When a junior gold company can monetize part of a gold resource without selling the project, without becoming a producer, and without immediately moving toward extraction, it opens a very different funding conversation.
In a July 6, 2026 AGORACOM interview, Marc J Sale, CEO of First Class Metals, and Professor Lisa Wilson, CEO of nGRND Inc., discussed the closing of nGRND’s first Site program and Alternative Land Use Rights Agreement involving First Class Metals’ Kerrs Gold Project in Ontario.
The structure is not a conventional financing, royalty, or streaming agreement. First Class Metals has not sold Kerrs. Instead, nGRND has secured rights connected to the in ground gold resource, while First Class Metals retains ownership of the project and the ability to continue advancing its exploration strategy.
The agreement relates to approximately 386,000 ounces of inferred gold resources at Kerrs, with an initial eligible ounce purchase of approximately 77,000 ounces, representing 20% of the resource. At current pricing discussed in the interview, the initial eligible ounce purchase carries an indicative value of approximately US$10.64 million, equal to roughly US$140 to US$150 per ounce.
And, according to both companies, that is only the beginning.
WHAT YOU NEED TO KNOW
Binary OFF: First Class Metals did not sell Kerrs. The company monetized 20% of the resource while retaining ownership of the project and the right to continue approved exploration work.
Dual Revenue Streams: Beyond the initial gold monetization, nGRND intends to conduct feasibility work to determine which alternative land use activities may be suitable over the life of the agreement, including alternative land use monetisationlinked to avoided mining, biodiversity, renewable energy, agritech, sustainable data infrastructure, and other ESG aligned initiatives.
Resource Base Discussed In The Interview: Professor Lisa Wilson described the gold resource as known, verified, and verified under national instruments. The agreement relates to approximately 386,000 ounces of inferred gold resources at Kerrs.
Potential Future Monetization: If First Class Metals conducts approved exploration and upgrades geological confidence, nGRND may monetize additional ounces. The interview discussed a framework of 20% for inferred resources, 60% for indicated resources, and 80% for measured resources.
Monthly Cash Payments: Lisa Wilson stated that payments to First Class Metals are expected to begin 60 days from closing, paid monthly in arrears, in fiat, based on ounces sold and the applicable weighted average gold price.
Warrants At A Premium: First Class Metals granted warrants to nGRND at 5.5 pence and 10 pence. Marc Sale noted that the 5.5 pence level represented a significant premium to the company’s share price at the time discussed.
STRATEGIC IMPLICATIONS
For decades, junior gold companies have faced a difficult funding path. Raise equity and dilute shareholders, sell assets outright, enter royalty or streaming agreements, or attempt to move toward development, a process that can require large amounts of capital and long timelines.
The Site program Agreement with First Class Metals introduces a different structure. First Class Metals can receive monetization from part of its in ground gold resource while continuing to own Kerrs and maintain exploration optionality. Marc Sale emphasized that First Class Metals remains an exploration company and does not aspire to become a producer.
Professor Lisa Wilson described the agreement as a new paradigm because it looks at preserved gold differently. In the interview, she stated that gold left in the ground can still perform a store of value function, while also avoiding the environmental impact associated with extraction.
That is where the alternative land use component becomes important. nGRND intends to conduct feasibility work on the property to determine which activities can be monetized over time. Examples discussed in the interview included alternative land use monetisation from avoided mining, biodiversity programs, renewable energy, agritech, sustainable data centres, data cables, and work with First Nations stakeholders where applicable.
The model also gives First Class Metals a potential way to keep funding exploration. Marc Sale explained that capital generated from the Kerrs monetization could help the company maintain the property in good standing, continue approved drilling at Kerrs, and advance other Ontario properties such as Sunbeam.
The key point is that this is not framed as a one time property sale. According to Lisa Wilson, the initial gold monetization is expected to be followed by potential ongoing monthly distributions from gold sales and future alternative land use programs over the life of the agreement.
CEO Marc J Sale, First Class Metals:
“It’s transformational because it takes us away from the standard form of funding for junior exploration companies, diluting for equity. It’s going to cornerstone our funding going forward in a non-dilutive way.”
“We still own everything except for the right for nGRND to buy 77,000 ounces. The resource is 386,000 plus change. We are monetizing 20% of that resource. That’s all, just 20%.”
“I described it the other day as the gift that keeps giving.”
Professor Lisa Wilson, CEO, nGRND Inc.:
“I’d say it’s a new paradigm.”
“It has the same value in the ground as it does sitting in a vault. In fact, it’s cheaper for us to leave it in the ground. And of course it’s environmentally more sound.”
“This is not just a point in time of money. It’s going to be an ongoing revenue stream for First Class Metals.”
INVESTOR TAKEAWAY
The closing of nGRND’s first Site program Agreement gives First Class Metals a potential non-dilutive funding pathway tied to the Kerrs Gold Project, while allowing the company to retain ownership and continue exploration.
The initial eligible ounce purchase was described in the interview as approximately 77,000 ounces, representing 20% of the approximately 386,000 ounce inferred resource, with an indicative value of approximately US$10.64 million. Payments are expected to begin 60 days from closing and are to be paid monthly in arrears based on ounces sold.
For First Class Metals, the agreement creates a potential funding mechanism that does not require selling Kerrs outright. For nGRND, it provides the first commercial example of its preserved gold model, combining in ground gold monetization with a longer term alternative land use strategy.
The model is still new, and both companies acknowledged that execution matters. Marc Sale stated that the concept still has to prove it works once the money starts to flow. But the agreement gives investors a first case study in how preserved gold, avoided extraction, and alternative land use monetization may create a new funding structure for junior gold companies.