30 sep 25   first class metals - half yearly report first class metals plc | fcm | 2.0 -0.20 (-9.1%) | mkt cap: 4.68m    rns number : 3031b first class metals plc 30 september 2025   first class metals plc   half yearly report for the six months ended 30 june 2025   first class metals plc ("first class metals", "fcm", or the "company"), uk listed company focused on the discovery of economic metal deposits across its exploration properties in ontario, canada, is pleased to present its interim results for the six months ended 30 june 2025.       for further information: engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. navigate to our interactive investor hub here: news announcements | first class metals for further information, please contact: james knowles, executive chair email: jamesk@firstclassmetalsplc.com tel: 07488 362641 marc j sale, ceo and executive director email: marcs@firstclassmetalsplc.com tel: 07711 093532 novum securities limited (financial adviser) david coffman website: www.novumsecurities.com tel: (0)20 7399 9400 axis capital markets (broker) lewis jones website: axcap247.com tel: (0)203 026 0449       chairman's statement   the first half of 2025 has been one of both operational progress and significant corporate developments for first class metals plc. our exploration efforts in ontario, canada, have advanced materially, particularly at the flagship sunbeam and north hemlo properties. we have also taken important steps in corporate governance, funding strategy, and portfolio management to position the company for sustainable growth.   the early part of the year saw the board focus on completing the strategic investment from 79th grp limited ("79th grp") that had been announced in december 2024.  the first stage of this investment was completed on 25 february 2025 following the passing of the necessary resolutions at a general meeting of the company and the publication of an fca approved prospectus. this also saw  david webster appointed as a director and non-executive chairman. immediately following this, the media reported that allegations had been made by the city of london police concerning 79th grp and as result the second stage of the investment did not proceed and mr webster resigned from the board.  79th grp subsequently appointed administrators.   despite the second stage of a planned strategic investment not proceeding, the board moved swiftly to secure the company's financial flexibility through alternative funding arrangements. this decisive action has allowed us to maintain momentum across our exploration programmes without disruption. encouragingly, we have received strong interest from a range of potential partners - both equity and non-equity, reflecting continued market recognition of the quality, scale, and strategic positioning of our asset portfolio.   at board level, my return as executive chairman has provided continuity of leadership and sharpened our strategic focus. we have reinforced our governance framework and operational discipline to ensure that the company remains agile in both its technical execution and its corporate decision-making.   with a robust project pipeline, a clear technical roadmap, and a well-capitalised plan for the months ahead, we have entered the second half of the year with renewed energy. our focus is on delivering tangible progress at our priority projects, advancing towards defined value milestones, and ensuring that first class metals continues to strengthen its standing as one of the most active and ambitious exploration companies in ontario.   james knowles executive chairman     operational review   sunbeam project work at sunbeam during the first half of 2025 has centred on the winter exploration programme and the ramp-up of the current field season. winter lake sediment sampling was undertaken across both the original property and the recently staked extension ground, marking the first systematic geochemical coverage of these new areas. reference samples were also collected around the historic sunbeam, roy, and pettigrew developments to benchmark anomalism levels.   preliminary results have highlighted several new gold-anomalous catchments within the extension ground, extending the known mineralised footprint and providing fresh targets for follow-up. importantly, the winter fieldwork was complemented by the input of professor mary louise hill, whose on-site structural observations at roy have sharpened our understanding of the controls on mineralisation. this insight is now being integrated with soil geochemistry, geophysics, and lidar interpretation to further refine drill targeting.   the late-2024 orientation soil survey, which revealed cohesive gold anomalies, most notably around the roy zone, is now being expanded into a wider grid, focussed on a section of the roy lineament. this larger survey aims to identify additional zones along the roy structure, prioritising those with the strongest gold-in-soil responses for drilling consideration.   