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If you haven't watched these presentations yet, I really recommend taking the time. They explain not only what nGRND is trying to achieve, but why the proposed Kerrs transaction could be transformational for First Class Metals.

A few million pounds of non-dilutive funding could completely change the pace of exploration. Instead of relying on placings, FCM could accelerate drilling while retaining ownership of its core assets.

First Class Metals has already said it can drill all year round. If funding from nGRND completes as hoped, it could significantly increase drilling at Sunbeam while continuing work at Roy and Pettigrew, accelerating what could become a major gold discovery.

Sunbeam is already one of FCM's most advanced assets. It is fully permitted, drill-ready and sits in one of Ontario's premier gold belts. Importantly, this isn't a greenfield project. It is a past-producing gold mine now being explored using modern geophysics, LiDAR, soil geochemistry and structural modelling.

The historic Sunbeam Mine produced 944 ounces of gold from just 650 tonnes of ore between 1898 and 1905, with reported grades around 12 g/t gold. Government sampling later returned up to 898 g/t gold from quartz veins.

Recent exploration continues to strengthen the story. Drilling has returned 93.3 g/t over 0.44m and 4.01 g/t over 1.85m. Roy drilling intersected 19.4 g/t and 15.17 g/t gold, while channel sampling at Roy and Pettigrew returned up to 18.8 g/t over 0.3m. Gold has also been found within altered porphyry, suggesting a much broader mineralised system than isolated veins.

Over the last two years FCM has expanded VLF surveys, LiDAR, soil sampling and structural studies across Sunbeam, Roy and Pettigrew, building a much clearer picture of the district before further drilling.

Nothing is guaranteed in exploration, but if the nGRND funding completes and allows continuous drilling, the next 12 months could look very different. A past-producing mine, visible gold, high-grade assays, expanding targets and non-dilutive funding could make today's market cap look very different if management delivers.

These presentations are well worth watching if you want to understand where FCM could be heading.

Sunbeam (Au) Gold Exploration & Mining Project | First Class Metals https://share.google/vzTwKvXiHZ5M0vcWK

https://youtu.be/MCeinH2dTdg?is=4WnEmGVmMhCER-_c

https://youtu.be/905l2nPWnWw?is=W29BU1tMaQiBOLMd

Its good.

Good update from ARK today.

This isn't a "we've found the jackpot" RNS, but it is exactly the sort of operational progress that serious explorers need to make.

They've now:

• Confirmed encouraging uranium signatures in legacy drill holes.

• Continued trenching across a large target area.

• Identified uranium-bearing geology at surface.

• Moved another step closer to their maiden drilling programme.

Exploration is rarely about one single announcement. It's a sequence of de-risking each stage before the drill rig arrives.

It actually reminds me of what we're seeing at FCM. Airborne surveys, geophysics, mapping, soil sampling, trenching, structural work and now drilling all build confidence before the big resource-defining stage.

Whether it's uranium in Namibia or gold in Ontario, good exploration follows a process. Every dataset improves the geological model and helps increase the odds that drilling is targeting the right areas.

It's a useful reminder that value is often created long before a formal discovery or resource estimate is announced. Companies that consistently execute each exploration step are usually the ones best positioned when the assays arrive.

Guardian Metal is a good reminder that junior explorers can undergo major re-ratings when they consistently deliver on exploration, de-risk their projects and build market confidence.

It listed with a market capitalisation of around £9 million and, over time, has grown into a company valued at several hundred million pounds. That wasn't achieved overnight. It came through systematic exploration, advancing key projects, attracting institutional support and demonstrating the potential of its assets.

First Class Metals is obviously a different company with different commodities and a different strategy, but it's interesting to look at the progress being made.

At Sunbeam, drilling has identified significant mineralisation, including visible gold and high grade intervals, while the company continues to build a clearer geological picture.

Roy has progressed through geophysical work and is being systematically advanced.

Pettigrew has seen structural mapping, soil sampling and geophysics completed, helping define future drill targets.

Alongside that, the proposed Kerrs monetisation could provide a non-dilutive source of funding if completed, allowing exploration to continue across multiple projects without relying solely on repeated equity raises.

None of this guarantees a similar outcome to Guardian Metal. But the consistent technical progress, disciplined project advancement and access to funding are the kinds of milestones that investors tend to watch closely over time. The next set of exploration results and corporate developments will be important in showing whether First Class Metals can continue building on the progress already made. It is looking good.

