Announcement PDF RNS Number : 4065S First Class Metals PLC 14 June 2024 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 14 June 2024 Audited Annual Results for Year Ended 31 December 2023 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, focused in northern Ontario land holdings is pleased to announce its audited annual results for the year ended 31 December 2023. The Annual Report and Financial Statements for the year ended 31 December 2023 will shortly be available on the Company's website at www.firstclassmetalsplc.com. A copy of the Annual Report and Financial Statements will also be uploaded to the National Storage Mechanism where it will be available for viewing at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism For further information, please contact: James Knowles, Executive Chairman Marc J Sale, CEO JamesK@Firstclassmetalsplc.com 07488 362641 MarcS@Firstclassmetalsplc.com 07711 093532 Novum Securities Limited (Financial Adviser) David Coffman/ George Duxberry www.novumsecurities.com (0)20 7399 9400 Consolidated Annual Report and Financial Statements FIRST CLASS METALS Plc For the Year Ended 31 December 2023 (Company Number: 13158545) 13 June 2024 First Class Metals Plc Directors Company Information Marc Sale - CEO James Knowles Executive Chairman Ayub Bodi - Executive Director (resigned on 2 February 2024) Andrew Williamson NED (appointed on 15 October 2023) Marc Bamber - NED Danesh Varma - NED (resigned 15 October 2023) Company Secretary Siddharth Muricken Registered Office Suite 16 Freckleton Business Freckleton Street Blackburn BB2 2AL Financial Advisors Novum Securities Auditor Royce Peeling Green Limited The Copper Room Deva City Office Park Trinity Way Manchester M3 7BG Corporate Lawyers to the Company OBH Partners 17 Pembroke Street Upper 2nd Floor 7-10 Chandos Street London W1G 9DQ Centre Dublin2 Ireland D02 AT22 Lawyers to the Company as to Canadian Law Peterson McVicar 18 King Street East Suite 902 Toronto Ontario M5C 1C4 Canada Registrars Share Registrars Limited Molex House Millennium Centre Farnham Surrey GU9 7XX Company Website www.firstclassmetalsplc.com HIGHLIGHTS A summary of the company's highlights for the year 2023 follows: Corporate · 26th June 2023 - The Company raised £1,049,170 raised via an oversubscribed placing, subscription, and warrant conversion through the issuing of 9,974,000 shares (placing & subscription) and 375,000 shares warrant conversion all at 10p per share. · 16th October 2023 - The Company appointed of Andrew Williamson as a Non-Executive Director. · 24th November 2023 - The Company raised £603,000 via a placing through a directors share loan of 11,990,665 shares at 6p per share. Exploration and Operations · The Company obtained 6 exploration Permits granted on its North Hemlo, Sunbeam, Zigzag, Esa McKellar and Enable properties. · The Company signed agreement with four First Nations being: Whitesand First Nation, Lac Des Mille Lac First Nation, Lac La Croix First Nation, and Netmizaaggamig Nishnaabeg First Nation. · There was confirmation of 19g/t gold assays at the North Hemlo property. · The Company completed a successful stripping programme at Sunbeam with high grade results. · The results of a soil sampling programme conducted confirms robust gold anomaly at Esa. · The Company completed channel sampling and drilling at the Zigzag property. Post-Period · Quinlan The Company entered into an exclusivity agreement with Broken Rock Resources ('BRR') which was consolidated into an Option agreement on March 20, 2024. The Quinlan property contains 98 claims with FCM staking 50 claims and 48 claims being optioned from BRR. The Agreement with BRR required an execution payment of CAD$10,000 in cash and CAD$15,000 in FCM shares. The property contains a significant lithium anomaly in a lake sediment sample collected by the Ontario Geological Survey (OGS). The contractual work requirement for year 1 on the property is a sum of CAD$50,000. Full details of the Agreement were in RNS of March 21, 2024. · Kerrs Gold The Company entered into an exclusivity agreement with (1544230 Ontario Inc. and Gravel Ridge Resources) for a sum of CAD$ 5,000, and this was consolidated into an Option agreement on April 21, 2024. The property contains 36 single cell mining claims, totalling approximately 665 hectares and lies 90 kilometres eastnortheast of Timmins Mining Camp. The Kerrs Gold Project contains a historical NI43-101 compliant resource (2011), of 386,467 Oz Au. Full details of the Agreement were in RNS of April 22, 2024. · McInnes Lake In March 2024, the Company entered into an exclusivity agreement with Emerald Geological Services ('EGS') in order to acquire certain mining claims. The Company is progressing due diligence on these claims with the intention of entering into an option agreement which would grant the Company rights to acquire