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Valuation sheet added to telegram fcmshareholders group and summary reply from another investor.

Looking at the valuation sheet and comparing it to the various scenarios we've discussed for FCM, I'd say it's broadly in line with the conservative-to-middle range of our previous work.

A few observations:

Current valuation (£27.8m / 7.19p fair value)

That is actually quite restrained compared with some of the scenario work we've done.

The sheet appears to be assuming:

The deal is probably real.

Sunbeam is encouraging but not yet a proven discovery.

Kerrs has value but hasn't yet been fully unlocked.

Zigzag has value but remains largely optionality.

The market still applies a discount because terms are unknown.

That's why it lands around £28m rather than £50m+.

Compared to our earlier scenarios

Scenario 1: Small monetisation (£5m)

We were generally landing around:

£20m to £30m market cap

Roughly 5p to 8p

The valuation sheet's £27.8m fair value sits right in this territory.

Scenario 2: Medium monetisation (£8m to £10m)

We discussed:

£30m to £50m market cap

Roughly 8p to 13p

The sheet is below this range because it isn't giving full credit for a larger deal yet.

Scenario 3: Large monetisation with ongoing royalties / tokenisation economics

We were discussing:

£50m to £100m+ market cap

Roughly 13p to 26p+

The valuation sheet isn't there yet.

It is effectively saying:

"Show me the final RNS first."

Scenario 4: Large monetisation plus strong Sunbeam assays

This was where our numbers started getting exciting:

£75m to £150m+

20p to 40p+

The sheet explicitly says the final RNS and Sunbeam continuity are the two major rerating events still ahead.

What I think the sheet gets right

The most important line is actually this:

"Non-dilutive funding could remove CLN/placing fear."

Many investors focus on the cash.

The bigger effect may be removing the financing overhang.

Historically FCM's biggest problem wasn't necessarily the assets.

It was:

79 Group fallout

distressed financing

CLN dilution

constant funding concerns

If a major deal removes those concerns, the market often rerates the company before the money is even spent.

Where I think it may be conservative

The sheet doesn't appear to be giving much value to:

possible tokenisation upside

recurring revenues

strategic partner value

Sunbeam becoming a genuine district-scale discovery

Kerrs resource expansion

Those are the areas where valuations can move very quickly from £30m to £50m+ and beyond.

Bottom line

If I compare this against everything we've modelled since the AGM and recent interviews, I'd view the £27.8m valuation (7.2p) as a sensible "deal is real but details still unknown" valuation.

It is not pricing in a transformational outcome.

It's effectively saying:

Current market cap: ~£16.5m

Fair value before final deal terms: ~£28m

Fair value if deal is bigger than expected and Sunbeam delivers: potentially much higher.

That's pretty close

The latest interview with Marc Sale is interesting because it suggests FCM has moved well beyond a simple Letter of Intent. We now appear to have agreed material commercial terms, with final documentation being completed before the deal is announced.

The phrase that stands out for me is *non-dilutive funding*. After everything shareholders have been through with dilution, convertibles and distressed financing, the prospect of significant cash arriving without issuing more shares could be transformational.

It would potentially allow FCM to focus aggressively on what is increasingly looking like the company's flagship asset, Sunbeam. If management can secure funding through monetisation rather than dilution, it opens the door to sustained drilling programmes, follow-up exploration and resource growth without repeatedly returning to the market for cash.

Shareholders have also been joining some dots of their own. Nothing has been confirmed by the company, but many investors believe the transaction could involve a tokenisation-related structure. Names frequently mentioned

Are ngrnd and vlrm

although at this stage that remains speculation rather than fact.

What makes investors excited is the potential scale. If the market is thinking in terms of a traditional asset sale, it may be missing the bigger picture. A straightforward disposal is one thing. A structure that monetises assets while retaining future exposure, royalties or participation in a larger tokenised ecosystem is something entirely different.

That's why this announcement feels so important. The market seems focused on the immediate cash injection, but the real story may be what that cash enables. Fully funded exploration at Sunbeam, no dilution, retained upside, and potentially participation in a much larger long-term strategy.

We don't know the final details yet, and shareholders should do their own research. But if the market speculation around tokenisation turns out to be even partially correct, then this may prove to be far more significant than a simple asset sale. The next update could be one of the most important in FCM's history.

https://youtu.be/dacwBN7PFwU?si=Id-mcqbL7ahVuCFe

https://youtu.be/MCeinH2dTdg?si=zWZNtXTynsoWqzdw

Https://x.com/i/status/2062597834298278054

Advfn post of interest

What fascinates me about First Class Metals is that the fundamentals and the share price became completely disconnected.