What excites me about First Class Metals (LSE: FCM) is that there are multiple opportunities to create value, not just one.

When the NGRND transaction completes, the real story isn't the exposure, although having every NGRND announcement linked back to First Class Metals certainly doesn't hurt. The real opportunity is what non-dilutive funding could do for the company.

A significant cash injection could allow First Class Metals to aggressively advance Sunbeam, Roy and Pettigrew, accelerating drilling and exploration without relying on continual equity raises. That would give the company the freedom to focus on proving up its assets rather than funding the next drill programme.

Sunbeam continues to build momentum, with further assay results and exploration to come. Roy and Pettigrew are also progressing, while Zigzag and North Hemlo provide additional opportunities that many companies of this size simply don't have.

For me, that's what makes First Class Metals stand out. It's not a one-project company. There are multiple catalysts, multiple assets and several potential routes to creating significant shareholder value.

If management continues to execute, exploration keeps delivering and commercial deals continue to materialise, I believe today's valuation could look exceptionally low in hindsight.

Just my opinion. Do your own research.

Still have to take shares in issue BUT .....

The market is still not pricing in the company it has become.

At IPO in July 2022, First Class Metals came to market with around 65.7m shares in issue. Yes, the share count is now much higher, with 416m shares expected after the recent placing, so that has to be taken into account. It went to 17p, then add in progress and gold price increase.

FCM is no longer the same company that listed.

Sunbeam was not in the portfolio at IPO. Kerrs was not in the portfolio at IPO. Zigzag was not at the stage it is now.

Sunbeam. Visible gold, bonanza-grade hits at Roy, growing understanding of the wider structure, and further work across Sunbeam, Roy and Pettigrew. This is no longer just a hopeful exploration story. It is becoming a proper discovery/development pipeline.

Then add Zigzag. FCM has now completed the earn-in and holds 80% of a lithium/critical minerals project in a strong jurisdiction. That gives optionality beyond gold.

So before any nGRND/tokenisation money lands, I think FCM should already be trading closer to 10p if you take shares in issue., based on asset progress, gold price, ownership, and portfolio growth since listing.

If the nGRND transaction brings in meaningful non-dilutive funding, that is when the story changes again. Funding risk drops. Exploration can accelerate. Kerrs can be monetised without giving anything away.

Sunbeam can keep moving. And the market may finally start valuing FCM as a funded Ontario asset platform rather than a tiny explorer.

That is why I can see a route back into the teens and that 29p becomes real again. If not more.

The ingredients are now there: gold, discovery potential, a historic resource, lithium/critical minerals exposure, stronger ownership, and a possible first-mover tokenisation deal.

The market is still looking in the rear-view mirror. FCM has already moved on.

Even if only a small percentage of that wider audience ever filters into FCM, the impact on a £15m–£16m AIM / LSE small cap could be significant.

To put it simply, £2m–£3m of genuinely new buying interest is irrelevant to a big company. On a micro-cap with a tight float, it can move the dial very quickly.

That is the possible supply shock here.

FCM is not trying to attract just another handful of UK retail punters. It may be about to sit in front of a completely new audience at exactly the point where:

Kerrs is 100% owned.

The NGRND deal is binding.

Payment terms are expected before the end of June.

Sunbeam / Roy has already produced bonanza-grade gold.

Pettigrew is still to come.

The company has recently raised £1m at 3.8p.

Exploration momentum is building.

And the share price is still hovering around 4p.

That is why I am calling this an inflection point.

Not because everything is guaranteed. It is exploration, so nothing ever is. Assays matter. Drilling matters. Deal terms matter. Execution matters.

But the risk / reward has changed.

A few months ago, FCM was a small AIM / LSE explorer with good ground and funding questions. Now it looks more like a funded gold explorer with a potential discovery story at Sunbeam and a potentially disruptive non-dilutive monetisation model through Kerrs.

That combination is unusual.

Discovery upside plus non-dilutive funding plus tokenisation exposure plus a tiny market cap is a very different beast to the usual AIM explorer story.

I think the market is still half-asleep on this one.

And yes, I suspect future me may be very annoyed that present me could not buy more at 4p.

I genuinely think there is a good chance that in a few weeks’ time people will look back at the 4p area and say, “I wish I had bought more.”

That is not advice, obviously. Just my own view. I already feel fully loaded, so I am not sitting here pretending I can keep throwing money at it. But the more I read, the more I think this is one of those rare moments where the market has not quite joined the dots yet.

