First Class Metals plc said it planned to advance it exploration strategy before selling or entering a joint venture (JV) for its metals’ licences in Ontario, Canada.
STRATEGY
In the company’s final results for the year ended 31 December 2022, chief executive Marc Sale added that most of the six out of nine properties explored during 2022 still had areas that needed prospecting.
“FCM has a business model / strategy to assess, value add and develop the properties towards either a sale, joint venture or relinquishment event.
“It is currently not the company’s stated aim to become a producer.
“Priorities will be geared toward the completion of first-pass exploration of the principle properties in order to fully evaluate the portfolio, both on the merits of the properties and a ranking process.”
FINANCES
First Class Metals’ losses rose to £701,040 (2021: 168,339) and administrative costs to £693,583 (2021: £168,339).
The company, which has yet to generate a revenue, paid a total £254,800 to its five directors.
Trade and other receivables equalled £226,217 (2021: £29,192) and cash reserves of £712,715 (2021: £267,244).
Total assets increased to £3,196,464 (2021: £1,476,133).
2023
The company will this year focus on bringing four properties of Sunbeam, Zigzag, Esa and North Hemlo to drill-ready status.
Joint venture partner Palladium One will continue exploration and drilling of the West Pickle Lake project areas towards an NI43-101 report.