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Kerrs Deal closes; Indicative value US$10.64M
First Class Metals PLC has completed the closing of its Kerrs Gold project agreement with nGRND Inc., with an indicative total value of US$10.64 million based on current spot gold prices of US$138 per ounce for an initial purchase of up to 77,293 eligible ounces. The company will also receive an advance deposit of US$160,000 and may receive additional bonuses for carbon, biodiversity, and ESG attributes generated by nGRND. Importantly, First Class Metals retains ownership of the underlying mineral asset and upside from future exploration, while granting nGRND 10 million share warrants at 5.5p and 10 million at 10p. Disclaimer*
About this update from First Class Metals Plc
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. FIRST CLASS METALS PLC 30 June 2026 Kerrs Deal closes; Indicative value US$10.64M First Class Metals PLC (LSE: FCM) ("FCM" or the "Company"), the UK-listed gold exploration company with exploration assets in Ontario, Canada, is pleased to provide the following update to its announcement of 15 June 2026, regarding the monetisation of the Kerrs Gold project ("Property"). The Company now confirms that as of today the parties have completed the 'Closing' conditions required by the executed definitive Site Programme and Alternative Land Use Rights Agreement (the "Agreement") with nGRND Inc. ("nGRND") in respect of the Kerrs Gold project located in Ontario, Canada which is 100% owned by First Class Metals Canada Inc. ("FCMC"), a 100% owned subsidiary of First Class Metals PLC. nGRND has a conditional right to acquire all 386,465 ounces of gold. nGRND has agreed to initially purchase up to 77,293 eligible inventory ounces of gold ("Eligible Ounces"), being 20% of the current compliant resource, with a minimum purchase threshold of 60% of the Eligible Ounces within one year. Based on spot gold prices, which may fluctuate, the purchase price of each ounce of gold from FCM to nGRND is currently valued at US$138 per ounce, with the potential proceeds, excluding bonuses, being an indicative total of US$10.64 Million for the initial purchase agreed at current market pricing. An additional bonus payment may be paid by nGRND to FCMC for any carbon, biodiversity and ESG attributes that are generated on the Property by nGRND and any specialist experts they engage. Importantly, the Agreement allows the Company to retain ownership of the underlying mineral asset and upside from approved future exploration. Highlights · A detailed pricing and payment schedule has now been determined. Payments are based on an initial purchase of 77,293 ounces, the El...
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