For me, FCM now has three things moving at the same time.

First, Sunbeam continues to build.

Roy is no longer just a hopeful target on a map. The company has already shown bonanza-grade gold, visible gold, mineralised structures, continuity, and further targets along strike. The key point for me is that Roy, Pettigrew and the wider Sunbeam system still feel very under-tested compared with the scale of what may be sitting there.

I would actually like the company to explain this more clearly to shareholders. At what point does Roy alone become a discovery? At what point does Pettigrew become a discovery? Is Sunbeam viewed as a series of separate discoveries, or is the bigger prize the potential for the wider district-scale structure?

Because if the answer is that the whole system is starting to come together, then we are not talking about a small side project anymore. We are talking about something that could become very material indeed.

Second, the Kerrs / NGRND deal has changed the conversation.

FCM now owns 100% of Kerrs, which already has a historic inferred resource of around 386,000 ounces. The company has now executed the binding agreement with NGRND, and the payment schedule is expected on closing before the end of June.

That matters because this is not a placing, not a CLN, not a royalty, and not a sale of the underlying mineral title. FCM keeps ownership of Kerrs and keeps the upside from future exploration and resource growth, while potentially gaining a non-dilutive funding stream.

That is exactly the sort of funding model junior explorers dream about but rarely get.

Third, the NGRND angle potentially opens FCM up to a completely different investor audience.

This is where I think some people are still underestimating it. This is not just “crypto”. It sits at the intersection of gold, real-world asset tokenisation, ESG, avoided mining, alternative land use, and junior exploration finance.

That means FCM may not just be speaking to the usual tired UK bulletin board crowd anymore. It could be exposed to North American micro-cap investors, Web3 / RWA investors, gold investors, ESG / impact investors, and people who would never normally look twice at a tiny AIM / LSE explorer.

The Telegram group has had some very deep research on this. One interesting model being discussed is the promotional power of NGRND’s wider network: AGORACOM, Outside the Box Capital, Web3 and RWA channels, ESG networks, and high-profile resource / tech commentators.

Cont....

I think this is exactly the time people should be looking at First Class Metals.

The market has spent a long time valuing FCM as a small Ontario explorer that needs regular funding to move its projects forward. That may be about to change quite materially.

The nGRND deal, assuming it concludes as expected, could do two very important things.

First, there is the obvious monetary side. If the Kerrs/Sunbeam monetisation deal brings in anything in the region of £7m to £10m, that is potentially transformational for a company of FCM’s current size. It would give the company proper non-dilutive funding, strengthen the balance sheet, reduce medium-term placing risk and allow exploration across the portfolio to be advanced from a much stronger position.

But the second part is possibly even more interesting.

This deal could put First Class Metals directly in front of the tokenisation, digital asset, ESG and alternative gold ownership world. That is a completely different pool of investors and interest compared with the usual junior mining crowd.

FCM would not just be another explorer trying to drill, raise, repeat. It would be one of the early listed companies connected to a model where in-ground gold can potentially be monetised without traditional mining. That gives it a very different narrative.

If nGRND gains traction, First Class Metals could end up with exposure to both sides of the story: the hard asset value of its Ontario gold projects, and the wider market interest in gold tokenisation and resource-backed digital assets.

That is why I think the market may be missing the bigger picture here. The cash value alone could be significant, but the visibility, validation and new investor audience could be just as important over time.

FCM still has Sunbeam, Kerrs, Zigzag, North Hemlo and the wider Ontario portfolio. But if this deal lands properly, the company may no longer be viewed simply as a tiny explorer hoping for the next drill result. It could start being viewed as a funded, asset-backed, first-mover participant in a new gold monetisation model.

That is the bit I think people should be paying attention to now. Not just “what is Kerrs worth today?”, but “what happens if this puts FCM on the map in a completely different investment space?”

https://youtu.be/905l2nPWnWw?is=yMAJ86wHD2d2oSpQ

𝗜𝗡𝗧𝗥𝗢𝗗𝗨𝗖𝗜𝗡𝗚 𝗢𝗨𝗥 𝗣𝗔𝗥𝗧𝗡𝗘𝗥: 𝗻𝗚𝗥𝗡𝗗

As First Class Metals moves towards completion of the 𝗯𝗶𝗻𝗱𝗶𝗻𝗴 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 for the monetisation of the 𝗞𝗲𝗿𝗿𝘀 𝗚𝗼𝗹𝗱 𝗣𝗿𝗼𝗷𝗲𝗰𝘁, we wanted to provide shareholders with greater insight into our partner, nGRND, and the innovative model that underpins the proposed transaction.

