20th Feb 2026 14:55
(Alliance News) - The administrators of 79th GRP Ltd on Friday reported the partial sale of interest in Ontario, Canada-focused mining company First Class Metals PLC.
Following the announcement, shares in First Class Metals fell 35% to 1.17 pence on Friday afternoon in London.
Quantuma Advisory Ltd, in its capacity as joint administrators of 79th Grp Ltd, alongside Kroll Advisory Ltd had noted in December that Quantuma controlled 78.6 million shares in First Class Metals, representing a 33.5% stake. At the time, Quantuma disclosed that it had received an approach for part of its holding, marking the start of an offer period.
As of Friday, that offer period has ended, as three investors have agreed to buy 19% of 79th GRP's interest in First Class Metals, which is around 48.5 million shares. The buyers are James Goozee, Anthony Harris and Darren Rowlands.
First Class Metals said Goozee was "a committed long-term investor", having initially registered back in 2022, and that the deal makes him the company's largest shareholder.
On Harris and Rowlands, First Class Metals commented: "The introduction of experienced, high-net-worth investors alongside existing long-term holders represents a meaningful strengthening and diversification of the company's shareholder base."
"We are pleased to see the company's shareholder base evolve in a positive and constructive manner," added First Class Metals Chair James Knowles.
"We welcome the support of long-term investors who understand the quality of our Ontario asset portfolio. With the offer period now concluded, we can concentrate fully on executing our exploration programme and advancing our corporate strategy."
79th GRP will retain an 11.8% stake in First Class Metals following the deal's completion.
First Class Metals noted that cooperation with 79th GRP's administrators continues to support "an orderly and responsible outcome."
By Holly Munks, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
First Class Metals PLC