Since IPO, the company has had to navigate a series of events that had little to do with the underlying assets. Major shareholders exiting, the knock-on effects of the 79 Group situation, and ultimately the distressed CLN financing all weighed heavily on the share price. Yet throughout that period, the assets didn't disappear. If anything, the asset base, gold price environment and geological understanding continued to improve.

Today, investors are looking at a company that appears to be discussing multiple asset monetisations rather than a single transaction. Recent interviews suggest ongoing transactions rather than a simple one-off disposal, which naturally raises questions about royalties, recurring revenue streams and potentially tokenisation structures.

If tokenisation is indeed part of the strategy, FCM could find itself in a genuine first-mover position among UK-listed junior explorers. Whether people agree with the concept or not, being first tends to attract attention.

The key point for me is what that funding could mean for Sunbeam. Sunbeam is increasingly looking like the flagship project. Historic production grades were exceptional, Newmont's historic work produced highly encouraging results, and FCM's own drilling has continued to build the geological picture. If asset monetisation can fund years of exploration and drilling at Sunbeam without constant trips back to shareholders for cash, that changes the investment case considerably.

Imagine a junior explorer with a funded drill programme, exposure to a strong gold market, a potential discovery-scale asset and recurring income from non-core assets. That's the reason many shareholders are excited.

Of course, everyone should do their own research and nothing is guaranteed. But when I compare today's valuation with where the company might have been had the shareholder exits, 79 Group fallout and CLN situation never occurred, I can understand why some investors believe the market is only just beginning to re-rate the story.

A very interesting AGM update this morning and, in my view, one of the strongest signals yet that the long-awaited asset monetisation deal is nearing completion.

The key points for me are:

• Material commercial terms have now been agreed.

• Definitive transaction documents are close to being finalised.

• Only legal formalities, funding settlement procedures and closing mechanics remain.

• FCM expects the deal to provide substantial non-dilutive funding.

• The company expects to retain exposure to future upside associated with the property.

That last point is particularly interesting. This does not read like a simple asset disposal. It suggests FCM may be retaining some form of ongoing interest, whether that be royalties, milestone payments, retained exposure or another structure that allows shareholders to benefit from future success.

Marc Sale's comments are also more confident than we've seen for some time. Phrases such as "nearing the finish line" and saying the rewards will have been worth the effort suggest management believes the transaction is now in its final stages.

Of course, two major questions remain:

1. Which asset is involved?

2. What is the value of the deal?

Those are the details the market still wants to see.

Looking at recent developments, FCM has now completed the Zigzag earn-in, secured 100% ownership of Kerrs, continues to advance Sunbeam following visible gold and bonanza-grade intercepts, and now appears close to completing a significant monetisation event. Put together, it is not hard to see why management believes 2026 could be a defining year for the company.

For me, today's update is another step forward. Not a signed deal yet, but certainly the clearest indication so far that negotiations have moved beyond discussion and into the final completion phase.

A few thoughts on today's Zigzag completion RNS.

Firstly, it's worth noting that the final Zigzag earn-in milestone wasn't a surprise event. The timing of the completion was already disclosed in previous company announcements and referenced in company reporting, with the final stage due around 1 June 2026. What we've seen today is the successful completion of that process, taking FCM to an 80% interest in the project.

From my perspective, that's a positive development. It removes uncertainty and gives the company greater flexibility when considering strategic options.

What I find particularly interesting is the repeated references by management in recent interviews and discussions to potential transactions involving more than one asset. Shareholders have understandably focused on Kerrs, especially after the company secured 100% ownership and updated the resource using historical data. Kerrs appears an obvious candidate for some form of monetisation, JV, sale or tokenisation discussion.

However, could Zigzag be the second asset under consideration?

By completing the earn-in, FCM has effectively tidied up ownership and increased its control over a project that offers exposure to lithium and other critical minerals. If management is looking at multiple strategic opportunities, Zigzag would seem a logical asset to include in those conversations.

Of course, this is speculation and not a prediction. But if Kerrs and Zigzag were both involved in separate strategic transactions, it could potentially unlock value from non-core assets while allowing the company to focus increasing attention and resources on what is rapidly becoming the flagship project: Sunbeam.

With drilling success continuing at Sunbeam, visible gold reported, high-grade results emerging and funding already in place for further work, one can see why management may wish to concentrate effort there while exploring value-realisation opportunities elsewhere in the portfolio.

