REG - First Class Metals - Funding & Corporate Update

FIRST CLASS METALSAnnouncement

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RNS Number : 6668X  First Class Metals PLC  23 March 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

23 March 2026

Funding & Corporate Update

 

First Class Metals PLC ("First Class Metals", "FCM" or the "Company"), the
UK-listed exploration company advancing high-grade, district-scale gold
opportunities in Ontario, Canada, is pleased to announce revised terms to the
Convertible Loan Note ("CLN") facility announced on the 28 January 2026,
enabling the Company to accelerate follow-on exploration at its Sunbeam Gold
Project following recent encouraging results.

 

Highlights and Funding Overview

 

·    £650,000 funding secured and fully drawn, strengthening the
Company's financial position

 

·    £250,000 immediately converted into equity at 1.52 pence per share

 

·    £400,000 balance subject to a 45-day prohibition on conversion with
a possibility of a further 45 day extension.

 

·    Funding enables the Company to rapidly accelerate follow-on
exploration on the Sunbeam Property following the recent visible gold
discovery in drill core

 

·    Reinforcing shareholder alignment, with existing investors offered
participation on the same  terms via a Winterflood WRAP offer at 1.52 pence
per share, targeting up to £250,000

Strategic Rationale

The revised funding structure has been agreed to allow the Company to rapidly
follow up on the recent drilling programme at Sunbeam, where visible gold has
been observed in drill core, a highly encouraging development that reinforces
the project's potential.

The Board believes that maintaining momentum at this stage is critical and
that accelerating follow-on exploration provides the best opportunity to build
on this success and deliver value.

The Company is committed to ensuring that existing shareholders have the
opportunity to participate in this phase of growth on the same financial terms
as the initial conversion, reinforcing alignment between the Company, new
capital and its shareholder base.

Use of Proceeds

The funding will be used to:

·      Accelerate follow-on exploration at Sunbeam, building on recent
drilling success

·      Focus will be at Pettigrew utilising the structural controls to
mineralisation established at Roy

·      Progress the Company's wider Ontario portfolio, including follow
up of Very Low Frequency ('VLF') anomalies at North Hemlo and initial
prospecting on the new Rare Earth Elements ('REE') properties

·      Support general working capital

 

 

James Knowles, Executive Chairman, commented:

"The observation of visible gold in recent Sunbeam drill core is a highly
encouraging development and further reinforces our confidence in the project's
potential. This amended funding structure allows the Company to move quickly
and decisively to accelerate follow-on exploration at a critical time, while
doing so from a position of increased financial strength.

We have placed significant emphasis on fairness, ensuring that existing
shareholders have the opportunity to participate on the same terms as this
funding via the Winterflood's WRAP offer.

With momentum building at Sunbeam, alongside a number of near-term
developments across the portfolio, we believe the Company is well positioned
to capitalise on recent success and advance into what we see as a highly
value-defining phase."

 

Issue of Equity & Total Voting Rights

Application will be made to the London Stock Exchange for the 16,447,368 new
Ordinary shares to be admitted to trading on the Main Market for listed
securities ("Admission") and it is expected that such Admission will take
place at 8.00 a.m. on or around on 27th March 2026.

 

In accordance with the provision of the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority, the Company confirms that, following
the issue of the above new Ordinary shares, its issued ordinary share capital
will comprise 341,633,683 Ordinary Shares. All the Ordinary Shares have equal
voting rights and none of the Ordinary Shares are held in Treasury. The total
number of voting rights in the Company will therefore be 341,633,683. The
above figure may be used by shareholders as the denominator for the
calculations to determine if they are required to notify their interests in,
or a change to their interest in, the Company.

 

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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