𝗪𝗛𝗢 𝗜𝗦 𝗻𝗚𝗥𝗡𝗗? ngrnd.io

Led by Professor Lisa Wilson, nGRND is pioneering a new approach to gold ownership and resource monetisation based on a simple but powerful concept:

𝗧𝗵𝗲 𝗴𝗼𝗹𝗱 𝗿𝗲𝗺𝗮𝗶𝗻𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗴𝗿𝗼𝘂𝗻𝗱.

Rather than extracting every ounce through traditional mining methods, nGRND seeks to unlock value from independently verified gold resources while preserving the deposit in situ.

𝗪𝗛𝗬 𝗜𝗦 𝗧𝗛𝗜𝗦 𝗥𝗘𝗟𝗘𝗩𝗔𝗡𝗧 𝗧𝗢 𝗙𝗖𝗠?

The Kerrs Gold Project hosts a significant NI 43-101 compliant gold resource within one of Canada's premier mining jurisdictions.

Through the proposed transaction structure:

FCM receives consideration for granting rights associated with the Kerrs resource

The gold remains in the ground and under independent verification standards

nGRND can utilise the resource within its gold-backed ecosystem

The project may benefit from additional long-term value opportunities associated with land stewardship and preservation

Shareholders gain exposure to an innovative monetisation pathway that differs from conventional mine development

In this fascinating interview, Professor Wilson discusses:

Why billions of ounces of gold around the world may never be mined

How verified gold resources can be monetised without extraction

The environmental benefits of preserving deposits in situ

The growing convergence of mining, digital assets and real-world asset tokenisation

Why gold may be uniquely suited to this model

Professor Wilson brings exceptional credentials to the sector, having worked with major mining companies including 𝗥𝗶𝗼 𝗧𝗶𝗻𝘁𝗼 and 𝗕𝗛𝗣, alongside extensive experience in digital assets, carbon markets and tokenisation.

𝗔𝗦 𝗪𝗘 𝗠𝗢𝗩𝗘 𝗧𝗢𝗪𝗔𝗥𝗗𝗦 𝗖𝗟𝗢𝗦𝗜𝗡𝗚 𝗧𝗛𝗘 𝗞𝗘𝗥𝗥𝗦 𝗠𝗢𝗡𝗘𝗧𝗜𝗦𝗔𝗧𝗜𝗢𝗡 𝗧𝗥𝗔𝗡𝗦𝗔𝗖𝗧𝗜𝗢𝗡, we encourage shareholders to learn more about the vision and strategy of our partner.

𝗪𝗔𝗧𝗖𝗛 𝗧𝗛𝗘 𝗜𝗡𝗧𝗘𝗥𝗩𝗜𝗘𝗪:

https://youtu.be/905l2nPWnWw?is=yMAJ86wHD2d2oSpQ

We were recently considering how well GMET has done since its launch and how FCM could be following a similar pattern.

Guardian Metal Resources plc (GMET) on the London Stock Exchange is now approximately £418.84 million.

I've been looking again at the comparison between First Class Metals and Guardian Metal Resources and I think the comparison may actually be more relevant today than it was a few weeks ago.

The reason is simple.

FCM has just announced completion of the definitive agreement relating to Kerrs.

For many investors, that might look like just another corporate update. I think it could prove to be one of the most important milestones in the company's history.

Why?

Because for the first time, FCM appears to be moving beyond the traditional junior explorer model of:

Raise money → Drill → Raise money → Drill again.

Instead, the company is beginning to explore ways of unlocking value from existing assets to fund future growth.

That is exactly the sort of transition that often separates small explorers from companies that ultimately achieve significantly larger valuations.

How GMET Built Value

When people look at Guardian Metal Resources today, they see a company with a market cap many times larger than it had during its early exploration days.

What they often forget is how that value was created.

GMET didn't become successful because of one drill hole.

It became successful because management systematically reduced risk and increased asset value over time.

The journey looked roughly like this:

* Acquire quality assets

* Identify a flagship project

* Prove mineralisation through drilling

* Build investor confidence

* Attract institutions

* Advance development studies

* Demonstrate strategic relevance

* Re-rate

The market cap followed.

The project came first.

