TIDMFCM
First Class Metals PLC
29 December 2023
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
29(th) December 2023
Year-end Shareholder Letter
First Class Metals PLC ("First Class Metals" "FCM" or the
"Company") the UK listed metals exploration company seeking
economic metal discoveries across its extensive Canadian
Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to
announce that a Shareholder Letter has been uploaded to the
Company's website at www.firstclassmetalsplc.com . The letter, a
review of the major developments for the Company during 2023 and
the outlook for 2024.
Dear Shareholders,
On this the last working day of the year I would like to take
the opportunity to reflect on what an excellent year it has been in
First Class Metal's development: we rapidly advanced and completed
on our commitment to bring four properties to a 'Drill Ready
Status' and undertake a drill programme on one property in 2023. A
number of key milestones were met during 2023, which are summarised
below. I have our highly experienced and dedicated team in Canada
and the UK to thank for this significant progress and I am
delighted to see their efforts come to fruition, in a positive way,
with the results achieved. With further results from a number of
programmes still awaited , we are determined to take this momentum
through into next year.
2023 Key Milestones
First Nations Agreements and Permitting
At FCM we are committed to working in harmony with the First
Nations who have claims to traditional lands in which out
properties sit. This open and co-operative attitude has manifested
itself in the granting of five Exploration Permits in what has been
a relatively short time. Furthermore, Exploration Agreements or
MoU's are in place with four First Nations groups which effectively
cover the six Exploration Permits which FCM holds.
Obtaining new Exploration Permits across five properties and
securing exploration agreements with support from First Nation
partners is a major milestone for our company in 2023.
The successful acquisition of these permits and agreements
demonstrates our commitment to responsible exploration practices
and building strong relationships with local communities. With
these achievements, our portfolio now contains six properties with
valid exploration permits, positioning us for further growth and
success. We remain dedicated to advancing our exploration
activities in a sustainable and mutually beneficial manner.
Exploration Zigzag, Esa, North Hemlo, Sunbeam
In order to efficiently use investor funds for what is the most
expensive outlay in exploration : drilling, we have focussed on
understanding the geology (geochemistry and structure) of the four
primary properties with I believe admirable success. To this end
further drilling on the other three properties is more likely to
achieve success.
Figure 1- Spodumene rich core from the recent drilling campaign
on the Zigzag lithium property.
Figure 2- Summer 2023 , First Class Metals CEO Marc Sale at the
'Dead Otter Trend' on the North Hemlo Property
James Knowles- Executive Chairmans End of Year Quote
"2023 was a pivotal and transformative year for FCM. We set
ambitious operational goals, including advancing four properties to
drill ready status and successfully drilling on one. I would like
to express my gratitude to Marc and his exceptional 'in-country
team' for their dedication and achievements in completing this
task. On the corporate side despite challenging market conditions,
we secured funding twice, a testament to the quality of our
properties. I am excited to see this progress continue into 2024 as
we have much to look forward to."
Outlook for 2024
The outlook for First Class in 2024 is expected to mirror the
high activity level experienced in 2023. With six permitted
properties, including Zigzag, North Hemlo, Esa, and Sunbeam, four
of which are now 'Drill Ready' or have undergone an initial drill
program in the case of Zigzag, we are well-positioned for the year
ahead.
Our focus for 2024 will entail a two-pronged approach. Firstly,
we aim to enhance our geological understanding and the
mineralisation of these properties to further increase their value.
Simultaneously, we will explore opportunities to secure third-party
investment through 'earn-ins,' joint ventures, or potentially even
corporate transactions.
As we approach the end of 2023, we are pleased to share that we
have received expressions of interest from various sources across
our portfolio. These range from junior exploration companies with
comparable standing to significant players in the industry. This
interest validates the potential and attractiveness of our
properties and bodes well for the opportunities that may arise in
the coming year.
In addition to the 'core four' portfolio, we are strategically
preparing a pipeline of projects from within our existing portfolio
of assets, to further advance our exploration efforts. Two
promising properties within this pipeline are the McKellar
polymetallic property near Marathon and the Enable Gold project
near Schreiber. Both of these properties have obtained the
necessary permits, enabling us to move forward with focused
exploration plans. With the planned programmes in 2024, we aim to
progress these projects to a 'Drill Ready' status. This will keep
the momentum building and ensure properties of merit can move up
the priority list when required, whilst always remaining cognisant
of divestment opportunities.
We are actively seeking potential new mineral properties in
Ontario, whether through staking or acquisition, alongside our
existing portfolio. Our focus is on identifying properties that
have the potential to move 'up the value curve' and contribute to
our growth strategy. Through thorough research, engagement with
industry networks, and strategic partnerships, we aim to acquire
promising mineral properties. By continuously evaluating and
augmenting our portfolio, we can ensure the ongoing success of our
'project incubator' model.
This year has seen First Class take several early 'green field'
properties up through the value curve and we strongly believe that
2024 will continue on this trend as we enter into a transformative
period for the Company. I would like to take this opportunity to
thank all our shareholders, stakeholders, contractors, and Emerald
Geological Services with a personal thanks to their Principle,
Bruce A McLaughlin for the continued support of First Class Metals
during this exciting period for us and wish you all a happy New
Year.
Marc J Sale
CEO-First Class Metals PLC
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRATLBRTMTITMRJ
(END) Dow Jones Newswires
December 29, 2023 03:00 ET (08:00 GMT)
First Class Metals (LSE:FCM)
Historical Stock Chart
From Apr 2024 to May 2024
First Class Metals (LSE:FCM)
Historical Stock Chart
From May 2023 to May 2024