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I like what you did there Timmit ๐
Also, having reviewed my colour swatch I reckon that Royston Peeling Green is somewhere between Mint Green and British Racing Green... ๐
What may not be obvious is that not all auditors can audit an quoted Plc. If you look at the register of auditors that are authorised to audit Public Interest Entities (PIE) there are not that many. 37 to be exact and the 3 one-person bands probably don't count as they seem to work for the National Audit Office. Long story short, there are not that many auditors for quoted Plcs...
https://www.frc.org.uk/library/supervision/audit-firm-supervision/pie-auditors/
Some of the smaller ones only have one or two "responsible individuals" whereas PricewaterhouseCoopers LLP, for instance, have 140. If you choose to use one of the top 5 expect to pay maybe three or four times as much for an audit.
I understand the frustration with the suspension but these are extremely tight deadlines. A Dec 31st year end, which many companies share, creates additional hurdles with key staff not necessarily back in the office immediately after year end! ;-)
Those pointing out examples of AIM junior resource companies that seem to cope ok (e.g. POW), bear in mind they have 6 months to report rather than just 4.
Mining cycles......https://www.youtube.com/watch?v=xDFAKWTVe8k
Maybe but doesn't reflect well on Royce Peeling Green Limited as this is the first financial year after appointment (RNS Feb 23)
I wouldn't say FCM is exactly a complicated financial structure to audit. Maybe that was the reason for the meeting in Toronto, scoping out a new auditor ?
Probably why they have done it, flat for a few weeks may help them out before they sell something or raise new cash.
Not quite the RNS I was hoping for , at least it cant drop again today
Shares temporarily suspended due to auditor delays, near completion they suggest.
With a little bit of detective work its the East side of BMO building , First Canadian place in Toronto.
Yes Hawaiifive0
Marc must be having some good meetings in the Central business district (CBD) hopefully news soon on some other deals, bidding war would be nice
No idea the relevance of this tweet from MS today but it looks like he is having a meeting in a significant building.
https://x.com/MarcFCMetals/status/1785101210904617096
True enough, but I simply consider it along with my speculative AiM junior mining punts, since it's a 2m market cap. I don't really see any difference in being listed between main market and AiM (other than the fact that I have to pay an irritating stamp duty when I buy FCM, rather like Irish listed companies.)
Err, actually DonkeyOatey, FCM is main market. Although I can well understand why you might think we are on AIM.
Let's hope so - the delivery of a few million in cash to the coffers will, hopefully, mean we remain one of the very few AiM junior miners with less than 100m shares in issue (great news for when FOMO arrives and the herd try buying in!)
Short interview just released, no mention of the sale process, is a deal close ?
https://x.com/Share_Talk/status/1784181923616600122
Chuteless, hopefully ๐ค
Hey Gloope
maybe Iโm matching you with optimism but wasnโt it conspicuous by its absence any mention of asset sales?
โListen Sarah donโt mention the elephant in the room as weโre close to a deal , Iโll give you exclusive interview next week โ๐
Maybe you were right a a deal could be done quickly ๐
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
๐๐โ๐ ๐ฎ๐น๐น ๐๐๐ฎ๐ฟ๐๐ถ๐ป๐ด ๐ฎ๐ด๐ฎ๐ถ๐ป ๐ณ๐ผ๐ฟ ๐ฎ๐ฌ๐ฎ๐ฐ
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 โ 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
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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 Corporationโs 6.3 Moz (1.57 grams per tonne (g/t)) Hoyle Pond & Hollinger Mines and McEwen Mining Inc.โs 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 ยฃ10k 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 ๐ค
Good luck and fingers crossed
As much as Iโm 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