this systematic approach, combining professor hill's structural expertise with targeted geochemical and geophysical programmes, is designed to rapidly build the geological model for sunbeam. by moving from orientation work to a wider coverage sampling and prioritised follow-up, the focus is on enabling cost-effective drill targeting while preserving optionality across the district-scale property.   north hemlo project the 2025 field season has built upon the work completed in 2024. results from stripping, channel sampling, and soil surveys along the dead otter trend (dot) have confirmed a significantly wider gold anomalous corridor, now interpreted to be approximately 30m in width over a strike length exceeding 3km. high-grade grab samples up to 19.6 g/t au, along with strong molybdenum pathfinder signatures, highlight the trend's geological significance and its similarity to the barrick hemlo gold system.   winter work, including lake sediment sampling and very low frequency (vlf) geophysics, has refined target areas for future drilling campaigns. structural analysis, integration of lidar data, and magnetic survey results are expected to optimise drill targeting and improve the cost-effectiveness of exploration.  kerrs gold project the kerrs gold project remains an important strategic holding within the portfolio, located in the prolific abitibi greenstone belt, one of the most established and well-endowed gold-producing regions in the world. the property hosts a historical ni 43-101 inferred resource of 386,467 ounces of gold at an average grade of 1.71 g/t, underscoring its potential as a meaningful gold asset within a highly competitive district.   during the first half of 2025, work has focused on a detailed geophysical interpretation of the high-resolution magnetic survey completed in 2024. this exercise is aimed at enhancing the geological understanding of the property and identifying areas of structural and lithological interest that could offer future optionality. discussions are also progressing to secure access to the complete historical drill database, which would allow for a more comprehensive evaluation of the resource and surrounding exploration potential.   while no immediate plans are in place to advance kerrs to drilling, the property's combination of historical work, district location, and resource pedigree provides first class metals with flexibility in how best to unlock its value. this could include selective technical studies, further geophysical analysis, or strategic transactions, depending on how its best fits within the wider corporate and operational objectives.   activities on other properties ·      esa project: infill soil lines are being planned to refine the large gold anomaly and identify stripping targets. ·      zigzag lithium project: metallurgical studies are under consideration for the hard rock lithium mineralisation. ·      quinlan lithium property in line with the company's ongoing portfolio review, first class metals plc confirms that it will not be proceeding with the quinlan lithium property earn-in agreement originally announced on 21 march 2024. this decision reflects the company's focus on advancing its core gold projects where the board believes the potential to deliver near- to medium-term value for shareholders is strongest.     corporate developments   ·      board changes: david webster was appointed and subsequently stepped down as non-executive chairman during the period. following his resignation, james knowles resumed the role of executive chairman to ensure continuity of leadership and to maintain strategic momentum. ·      fundraising: in june 2025, the company successfully raised gross proceeds of £520,000 through the issue of 26,000,000 new ordinary shares at 2p per share - a modest 7% discount to the prevailing market price. the placing, arranged by clear capital markets, was strongly supported by institutional and high-net-worth investors. the proceeds have strengthened the company's working capital position and are being deployed towards targeted early-summer exploration programmes across our portfolio, aimed at refining key targets ahead of more intensive fieldwork later in the season.   ·    strategic innovation in funding: in july 2025, first class metals signed a non-binding memorandum of understanding (mou) with valereum plc, a market-leading digital asset infrastructure group, to explore the potential application of regulated tokenisation for mineral exploration project funding this initiative seeks to evaluate whether a digital, project-level funding model could provide non-dilutive capital, broaden access to global investors, and align with emerging esg-focused investment trends. while exploratory in nature, this collaboration positions first class metals at the forefront of innovative financing within the junior exploration sector, with the potential to transform how early-stage mineral projects are funded and advanced.      ·      strategic portfolio activity: during the same period, the company signed a non-binding letter of intent for a potential disposal of one of its properties for an all-cash consideration. while there is no certainty that this transaction will proceed, due diligence is progressing positively, and the proposal reflects growing third-party interest in the company's highly prospective portfolio. outlook   the exploration results continue to validate the geological potential of the core assets, with north hemlo and sunbeam leading the pipeline of growth opportunities. with targeted work programmes ready for execution and ongoing funding initiatives, the board is confident in its ability to advance the projects and deliver value for shareholders.   the current strength in the gold price, underpinned by persistent macroeconomic uncertainty, strong central bank buying, and a tightening supply-demand balance, is creating a supportive environment for junior explorers. historically, such conditions have driven renewed investor interest in early-stage companies with quality projects and credible exploration strategies - a dynamic that first class metals is well positioned to benefit from.   at sunbeam, both the expanded soil sampling programme and the vlf geophysical survey have been completed, with results expected in the coming weeks. these datasets will be integrated to refine target definition, with drilling at priority targets at both sunbeam and north hemlo considered probable based on current planning and resourcing. work at kerrs and esa is also anticipated to progress in parallel, with activity paced to align with our disciplined capital management approach. across all projects, the board remains committed to technical excellence and to maintaining clear, transparent engagement with all stakeholders.   financial review   as an exploration company without current revenues, the financial position is managed to prioritise expenditure on value-accretive exploration activities. the equity issue in february 2025 provided working capital to advance our projects while alternative funding options are explored.   operating costs for the period reflect the execution of winter and early spring exploration programmes, along with corporate expenses associated with governance changes, regulatory compliance, and stakeholder communications. cash resources at the end of the period provide a sufficient runway into the second half of the year, with additional funding discussions ongoing.     post period highlights sunbeam expansion: first class metals expanded the sunbeam property by entering into an option agreement over two additional claim blocks, increasing the land package to more than 90km². this strategic addition strengthens the project's position between agnico eagle's hammond reef deposit and its regional holdings, further enhancing the scale and prospectivity of sunbeam. geophysical & soil programmes:  a very low frequency (vlf)-magnetic survey covering 17.1km of grid and an extensive soil sampling programme was completed at sunbeam. results are now undergoing interpretation, with both datasets expected to refine drill target selection across the >10km roy lineament and associated structures. corporate development - issue of equity:  on 10 september 2025, 276,924 ordinary shares were issued to satisfy the first sunbeam south-east share payment, bringing the company's issued share capital to 233,932,820 ordinary shares. board strengthening:  in september 2025, the board was further strengthened by the reappointment of marc j. sale as an executive director. having remained ceo throughout, his return to the board ensures leadership and alignment at a pivotal stage in advancing the company's ontario gold portfolio. quinlan lithium property in line with the company's ongoing portfolio review, first class metals plc confirms that it will not be proceeding with the quinlan lithium property earn-in agreement originally announced on 21 march 2024. this decision reflects the company's focus on advancing its core gold projects where the board believes the potential to deliver near- to medium-term value for shareholders is strongest.               interim financial report   this interim financial report does not include all the notes of the type normally included in an annual financial report.  accordingly, this report should be read in conjunction with the financial statements for the year ended 31 december 2024 and any public announcements made by first class metals plc during and subsequent to the interim reporting period.   principal risks the principal risks and uncertainties for the remaining six months of the financial year remain the same as those contained within the annual report and accounts as at 31 december 2024.   related- party transactions see note 13 for a list of the related party transactions that have taken place in the first six months of the current financial year. there have been no changes in the related party transactions described in the last annual report that could have a material effect on the financial position or performance of the group in the first six months of the current financial year.   post reporting date events see note 12 for a list of these events.   