REG - First Class Metals - FCM Options Two Ontario REE Properties

FIRST CLASS METALSAnnouncement

13/01/2026 07:00

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RNS Number : 5967O  First Class Metals PLC  13 January 2026

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 information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

FIRST CLASS METALS PLC

 

13 January 2026

FCM Secures Options over Two Ontario REE Properties

 

First Class Metals PLC ("First Class Metals", "FCM" or the "Company") the UK
listed company focused on the discovery of economic metal deposits across its
exploration properties in Ontario, Canada, is pleased to announce the
successful completion of an option to purchase two properties with highly
anomalous Rare Earth Elements ("REE") samples.

 

Highlights

 

·    FCM expands its exploration portfolio to include Rare Earth Elements
complementing its core gold exploration strategy in Ontario

·    The option terms for both properties are highly favourable in year
one, allowing FCM to assess REE potential with limited upfront financial
exposure.

·    The two optioned properties, Block H (~18km²) and Block F (~33km²),
are located within one of the most anomalous REE regions identified in the
Ontario province-wide lake sediment geochemical database.

·    Initial exploration planned for Spring 2026 will focus on
ground-truthing historic anomalies, validating assays, and refining geological
controls on mineralisation.

·    Both blocks are believed to lie within the traditional territory of
Lac des Mille Lacs First Nation, with whom FCM already maintains a
constructive working relationship.

·    The Company intends to rename Block H and Block F via an online poll,
enhancing stakeholder engagement and market visibility.

·    Global REE supply remains highly concentrated, with China dominating
both production and downstream processing, driving Western governments to
prioritise secure, allied-source supply chains.

·    Thorium-associated REE systems are increasingly attracting attention
due to their potential to host light and heavy REE assemblages, which are
essential for high-value permanent magnet applications.

 

Marc J. Sale CEO First Class Metals commented:

"Gold remains the cornerstone of FCM's exploration strategy and continues to
underpin our approach to value accretion to FCM's Ontario properties. However,
against a backdrop of accelerating global demand for Rare Earth Elements, and
a clear strategic shift by allied governments towards securing critical
minerals, the opportunity presented by these two properties is particularly
compelling. Their geochemical and geographic location allows FCM to gain
meaningful exposure to this evolving sector while maintaining our gold-focused
exploration strategy and Ontario focus."

Option Terms

First Class Metals has entered into option agreements to acquire a 100%
interest in both Block F and Block H (each subject to a production royalty).
The options are structured over a three-year period and provide the Company
with the ability to evaluate the properties with limited upfront financial
commitment.

Block F

To exercise the option over Block F, the Company must make total cash payments
of CAD $73,500 and issue CAD $60,000 in ordinary shares of the Company
("Shares") to the optionors over three years. Cash payments comprise CAD
$9,500 payable within 30 working days of signing the agreement (the "Effective
Date"), CAD $10,000 payable on the first anniversary of the Effective Date,
CAD $16,000 on the second anniversary, and CAD $38,000 on the third
anniversary. The share consideration of CAD $60,000 is payable on the first
anniversary of the Effective Date.

 Due Date                                         Share Payments     Cash Payment (CAD)
 Within 30 working days of signing the Agreement  Nil                $9,500
 On the 1st anniversary of the Effective Date     $60,000 in shares  $10,000
 On the 2nd anniversary of the Effective Date     Nil                $16,000
 On the 3rd anniversary of the Effective Date     Nil                $38,000
 Total                                            $60,000 in shares  $73,500

 

Block H

To exercise the option over Block H, the Company must make total cash payments
of CAD $67,600 and issue CAD $30,000 in Shares to the optionors over three
years. Cash payments comprise CAD $5,600 payable within 30 working days of
signing the agreement, CAD $8,000 payable on the first anniversary of the
Effective Date, CAD $16,000 on the second anniversary, and CAD $38,000 on the
third anniversary. The share consideration of CAD $30,000 is payable on the
first anniversary of the effective date.

 

 Due Date                                         Share Payments     Cash Payment (CAD)
 Within 30 working days of signing the Agreement  Nil                $5,600
 On the 1st anniversary of the Effective Date     $30,000 in shares  $8,000
 On the 2nd anniversary of the Effective Date     Nil                $16,000
 On the 3rd anniversary of the Effective Date     Nil                $38,000
 Total                                            $30,000 in shares  $67,600

 

Macro Context - Rare Earth Elements

Rare Earth Elements ("REE") are widely recognised as strategically critical
commodities, forming essential inputs for electric vehicles, renewable energy
technologies, defence applications, semiconductors and high-performance
permanent magnets. Global demand for REE is forecast to grow materially.

As a result, REE continue to attract increasing attention from governments and
industry seeking to secure long-term supply.

Canada has formally identified REE as priority critical minerals and is
positioning itself as a key allied jurisdiction capable of supporting secure,
transparent and responsible supply chains. Federal and provincial initiatives
are focused on encouraging domestic exploration and development, particularly
in established mining regions with strong infrastructure and regulatory
frameworks such as Ontario.

Thorium-associated REE systems, including those linked to batholithic and
pegmatitic environments, are increasingly viewed as prospective exploration
targets. FCM's entry into REE exploration in northwest Ontario aligns with
this national strategic focus, while complementing the Company's core gold
exploration activities within a Tier-1 mining jurisdiction.