these claims in a staged manner. · OJEP In addition to the CAD$ 200,000 received by the Company in 2023, The Company received a further CAD$200,000 OJEP Grant from the Canadian Ministry of Mines for the Zigzag lithium & critical metals property for work completed during 2023 in April 2024. The receipt of the cash credit for the 2023 Zigzag OJEP Grant was received in April 2024 but is accounted for within the 2023 financials. · McKellar and Enable divestment to the 79th GRP Limited In June 2024, an agreement was reached with the 79th GRP Limited to sell 100% of the McKellar and Enable projects. The combined sale price is GBP £270,000 · Term Loan with the 79th GRP Limited In addition to the 'McKellar and Enable' assets sale, FCM has entered into a £230,000 working capital term loan with eh 79th GRP Limited in May 2024. CHAIRMAN'S STATEMENT For the Year Ended 31 December 2023 Dear Shareholders, I am pleased to present the Chairman's statement for the year 2023, a year that has seen exciting developments and notable achievements for First Class Metals (FCM). Throughout the year, we have made significant progress, starting with the initial discovery at Dead Otter (North Hemlo). This discovery has opened up new opportunities for further development of the North Hemlo property. We are optimistic about the potential that this project holds for FCM's future. In late 2022, we completed the strategic acquisition of Sunbeam, which has proven to be a positive move for FCM. During 2023, we have made substantial strides in advancing the development of Sunbeam, which has shown great potential for our overall growth trajectory. We are enthusiastic about the continued progress of this project. We have also further advanced the Zigzag Lithium/Critical Metals property, which adds value to our portfolio of prospects. FCM's carefully selected property assets in northwest Ontario, Canada-known for its favourable mining conditions-provide us with a strong foundation for exploration. We remain focused on gold, semiprecious metals, and battery metals critical to the evolving energy storage and power generation sectors. At present, FCM maintains exposure to ten exploration projects, each showcasing potential in a variety of commodities such as gold, lithium, nickel, copper, zinc, molybdenum, and rare earth elements (REE). This diversification positions us for growth and establishes FCM as a relevant player in the exploration industry. In January 2023, FCM proudly announced the discovery of a noteworthy gold and molybdenum trend on the North Hemlo (Dead Otter Trend) extending over 3 kilometres. This discovery had several gold assays exceeding 1 g/t, with the highest recorded at an impressive 19.6 g/t. We believe this discovery to be one of the highest occurrences of gold on the Northern portion of the Hemlo area. Subsequent work conducted throughout 2023 further supported and reinforced the potential of this expanding discovery. In June, FCM engaged in extensive consultations with our First Nation partners, which culminated in the submission of exploration permit applications for North Hemlo and Esa to the Ontario Ministry of Mines. These applications sought permission for invasive exploration methods such as drilling, mechanical stripping, and trenching on the properties. We are pleased to announce that in November, both permits were granted approval, representing a significant milestone for FCM. This achievement signifies that both properties have achieved a drill-ready status, with the necessary permits in place to facilitate further exploration activities. We successfully raised £1,049,170 @ 10p per share with a broker led placing alongside a private subscription (Directors Purchase of £37,500 by Marc Sale CEO) and a warrant conversion in late June 2023. The funds were used to further develop the company's exploration activities across its portfolio. In the second half of 2023 exploration commenced on the Zigzag property with an initial grab sample campaign which produced a successful first pass of exploration over the property with multiple samples reporting +1% Lithium. This focussed work started to define a 400m 'core' zone of interest. FCM returned to complete a channel sampling campaign in early autumn. The results from the channels were announced in November. Again, a significant number of the channels returned samples of +1% Lithium with an outstanding highlight of 2.36% lithium (Li2O) over 5.5m. In late December 2023, FCM commenced its inaugural drill program with a 500m diamond drill program focused on the core zone at Zigzag. Results announced in February exceeded all expectations. Numerous intercepts over 1% lithium with some very interesting elevated critical/technology metal grades in Rubidium, Tantalum & Caesium. We successfully completed a second broker led fundraising of 2023 in November raising £603,000, the funds supported the company working capital position and allowed repayment of the Sanderson Capital Partners outstanding £500,000 convertible loan note (Sanderson CLN). We have through 2023 developed the business to a point at which the portfolio may be rapidly commercialised via sale or JV/Earn in: · Zigzag Lithium and Critical Metals: successfully drilled and open on strike and depth with a second potential trend identified to the South. The property is fully permitted and is located in a prime location, sat between several developing lithium projects on the Seymour/Falcon Lake lithium belt. A large hydro scheme at Jackfish River 7km south of Zigzag Lake is under consultation and there are numerous advanced stage studies from other project developers for construction of key infrastructure including a spodumene benefaction plant at Seymour Lake (Green Technology Metals Limited ASX:GT1). · North Hemlo: the Dead Otter Trend was extensively worked in 2023 with further encouraging results. The granting of the exploration permits further enhances the prospects of the property and we look forward to carrying out more invasive exploration in 2024. · Esa: soil sampling results in 2023 gave further credence to the 'Esa Shear Zone' theory which is a 4.5km trend with anomalous gold and pathfinder finder elements present. A limited stripping program in November will be followed up in 2024. · Sunbeam: early season prospecting helped gain a more in-depth geological knowledge of the property and the wider 'English Option' ground. This was followed up by two stripping and channel sampling campaigns around the historical workings of the Sunbeam Mine, Roy, and Pettigrew shafts. Results from the channel sampling across all three sites peaked at 18.8 g/5 Au at Roy with multiple results above 1 g/t across the sample locations. Pleasingly up to 4.98g/t Au was discovered in the porphyry at Roy. Significantly the discovery of gold within the sheared and altered porphyry could add significant upside to what was thought to be predominantly a high-grade vein system hosted in mafic schist, from which the known historic production was mined. This will form a focus for future exploration activity in 2024. We are continuously evaluating and advancing various strategies to enhance the value of our portfolio and ensure the sustainable growth of the company. To this end, we are exploring potential joint ventures, partial divestments, or even project sales that align with our objective of maximizing value within the shortest possible timeframe. Our board of directors is fully committed to exploring innovative ways to unlock the full potential of our assets and capitalize on strategic opportunities as they arise. With the recent addition of the Quinlan, and the Kerr Gold properties (also the potential addition of the McInnes Lake property), we have achieved a well-balanced portfolio that provides us with multiple options for divestment and renewed focus on developing the next set of promising prospects. This strategic balance enables us to navigate the market dynamics effectively and strategically allocate our resources for sustained growth. We understand that adaptability and flexibility are key to success in the ever-evolving metals exploration industry. By actively assessing our options and making informed decisions, we are positioning FCM to capitalise on opportunities and drive value creation for our shareholders. The activities undertaken by First Class Metals (FCM) during the period have been very positive, and we would like to extend our thanks to our dedicated exploration teams in Canada led by Emerald Geological Services for their unwavering drive and determination. The momentum generated during this period will continue to be a central pillar of our overall strategy moving forward. As we look ahead, we are excited to build upon this strategy in the coming year. Our priority is to provide our shareholders with a clear and well-defined vision for the future development pathway of our substantially advanced exploration project pipeline. We recognize the importance of transparent communication and are committed to keeping our shareholders wellinformed about our progress and strategic goals. Our team remains dedicated to delivering sustainable growth and striving for excellence in all aspects of our operations. By prioritising disciplined exploration, responsible exploration practices, and prudent portfolio management, we are confident in our ability to deliver long-term value to our shareholders. James Knowles Chairman OPERATIONS REPORT CEO's Review on the Company Portfolio, Strategy and Operations BACKGROUND First Class Metals is a Canadian focused gold and critical metals explorer. The Company is focussed on exploring the north-west region of Ontario. At the point of listing in July 2022, FCM, through its