statement of directors' responsibilities the directors confirm that these condensed interim financial statements have been prepared in accordance with uk adopted international accounting standard 34, 'interim financial reporting' and the disclosure guidance and transparency rules sourcebook of the united kingdom's financial conduct authority and that the interim management report includes a fair review of the information required by dtr 4.2.7 and dtr 4.2.8, namely:   ·    an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and   ·    material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.   by order of the board     james knowles executive chairman   29 september 2025   consolidated income statement for the period from 1 january 2025 to 30 june 2025  6 months to  30 june  2025  £  unaudited 6 months to 30 june  2024  £  unaudited 12 months to  31 december  2024  £  audited revenue - - - cost of sales - - - gross loss - - - administrative expenses (939,700) (573,159) (1,365,247) other gains - 32,503 31,906 operating loss (939,700) (540,656) (1,333,368) finance income 705 71 177 finance costs 7,681 (16,100) (26,766) net finance cost 8,386 (16,029) (26,589) loss before tax (931,314) (556,685) (1,359,957) loss for the period (931,314) (556,685) (1,359,957) profit/(loss) attributable to:    owners of the company (931,314) (556,685) (1,359,957)         loss for the period (931,314) (556,685) (1,359,957) items that may be reclassified subsequently to profit or loss    foreign currency translation (losses)/gains 13,792 (9,848) (13,094) total comprehensive (loss)/income for the period (917,522) (566,533) (1,373,861) total comprehensive (loss)/income attributable to:    owners of the company (917,522) (566,533) (1,373,861)     loss per share: (0.71)p (0.87)p (1.53)p      consolidated statement of financial position as at 30 june 2025  note 30 june  2025  £  unaudited 30 june  2024  £  unaudited 31 december  2024  £  audited assets non-current assets     property, plant and equipment 5 13,577 636 16,731 mineral property exploration and evaluation 4 3,786,062 3,427,255 3,643,342   3,799,639 3,427,891 3,660,073 current assets     trade and other receivables 7 307,917 75,427 90,389 cash and cash equivalents 8 285,918 83,006 221,071   593,835 158,433 311,460 total assets  4,393,474 3,586,324 3,971,533 equity and liabilities equity     share capital 9 220,833 82,046 100,819 share premium  7,568,480 4,719,622 5,474,035 equity reserve  713,361 719,440 713,761 foreign currency translation reserve  - (9,736) (13,792) retained earnings  (4,715,915) (2,981,329) (3,784,601) equity attributable to owners of the company  3,786,759 2,530,043 2,489,822 current liabilities     trade and other payables 11 606,715 821,596 558,603 loans and borrowings 10 - 234,685 700,000  total current liabilities  606,715 1,056,281 1,258,603 non-current liabilities     trade and other payables 11 - - 223,108 total liabilities  606,715 1,056,281 1,481,711 total equity and liabilities  4,393,474 3,586,324 3,971,533      consolidated statement of changes in equity for the period from 1 january 2025 to 30 june 2025 unaudited share capital  £ share premium  £ equity reserve  £ foreign currency translation  £ retained earnings  £ total equity  £ at 1 january 2025 100,819 5,474,035 713,361 (13,792) (3,784,601) 2,489,822 loss for the period - - - - (931,314) (931,314) other comprehensive income - - - 13,792 - 13,792 total comprehensive income - - - 13,792 (931,314) (917,522) new share capital subscribed 120,014 2,094,445 - - - 2,214,459 at 30 june 2025 220,833 7,568,480 713,361 - (4,715,915) 3,786,759   unaudited share capital  £ share premium  £ equity reserve  £ foreign currency translation  £ retained earnings  £ total equity  £ at 1 january 2024 82,046 4,719,622 719,440 112 (2,424,644) 3,096,576 loss for the period - - - - (556,685) (556,685) other comprehensive income - - - (9,848) - (9,848) total comprehensive income - - - (9,848) (556,685) (566,533) at 30 june 2024 82,046 4,719,622 719,440 (9,736) (2,981,329) 2,530,043   audited share capital  £ share premium  £ equity reserve  £ foreign currency translation  £ retained earnings  £ total equity  £ at 1 january 2024 82,046 4,719,622 719,440 112 (2,424,644) 3,096,576 loss for the period - - - - (1,359,957) (1,359,957) other comprehensive income - - - (13,904) - (13,904) total comprehensive income - - - (13,904) (1,359,957) (1,373,861) new share capital subscribed 18,773 754,413 - - - 773,186 shares to be issued - - 353,641 - - 353,641 other equity reserve movements - - (359,720) - - (359,720) at 31 december 2024 100,819 5,474,035 713,361 (13,792) (3,784,601) 2,489,822          consolidated statement of cash flows for the period from 1 january 2024 to 30 june 2024  note 6 months to  30 june  2025  £  unaudited 6 months to  30 june  2024  £  unaudited 12 months to  31 december 2024  £  audited cash flows from operating activities loss for the period           (931,314) (576,268) (1,359,957) adjustments to cash flows from non-cash items     depreciation and amortisation                 3,154 266 1,495 