THE SEVENTY NINTH GROUP EXPANDS SUPPORT FOR FIRST CLASS METALS PLC (FCM) PROJECTS WITH A 117% LOAN INCREASE
This Strategic Move Opens Unique International Wealth-Building Opportunities For UAE-Based Investors.
[on the right] Seventy Ninth Resources’ Chief Geological Officer, William Slater, in the field in Ontario, Canada.
Dubai, UAE – 28 October 2024
The Seventy Ninth Group is pleased to announce a 117% increase in its loan facility to First Class Metals PLC (“FCM”), a UK-listed metals exploration company, raising the total facility to £500,000. This strategic move underscores growing opportunities for UAE-based investors in the expanding international mining and exploration sectors.
The increase from £230,000 to £500,000 reinforces The Seventy Ninth Group’s strong commitment to supporting FCM’s exploration initiatives. It also aligns with the UAE’s broader goals of economic diversification beyond oil, as the precious metals market continues to thrive. Forecasts from Goldman Sachs project further rises in gold prices into 2025.
As part of this deepening collaboration, The Seventy Ninth Group is actively conducting due diligence on additional FCM assets, potentially paving the way for future transactions. This initiative offers UAE investors unique opportunities to tap into international markets poised for sustainable growth.
The loan will support key projects within FCM’s North Hemlo and Sunbeam properties in Canada, capitalising on the surging global demand for critical metals – an area where the UAE is increasingly focusing its efforts.
“This expanded funding highlights The Seventy Ninth Group’s confidence in our assets and strengthens our ongoing partnership. We look forward to future collaborations that will advance our portfolio,” commented James Knowles, Executive Chairman of FCM. This also resonates with UAE investors looking for opportunities that can provide sustainable growth.
The Seventy Ninth Group’s CEO, Natalie Bellis, added, “We are pleased to continue our collaboration with FCM, which aligns with our strategy to expand our footprint in quality projects.”
With gold prices remaining robust and the demand for critical metals on the rise, The Seventy Ninth Group’s enhanced partnership with FCM not only strengthens its foothold in the mining sector but also presents UAE investors with an exciting opportunity to diversify their portfolios into burgeoning international markets.
For further information, please contact: info@79thresources.com