What Makes FCM Different Today?

Historically, one of the biggest challenges for FCM has been funding.

Like almost every junior explorer, the company has relied on equity raises to move projects forward.

That creates dilution and limits how aggressively exploration can be pursued.

The latest Kerrs agreement potentially changes that dynamic.

Instead of viewing Kerrs simply as a dormant resource sitting in the portfolio, management appears to be treating it as a financial asset capable of helping unlock value elsewhere.

In simple terms:

Kerrs may become the mechanism that helps fund the advancement of Sunbeam.

If that proves successful, it could represent a fundamental shift in how the company finances growth.

Why Sunbeam Remains the Main Event

While Kerrs is important, the real story remains Sunbeam.

Everything increasingly points back to Sunbeam becoming FCM's flagship project.

Over the last year we've seen:

* Every hole intersecting the target structure

* Mineralisation extending beyond historical workings

* Visible gold reported

* Multiple high-grade intervals

* Continuity demo

Https://x.com/i/status/2066449069245968735

Sharetalk article:

In February, we examined the sharp repricing of First Class Metals plc, LSE: FCM, following a difficult period for the company. At that stage, the investment case was being shaped by three overlapping pressures: disappointing North Hemlo drilling, discounted convertible loan note financing, and the restructuring of the shareholder register following the liquidation of The 79th Group.

In April, we returned to the story after visible gold had been reported at Sunbeam, noting that the company had begun to move from structural pressure back towards operational momentum. That article argued that Sunbeam had become the most immediate exploration catalyst, while Kerrs Gold remained a potentially important strategic asset within the wider portfolio.

The latest announcement from First Class Metals now takes that progression a meaningful step further.

On 15thJune 2026, FCM announced that it had executed a definitive Site Programme and Alternative Land Use Rights Agreement with nGRND Inc.in respect of the Kerrs Gold project in Ontario. This is not another early stage memorandum of understanding, nor a vague expression of future commercial intent. The company has confirmed a legally binding agreement connected to Kerrs, an asset that FCM owns outright and which hosts a historical NI 43,101 inferred gold resource of 386,467 ounces grading 1.71 grams per tonne gold.

For a junior explorer, the importance of that distinction should not be understated. FCM is not selling Kerrs. It is not giving up the underlying mineral title. It is not disposing of the mineral asset. Instead, the company is seeking to create a non-diluting funding stream from an alternative land use structure, while retaining ownership of the project and preserving exposure to future exploration success and resource growth.

That is why this announcement matters.

From Asset Optionality to Asset Monetisation

For much of the past year, Kerrs Gold has sat within the FCM portfolio as a strategic asset with obvious theoretical value. The project is located in northeastern Ontario, within the Abitibi Greenstone Belt, one of the world’s most prolific gold producing regions. It is positioned approximately 90 kilometres east northeast of Timmins and surrounded by major mining operations, including Newmont’s Hoyle Pond and Hollinger mines, and McEwen Mining’s Black Fox Complex.

The attraction is that Kerrs is not simply another early stage gold target. It already has a historical inferred resource estimate, prepared in accordance with NI 43,101 by Kirkham Geosystems in 2011, of 7.04 million tonnes grading 1.71 grams per tonne gold for 386,467 ounces at a 0.5 grams per tonne cut off.

That resource was already important. It gave FCM a more tangible asset within a broader exploration portfolio dominated by early stage discovery potential. But until recently, the question was how such an asset could be converted into shareholder value

This could be a genuine inflection point for FCM.

Kerrs has gone from being another asset in the portfolio to something much more powerful: a strategic value engine. FCM has now executed a definitive agreement around a gold asset with a historical resource, and for a company of FCM’s size, that matters enormously.

The key point is simple:

Kerrs could become the funding engine that lets FCM chase the much bigger prize.

Instead of FCM being viewed as a small explorer that has to keep raising money to drill, this deal gives the company a route to unlock value from an existing resource asset while still keeping the exploration upside alive across Sunbeam, Roy, Pettigrew and North Hemlo.

That changes the shape of the company.

Kerrs gives FCM substance.

Sunbeam gives FCM discovery upside.

The agreement gives FCM a potential non-dilutive route to fund the next stage.

That combination is why this announcement feels so important. It is not just about Kerrs in isolation. It is about what Kerrs allows FCM to do next.