profit on disposal of intangible assets                        -   (32,503) 3,153 impairment losses                        -   3,306 (31,906) foreign exchange loss             123,823 104,910 202,357 finance income                  (705) (71) (177) finance costs                (7,681)  16,099 26,766            (812,723) (484,261) (1,158,269) working capital adjustments     (increase)/decrease in trade and other receivables 7 (217,528) 99,208 199,623 increase/(decrease) in trade and other payables 11           (174,996) 54,221 255,181 increase in deferred consideration  - (54,609) - net cash flow from operating activities         (1,205,247) (385,441) (703,465) cash flows from investing activities     interest received                    705 71 177 acquisitions of property plant and equipment                        -   - (17,323) proceeds from sale on intangible assets                        -   274,291 262,480 acquisition of mineral property exploration and revaluation 4          (178,663) (287,210) (653,081) net cash flows from investing activities           (177,958) (12,848) (407,747) cash flows from financing activities     interest paid                        -   - - proceeds from issue of ordinary shares, net of issue costs         2,214,459 - 773,186 proceeds from other borrowing draw downs                        -   230,000 700,000 repayment of other borrowing           (700,000) (160,000) (160,000) financing of shares loaned by directors             (97,141) 166,500 (103,220) finance cost of financial instruments                  7,681  - (26,766) foreign exchange loss  23,053 - 8,281 net cash flows from financing activities  1,448,052 236,500 1,191,481 net increase in cash and cash equivalents               64,847 (161,789) 80,269 cash and cash equivalents at 1 january             221,071 140,802 140,802 effect of exchange rate fluctuations on cash held  - 99,308 - cash and cash equivalents at 30 june             285,918 78,321 221,071     notes to the financial statements for the period from 1 january 2024 to 30 june 2024 1 general information the company is a public company limited by share capital, incorporated and domiciled in england and wales. the principal activity of the company was that of a holding company.   the principal activity of the group was that of the exploration of gold and other semi-precious metals as well as battery metals critical to energy storage and power generation solutions. the company's ordinary shares are traded on the london stock exchange (lse) under the ticker symbol fcm. the address of its registered office is: suite 24 manor court offices salesbury old road ribchester preston lancashire pr3 3xr united kingdom these unaudited interim results comprise the company and its subsidiary, first class metals canada inc.   the company's interim report and accounts for the six months ended 30 june 2025 have been prepared using the recognition and measurement principles of international accounting standards in conformity with the requirements of the companies act 2006.   these interim financial statements for the six months ended 30 june 2025 should be read in conjunction with the financial statements for the year ended 31 december 2024, which have been prepared in accordance with international financial reporting standards ("ifrss") as applied in accordance with the provisions of the companies act 2006. the interim report and accounts do not include all the information and disclosures required in the annual financial statements.    the interim report and accounts have been prepared in accordance with ias34 (interim financial statements) and on the basis of the accounting policies, presentation and methods of computation as set out in the company's december 2024 annual report and accounts, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 january 2025 and will be adopted in the 2025 annual financial statements.    the financial information is presented in pounds sterling, rounded to the nearest pound and has been prepared under the historical cost convention.   the interim report and accounts do not comprise statutory accounts within the meaning of section 434 of the companies act 2006. these interim financial statements were approved by the board of directors on xx september 2025. the results for the six months to 30 june 2025 and the comparative results for the six months to 30 june 2024 are unaudited.  the figures for the year ended 31 december 2024 are extracted from the audited statutory accounts of the company for that period.   going concern the directors have confirmed their intention to support the company whilst it is in the process of raising funds to achieve its business plans. the directors consider that sufficient resources are available to support the company's operations for the foreseeable future and therefore believe that the going concern basis of preparation is appropriate.     