First Class Metals plc has made the final cash payment to secure 100% of the Kerrs gold property option in Timmins mining camp, northeastern Ontario.
CLN
The company completed the acquisition ahead of the three-year target, as stated in April 2024.
The project comprises 36 units covering some 665 hectares, and has a historic NI 43-101 inferred resource estimate of 386,467 ounces, grading 1.71 grammes per tonnes gold.
Executive chairman James Knowles said: “We believe outright ownership of quality projects in established mining jurisdictions, particularly those with defined gold inventory and resource expansion potential, will become increasingly important as new models for recognising and financing resource-backed gold assets continue to emerge.”
The company will also issue 18,771,501 to convert a portion of January 2026 loan notes.
Following the £325,000 conversion, First Class will have £75,000 debt remaining under the CLN.
Following admission, the company’s total issued share capital will comprise 386,720,973 ordinary shares, each with equal voting rights and none held in treasury.