wholly owned subsidiary First Class Metals Canada Inc (FCMC), held seven 100% owned properties. Geologically, these seven blocks lie within the highly mineralised and prospective Hemlo-Greenstone Belt and the named extensions to the east and west. Four of these discrete claim blocks and a fifth that forms the nucleus of the North Hemlo block were acquired from Power Metals Inc. ("Power" or "Power Metals") prior to listing as part of a pre-IPO agreement in which Power vended the claims into FCM for a one-third stake in the pre-IPO entity. Subsequent to listing, during the reporting period, FCMC has entered into three agreements, one covering the historic Sunbeam gold mine, a second on the Zigzag hard rock lithium prospect and a third area contiguous and to the north of the North Hemlo block being the 'OnGold' property. The initial two agreements are with Nuinsco Resources Limited (Nuinsco) and the third a private company, OnGold Invest Corp (OnGold). All properties are also located in north-west Ontario, see Figure 01. The details of both these transactions have been provided in press releases. Figure 01 showing the nine property blocks (10 properties) currently under the control of FCMC. Note: North Hemlo and OnGold are contiguous and is considered one project FCM, whilst constantly on the 'look-out' for quality Option or Purchase Agreements, consider the five core properties contain significant potential and the business model adopted is to add value to the properties and then monetise the asset by sale or Joint Venture (JV). The following table and narrative details the portfolio of ten claims from west to east. Area Sunbeam and Owner Number of Claims Area (km2) Claim Types Minimum Expenditure required (CAD$) FCM 1134 49.0 9 Single Cell Mining Claims and 8 Multi-Cell Mining Claims 88,800 Zigzag FCM 6 1.2 2,000 Coco East FCM 30 6.3 Enable FCM 41 8.7 McKellar FCM 66 12.5 2 Boundary Cell Mining Claims & 4 Single Cell Mining Claims 9 Boundary Cell Mining Claims, 21 Single Cell Mining Claims 9 Boundary Cell Mining Claims, 32 Single Cell Mining Claims 9 Boundary Cell Mining Claims, 57 Single Cell Mining Claims Magical FCM 14 2.9 Single Cell Mining Claims 5,600 Esa FCM 86 20.6 1 Multi-cell Mining Claim, 85 Single Cell Mining Claims 38,800 North Hemlo North Hemlo Pezim II OnGold FCM 394 82.7 Single Cell Mining Claims 157,600 FCM 49% 33 6.9 Single Cell Mining Claims 13,200 Others 163 34.55 Single Cell Mining Claims Sugar Cube FCM 205 42.7 Single Cell Mining Claims Sunbeam extn. 268.05 10,200 16,400 23,600 82,000 438,200 Note: The assessment credits for the above properties have been applied and hence the only properties that need expenditure in 2024 to remain in good standing are Coco East (CAD$) $8414 & Esa ($CAD) $28,533. All the claim blocks have underlying Net Smelter Return (NSR) or similar royalty payments. These generally fall into the three following categories but are detailed in the attached table and in the relevant press releases pertaining to the individual transactions: The following table is reproduced from the IPO prospectus with the addition of the Sunbeam and Zigzag acquisitions and is relevant as of Dec 31, 2023. Overview of Operations The 2023 field season was a very successful one for First Class Metals as the first full year of activity and built off the pre-IPO activities and post IPO exploration in 2022. Significant advances were achieved on the flagship North Hemlo property. FCM, through its 100% owned subsidiary First Class Metals Canada Inc., continued to explore several of the seven properties that formed the portfolio on listing. Furthermore, significant prospecting and exploration was undertaken on the postIPO Sunbeam and Zigzag acquisitions. Other than limited lake sediment sampling in the winter of 2022/23 there was no groundwork conducted on the Coco East, Magical or Sugar Cube properties in 2023. However, the Sugar Cube property was subject to a low-level high definition VTEM geophysical survey. The business / exploration strategy of FCM is similar in rationale and execution as that of many junior, newly listed exploration companies: to value add to an exit event, by JV or sale. This approach can equally apply to the company itself or individual projects in the Company's portfolio. The field season's results reported to date for 2023 have advanced this business strategy significantly. Notwithstanding the two significant acquisitions which also enhanced the Company's appeal to investors. FCM intends to continue this business model in 2024: to value add to the existing portfolio as well as to review other opportunities in Ontario that will add potential to the company. However, the focus of any exploration company is the timely undertaking of drilling. FCM successfully moved four of the key properties towards 'drill ready' status and undertook a maiden drill programme on