REG - First Class Metals - Progress Update on Drilling at North Hemlo

FIRST CLASS METALSAnnouncement

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RNS Number : 9151K  First Class Metals PLC  10 December 2025

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

10 December 2025

Progress Update on Drilling at the North Hemlo Property

 

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 that the
drilling on the North Hemlo property, whilst currently paused, will recommence
next week.

Highlights

 

·    Nine drillholes completed across the Dead Otter trend, marking strong
progress in the Company's maiden programme on this property.

·    Four priority target areas tested along the 3.5 km trend, providing
early geological coverage across multiple prospective zones.

·    Approximately 200 core samples dispatched to the Thunder Bay
laboratory for assay analysis.

·    Drilling to recommence next week to complete the planned programme

·    Several logged intersections exhibit visually encouraging geological
features, consistent with the Company's exploration model and supporting the
decision to advance drilling. A video of a representative cut core section
displaying multiple deformed structures, contact, clasts veining and sulphide
mineralisation is available via the link below.

https://firstclassmetalsplc.com/link/yOO9ky
(https://firstclassmetalsplc.com/link/yOO9ky)

 

 

Marc J. Sale CEO First Class Metals commented:

"To date, the maiden drill programme on the Dead Otter trend has been both
technically and logistically successful, particularly given the inclement as
well as challenging weather conditions. The Emerald Geological Services team
has executed the plan efficiently, and early indications from the core are
encouraging.

While assays will ultimately determine the significance of these intervals,
the geological features observed to date reinforce our confidence in the Dead
Otter trend as a compelling gold target within the North Hemlo Project. We
look forward to receiving the first assay results in the New Year and to
completing the balance of the programme before the Christmas break."

 

Location & Strategic Context

The North Hemlo Project is situated within the world-class Hemlo Greenstone
Belt, a district that has produced more than 23 million ounces of gold since
discovery. In early December 2025, Barrick Gold Corporation completed the sale
of its Hemlo Mine to Hemlo Mining Corporation ("HMC") in a transaction valued
at up to US$1.09 billion. That transaction signaled a renewed and focused
investment into the Hemlo district and reflects continued interest in
evaluating the region's exploration potential. First Class Metals' Dead Otter
trend lies contiguous with HMC's regional exploration holdings.

 

Figure 1 showing the Dead Otter trend with locations of the initial 6
drillholes which are logged and sampled. Also shown are the VLF grids and
positions of significant grab samples

 NH 2025 DDH Collars
 Hole_ID   Easting  Northing  Elevation  Az_deg  Dip_deg
 NH-25-01  591566   5410975   366        10      -45
 NH-25-02  591566   5410975   366        10      -70
 NH-25-03  591542   5410973   367        10      -45
 NH-25-04  591542   5410973   367        10      -70
 NH-25-05  589167   5412220   416        25      -45
 NH-25-06  589161   5412198   420        25      -45

 

The initial drillholes targeted the location of the previously reported 19.6
g/t high grade Au grab sample, as well as zones of pronounced structural
deformation ("messed up rocks") delineated in mapping conducted by Professor
Mary Louise Hill (Professor Emerita, Lakehead University). These areas
represent key focal points of gold anomalism and structural complexity along
the trend.

Figure 2 showing a section of uncut core from the Dead Otter trend displaying
sulphides which could indicate potential mineralisation.

Figure 3 showing cut core displaying quartz veining and course pyrite.

 

A second target area, including the site of the 2.3 g/t Au sample and the
interpreted granite contact, has also been tested with two additional holes.

Emerald Geological Services ('EGS') continue to oversee and manage all
drill-site geological operations, including core logging, sampling, and
photography at their Manitouwadge facility.

The drilling contract minimum of 700m drilling will be surpassed at the
completion of the programme.

Given the seasonal volume of samples being processed across the region,
combined with the Christmas-New Year period, assay turnaround times are
difficult to estimate accurately at this stage.

 

Environmental, Social and Corporate Governance ('ESG')

FCM takes its ESG responsibilities seriously and this attitude is imparted to
all contracted personnel. The Company is proud that Rugged Aviation, the drill
contractor, as well as EGS, are taking this responsibility seriously to in
ensuring that drill sites, as much as feasible are left in an environmentally
responsible state.

 

Figure 4 showing drill holes 01 and 02, cleared before drilling and after drilling completed and the rig moved.

 

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/link/yOO9ky
(https://firstclassmetalsplc.com/link/yOO9ky)

 

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 north west 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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