First Class Metals Plc (GB:FCM)
LSE:FCM
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First Class Metals Plc
(LSE:FCM)
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Rating:44Neutral
Price Target:
1.50 p
▼(-29.25% Downside)
Action:ReiteratedDate:02/03/26
The score is pressured primarily by the lack of revenue, continued losses, and ongoing cash burn, with added risk from the sharp increase in debt in 2024. Technicals also reflect a clear downtrend (price below major moving averages and negative MACD). Valuation provides limited support due to negative earnings and no dividend data.
First Class Metals Plc (FCM) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£5.98M
Dividend YieldN/A
Average Volume (3M)1.43M
Price to Earnings (P/E)―
Beta (1Y)-0.12
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding367,949,460
10 Day Avg. Volume1,503,739
30 Day Avg. Volume1,430,738
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.61
Price to Sales (P/S)0.00
P/FCF Ratio-1.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
First Class Metals Plc Business Overview & Revenue Model
Company Description
First Class Metals PLC operates as a mineral exploration and development company in North America. The company primarily explores for gold deposits. Its flagship project is the North Hemlo property consists of 427 contiguous single cell mining cla...
How the Company Makes Money
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First Class Metals Plc Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
58
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -4.38K | -1.50K | -532.00 | -162.00 | 0.00 |
| EBITDA | -1.69M | -1.33M | -1.46M | -692.96K | -168.34K |
| Net Income | -1.73M | -1.36M | -1.58M | -701.04K | -168.34K |
Balance Sheet | |||||
| Total Assets | 4.39M | 3.97M | 3.78M | 3.20M | 1.48M |
| Cash, Cash Equivalents and Short-Term Investments | 285.92K | 221.07K | 140.80K | 712.72K | 267.24K |
| Total Debt | 0.00 | 700.00K | 160.00K | 218.59K | 0.00 |
| Total Liabilities | 606.72K | 1.48M | 686.53K | 591.27K | 106.58K |
| Stockholders Equity | 3.79M | 2.49M | 3.10M | 2.61M | 1.37M |
Cash Flow | |||||
| Free Cash Flow | -1.54M | -1.37M | -2.37M | -1.65M | -1.27M |
| Operating Cash Flow | -1.52M | -703.47K | -1.12M | -634.07K | -90.92K |
| Investing Cash Flow | -573.67K | -407.75K | -1.25M | -1.01M | -1.18M |
| Financing Cash Flow | 2.40M | 1.19M | 1.80M | 2.16M | 1.54M |
First Class Metals Plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | £8.62M | -3.57 | -67.90% | ― | ― | ― | |
48 Neutral | £4.25M | -1.28 | -44.38% | ― | 1.77% | 33.33% | |
44 Neutral | £5.98M | -0.70 | -55.27% | ― | ― | ― | |
41 Neutral | £3.12M | -2,196.99 | -0.07% | ― | ― | ― | |
41 Neutral | £2.74M | ― | 122.82% | ― | ― | ― |
* Basic Materials Sector Average
GB:FCM
First Class Metals Plc
1.63
0.68
71.41%
GB:PREM
Premier African Minerals
0.01
-0.23
-94.69%
GB:TYM
Tertiary Minerals
0.08
0.04
74.47%
GB:ARK
Arkle Resources PLC
0.58
0.27
91.67%
GB:AMG
MetalNRG Plc
7.00
-1.75
-20.00%
GB:FRG
Firering Strategic Minerals Plc
1.20
-2.25
-65.22%
First Class Metals Plc Corporate Events
Business Operations and Strategy
First Class Metals Finds More Visible Gold at Roy Prospect on Sunbeam Property
Positive
Mar 17, 2026
First Class Metals has reported the identification of additional visible gold in core from a second drill hole at the Roy prospect on its Sunbeam property in Ontario, further supporting the presence of gold mineralisation within the targeted struc...
Business Operations and StrategyPrivate Placements and Financing
First Class Metals Issues New Shares on Convertible Loan Note Conversion
Neutral
Mar 16, 2026
First Class Metals PLC has issued 5,311,355 new ordinary shares following the partial conversion of £43,500 of its previously announced £1.00 interest-free convertible loan notes. The new shares are expected to be admitted to trading on ...