the Zigzag hard rock lithium property. Whilst the Company is monitoring its land position as well as expansion opportunities, the possibility of joint venturing parts of the portfolio is always a consideration. The West Pickle Lake project area under JV with Palladium One (renamed to 'GT Resources') in the north-east of the North Hemlo property is a clear example of the success of this aspect of the Company's strategy. The following is an overview of the Company's field activities resulting from the 2023 field season. Many of the final assays were not received until 2024, though the work was completed, and samples submitted for analysis during the reporting period. The following sections detail the ten properties in a rough ranking order, from 'core' to 'non-core' and with respect to the field work undertaken and further planned. Whilst most activities fall within the reporting period, events noteworthy after 31 December 2023 are included in order to present an accurate account of activities. The claim blocks detailed from core to non-core: The ten claim blocks, (OnGold is contiguous to North Hemlo), covering almost 230km², are distanced by about 400km from Sunbeam in the west to Sugar Cube in the east. Hemlo area The Hemlo Schreiber greenstone belt has two broad divisions, the south and the north limbs. The Barrick Hemlo producing gold mine is located on the south limb and is associated in a macro sense with shearing and increased molybdenum values. The Hemlo north limb in which the Esa and flagship North Hemlo properties are located has three distinct shears identified by previous explorers. The shears in part transect both properties, see Figure 02. Figure 02 showing the regional geological and structural setting of the North Hemlo OnGold and Esa block (Hemlo 'north limb'), relative to the Hemlo gold mine. I. North Hemlo The Flagship North Hemlo property historically comprised of three claim areas: Pezim I & II, and Wabikoba, that weren't contiguous. However, the addition of the Hemlo North block, acquired from Power Metals Plc., brought North Hemlo together as one cohesive block, see Figure 03. Figure 03 showing the composition of the North Hemlo claim blocks. The entire property now extends across 448 claims covering ~98km², with the signing Agreement with OnGold the property area was extended by 34.5km² (163 claims) which are contiguous to the north, see Figure 02. Note: 33 claims are under effectively a Joint Venture agreement with Palladium One and FCMC's ownership is reduced as per the terms in the Joint Venture agreement. There were limited historical showings on the property, the most important being the gold / molybdenum showing at Dead Otter Lake which reported 3.1ppm Au, 0.59%Mo. Also, the geology / geophysical signature of the Dotted Lake / Fairservice prospect continues onto the North Hemlo block. Furthermore, the JV - Earn-in with Palladium One has significantly enhanced the base, battery, and critical metal potential of the block. Further potential is derived from the arcuate inferred shears which mimic the shear hosting the Hemlo gold mine, see Figure 03. An Exploration permit, required for 'invasive' exploration such as trenching, stripping, and drilling, was granted for both the North Hemlo and Esa blocks in October 2023. An Exploration Permit was granted by the Provincial authorities over North Hemlo in October 2023, this was closely followed by the execution of an Exploration Agreement with Netmizaaggamig Nishnaabeg First Nation (NNFN) in November 2023 (the agreement also covers the Esa claim block). Exploration: Whilst exploration to date by FCM has focussed in the southern sector around the Dead Otter Lake showing (3.7 g/t gold 'Au' and 0.59% molybdenum 'Mo') exploration property wide has been enhanced with the low-level high-resolution helicopter borne magnetic survey, see Figure 04. The survey was a high-resolution heliborne magnetic survey covering the North Hemlo property (the survey did not cover OnGold nor Pezim II) was flown in 2022. Figure 04 showing the hi res. mag. survey conducted over the North Hemlo block, the OnGold and Pezim II claims were not included in the survey. The magnetic survey has shown that there are additional linear anomalies which require further exploration throughout the property, especially where intersected by north-south and northwest structures. The survey highlighted the structure hosting the Dead Otter Lake trend, 'DOT', as well as other potentially interesting features such as the extension of the Dotted Lake mineralised zone. The intersections of the N-S and NW-SE structures in the central north sector are veritable exploration targets as are the structures paralleling the DOT in the south. The magnetic interpretation undertaken by Paterson, Grant & Watson ('PGW') confirms the belief that two arcuate structures, refer to Figure 