REG - First Class Metals - Sunbeam Property Drilling Update

FIRST CLASS METALSAnnouncement

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RNS Number : 8890U  First Class Metals PLC  02 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

2 March 2026

Sunbeam Property Drilling Update

 

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 provide a drilling
update for drilling at the Roy prospect on the Sunbeam Property ("Roy").

Highlights

 

·    To date, 5 holes have been completed for approximately 490m

·    A minimum of 1,000m is anticipated to be drilled on the Sunbeam
property

·    The drill programme currently consists of 11 holes

·    LiDAR (Light Detecting and Ranging) interrogation ongoing with
initial feedback most encouraging

·    The results from the Very Low Frequency ("VLF") magnetic survey are
still being reprocessed

·    Prime strategic location between Agnico Eagle's (NYSE:AEM) Hammond
Reef and regional holdings

·    Sunbeam lies directly between, and is contiguous with, two Agnico
Eagle properties and just ~15km from the Hammond Reef gold deposit, with open
pit probable mineral reserves estimated to be 3.3 million oz. of gold (123.5
million tonnes grading 0.84 g/t gold (Au), underscoring its exceptional
position within a highly endowed, infrastructure-accessible gold district.

 

 

 

 

Marc J. Sale CEO of First Class Metals Commented:

"The drilling at Roy has progressed very satisfactorily with five holes
completed all of which to date have intersected potential mineralised
structure(s). Visually I am very encouraged by the deformation and associated
veining.

Obviously without the benefits of assays, we are reliant on the visual
assessment of the prospectivity by the technical crew. However, we all remain
enthusiastic and positive at this juncture."

Roy structure

The lineament where  the Roy occurrence / development is located is a
district scale structure and has now been traced through historic work and
Emerald Geological Services, ("EGS") prospecting towards the 111ppb lake
sediment sample some 5km northeast along strike of the mine shaft. The
structure also hosts historic shafts B43 and B45, which further enhances the
potential see Figure 1.

Figure 1 illustrating the soil (VLF) grid and locations of historic shafts,
including Roy.

 

 

Drilling

The planned 1,000m programme has paused for the Prospectors and Developers
Association of Canada ("PDAC") convention and will recommence on or about the
7(th) March.

Drilling has commenced with hole SUN-26-01 which is a twin of historic hole
SP-11-12, see Figure 2 for a snapshot of the core.

 

Figure 2 showing the core from the drill hole twining' SP-11-12, on an azimuth
of 150(o) as per historical drilling.

Importantly, the majority of the holes drill will adopt a new azimuth at
variance to the historical one of 150(o), see Figure 3, this we believe is a
far better azimuth / angle to intersect the mineralisation based on the
structural understanding FCM has developed through ground observations and
thorough review of the historical geological and drill data.

 

Figure 3 showing core from the newly adopted drill azimuth

 

A further hole to test geology, mineralisation and structure has been
trialled, see Figure 4.

Figure 4 showing core from the drill hole drilled at a significantly different
azimuth to this programme and previous drilling.

In early March, these holes will include a new (to previous drilling) azimuth
as well as a 'structural hole' to test the hypothesis of the intersecting
structures. The proposed drill programme was supported by the 'brainstorming'
panel.

All the drilling at Roy is centred around the historic shafts in the vicinity
of the 18.8g/t channel samples as well as the outcrop containing visible gold.

VLF / magnetic survey

In parallel with the soil sampling, a combined VLF and magnetic survey was
undertaken. The 'central grid' has been completed for 192 stations over a
combined 3.8km of line survey. This data is being reprocessed given the
initial processing was deemed unsatisfactory.

LiDAR

The LiDAR information for the Sunbeam property and environs is still under
interpretation by a third-party consultant. The initial findings are most
encouraging and support the concept of gold 'hotspots' and structural
intersections.

OJEP (Ontario Junior Exploration Programme)

FCM remains optimistic in respect of its application for a fourth consecutive
for the maximum grant under the OJEP.

Sunbeam Property background

The Sunbeam property, which now extends to almost 100km(2), is situated
between two Agnico Eagle properties both of which have gold discoveries,
including the Hammond reef resource of 3.3Mozs gold. The mineralisation on all
three properties is associated with northeast orientated structures
interpreted as splays off the Quetico fault to the south, see Figure 5

Figure 5 showing the similar orientations of the mineralised structures on the
three properties emanating from the Quetico fault to the south.

The property contains three historic development sites: i) Sunbeam, the most
exploited and the only site with recorded production, ii) Roy and iii)
Pettigrew; these all sit on previously identified mineralised, district scale,
structures, see Figure 6.

In addition, along these three mineralised structures a number of other
significant gold bearing sites have been identified, such as Road zone and AL
308. A potential fourth lineation, the Burger structure, has not yet been
explored by FCM.

The historic developments as well as the widespread occurrence of gold
emphasises the gold endowment of the property and the potential for a major
discovery.

Figure 6 showing the mineralised trends on the Sunbeam property and with the
locations of the lake sediment samples, the area of soil / VLF survey as well
as the recently staked and optioned claims.

Regionally the property is located about 230km west of Thunder Bay, roughly
30km northeast of Atikokan and is accessible 40km north off highway 11 by the
Premier Lake (gravel) road, which transects the property and runs within one
mile of the Roy shaft.

 

 

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/rDG2Ge
(https://fcm-l.investorhub.com/link/MP7o0P)

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

AlbR Capital Limited

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 owned by Hemlo Mining Corp., (>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 and results have now been released.

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 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 statements.
Given these risks 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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