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

FIRST CLASS METALSAnnouncement

23/12/2025 07:00

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RNS Number : 5651M  First Class Metals PLC  23 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

 

23 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 the
successful completion of the maiden drilling programme on the North Hemlo
property.

 

Highlights

 

·    Maiden drilling programme successfully completed on the North Hemlo
Property, confirming the Company's ability to operate efficiently across a
large, structurally complex gold trend.

·    Ten diamond drill holes completed over ~3km of strike along the Dead
Otter trend, testing multiple priority targets.

·    Five target areas each defined by previously reported high-grade grab
samples, stripping results and/or soil geochemical anomalies.

·    Over three hundred core samples dispatched for assay to date,
including approximately one hundred additional samples currently in transit,
providing a substantial dataset from this initial scout programme.

·    Drilling exceeded the planned contractual minimum of seven hundred
metres, reflecting both operational efficiency and the geological
encouragement encountered during the programme.

·    Core logging and sampling ongoing and is anticipated to be completed
prior to the Christmas break.

·    Multiple visually prospective zones identified and sampled in every
drill hole, with repeated intersections displaying deformation, veining and
sulphide mineralisation consistent with the Company's primary exploration
model.

·    Several logged intersections exhibit visually encouraging geological
features, consistent with the Company's exploration model and supporting the
decision to advance drilling. Representative examples of cut core sections
displaying multiple deformed structures, contacts, clasts, veining and
sulphide mineralisation are shown in Figures 1-5 below.

 

Marc J. Sale CEO First Class Metals commented:

"The successful completion of our maiden drill programme on the Dead Otter
trend represents an important milestone for First Class Metals at North Hemlo.
Ten drill holes were completed over approximately three kilometres of the
trend, testing multiple priority targets within a structurally complex system.

Geological logging has identified multiple visually prospective zones in every
hole, including deformation, veining, and sulphide mineralisation consistent
with our exploration model, which supports the decision to advance to drilling
across this trend. As expected for an initial scout programme, the objective
was to confirm the presence and continuity of a mineralised system rather than
to define a resource, and in that regard the programme at this stage visually
has delivered a strong geological foundation.

While assay results will ultimately determine the significance of these
intersections, the scale of the programme, the volume of samples generated and
the geological observations to date reinforce our confidence in the
exploration potential of the Dead Otter trend. I would also like to thank the
drill contractor and the Emerald Geological Services team for their
professionalism and commitment in delivering the programme efficiently and to
a high standard."

 

Location & Strategic Context

The North Hemlo Project is situated within the world-class Hemlo Greenstone
Belt, a district that contains the Hemlo gold mine which has produced more
than twenty-three 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 signalled 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.

Ten drill holes were completed in this maiden drill programme. The metres
drilled exceeded the contractual minimum of 700m. Details of the holes are
reproduced below.

Table showing drill hole statistics

           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
 NH-25-07  589113   5412227   393        25      -45
 NH-25-08  588650   5412383   407        25      -45
 NH-25-09  588353   5412519   404        25      -45
 NH-25-10  588478   5412620   387        25      -45

 

In total seven distinct geochemically anomalous zones were targeted; these
areas represent key focal points of gold anomalism and structural complexity
along the trend.

The drillholes primarily targeted the previously reported 19.6 g/t high grade
Au grab sample and zones of pronounced structural deformation ("messed up
rocks"). This style of mineralisation - shear hosted orogenic style gold
mineralisation is prevalent in the Hemlo greenstone belt and the model applied
to the mineralisation at the Hemlo gold mine.

 

Figure 1/2 showing sheared mafic volcanics with quartz veining and variable
but significant sulphides.

There have also been a potentially significant number of hanging wall
structures, predominantly manifesting as quartz veining. The geochemical
relevance is uncertain at this stage.

Additional prospective zones targeted included the 'Dead Otter showing', the
zone of the 2.3 gramme grab / stripping, as well as two further areas of
anomalous grab samples and soil geochemistry.

 

Figure 3/4 showing altered porphyritic rocks with quartz veining as well as
possible intercalations of mafic volcanics and fragmentals.

 

Figure 5 showing silicified, fractured granodiorite with shearing and quartz
veins (with chlorite/ mylonite?) occupying the shear planes

Other target areas included a site immediately north of the 2.3 g/t Au sample
and the interpreted granite contact, which has now been tested with two
drillholes.

First Class Metals remains open-minded with respect to mineralisation styles
at the Dead Otter trend. While the primary exploration model is shear-hosted
orogenic gold mineralisation within the greenstone sequence, the proximity of
the trend to the Dotted Lake Pluton (granodiorite) introduces additional
geological complexity and opportunity.

Accordingly, the technical team (FCM and Emerald Geological Services)
considered it both prudent and technically justified to test the
greenstone-granitoid contact, an area supported by anomalous gold values in
historical grab samples and soil geochemistry. Such contact zones are
recognised as favourable sites for structurally controlled gold mineralisation
within the Superior Province whether mineralisation is hosted within granitic
batholiths (e.g. Renabie) or within / adjacent to stocks and plugs (Hemlo,
McIntyre-Hollinger, Macassa).

Emerald Geological Services ('EGS') continue to oversee and manage all
drill-site ESG - environmental matters and geological operations, including
core logging, sampling, and photography at their Manitouwadge facility. All
holes have now been logged and sampling is nearing completion. It is
anticipated that the remain (approximately 100) samples will be dispatched
prior to Christmas.

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.

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/announcements
(https://firstclassmetalsplc.com/announcements)

(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 operated by Hemlo Mining Company (>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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