First Class Metals PLC (LSE:FCM, FRA:WN9) shares rose 13% to 3.62p after the Ontario-focused gold exploration company said it is close to finalising a definitive agreement to monetise one of its Canadian assets.
The company said material commercial terms have been agreed with the counterparty following a letter of intent signed in June 2025, with only legal formalities, funding settlement and closing mechanics remaining.
First Class Metals said the transaction would provide substantial non-dilutive funds outside traditional funding sources while maintaining exposure to future additional funding opportunities associated with the property.
The company described the deal as a significant milestone once completed and said it would provide a further market update on execution of the definitive agreement.
The update was issued ahead of the company's annual general meeting, at which the board said it remains encouraged by progress across its Ontario exploration portfolio and continues to evaluate opportunities to unlock value from its asset base.
The company added that the 2026 field season has made a positive start.
