First Class Metals in talks with Seventy Ninth Resources for asset disposal

LONDON, UK: First Class Metals PLC, the UK-listed exploration company, has initiated discussions with asset management firm Seventy Ninth Resources Limited for the potential sale of select properties in northern Ontario, Canada.

The negotiations, which involve both core and non-core assets, underscore the effectiveness of First Class Metals’ strategy to enhance and monetize its holdings.

The talks also explore additional collaborative opportunities, aiming to strengthen the companies’ portfolios in natural resources. This move coincides with Seventy Ninth’s plans to list on the Toronto Stock Exchange Venture in 2024, signaling a commitment to deepen ties with First Class Metals.

Progress on the commercial Heads of Terms will be disclosed in upcoming announcements. The recent acquisition of new properties by First Class Metals is expected to further bolster its business approach.

First Class Metals CEO, Marc. J Sale Commented: “The initiation of these discussions is a significant milestone for FCM. The Potential Transaction validates the business model we at FCM have been expounding. The collaboration with a company of Seventy Ninth Resources’ impressive calibre supports our assertion of the value of our properties. The interest shown by Seventy Ninth Resources confirms FCM’s belief that the current market capitalisation of the Company does not fully reflect the value of the properties in our portfolio and their potential to deliver. This belief is further supported by the significant upside that our successful exploration activities have achieved since the IPO, for that I am indebted to Bruce at Emerald Geological Services ‘EGS’.

I look forward to working with Natalie Bellis, CEO, and the wider team at Seventy Ninth Resources, not only to progress the Potential Transaction but also in future collaboration. We will provide further updates as more details become available. This milestone marks a crucial moment for FCM, and our focus remains on maximising value for our shareholders throughout the entire process.

Natalie Bellis CEO, Seventy Ninth Resources Commented: “This is an incredibly exciting move for Seventy Ninth Resources and continues our strategic development of building out a successful pipeline of data-verified assets, as well as helping in preparation for our proposed IPO later this year. By partnering with companies such as FCM, we are continuing to create multiple value points for the business and deliver on its corporate vision”.

Seventy Ninth Resources, a division of the Seventy Ninth Group, is an award-winning asset management company founded by entrepreneur Dave Webster and his two sons, Jake and Curtis Webster. Seventy Ninth Resources holds a unique and advantageous position in the natural resource sector, specialising in the acquisition, management, and development of desirable assets.

Seventy Ninth Resources has been unlocking the potential of the natural resources sector within the Republic of Guinea since 2011. With 15 employees in the operational in-country team, the company’s extensive presence in the Republic of Guinea has allowed them to cultivate trusted relationships with local communities. Through these relationships, they gain unique access to acquire land in areas with significant potential for gold and diamond mining. The company’s hands-on approach has enabled Seventy Ninth Resources to pair local knowledge with industry expertise.

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