Business Operations and Strategy
First Class Metals Finds Visible Gold in Drilling at Roy Prospect on Sunbeam Property
Positive
Mar 12, 2026
First Class Metals has reported the interception of a broad mineralised structure containing visible gold at the Roy prospect on its Sunbeam Property in Ontario, a significant milestone in its ongoing 1,000-metre diamond drilling programme. All ho...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
First Class Metals Completes Full Conversion of £500,000 Loan Notes Into Equity
Neutral
Mar 11, 2026
First Class Metals has fully converted its £500,000 interest-free convertible loan note facility, originally announced in November 2025, into equity through a final £17,500 tranche. This last conversion results in the issuance of 2,189,6...
Private Placements and FinancingRegulatory Filings and Compliance
First Class Metals Issues New Shares on Convertible Loan Note Conversion
Neutral
Mar 6, 2026
First Class Metals PLC has received a conversion notice for £62,000 of its previously issued interest-free convertible loan notes, resulting in the issuance of 7,586,139 new ordinary shares. These shares are expected to be admitted to trading...
Business Operations and StrategyPrivate Placements and Financing
First Class Metals Issues New Shares on Convertible Note Conversion
Neutral
Mar 3, 2026
First Class Metals has received a conversion notice for £60,000 of its previously issued interest-free convertible loan notes, resulting in the issuance of 7,341,425 new ordinary shares. The new shares are expected to be admitted to trading o...
Private Placements and FinancingRegulatory Filings and Compliance
First Class Metals Converts Loan Notes Into New Equity and Updates Voting Rights
Neutral
Mar 2, 2026
First Class Metals PLC has announced the conversion of £63,000 of its previously issued interest-free convertible loan notes into equity, resulting in the issuance of 7,708,496 new ordinary shares. The new shares are expected to be admitted t...
Business Operations and Strategy
First Class Metals advances drilling at Sunbeam’s Roy prospect in Ontario
Positive
Mar 2, 2026
First Class Metals has reported progress on its drilling campaign at the Roy prospect within the Sunbeam gold property in Ontario, with five holes totaling about 490m completed toward a planned 1,000m, and all intersecting visually encouraging min...
Business Operations and StrategyPrivate Placements and Financing
First Class Metals Converts Loan Notes Into Equity, Updates Share Capital
Neutral
Feb 24, 2026
First Class Metals has announced the conversion of £40,000 of its previously issued interest-free convertible loan notes into 3,123,828 new ordinary shares, under terms set out in a November 2025 instrument. The new shares are expected to be ...
Business Operations and Strategy
First Class Metals Starts Drilling on High-Potential Roy Gold Structure at Sunbeam
Positive
Feb 23, 2026
First Class Metals has begun drilling on the Roy structure at its Sunbeam property in Ontario, following a 2025 field season that defined a more than 4km-long gold-in-soil anomaly along a >10km trend. Historic drilling, recent high-grade channe...
Business Operations and Strategy
First Class Metals Reshapes Shareholder Base as Offer Period Concludes
Positive
Feb 20, 2026
First Class Metals has announced a significant reshaping of its shareholder base following a reduction in the stake held by The 79th GRP Limited, which is in administration. As a result, long-term investor James Goozee has increased his position t...
Business Operations and StrategyRegulatory Filings and Compliance
First Class Metals Exits Offer Period as Major Shareholder Cuts Stake
Positive
Feb 20, 2026
First Class Metals, a London-listed explorer, focuses on gold and critical metals projects across multiple claim blocks in northwest Ontario, Canada, with a strategic emphasis on prolific mining camps such as Hemlo and the Abitibi Greenstone Belt....
Business Operations and Strategy
First Class Metals faces muted gold assays at North Hemlo but presses ahead with exploration
Negative
Feb 20, 2026
First Class Metals has reported initial drilling results from its North Hemlo property in Ontario, with final assays on half of the 400 samples and provisional values for the remainder showing no gold grades above 1g/t and a peak value of 117ppb. ...
Business Operations and Strategy
First Class Metals Mobilises Drilling at Sunbeam’s Roy Structure in Ontario
Positive
Feb 19, 2026
First Class Metals, a UK-listed exploration company focused on gold and other metals in Ontario, Canada, is expanding a portfolio that includes the North Hemlo, Sunbeam, Zigzag and Kerrs Gold projects. The company aims to capitalise on its proximi...