If this brings in meaningful funds, staged payments, royalties, retained exposure, or any structure that reduces the need for discounted placings, then the market may have to start looking at FCM differently. The old argument was that juniors constantly need cash. This deal suggests FCM may now have a way to recycle value from its own portfolio.

That is a major shift.

It also validates Marc Sale’s wider strategy: pick up undervalued Ontario assets, add value, prove up the opportunity, and monetise where appropriate. Kerrs could be the first real proof that this model works. Once the market sees that FCM can do this once, the obvious question becomes: what else in the portfolio can be unlocked?

For me, the biggest takeaway is this:

Kerrs may not be the final prize. Kerrs may be the key that funds the hunt for the final prize.

That is what makes this so potentially transformational. FCM is no longer just waiting on assays or hoping for market sentiment to return. It now has a commercial pathway attached to a real gold asset, in a serious jurisdiction, at a time when gold is strong and the wider portfolio is active.

For a company at this valuation, that is exactly the kind of development that can change perception very quickly.

https://firstclassmetalsplc.com/announcements/7583580

https://www.youtube.com/watch?v=t4gyiwvOWD0

Tiny exploration rocket, freshly fuelled. Easy to see this going to a multi million pound market cap in the medium term.

FCM field season update: key points

1. The £1m raise strengthens the exploration season

The raise means FCM can now do more than the minimum programme. Mark’s key line is basically: they already had enough cash to do what they needed to do, but this money lets them do what they wanted to do.

That is important because it suggests the placing was not survival funding, but acceleration funding.

2. Institutional money has now come in

He specifically points out that the raise came from an institutional investor. That matters because it gives the company more credibility and suggests external investors are now willing to back the story at this stage.

3. The asset transaction is still progressing

The raise is described as bridging finance until the ongoing asset transaction is finalised. He says the transaction is moving along “acceptably,” which sounds cautious but positive. The implication is that the transaction remains alive and is still expected to complete.

4. Sunbeam remains the main focus

The update is heavily centred on Sunbeam, especially Pettigrew and Roy. This reinforces that Sunbeam is the flagship target and that the company is building a much larger exploration picture there.

5. Pettigrew is being advanced towards drilling

At Pettigrew, FCM has completed a large VLF survey, started a four-kilometre soil sampling grid, and has a geological team doing detailed structural mapping. They may also do infill channel sampling.

The important bit: all of this is leading toward a drill programme at Pettigrew.

6. Pettigrew may be drillable all year round

Mark says Pettigrew is more or less an all-year drilling prospect, unlike Roy, which is better drilled in winter when frozen. That potentially gives FCM more flexibility and fewer seasonal delays.

7. Roy is being expanded significantly

They have moved the VLF machine back to Roy and extended the survey a couple of kilometres northeast along the structure, towards the lake area where they previously had a very high 111 ppb lake sediment gold sample.

That is a strong exploration clue, because they are following structure plus geochemistry.

8. Roy could become a much larger target

They expect to have over five, nearly six kilometres of the Roy structure covered with both VLF and soil sampling. That gives them a much bigger target area to assess, rather than just isolated historic showings.

9. Drill results from Roy are still awaited

The operational update will include the drill results from Roy when they come in. That means there is still near-term news flow pending from the March drilling.

10. Other projects are active too

Kerrs, North Hemlo and Coco East are also being worked on and will be covered in a later operational update. So this is not just a one-target story, although Sunbeam is clearly the main event.

Having listened to the NGRND interview,

https://youtu.be/Mt_h29uYzjw?si=PjUOjA8gDM0S4l2q

I think many investors are focusing on the token and missing the bigger picture.

The opportunity for FCM isn't really about crypto. It's about changing the funding model for junior explorers.

Traditionally the cycle is simple: discover gold, raise money, dilute shareholders, drill more, then repeat. NGRND's model proposes monetising verified gold in the ground without having to build a mine first.

If FCM became an early adopter, particularly around Sunbeam, it could provide third-party validation of the asset, access to a completely new pool of investors, and potentially a route to funding exploration with less reliance on continual placings.

The really exciting part is the exposure. FCM currently sits in the junior mining space. A successful NGRND deal puts the company in front of mining investors, crypto investors, tokenisation funds, ESG funds and a global Web3 audience that would otherwise never look at a company of this size.

For me, the biggest takeaway is that this isn't a story about tokenisation. It's a story about unlocking value from gold before a mine is ever built.