02 pass through the claim block, the southern structure coinciding with the DOT and the northern structure with the extension of the Fairservice showings at Dotted Lake. The Dead Otter Lake area is situated about 20km north of the iconic Barrick Hemlo 23Moz Au producing mine. During the season extensive work: prospecting, sampling, and mapping have been undertaken along the Dead Otter Trend, the focus has been around the historical showing and the area reporting 19.6ppm Au over three kilometres to the southeast. Whilst sampling to date has not replicated the historic value there is limited outcrop exposed owing to water ingress. The presence of visible gold and gold being 'panned' from crushed rock may indicate that there is potentially an issue with 'coarse gold' in the area of the historic showing. Furthermore, the trend is reporting very high values of pathfinder elements including molybdenum as well as telluride which is strongly associated with gold deposits especially in the Hemlo area. Additionally, over 750m SE along trend from the historic showing an isolated outcrop returned 2.29ppm Au. This confirms the trend is auriferous. Furthermore, in the area of the 19.6ppm sample other samples have reported 13.6ppm and 4.6ppm Au, see Figure 05. Future work will include detailed prospecting along the trend to prove the continuity of the structure along strike from the known gold occurrences, leading to stripping and drilling. As previously mentioned, the property is permitted for drilling. The identification of a +3km long gold anomalous trend extending from the historic Dead Otter Lake occurrence to a grab sample recording 19.6g/t Au along the same geological trend is considered a significant 'new discovery'. Whilst the trend is discontinuous in a geochemical sense owing to the lack of exposure, further very encouraging gold and pathfinder elements have been reported. Figure 05 showing the Dead Otter Trend with the historic showing in the north-west extending for >3km to the 19.6g/t Au sample in the south-east. The mineralised structure closely mimics the granite contact. The high-grade gold sample, (see Photo 01), in the extreme southeast of the trend could be where one of potentially two subparallel arcuate trends intersects the principal trend, see Figure 05. Figure 06 the location of the '19 grammer' on the Dead Otter Trend. OnGold The property is located contiguous to the North Hemlo claims as well as those of GT Resources and consists of 163 single cell mining claims, comprising 34.5km², refer to Figures 2 and 4. The property is located roughly 21kms southeast from the town of Manitouwadge, Ontario and all mining claims are in good standing through the 2023 field season. Previous prospecting has identified eleven high priority targets on the property, predominantly base metals anomalies. This Option agreement which has a zero cash component, see table below, significantly increases FCM's footprint in a district that holds numerous high grade nickel copper sulphide discoveries. Limited previous exploration has been focussed to investigate several discreet magnetic anomalies thought to be associated with Ni-Cu-PGE mineralised mafic-ultramafic intrusions. Similar rock types comprise the Tyko, RJ, Smoke Lake and the more recently discovered West Pickle massive sulphide discovery. FCM, as part of the due diligence process, conducted a lake sediment sampling campaign in the winter of 2022/23 as access is far easier in the winter months. The initial results from this campaign have reported gold grades of up to 103ppb, see Figure 07. Figure 07 showing the OnGold claims relative to North Hemlo as well as the location of the lake sediment samples. The program was led under the supervision of Bruce MacLachlan, the principal of Emerald Geological Services (EGS). Bruce has been quoted as saying "To the best of our knowledge the 103ppb Au Lake sediment value is the highest lake sediment value collected in the Hemlo Belt outside of the deposit area". Whilst at a very early stage, these initial results are extremely encouraging and add to the potential for the prospectivity of the property as the 103ppb Au Lake sediment sample result also now shows the gold potential of the area. Terms of the deal: The deal is structured so that FCM has an option to earn-in up to an 80% interest over the property. The payments for the exercise of this option are 1,000,000 of FCM Shares to be issued by the 31st of October 2023 and a work commitment of CAD$300,000 over a three-year term. At the end of the 'earn-in' it is expected a JV will be created. Ordinary FCM Annual Work Commitment Shares (CAD$) By 31st 2023 October 1,000,000 0.00 By 10th July 2024 $50,000 By 10th July 2026 $300,000 (aggregate) The JV possess a dilution mechanism on the basis of non-contribution. Should Ongold not wish to contribute, or their owne