2  loss per share      6 months ended 30 june 2024     6 months ended 30 june 2024 12 months ended 31 december 2024      (unaudited)     (unaudited) (audited)   loss from operations £ (917,522)   (556,685) (1,373,861)  weighted average number of shares   129,541,715   63,838,554 89,797,752  basic and fully diluted loss per share pence (0.71)   (0.87) (1.53)    basic loss per share is calculated by dividing the loss attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period. there are potentially issuable shares all of which relate to share warrants issued as part of placings in 2022. however, due to the losses for the year the impact of the potential additional shares is anti-dilutive and has therefore not been recognised in the calculation of the fully diluted loss per share.  3 earnings per share the calculation of the basic and diluted earnings per share (eps) has been based on the loss attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. 4 mineral property exploration and evaluation  mineral property exploration and evaluation  £   cost or valuation at 1 january 2024 3,439,957 additions 750,222 disposals (230,574) foreign exchange movements (230,476) at 31 december 2024 3,729,129   at 1 january 2025                        3,729,129 additions                  275,804 disposals                              -   foreign exchange movements               (136,218) at 30 june 2025               3,868,715 amortisation  impairment charge                        82,653 carrying amount at 30 june 2025                        3,786,062 at 30 june 2024 3,427,255 at 31 december 2024 3,643,342     5 property, plant and equipment group     property £ furniture, fittings and equipment £ total £ cost or valuation    at 1 january 2024 - 1,598 1,598 additions 17,323 - 17,323 at 31 december 2024 17,323 1,598 18,921   at 1 january 2025   17,323   1,598   18,921 additions - - - at 30 june 2025 17,323 1,598 18,921   depreciation    at 1 january 2024 - 695 695 charge for the period 962 533 1,495 at 31 december 2024 962 1,228 2,190   at 1 january 2025   962                   1,228                 2,190 charge for the period  2,888                   266                  3,154 at 30 june 2025                  3,850                   1,494                   5,344   carrying amount    at 30 june 2025                 13,473                     104                 13,577 at 31 december 2024                 16,361                      370                16,731   6 investments group subsidiaries   details of the group subsidiaries as at 30 june 2025 are as follows: name of subsidiary    principal activity    registered office    proportion of ownership interest and voting rights held  2024 2023 first class metals canada inc.* mining of other non-ferrous metal ores 55 york street suite 401 toronto on m5j 1r7 canada 100% 100% * indicates direct investment of the company.     7 trade and other receivables   30 june  2025  £ 30 june  2024  £ 31 december  2024  £   accrued income                     -   34,684 32,501   prepayments              5,960 2,292 11,981   other receivables 301,957 38,451 45,907   307,917 75,427 90,389         8 cash and cash equivalents  30 june  2025  £ 30 june  2024  £ 31 december  2024  £   cash at bank 285,918 83,006 221,071   bank overdrafts - (4,685) -   285,918 78,321 221,071   9 share capital        allotted, called up and fully paid shares  30 june 2025 31 december 2024  no £ no £ ordinary shares of £0.001 each 220,833,371 220,833 100,819,240 100,819   during the period, the company raised gross proceeds of £520,000 through the issue of 26,000,000 new ordinary shares of £0.001 each at a price of 2.0 pence per share. the issue represented a discount of approximately 7% to the closing mid-market price of 2.15 pence on 4 june 2025. the placing comprised 25,000,000 new ordinary shares raising £500,000 through clear capital markets limited, with the shares placed with institutional and high net worth investors, and a private subscription of 1,000,000 new ordinary shares by non-executive director marc bamber raising £20,000.   zigzag option agreement in accordance with the zigzag option agreement, payments and issuances of fcm ordinary shares are scheduled over a four-year period. the following table provides a detailed summary of the contractual obligations for cash payments, the issuance of ordinary shares, and the annual work commitments as per the agreement:   date cash (cad$) ordinary fcm shares (cad$) annual work commitment (cad$) on signing $50,000 $25,000 $0 june 01, 2023 $75,000 $30,000 $50,000 june 01, 2024 $100,000 $50,000 $100,000 june 01, 2025 $125,000 $60,000 $150,000 june 01, 2026 $150,000 $85,000 $250,000 total $500,000 $250,000 $550,000 issuance of fcm ordinary shares in line with ifrs requirements, the company recognises option payments and share issuances as they fall due. all contractual cash payments and share issuances due under the zigzag option agreement up to and including 1 june 2025 have been fully satisfied. accordingly, no liabilities in respect of past-due obligations remain outstanding at the reporting date. the only remaining commitments are those scheduled for 1 june 2026, together with the associated annual work commitments, which will be