Private Placements and FinancingRegulatory Filings and Compliance
First Class Metals Issues New Shares After Convertible Note Conversion
Neutral
Feb 17, 2026
First Class Metals PLC has received a conversion notice for £40,000 of its previously issued £1.00 interest-free convertible loan notes, resulting in the issuance of 3,123,828 new ordinary shares. The new shares are expected to be admitt...
Business Operations and Strategy
First Class Metals Accelerates Zigzag Lithium Earn-In with Early Share Issue
Positive
Feb 9, 2026
First Class Metals has elected to accelerate the final share-based option payment to Nuinsco Resources for the Zigzag Lithium Property, issuing 2,277,816 new shares to settle a C$85,000 equity obligation ahead of its original June 2026 deadline. O...
Private Placements and FinancingRegulatory Filings and Compliance
First Class Metals Issues New Shares Following Convertible Note Conversion
Neutral
Feb 6, 2026
First Class Metals Plc has received a conversion notice for £50,000 of its previously issued interest-free convertible loan notes, resulting in the issuance of 4,282,288 new ordinary shares. The new shares, expected to be admitted to trading ...
Regulatory Filings and Compliance
First Class Metals Confirms Total Voting Rights at 244.9 Million Shares
Neutral
Jan 30, 2026
First Class Metals Plc has confirmed that, as of 30 January 2026, its issued share capital comprises 244,889,548 ordinary shares of £0.001 each, all carrying one vote, with no shares held in treasury, resulting in a total of 244,889,548 votin...
Business Operations and StrategyPrivate Placements and Financing
First Class Metals Secures £1m Convertible Funding to Advance Ontario Gold Projects
Positive
Jan 30, 2026
First Class Metals PLC has secured up to £1m of interest-free convertible loan note funding from an international investor to finance its maiden drill programme at the Sunbeam gold property in Ontario and to strengthen working capital. The st...
Business Operations and Strategy
First Class Metals Moves Into Critical Minerals With Ontario Rare Earths Options
Positive
Jan 13, 2026
First Class Metals has secured options to acquire 100% interests in two rare earth element prospects in northwest Ontario, known as Block H and Block F, significantly expanding its exploration portfolio beyond gold and into critical minerals. The ...
Private Placements and FinancingRegulatory Filings and Compliance
First Class Metals Issues New Shares Following Convertible Loan Note Conversion
Neutral
Jan 6, 2026
First Class Metals PLC has received a conversion notice for £70,000 of its existing interest-free convertible loan notes, resulting in the issuance of 4,303,349 new ordinary shares. The company will seek admission of these shares to the FCA&#...
Regulatory Filings and Compliance
First Class Metals Confirms Total Voting Rights at Year-End 2025
Neutral
Dec 31, 2025
First Class Metals Plc has confirmed that, as of 31 December 2025, its issued share capital comprises 240,586,199 ordinary shares of £0.001 each, all carrying one voting right, with no shares held in treasury, establishing the total number of...
Private Placements and FinancingRegulatory Filings and Compliance
First Class Metals Converts Loan Notes Into New Equity Shares
Neutral
Dec 24, 2025
First Class Metals PLC has announced the conversion of £50,000 of its previously issued £1.00 interest-free convertible loan notes into 3,711,401 new ordinary shares, following a conversion notice dated 16 December 2025. The new shares w...
Business Operations and Strategy
First Class Metals Completes Maiden Drill Programme at North Hemlo’s Dead Otter Trend
Positive
Dec 23, 2025
First Class Metals has completed its maiden drilling programme at the North Hemlo property in Ontario, marking a key operational milestone on the Dead Otter trend within the world-class Hemlo Greenstone Belt. The company drilled ten diamond holes ...
Delistings and Listing ChangesPrivate Placements and Financing
First Class Metals Issues New Shares Following Convertible Loan Note Conversion
Neutral
Dec 19, 2025
First Class Metals Plc has announced the conversion of £47,500 of its previously issued interest-free convertible loan notes into 2,941,978 new ordinary shares, following a conversion notice dated 17 December 2025. The new shares are expected...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
First Class Metals Issues New Shares Following Convertible Loan Note Conversion
Neutral
Dec 18, 2025
First Class Metals PLC has announced the conversion of £50,000 of its previously issued £1.00 interest-free convertible loan notes, resulting in the issuance of 3,711,401 new ordinary shares. The company is seeking admission of these sha...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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Disclaimer
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