REG - First Class Metals - Board Changes

FIRST CLASS METALSAnnouncement

03/03/2025 08:15

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RNS Number : 0578Z  First Class Metals PLC  03 March 2025

First Class Metals PLC

("First Class Metals", "FCM" or the "Company")

Board Changes

First Class Metals PLC ("First Class Metals," "FCM," or the "Company"), (LSE:
FCM, FWB: WN9), the Ontario focused gold and critical metals explorer is
pleased to announce the following changes to the board with immediate effect:

i)             David Webster has been appointed as a director of
the Company and Non-Executive Chairman;

ii)            James Knowles is stepping down from his role as
Chairman to become Managing Director; and

iii)           Marc Sale has ceased to be a director of the Company
but retains the role of CEO.

David Webster is Chairman of The 79th GRP Limited ("79th GRP", "The Seventy
Ninth Group"), overseeing its direction and growth. He has over 27 years of
experience in the property sector as both a developer and a landlord and has
previously built significant personal and corporate portfolios, consisting of
developments in excess of £500 million of both residential and commercial
property. He has spearheaded 79th GRP's expansion into natural resources
markets.

David's appointment follows completion of  the initial subscription by The
Seventy Ninth Group into FCM of 78,552,084 new ordinary shares at 1.7 pence
per share, which represents 41.0% of the enlarged share capital.  A further
subscription by The Seventy Ninth Group, which will result in its holding
increasing to 51.2%, is subject to  the Company having the necessary
shareholder authorities to issue further shares, including disapplication of
pre-emption rights and the approval by independent shareholders of a waiver in
accordance with Rule 9 of the Takeover Code.  A circular convening a general
meeting of the Company at which the necessary resolutions will be proposed,
will be sent to shareholders in due course.

 

 

Dave Webster Non-Executive Chairman First Class Metals PLC Commented-

 

"I am honoured to take on the role of Director and Non-Executive Chairman of
First Class Metals. I would like to thank Marc for his continued leadership as
CEO and for his valuable contributions as a director, which have helped
position the Company for success. I look forward to working closely with
James, Marc, and the wider team to build on this strong foundation. With my
experience and the team's extensive knowledge, I am confident that we can
drive the Company forward and deliver real value to our shareholders."

 

 

James Knowles, Managing Director First Class Metals PLC Commented-

 

"Since our IPO in July 2022, it has been a privilege to lead First Class
Metals through a period of significant growth and achievement. I am immensely
proud of the progress we have made in advancing our exploration projects and
strengthening our position within the Ontario gold and critical metals sector.
As I transition into the role of Managing Director, I look forward to
continuing this momentum and contributing to the Company's next phase of
development.

I would like to take this opportunity to acknowledge Marc Sale's invaluable
contribution as a director. While Marc has stepped down from the board, I am
pleased that he will continue to lead the Company as CEO, ensuring continuity
in our strategic vision and operational activities. With Dave Webster's
appointment as Non-Executive Chairman, I am confident that First Class Metals
is poised for continued success. I am excited to work closely with Dave, Marc,
and the team as we build on our accomplishments and pursue the opportunities
ahead."

 

 

For Further Information:

Engage with us by asking questions, watching video summaries, and seeing what
other shareholders have to say. Navigate to our Interactive Investor hub here:

https://firstclassmetalsplc.com/auth/signup
(https://firstclassmetalsplc.com/auth/signup)

For further information, please contact:

James Knowles, Executive Chair

Email: JamesK@Firstclassmetalsplc.com (mailto:JamesK@Firstclassmetalsplc.com)

Tel: 07488 362641

Marc J Sale, CEO

Email: MarcS@Firstclassmetalsplc.com (mailto:MarcS@Firstclassmetalsplc.com)

Tel: 07711 093532

Novum Securities Limited (Financial Adviser)

David Coffman / Daniel Harris

Website: www.novumsecurities.com (http://www.novumsecurities.com)

Tel: (0)20 7399 9400

Axis Capital Markets (Broker)

Lewis Jones / Ben Tadd

Website: Axcap247.com (http://www.axcap247.com)

Tel: (0)203 026 0449

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 (0) 207 138 3204

Email: 79thresources@blytheray.com

 

NOTES TO EDITORS

 

First Class Metals PLC - Background

First Class Metals listed on the LSE in July 2022 and is focused on metals
exploration in Ontario, Canada which has a robust and thriving junior mineral
exploration sector. In particular, the Hemlo 'camp' near Marathon, Ontario is
a proven world class address for gold exploration, featuring the Hemlo gold
deposit operated by Barrick Gold (>23M oz gold produced), with the past
producing Geco and Winston Lake base metal deposits also situated in the
region.

FCM currently holds 100% ownership of seven claim blocks covering over 180km²
along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt,
exploring for gold, base metals, and rare earth element mineralization. In
addition, FCM is carrying out a joint venture with Palladium One on the West
Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu
project.

The flagship property North Hemlo had a high-definition low level magnetic
Heli-borne survey flown in April 2022, this was followed with ground
prospecting which ultimately defined the 'Dead Otter Trend' which is a
discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample.
This sampling being the highest known assay ever recorded on the North Limb of
Hemlo.

In October 2022 FCM completed the option to purchase the historical high-grade
past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of
Agnico Eagle's Hammond Reef gold deposit (3.3 Moz of open pit probable gold
reserves).

FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The
property features Li-Ta-bearing pegmatites in the same belt as Green
Technology Metals' Seymour Lake Project, which contains a Mineral Resource
estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023
and results have now been released.

The significant potential of the properties for precious, base and battery
metals relates to 'nearology', since all properties lie in the same districts
as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain
known showings, geochemical or geophysical anomalies, or favourable structures
along strike from known showings (e.g. the Esa project, with an inferred
Hemlo-style shear along strike from known gold occurrences).

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