Interesting times. The question for me is not whether Zigzag has value, but whether today's completion gives management another strategic option at a time when they have openly discussed more than one asset opportunity.

https://firstclassmetalsplc.com/activity-updates/PwWEpP-marc-sale-presents-at-proactive-one2one-investor-forum

As they say its for an alternative monetisation situation eg tokenisation hint hint

People looking at the current FCM share price without the history behind it are honestly missing what actually happened here.

This wasn’t a “the assets failed” collapse.

This was basically three separate events hitting the company one after another.

First, when FCM originally ran to around 17p, a very large early investor, John Story, who is known for reducing positions aggressively in various companies, sold heavily into the market.

Then, sadly, another extremely significant holder became very unwell and later passed away. The understanding among shareholders was that substantial shares connected to that situation were also sold into market during that period, which is entirely understandable under the circumstances.

Those two events alone created huge selling pressure and damaged sentiment badly.

To stabilise the company and continue developing the Ontario assets, FCM then brought in the Seventy Ninth Group strategic investment deal, which was due to involve a very substantial holding. Publicly announced terms referenced up to 128.5 million shares across two stages, with Seventy Ninth expected to become a controlling shareholder if fully completed.

Then came the third hit.

The 79 situation collapsed into administration and suddenly the market was staring at the possibility of massive associated holdings potentially being liquidated through receivership processes. Confidence absolutely evaporated overnight.

That combination created a distressed look across the market cap and share register.

But importantly:

* it wasn’t because Sunbeam failed

* it wasn’t because the Ontario geology failed

* it wasn’t because the exploration story collapsed

* and it wasn’t because the company stopped progressing

In fact, operationally, the company arguably kept improving through most of this period.

Now fast forward:

* drilling is producing the best technical results FCM has reported to date

* visible gold materially changed the conversation at Roy

* the company has stated roughly a 12 month runway

* the large overhang situation appears far cleaner

* sticky long-term holders now seem to control much more of the register

* and asset sale discussions remain ongoing

There is also now public domain reporting that figures connected to Seventy Ninth Group have been granted permission to pursue a judicial review relating to the handling of the investigation and warrants process involving the Met Police.

If successful, the argument being raised is effectively that affected parties should be restored to the position they would have been in before the collapse scenario unfolded.

That becomes an interesting backdrop when you remember how much damage the administration and perceived overhang caused to confidence across associated listed holdings, including FCM.

People forget just how sentiment-driven junior mining becomes during distressed periods.

This became a forced fear-compression event more than a reflecti

"The Silver Lake acquisition itself is payable in 3,571,777 new WSBN shares if the option is exercised in full" it has Cottesloe silver to advance why buy another one for 100k? With a placing pending ??

Tweet and presentation

𝐒𝐔𝐍𝐁𝐄𝐀𝐌 — 𝐅𝐑𝐎𝐌 𝐇𝐈𝐒𝐓𝐎𝐑𝐈𝐂 𝐆𝐎𝐋𝐃 𝐌𝐈𝐍𝐄 𝐓𝐎 𝐌𝐎𝐃𝐄𝐑𝐍 𝐃𝐈𝐒𝐂𝐎𝐕𝐄𝐑𝐘

A couple of years ago, Sunbeam was an overlooked historical gold mine with enormous untapped potential.

Today, after systematic exploration and modern targeting, drilling has confirmed visible gold within the system, with bonanza-grade gold assays already released from results received to date, and further drill results still pending.

Our work at Sunbeam has included:

• Historic data compilation & reinterpretation

• Geological mapping

• Soil & lake sediment sampling

• Channel sampling

• VLF geophysics

• Target generation with input from eminent geologists

• Drill testing of priority zones

And importantly — the system at Roy remains open along strike and at depth with only around 1% of the total known trends drilled

Sunbeam historically produced gold at an average grade of 12.2g/t Au, yet much of the wider mineralised trends and surrounding area remained effectively unexplored for over a century. Modern exploration is now beginning to demonstrate the scale of the opportunity.

Read the original Sunbeam investor overview here and must listen you tube presentstion:

https://youtu.be/MCeinH2dTdg?si=PfQQMcXN-ODxEwvY

https://res.cloudinary.com/investorhub/raw/upload/v1756386930/leaf-prod/290/documents/ybeawizikcctlrpcmno6_j4qtug.pdf

The market has almost completely forgotten just how brutal the sentiment hits have been for #FCM over the last period.

People look at the current market cap and assume “that must reflect the geology”. I genuinely do not think it does.

