First Class Metals has completed the final cash payment under the Kerrs Gold option agreement and has accelerated full ownership ahead of the original staged earn‑in timetable.
The London‑listed explorer acquires the 36 claim units totalling approximately 665 hectares, approximately 90 kilometres east‑northeast of the Timmins Mining Camp, neighbouring Newmont’s Hoyle Pond and Hollinger mines and McEwen Mining’s Black Fox Complex.
It said the completion was materially ahead of the original three‑year schedule, announced on 22 April 2024, and the acceleration reflects FCM’s confidence in Kerrs and its portfolio positioning, it added.
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 Kerrs project hosts a historic NI 43‑101 inferred estimate of 7.04m tonnes at 1.71 g/t Au (386,467 oz at a 0.5 g/t cut‑off) and FCM said it is reviewing plans to advance the project and to maximise value across its Ontario portfolio.
