First Class Met Share Price (FCM)

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

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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 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.