RCS - First Class Metals - 2023 Year-end Shareholder Letter

FIRST CLASS METALSAnnouncement

29/12/2023 08:00

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RNS Number : 1821Y  First Class Metals PLC  29 December 2023

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part
of UK law by virtue of the European Union (Withdrawal) Act 2018. The
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inside information is now considered to be in the public domain.

 

FIRST CLASS METALS PLC

29(th) December 2023

Year-end Shareholder Letter

First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK
listed metals exploration company seeking economic metal discoveries across
its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is
pleased to announce that a Shareholder Letter has been uploaded to the
Company's website at www.firstclassmetalsplc.com
(http://www.firstclassmetalsplc.com) . The letter, a review of the major
developments for the Company during 2023 and the outlook for 2024.

 

 

Dear Shareholders,

On this the last working day of the year I would like to take the opportunity
to reflect on what an excellent year it has been in First Class Metal's
development: we rapidly advanced and completed on our commitment to bring four
properties to a 'Drill Ready Status' and undertake a drill programme on one
property in 2023. A number of key milestones were met during 2023, which are
 summarised below. I have our highly experienced and dedicated team in Canada
and the UK to thank for this significant progress and I am delighted to see
their efforts come to fruition, in a positive way, with the results achieved.
With further results from a number of programmes still awaited , we are
determined to take this momentum through into next year.

 

2023 Key Milestones

First Nations  Agreements and Permitting

At FCM we are committed to working in harmony with the First Nations who have
claims to traditional lands in which out properties sit. This open and
co-operative attitude has manifested itself in the granting of five
Exploration Permits in what has been a relatively short time. Furthermore,
Exploration Agreements or MoU's are in place with four First Nations groups
which effectively cover the six Exploration Permits which FCM holds.

Obtaining new Exploration Permits across five properties and securing
exploration agreements with support from First Nation partners  is a major
milestone for our company in 2023.

The successful acquisition of these permits and agreements demonstrates our
commitment to responsible exploration practices and building strong
relationships with local communities. With these achievements, our portfolio
now contains  six properties with valid exploration permits, positioning us
for further growth and success. We remain dedicated to advancing our
exploration activities in a sustainable and mutually beneficial manner.

Exploration Zigzag, Esa, North Hemlo, Sunbeam

In order to efficiently use investor funds for what is the most expensive
outlay in exploration : drilling, we have focussed on understanding the
geology (geochemistry and structure) of the four primary properties with I
believe admirable success. To this end further drilling on the other three
properties is more likely to achieve success.

 

 

Figure  1- Spodumene rich core from the recent drilling campaign on the
Zigzag lithium property.

 

Figure 2-Summer 2023, First Class Metals CEO Marc Sale at the 'Dead Otter
Trend' on the North Hemlo Property

James Knowles- Executive Chairmans End of Year Quote

"2023 was a pivotal and transformative year for FCM. We set ambitious
operational goals, including advancing four properties to drill ready status
and successfully drilling on one. I would like to express my gratitude to Marc
and his exceptional 'in-country team' for their dedication and achievements in
completing this task.  On the corporate side despite challenging market
conditions, we secured funding twice, a testament to the quality of our
properties. I am excited to see this progress continue into 2024 as we have
much to look forward to."

Outlook for 2024

The outlook for First Class in 2024 is expected to mirror the high activity
level experienced in 2023. With six permitted properties, including Zigzag,
North Hemlo, Esa, and Sunbeam, four of which are now 'Drill Ready' or have
undergone an initial drill program in the case of Zigzag, we are
well-positioned for the year ahead.

Our focus for 2024 will entail a two-pronged approach. Firstly, we aim to
enhance our geological understanding and the mineralisation of these
properties to further increase their value. Simultaneously, we will explore
opportunities to secure third-party investment through 'earn-ins,' joint
ventures, or potentially even corporate transactions.

As we approach the end of 2023, we are pleased to share that we have received
expressions of interest from various sources across our portfolio. These range
from junior exploration companies with comparable standing to significant
players in the industry. This interest validates the potential and
attractiveness of our properties and bodes well for the opportunities that may
arise in the coming year.

In addition to the 'core four' portfolio, we are strategically preparing a
pipeline of projects from within our existing portfolio of assets, to further
advance our exploration efforts. Two promising properties within this pipeline
are the McKellar polymetallic property near Marathon and the Enable Gold
project near Schreiber. Both of these properties have obtained the necessary
permits, enabling us to move forward with focused exploration  plans. With
the planned programmes in 2024, we aim to progress these projects to a 'Drill
Ready' status. This will keep the momentum building and ensure properties of
merit can move up the priority list when required, whilst always remaining
cognisant of divestment opportunities.

We are actively seeking potential new mineral properties in Ontario, whether
through staking or acquisition, alongside our existing portfolio. Our focus is
on identifying properties that have the potential to move 'up the value curve'
and contribute to our growth strategy. Through thorough research, engagement
with industry networks, and strategic partnerships, we aim to acquire
promising mineral properties. By continuously evaluating and augmenting our
portfolio, we can ensure the ongoing success of our 'project incubator' model.

This year has seen First Class take several early 'green field' properties up
through the value curve and we strongly believe that 2024 will continue on
this trend as we enter into a transformative period for the Company. I would
like to take this opportunity to thank all our shareholders, stakeholders,
contractors, and Emerald Geological Services with a personal thanks to their
Principle, Bruce A McLaughlin for the continued support of First Class Metals
during this exciting period for us and wish you all a happy New Year.

 

 

Marc J Sale

CEO-First Class Metals PLC

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