First Growth Funds Makes $4M Gain From Magnum Mining

Existing Investment in Ethereum grows to $823,065 from $47,200

TORONTO, ON / ACCESSWIRE / April 23, 2021 / First Growth Funds Limited (CSE:FGFL) "(Company") is to provide an update on its investment portfolio and advisory business activities. In the first quarter 2021, Company invested $1.06M in ASX listed Magnum Mining and Exploration Limited and the investment is now valued at $5.08M, a gain of over $4M.

Magnum Mining and Exploration is a mining company with operations in Nevada, USA. Magnum has secured major permits for the long-term production of 232 million tons of high-grade magnetite concentrate grading +67.5% Fe. The project is well situated to existing rail, power and port facilities.

Magnum recently announced that it is accelerating development of its magnetite mine development and compressed its Project timeline by signing an exclusive Green Hydrogen supply agreement with AVF Energy Inc ("AVF"). AVF is a registered company in Nevada that will produce Green Hydrogen from waste on a commercial scale for the Magnum steelmaking facility. AVF is very active in the green hydrogen market having executed MOU agreement with NYSE listed Dominion (U$60 billion infrastructure Co) as equity partner in a green hydrogen production project in the United States of America.

AVF has agreed to fund and build a commercial scale green hydrogen plant on the Magnum site in Nevada. The agreement provides Magnum with Green Hydrogen, at a 10% discount to market rates, for the manufacture of ‘green friendly' Hot Briquetted Iron (HBI) and High Purity Iron (HPI) products for supply to the US domestic steel market and battery industry.

Magnum has also signed a non-exclusive sales and marketing agreement with M Resources Trading Pty Ltd to act as Magnum's sales agent in the United States in relation to sales of all Magnetite, HBI, HPI, pig iron and steel produced from the mine or Integrated Steel Complex.

Ethereum
First Growth Funds is also pleased to announce an update on its existing investment in cryptocurrency, Ethereum. First Growth Funds holds 255.5 Ethereum tokens now valued at $823,065. The Company is currently recording the Ethereum investment at $47,200 on balance sheet.

First Growth Funds plans to continue to hold Ethereum for the medium term. The price of Ethereum has risen by 1264% over the past 12 months compared to Bitcoin that has risen by 668% during the same period.

About First Growth Funds Limited
First Growth Funds Limited invests across a broad range of asset classes including listed equities, private equity, blockchain and digital assets. The company also operates an advisory business providing corporate advisory, capital raising and capital markets support to its portfolio. www.firstgrowthfunds.com

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

FORWARD-LOOKING INFORMATION
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SOURCE: First Growth Funds Limited