recognised as they become due. kerrs gold property - ifrs disclosure in accordance with the kerrs gold property agreement, the following is a summary of the contractual obligations: due date share payments cash payments (cad$) upon signing the agreement - $6,000 ($10,000 less $4,000 exclusivity deposit) six months after the effective date - $10,000 within four months of signing the agreement upon publication of a prospectus cad $20,000 in share value - on the 1st anniversary of the effective date cad $30,000 in share value $30,000 on the 2nd anniversary of the effective date cad $40,000 in share value $40,000 on the 3rd anniversary of the effective date cad $60,000 in share value $60,000 total cad $150,000 in share value $150,000   in line with ifrs requirements, the company recognises option payments and share issuances as they fall due under the kerrs gold property agreement. as of the reporting date, all share payment obligations have been fully satisfied, including the acceleration and completion of the second and third scheduled share issuances in june 2025. the only obligations remaining are the second and third cash instalments, totalling cad $100,000, which will be settled in line with the agreement. no liabilities remain outstanding in respect of share payments, and future reporting periods will reflect the settlement of the remaining cash obligations together with any subsequent contractual commitments as they fall due.     quinlan property - ifrs disclosure in accordance with the quinlan property agreement, the following is a summary of the contractual obligations: date cash (cad$) ordinary fcm shares (cad$) annual work commitment (cad$) on signing $10,000 $15,000 $0 within one-year anniversary $5,000 $10,000 $50,000 within two-year anniversary $10,000 $5,000 $50,000 within three-year anniversary $15,000 $10,000 $150,000 within four-year anniversary $100,000 nil $150,000 total $140,000 $40,000 $400,000    issuance of shares as of 30 june 2025 all other obligations remain on schedule and will be reflected in future reporting periods. ongold property - ifrs disclosure the company confirms that all obligations under the ongold property agreement were fully satisfied in june 2025, with the required share issuance completed. as a result, first class metals now holds 100% ownership of the ongold property, and no further liabilities or commitments remain under the agreement. 10 loans and borrowings   30 june  2025  £ 30 june  2024  £ 31 december  2024  £ current loans and borrowings bank overdraft - 4,685 - other borrowings - 230,000 700,000  - 234,685 700,000 the group's exposure to market and liquidity risks, including maturity analysis, relating to loans and borrowings is disclosed in note 15 "financial risk review".     11 trade and other payables  current 30 june  2025  £ 30 june  2024  £ 31 december  2024  £   trade payables          131,169 128,613 152,829   accrued expenses and deferred consideration          408,019 483,170 343,287   social security and other taxes            54,033 23,796 26,703   outstanding defined contribution pension costs            - - -   other payables 13,494 186,017 35,784   606,715 821,596 558,603     non-current       deferred consideration - - 223,104   12   post balance sheet events no adjusting or non-adjusting events have occurred after the reporting date of 30 june 2025 that would require disclosure or adjustment in these unaudited interim financial statements. for information regarding other post period highlights please see the relevant section above. 13 related party transactions   parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. parties are also considered related if they are subject to common control or common significant influence. related parties may be individuals or corporate entities. during the period, the group incurred consultancy and travel expenses in relation to the intangible assets from specialist exploration services (scotland) limited, a company controlled by a common director. the services were for £73,084  (dec 2024: £111,116) of which £ nil was outstanding at 30 june 2025. during the year, the group incurred director's fees for a williamson through vrynwy limited. the services were for £20,650 (2024: £ 39,315) of which £nil was outstanding at 30 june 2025. during the year, the group incurred director's fees for m bamber through bufalo associates limited, a company controlled by a common director. the services were for £23,000 (dec 2024: £15,750) of which £nil was outstanding at 30 june 2025. during the year ended 30 june 2025, the company repaid in full the director's share loan of 9,500,001 ordinary shares previously provided by james knowles, by issuing 9,500,001 ordinary shares back to him. no new share loans were made by james knowles in the year. at 30 june 2025, the amount outstanding in respect of directors' share loans was nil (dec 2024 9,500,001).   this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. 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   ir zzgzllllgkzm return to news summary

Label: Gesunken