If Sunbeam continues to deliver and a monetisation deal lands, the market may start valuing FCM very differently. Not as a cash-hungry always churning junior explorer, but as a company pioneering a new way of creating value from its assets.

If this is it then FCM will become bigger than a monster, if this is the one thats we have followed the breadcrumbs to

DYOR could still be VLRM but I think this fits more with the cross referenced numbers we have seen from Kerrs and NGRND themselves

Having checked the figures ... still 30 to 50 mcap achievable 15p and onward

The placing dilution is frustrating for long-term holders, no question, but when I run the numbers it doesn't materially change my valuation framework.

Even with the additional shares in issue, a 15p share price now equates to roughly a £49m market cap rather than around £45m previously. Annoying? Yes. Investment case broken? Not for me.

Listening to James Knowles' latest interview, he continues to discuss and support the district-scale narrative at Sunbeam. One comment that stood out was that the drilling completed so far has only touched a tiny fraction of the identified mineralised trends across the property.

If investors start to believe Sunbeam can host a meaningful gold resource, then a move from today's circa £13m market cap into the £30m-£50m range is not unusual for a junior explorer. We've all seen companies re-rate significantly following a major discovery or transformational corporate event.

For me, the biggest drivers remain unchanged:

1. Does the monetisation transaction land?

2. Does Sunbeam continue to deliver through drilling and exploration results?

3. Does the market start assigning value to the district-scale potential management keeps talking about?

If a monetisation deal delivers £10m and Sunbeam keeps advancing, I still believe a £30m-£50m market cap re-rating sits comfortably within the sort of valuation range seen elsewhere in the junior exploration sector.

As always, everyone should do their own research, but that's how I currently view the risk/reward.

A few key points stood out from the James Knowles interview following the £1m placing.

Firstly, management made it clear the raise was not done out of necessity. FCM was already funded for its planned programme, but the opportunity to bring institutional investors onto the register and accelerate exploration activities made sense. Worth noting the placing was completed at 3.8p, around 150% above the March fundraising price, showing how sentiment has improved.

The monetisation transaction remains very much alive and progressing. James repeatedly stated he is confident it will complete and suggested the company remains broadly within the timescales previously discussed. The message was not that there are problems, simply that the final completion date is not entirely within FCM's control.

Importantly, the placing should not be viewed as replacing the monetisation deal. Instead, it gives the company immediate funds to take advantage of the short Ontario exploration season while discussions continue in the background.

Sunbeam remains the clear priority. Most of the funds will be directed towards expanding work around Pettigrew, following up on Roy/Leroy and advancing additional targets across the wider property.

One of the most interesting comments was that the recent drilling focused on just 1% of the 30km of mineralised trends identified at Sunbeam. That highlights the scale of the opportunity management believes it is dealing with.

Overall, I came away with the impression of a company that has strengthened its balance sheet, added institutional support, remains confident on monetisation and is preparing for a very active exploration season. The combination of ongoing deal discussions and an expanded Sunbeam programme gives shareholders multiple potential catalysts over the coming months.

One of the most encouraging aspects of today's placing isn't the £1m raised, it's the price institutions were willing to pay.

New institutional investors have come onto the register at 3.8p per share, just a 9.5% discount to the market price. For a junior explorer, that's a remarkably tight discount and a strong vote of confidence in both the Sunbeam Project and the wider FCM portfolio.

Compare that to the March 2026 fundraising at 1.52p. In just three months, institutional investors have been prepared to invest at a 150% higher price, reflecting the progress made across Sunbeam and the growing recognition of the value within the company's assets.

Importantly, management stated the company was already funded for the foreseeable future. This appears to be growth capital rather than emergency funding, allowing FCM to accelerate drilling at Pettigrew and Roy, expand exploration across Sunbeam and continue advancing its Ontario portfolio.

The balance sheet is stronger, exploration activity is increasing, institutions are buying close to market price and the company now has the funding to deliver a steady stream of news through the remainder of 2026.

For me, that's a very different picture to the distressed fundraising seen earlier this year. The market is starting to price in progress, and institutions appear happy to back it. Anyone who bought under the institutional price should now be very happy indeed!!

The truly exciting part for many shareholders and myself is that the market is currently trying to value FCM without knowing the final structure of the monetisation deal. Today, First Class Metals has a market capitalisation of only around £5 million, yet the company controls multiple Ontario assets, a growing gold discovery story at Sunbeam, and is working towards completion of what management has repeatedly described as a transformational transaction.

