if decent sale proceeds are attained you will not be able to buy at anywhere near the current price levels on RNS day.
I expect buyers will return shortly anticipating the next update.
This time next year Chuteless ! I'm the ultimate optimist which is probably a terrible attribute for somebody dipping their toes into trading 🤔
Good luck and fingers crossed
As much as I’m invested here and would love to see it, I think you might be a bit optimistic there Gloope mate.
I think the reference to a couple of weeks was for 79th to do due diligence on all the data held for the sites, after that negotiations might start in earnest, I would guess at least six weeks before anything comes to the table , although 79th will want their ducks in a row quickly if looking at IPO this year
Just my two cents mate
Cheers
On the interview Marc said it will be a couple of weeks before the deal will be signed . News next week with a bit of luck 🤞
You would never have believed they are in the process of potentially selling up-to 5 projects/licences from the pathetic share price reaction.
Goodness knows why this sits around current levels, on the RNS day a rather grubby outfit announced to their brethren they had sold (because they were bored of the stock) so no doubt a few others followed as they have some Hive group.
The question is how much could these licences sell for, the range on social media sits $4m to $9m, the current m/cap is only circa £2.5m so why are folks not piling into the stock?
It has been implied more news will follow regarding the sale, the prospective buyer seems to be fast moving so not long to wait, unless the sale falls through completely (unlikely IMO) the current SP is a no brainer buy IMO.
Two decent buys there at full ask.
Should get up to the teens if this deal works through
Clarification: That would be 10p per share cash going into the business, but that wouldn't then value the company at 10p per share because there are the other assets (the ones that weren't sold) still there too.
Sorry HawaiifiveO I hadn't seen your previous post
Https://twitter.com/StocksTurtle/status/1777965926505140258
"FCM rumours of up to £9m aggregate sale proceeds from the 79th group disposal. Serious outfit with deep pockets.
That’s about 10p per share in cash.
3p to buy today. 300% move"
Like these short interviews, no one wants to listen to 30 minutes of self congratulation, a few snappy points, wham, bam job done!
I saw that Hawaii, not sure if those numbers are possible, who knows, seems a tad high but I would be a very happy fella if that did happen.
Realistic 50% of that, still thats double the sp!!!
From X earlier
https://x.com/StocksTurtle/status/1777965926505140258
#FCM rumours of up to £9m aggregate sale proceeds from the 79th group disposal. Serious outfit with deep pockets.
That’s about 10p per share in cash.
3p to buy today. 300% move
Market Bull interview.....
https://twitter.com/TheMarketBullAU/status/1777923006263914899
Puts a different perspective on things the Dave Webster video
Thanks! I was watching a different video, doh! I was watching the Stockbox from yestwrday.
You can lead a horse to water….
9min 30 sec onwards
https://m.youtube.com/watch?v=urgseVlGif8
Jonnie,
I don't doubt you but I wonder if I'm watching a different video. I've watched it over and over at 9.43 and can't hear about the cheque.