We had:

• The 79 situation collapse into receivership

• John Story, an early investor, exiting his position far earlier than many expected

• Then the very sad passing of another extremely large holder, with shares subsequently sold in what was later understood to be a disorderly on-market exit due to the circumstances

That combination absolutely smashed shareholder confidence and created a cascading sentiment spiral. Panic selling feeds panic selling. Junior explorers are emotional creatures at the best of times and FCM got hit by three separate freight trains almost back-to-back.

Yet despite all that:

• Sunbeam continues progressing

• Roy visible gold materially changed the conversation

• Multiple structures remain largely untested

• 12 month runway already confirmed

• Ontario assets still sit in one of the best gold jurisdictions on the planet

• Potential asset/JV/structured deal discussions continue in the background

The important bit for me is this:

Many peers at similar stages are STILL repeatedly going back to market for dilutive placings just to keep the lights on. FCM already having runway changes the pressure dynamic considerably.

Personally, I do not think it is unreasonable that without those three major sentiment washouts, the market cap today would likely look dramatically different. Adjusting for dilution and the increased share count since IPO, somewhere nearer the 10p area does not feel unrealistic considering the assets and progress made since listing.

Instead, what happened was a fear-driven compression event that detached sentiment from the underlying exploration story.

Now imagine if one or even two meaningful asset deals land while drilling momentum continues…

That is why FCM still looks like one of the more misunderstood junior stories on the LSE right now.

Watch this https://youtu.be/MCeinH2dTdg?is=uSnR-VoVxTCvNwJw

IMO DYOR.

“𝗦𝘂𝗻𝗯𝗲𝗮𝗺 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝗮 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗺𝗮𝗸𝗲𝗿.”

@Proactive_UK’s interview with #FCM CEO Marc Sale at the One2One Investor Forum.

Key takeaways from the presentation:

𝗦𝘂𝗻𝗯𝗲𝗮𝗺 𝗚𝗼𝗹𝗱 𝗣𝗿𝗼𝗷𝗲𝗰𝘁

• Visible gold identified in recent drilling

• All 12 drill holes intersected the mineralised package

• ~300m strike tested so far

• Structure remains open in multiple directions

• Only a small portion of the wider >30km interpreted mineralised system drilled to date

Importantly, the geological picture continues to strengthen:

coherent structural trends

repeatable mineralisation

expanding geochemical footprint

multiple historic high-grade workings across Roy, Sunbeam & Pettigrew

This is increasingly looking like a genuine district-scale exploration story developing within one of the world's premier mining jurisdictions.

Beyond Sunbeam:

• Kerrs hosts a near 400koz gold resource

• Zigzag lithium drilling returned reportable lithium values in every hole

• North Hemlo continues to demonstrate prospectivity within the prolific Hemlo belt

FCM's strategy remains clear:

→ identify opportunity

→ de-risk through exploration

→ demonstrate scale

→ create value

Watch the interview:

https://youtu.be/MCeinH2dTdg?si=HPA4l4LFe23EN5Uf

https://x.com/i/status/2054924168114606419

Ontario just sent one of the clearest signals yet that the province intends to become a dominant global mining jurisdiction.

Agnico Eagle planned C$14 BILLION Ontario investment is enormous.

This is a major endorsement of:

• Prospectivity of Ontario gold belts

• Faster permitting

• Infrastructure development

• Tier-1 jurisdictions

• Long-life district-scale gold systems

Importantly, the investment includes:

• Major exploration spend

• Mine expansions

• Accelerated project development

• A long-term commitment to Ontario through 2030

For junior explorers operating in these emerging districts, this backdrop matters enormously.

#FCM Sunbeam Project sits within a highly prospective regional setting between significant Agnico-controlled interests and already hosts:

• 3 historic high-grade workings

• >30km of interpreted mineralised structures

• Roy, Sunbeam & Pettigrew trends

• Historic + modern drilling

• Expanding geological and geochemical understanding

Recent drilling at Roy has already demonstrated continuity of the mineralised package across multiple holes, while soil geochemistry, structural interpretation and high-grade surface sampling increasingly point toward the potential for a broader connected gold system developing across the property package, with further drill results still outstanding.

As major producers continue deploying billions into Ontario and securing future production pipelines, district-scale exploration plays in proven belts become increasingly strategically relevant.

https://news.ontario.ca/en/release/1007445/ontario-invests-in-next-generation-of-canadian-mines

Some pricing targets https://x.com/theprince580591/status/2054800756897636805?s=46

https://res.cloudinary.com/investorhub/image/upload/v1778689225/leaf-prod/290/documents/Corporate_Presentation_One2One_May_26_ueluso.pdf

Fcmshareholders on telegram forum come join us

Just look at these comms for VIP investor treatment :)

We've just posted the following update on our investor hub: The momentum is building at Pettigrew...

