A payment milestone after the agreement
In its 2 July 2026 update, First Class Metals described the deposit as the first payment under the recently announced Kerrs agreement. The confirmation comes from the recipient of the payment and marks a separate development from the signing and closing announcement published on 30 June.
The company said the arrangement could provide non-dilutive funding to support exploration across its portfolio while it retains ownership of the Kerrs Gold Project in Ontario. That is the company’s description of the funding opportunity, rather than a statement that all potential proceeds have already been received.
Deposit and indicative value are different figures
The US$160,000 receipt should not be confused with the approximately US$10.64 million indicative value previously discussed for the initial eligible-ounce allocation. The latter relates to the agreement’s potential economics at the pricing used in that announcement; it is not the amount of this deposit or evidence that the full allocation has been paid for.
The original agreement remains the source for the programme’s rights, obligations and purchase conditions. This update records the narrower, confirmed milestone: First Class Metals publicly acknowledged receiving the advance payment.
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