LONDON: First Class Metals, the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, focused in northern Ontario land holdings, has completed the formal sale process of the McKellar & Enable properties to the Seventy Ninth Group Limited (“79th Group”) for a combined figure of £270,000. Coinciding with the sale process, FCM has entered into a twelve month loan of £230,000 with the 79th Group.

James Knowles Executive Chairman Commented: “We are pleased to announce the successful sale of McKellar & Enable properties for a total of £270,000. The sale along with further debt funding from the Seventy Ninth Group whilst they continue to conduct due diligence over other FCM properties is also most welcome. As previously mentioned in the 9 April 2024 news release, our aim is to foster a collaborative working relationship with the 79th Group, benefiting both parties.

The transaction is validation of our early stage ‘incubator’ strategy advancing assets up the value curve resulting in cash without dilution coming onto the balance sheet.

With gold prices consolidating near all-time high levels, the portfolio of assets held by First Class Metals is highly attractive for further development. The favourable market conditions for precious metals, combined with the region’s rich mining history and abundant mineral resources, represent significant upside potential for our assets. Our commitment to advancing these projects, unlocking their value, and ensuring the long-term success of First Class Metals remains resolute.

 Natalie Bellis CEO, Seventy Ninth Resources commented: “The concession acquisitions of McKellar and Enable are significant milestones and an exciting step towards building a pipeline of quality, data-verified exploration projects in Canada, particularly as we prepare to list on the TSXV.

 “Another exciting aspect is that one of the concessions includes base metals such as zinc and copper, which comes at a time when we are starting to explore opportunities around other metals alongside gold, including manganese and lithium.

“This latest acquisition aligns with our long-term strategy to expand our mining exploration footprint across a number of territories across the globe. We look forward to building on our successful partnership with First Class Metals PLC. “

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.

The developed board and in-country team for Seventy Ninth Resources includes world-class experienced geologists, field consultants, and ESG specialists, working alongside our industry leading partners, SRK Exploration Services and The MSA Group, in executing specific and focused exploration on assets.

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