The 2026 field season is now fully underway at Pettigrew, with Marc and colleagues already making strong progress on site. Collaboration remains central to the work and the momentum continues to build.

Joining Marc in the field are Coleman and Brenden from Emerald Geological Services, and geologist Mary-Louise Hill - bringing together a powerful combination of experience, technical knowledge and share vision.

By working closely together and applying key learnings from Roy, the team is laying the groundwork for the next phase at Pettigrew and advancing the 2026 with focus and confidence.

Check out the short video and join in with the conversation at:

https://firstclassmetalsplc.com/activity-updates

#FCM

If you have questions on the geology or understanding of the asset value you can sign up to the investor hub and ask questions https://firstclassmetalsplc.com/

Interesting post on the telegram fcmshareholders group

The 3 doors that matter now:

1. Assays (short term)

We’ve already seen visible gold and structure confirmed.

Now it’s about consistency across remaining holes.

1. Now

Market reaction: “this is interesting”

Price range: ~3–5p

2. Scale (next phase)

Do those hits connect?

Strike + depth continuity = potential system, not just isolated hits.

Market reaction: “this is real”

Price range: ~5–8p

3. Monetisation (the unlock)

Kerrs / JV / deal / tokenisation — whatever route they take.

This is where cash comes into the business, not just out.

Market reaction: “this works”

Price range: ~10–15p+

So if monetised and funding sorted - blue skies

Great way of explaining it!

Https://x.com/firstclassmetal/status/2043969940932219018?s=52

𝗧𝗘𝗟𝗟 𝗠𝗘 𝗠𝗢𝗥𝗘: 𝗦𝗨𝗡𝗕𝗘𝗔𝗠 𝗣𝗥𝗢𝗝𝗘𝗖𝗧

What is Sunbeam — and why is it getting attention?

Let’s break it down 👇

𝗪𝗛𝗘𝗥𝗘 𝗜𝗦 𝗜𝗧?

Sunbeam is located in NW Ontario, within a well-established gold district.

📍 Positioned contiguous to the Agnico Eagle Hammond Reef deposit to the west

📍 With additional exploration ground to the east, including Agnico Eagle holdings

This places Sunbeam in a region with a long history of gold discovery and ongoing activity.

𝗪𝗛𝗔𝗧 𝗜𝗦 𝗧𝗛𝗘 𝗦𝗖𝗔𝗟𝗘?

The project covers a large land package across a structurally complex geological setting.

The regional map highlights:

• A broad corridor of prospective rocks

• Multiple interpreted deformation zones

• Numerous mineral occurrences across the wider area

In simple terms: this is a multi-kilometre exploration system with several areas of interest.

𝗪𝗛𝗔𝗧 𝗗𝗢 𝗪𝗘 𝗦𝗘𝗘 𝗢𝗡 𝗧𝗛𝗘 𝗚𝗥𝗢𝗨𝗡𝗗?

Zooming in (second map), several key trends are evident:

➡ Roy trend

➡ Pettigrew trend

➡ Sunbeam trend

These are supported by:

• Soil geochemistry anomalies

• Historic drilling and workings

• Clusters of recorded gold occurrences

Together, they define multiple exploration targets across the property.

𝗔𝗡𝗬 HISTORIC 𝗥𝗘𝗦𝗨𝗟𝗧𝗦?

Historical drilling has returned notable high-grade intervals, including:

➡ 93.3 g/t Au over 0.44 m

➡ 19.4 g/t Au over 0.63 m and 15.17 g/t over 1.37 m

➡ 18.0 g/t Au over 0.95 m

➡ 4.8 g/t Au over 8.5 m

These results demonstrate the presence of high-grade gold within the system.

In addition, a recent drill program has been completed, with assays pending. These results are expected to further inform and refine our understanding of the project.

𝗪𝗛𝗬 𝗗𝗢𝗘𝗦 𝗜𝗧 𝗠𝗔𝗧𝗧𝗘𝗥?

Sunbeam brings together several key exploration fundamentals:

• Scale — a large footprint

• Structure — multiple interpreted trends

• Evidence — drilling, geochemistry, and occurrences

• Location — within an active gold district

𝗧𝗛𝗘 𝗧𝗔𝗞𝗘𝗔𝗪𝗔𝗬

Sunbeam is a large, multi-target gold exploration project in a proven geological setting, with ongoing work aimed at advancing the understanding of its potential.

#Gold #Mining #Exploration #Ontario #Sunbeam #FCM

Https://share.google/rukSdS7EEGZYBzS2p