Administrators of the collapsed financial business 79th Group, currently being investigated for fraud, have sold the Southport-based group’s stake in First Class Metals, the listed mining business with a head office in rural Lancashire.
First Class Metals mainly mines for metal deposits in Ontario, Canada, and has welcomed the “material rebalancing” of the company’s shareholder register after Quatuma agreed to sell the 19% stake in the business previously held by 79th Group, which went into administration in 2025.
Wealthy investors Anthony Charles Harris, Darren Andrew Rowlands and James Charles Ashley Goozee paid 0.1p for 48,489,768 ordinary shares representing approximately 19.0% of the entire issued share capital
Quantuma, as administrators for the 79th Group still holds an 11.8% stake in First Class Metals.
Goozee becomes the single largest shareholder in the AIM listed business after first investing in 2022.
Harris and Rowlands were described as “experienced, high-net-worth investors” who’s backing represents “a meaningful strengthening and diversification of the Company’s shareholder base” and an inflection point for the business.
James Knowles, Executive Chairman of FCM, commented: “We are pleased to see the Company’s shareholder base evolve in a positive and constructive manner. 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.”
In a statement to the stock market First Class Metals says it continues to “engage constructively with the administrators to the 79th Group in relation to the remaining 79th Group shareholding and supports an orderly and responsible outcome.”
In January 2025 Knowles welcomed the £2.18m investment from Southport-based The 79th Group, before it was raided by the City of London Police in a fraud probe.
He described the partnership as “particularly meaningful” as it reflects “the collaboration between two North West-based organisations, showcasing how the region can drive innovation and impact on a global scale.”
The unregulated financial investment company 79th Group was thus named because in the periodic table the 79th element is gold.
Separately, an administrator’s report into one of the many collapsed companies that formed the Southport-based investment business has confirmed that no money raised from investors was ever actually invested in any development sites in Wales and Scotland, as advertised. Another report concluded that the business bore all the hallmarks of a Ponzi scheme.
The owners, the Webster family, claim they have done nothing wrong, and are seeking a judicial review of the actions of the police.