The two claim blocks are located in the Atikokan area of northwest Ontario in
relative proximity to the Sunbeam property, see Figure 1. Access to both
blocks is excellent whilst forestry track on the properties allows internal
access.

 

Figure 1 showing the locations of Blocks F and H with relevant topographic
information, note access as well as proximity to the Sunbeam property.

The decision to acquire the two blocks from a local prospector was based on
the historic (Ontario Geological Survey) lake sediment programmes. To date no
groundwork has been conducted by FCM. However, PowerMax Minerals (CSE:PMAX)
who also acquired blocks in the area from the same vendor have conducted an
initial prospecting programme.

The Company has initiated a detailed data review of all available material in
advance of a prospecting orientated field programme.

The White Otter Batholith, north of Atikokan, Ontario represents one of the
most anomalous REE areas in the province-wide 48,367 samples lake sediment
database. There are 26 samples in the database with partial total
REE>500ppm of which 9 (35%) are in the White Otter area, a number of which
as covered by the newly optioned FCM claim blocks, see Figure 2.

Figure 2 location of blocks H & F relative to the assays from the
province-wide lake sediments survey.

The White Otter batholith is a Thorium (Th) high. Anomalous REE's in lake
sediments in the area are often associated with elevated Th.

Figure 3 Block H, 81 cells, (4 multi cells) 1,712 Ha. Note the available
access tracks

REE anomalies occur within and around the eastern margin of the batholith
within a 5km radius. It is possible that the White Otter batholith is a source
for REE pegmatites or related mineralization in the area. Block H is in the
core of the White Otter REE element anomaly, see Figures 2,3 and 4.

 

Figure 4 Block H showing the anomalous Be and Th lake sediment samples

 

Block F sits astride what is interpreted as a major geological regional fault.
This fault is emphasised by the topography and the anomalous lake sediment
results further highlight this prospective feature. Satellite imagery of the
area also shows possible pegmatite dykes. See Figures 3-5

Figure 5 Block F, 7 multicell claims, 158 cells, area 3,332Ha, note the
northeast orientation of anomalous assays, possibly related to a major
regional fault within the White Otter Batholith

 

Figure 6 Block F showing the anomalous Be and Th lake sediment samples

Figure 7 showing Block F with possible pegmatites close to overlimit
anomalies- examples arrowed

 

FCM is now engaged in a interrogation of other historic data to compile a
ground target list for the Spring exploration programme.

 

ENDS

 

Qualified Person

The technical disclosures contained in this announcement have been drafted in
line with the Canadian Institute of Mining, Metallurgy and Petroleum standards
and guidelines and approved by Marc J. Sale, who has more than 30 years in the
gold exploration industry and is considered a Qualified person owing to his
status as a Fellow of the Australian Institute of Mining and Metallurgy.

 

 

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 (https://firstclassmetalsplc.com)

 

For further information, please contact:

James Knowles, Executive Chair

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

Tel: 07488 362641

Marc J Sale, CEO and Executive Director

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

Tel: 07711 093532

AlbR Capital Limited (Financial Adviser)

David Coffman/Dan Harris

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

Tel: (0)20 7469 0930

Axis Capital Markets (Broker)

Lewis Jones

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

Tel: (0)203 026 0449

 

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 previously operated by Barrick Mining (>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 250km²
in northwest Ontario. A further three blocks are under option and cover an
additional 30km(2).FCM is focussed on exploring for gold but has base metals
and critical metals mineralisation. FCM is maintaining a joint venture with GT
Resources on the West Pickle Lake Property, a drill-proven ultra-high-grade
Ni-Cu project.

The flagship properties, North Hemlo and Sunbeam, are gold focussed. North
Hemlo has a significant discovery in the Dead Otter trend which is a
discontinuous 3.5km gold anomalous trend with a 19.6g/t Au peak grab sample.
This sampling being the highest known assay from a grab sample 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 successfully drilled prior to
Christmas 2023.

The Kerrs Gold property, acquired under option by First Class Metals in April
2024, is located in northeastern Ontario within the Abitibi Greenstone Belt,
one of the world's most prolific gold-producing regions. The project holds a
historical inferred resource of approximately 386,000 ounces of gold,
underscoring its potential as a meaningful addition to FCM's expanding gold
portfolio. Kerrs Gold complements the Company's exploration strategy and
provides exposure to a well-established mining district. FCM is currently
reviewing plans to advance the project and further unlock its value.

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).

For further information see the Company's presentation on the web site:

www.firstclassmetalsplc.com

 

 

 

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements
which are based on the Company's expectations, intentions and projections
regarding its future performance, anticipated events or trends and other
matters that are not historical facts. Such forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements sometimes use words such as 'aim',
'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal',
'believe', or other words of similar meaning. These statements are not
guarantees of statements. Given these risks future performance and are subject
to known and unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those expressed or implied by such
forward-looking and uncertainties, prospective investors are cautioned not to
place undue reliance on forward-looking statements. Forward-looking statements
speak only as of the date of such statements and, except as required by
applicable law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.

 

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