If, for example, FCM were to secure a £10 million tokenisation-backed deal, even if the funding arrived in stages over several months and was linked to milestones, it would still represent funding equivalent to roughly twice the company's current market value.

For small-cap investors, that would be a remarkable shift in perception. Most junior explorers spend their lives raising money through placings and dilution. A significant non-dilutive funding package would instead allow FCM to accelerate exploration while preserving shareholder value.

The impact could extend far beyond the balance sheet. Resource tokenisation remains a relatively new concept within public markets. A successful transaction of this scale would likely attract attention from mining publications, financial media, fintech commentators, blockchain specialists and a much wider investor audience. The story would no longer simply be a small explorer drilling for gold in Ontario. It could become one of the first London-listed mining companies to demonstrate a large-scale alternative funding model through asset tokenisation.

Combined with strong Sunbeam drill results, that kind of exposure could create a powerful rerating catalyst. Investors would begin assessing not only the value of the existing assets, but also the value of a company that has secured substantial funding, retained future upside, and potentially established a repeatable model for monetising assets without sacrificing ownership.

That is why some shareholders believe the current share price could ultimately prove to be only the first stage of a much larger revaluation. If a £10 million deal were confirmed, the market's focus could rapidly shift from whether FCM is worth around £5 million today to what valuation should be applied to a fully funded explorer with a flagship gold discovery, multiple asset opportunities and a potentially market-leading position in mining tokenisation.

The really bullish argument is that the £10 million itself may not be the most important part. If investors start believing FCM has demonstrated a **repeatable way of unlocking value from its asset portfolio**, the company stops being valued as a single-project explorer and starts being valued as a platform capable of monetising multiple projects over time. That's where the upside numbers some shareholders discuss become substantially larger than the value of the first deal alone.

A 50 million market cap would not be unacceptable to consider as a starting point imo dyor

... Even without any corporate developments, there appears to be a steady flow of potential news over the coming months. If the remaining Roy assays are strong and the monetisation transaction completes as expected, both could contribute to a significant re-rating discussion among shareholders.

hxxps://firstclassmetalsplc.com/activity-updates/PRJdkP-operations-in-motion-marc-sales-latest-update

Today's interview, Busy few months!

This operational update is encouraging because it shows First Class Metals is continuing to advance its exploration programmes while the corporate transaction progresses in the background.

The company currently has three active workstreams on the Sunbeam property:

VLF geophysical surveying at Roy, extending coverage to the northeast.

Soil sampling at Pettigrew, which remains the primary focus area.

Detailed structural geological work at Pettigrew to better understand the controls on mineralisation and potentially support future infill channel sampling.

One of the more interesting technical comments was that trace element results appear to support a correlation between galena (a lead sulphide mineral) and gold mineralisation. Marc noted that the visible gold identified in drill holes 5 and 6 was associated with galena, and early trace element data appears to reinforce that relationship. If confirmed, this could become a useful exploration tool when targeting future drilling.

The market is still waiting for a substantial amount of drilling information from Roy. Of the 12-hole programme, only the first four holes have complete assay results published. While some photon assay results have been released, particularly from holes containing visible gold, a significant portion of the drilling campaign remains unreported.

Another notable point is the scale of the target area. Marc stated that extending the VLF and soil sampling grid at Roy to approximately six kilometres still only covers around 2% of the known structural trend. This highlights how little of the overall system has been systematically explored so far.

Reading between the lines, Pettigrew appears to be gaining importance within the project. Roy remains an attractive target, particularly for winter drilling when frozen ground improves access, but Pettigrew benefits from near year-round accessibility and currently appears to be receiving the majority of the field team's attention.

Looking ahead to the next quarter, shareholders can potentially expect news on:

Remaining Roy drill assays.

Interpretation of Pettigrew VLF results.

Extension of VLF surveying at Roy.

Additional soil sampling results.

Field work at Cocoa East.

The ongoing Kerrs resource review.

The Kerrs review should not be overlooked. Marc confirmed it is progressing and is being conducted by a highly regarded specialist. While he provided no indication of the outcome, the fact that the review is active suggests the company sees value in reassessing the asset.

Overall, the update reinforces the idea that FCM now has two major value drivers operating simultaneously. On one side is the proposed monetisation transaction and associated funding. On the other is a growing pipeline of exploration catalysts including pending assay results, expanding targets at Sunbeam, additional field work and the Kerrs resource review.

The key message is that exploration activity is accelerating ra