REG - First Class Metals - Sunbeam Property Exploration Programme Update

FIRST CLASS METALSAnnouncement

22/07/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250722:nRSV9461Ra&default-theme=true

RNS Number : 9461R  First Class Metals PLC  22 July 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

22 JULY 2025

Sunbeam Property Exploration Programme 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 an
exploration update for the work conducted on the Sunbeam Property to date for
the 2025 field season, where ongoing results continue to highlight the
district-scale potential of the >88km² property.

Exploration Highlights

 

·    Strategic location between Agnico Eagle's Hammond Reef and regional
holdings

Sunbeam lies directly between two Agnico Eagle properties and just ~15km from
the Hammond Reef gold deposit, with an 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.

·    Extensive soil sampling programme completed

Over 500 A-horizon samples collected across 4km of the Roy structure - now in
the laboratory, targeting gold-in-soil anomalies along this key trend.

·    Very Low Frequency ("VLF")-magnetic survey

192 stations across 3.8km of grid surveyed; data undergoing interpretation to
refine targets ahead of possible drill planning.

·    Historic shafts located and sampled

Prospecting rediscovered the 113 feet deep B43 shaft, with grab samples
showing visible chalcopyrite and galena. B45 not yet located.

·    Roy structural review suggests Hammond Reef-style potential

Structural report by Prof. M.L. Hill confirms key controls on Roy trend;
further petrology and core review recommended.

·    LiDAR dataset under expert review

Third-party consultants are interpreting terrain data to sharpen structural
models across the broader corridor.

·    2025 Ontario Junior Explorers Programmes ("OJEP") grant application
submitted

Fourth consecutive year FCM has applied - this time focused on advancing the
Roy zone following encouraging field results.

 

Marc J. Sale CEO First Class Metals Commented:

"The ongoing exploration work on the Sunbeam Property, specifically on the
>10km Roy lineament continues to under pin the significance of this
structure and by inference the ever-growing potential of the other two equally
prospective structures, as well as a possible fourth structure, and therefore
the property as a whole to produce a significant discovery.

Furthermore, I believe the VLF in conjunction with the soil results and the
insights provided by the structural review, are bringing FCM ever closer to a
decision where to drill at Roy.

FCM has also submitted a further application to the Ontario Junior Exploration
Programme, seeking to leverage government support to accelerate priority work
at the Roy zone"

Sunbeam Property

The Sunbeam property, which now extends over >88km(2), 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 1.

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 4(th) lineation, the Burger structure, has not been explored
by FCM, neither has the Rubble zone, (seemingly off structure).

The historic developments as well as the widespread occurrence of gold (along
the structures) emphasise the gold endowment of the property and the potential
for a major discovery.

Figure 1 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 claims.

Sunbeam is situated between two extensive properties held by Agnico Eagle,
both these properties have mineralised northeast striking structures, with the
western property hosting the Hammond reef deposit of 3.3M oz of gold, see
Figure 2.

Figure 2 showing the Sunbeam property's neighbours (Agnico Eagle) and similar
mineralised structures

Regionally the property is located about 230km west of Thunder Bay, roughly
30km northeast of Atikokan and is accessible 40km north off highway 11 (see
Figure 3), by the Premier Lake (gravel) road, which transects the property.
Locally the various prospects and historic developments can be accessed in dry
conditions by ATV.

Figure 3 illustrating the regional setting of the Sunbeam property

Roy structure

The lineament that the Roy occurrence / development is located on 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 along strike. The structure also hosts historic
shafts B43 and B45, which further enhances the structures potential, see
Figure 4, 5 and 6.

Soil Sampling

The current work programme includes 34 lines of soil sampling covering over
4km of strike, the soil sample lines are 100m apart. A horizon soil were
samples collected at 12.5m centres, for a total of over 500 samples, including
blanks and standards, see Figure 4. This programme is now complete, and the
samples have been dispatched to the laboratory in Thunder Bay.

 

Figure 4 illustrating the soil (VLF) grid and locations of historic shafts,
including Roy.

 

During the course of the soil sampling programme the historic, (not previously
prospected by FCM) shaft B43 was located, B45 was not located during the
current programme. Mineralised grab samples (chalcopyrite and galena) were
collected from the 'dumps' for analysis, See Figure 5 and 6.

Figure 5 showing the historic pit B43 on the Roy trend.

Figure 6 grab sample from the 'dump' near shaft B43 containing chalcopyrite
(Cu mineral) and galena (Pb mineral)

 

The following information was found on the historic shafts:

BG43               According to the Ontario Bureau of Mines
(1899) a 113' shaft was sunk at BG43 (no other details provided).

BG45               According to a newspaper article in 1899, a
shaft was sunk at BG45 to a depth of at least 75'. A 2.5' wide quartz vein
contains pyrite, chalcopyrite, galena and sphalerite. It is surrounded by a
10' wide green schist, from which free gold has been panned.

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 see Figure 4.

This data will be processed and then interpreted before completing the
remainder of the survey.

Other developments

During the course of the soil and VLF programmes a number of grab samples have
been collected, see Figure 6, which are to be submitted for Au and base metal
analysis, the assays will be reported as available.

A report from the recent visit to the Sunbeam property by ex-Lakehead
University (Thunder Bay) Professor of structural geology, Mary Louise Hill,
has now been received. The report gives valuable insights into the structural
controls of the mineralisation, specifically at the Roy occurrence.
Recommendations going forward include further review of the historic core and
representative grab samples with a view to focussed petrological studies as
well as a comparison to the structure and mineralisation at Hammond Reef.

The Light Detecting and Ranging (LiDAR) information for the Sunbeam property
and environs is still under interpretation by a third-party consultant.

A historic data review of the Burger trend is being undertaken in order to
ascertain its potential and also to give further insight to the structure /
mineralisation of the northeast striking lineations.

FCM is pleased to announce that for a fourth consecutive year it has applied
for the maximum grant under the OJEP. The results of the application will be
announced by OJEP later in the field season

 

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://fcm-l.investorhub.com/link/MP7o0P
(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

Novum Securities Limited (Financial Adviser)

David Coffman

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

Tel: (0)20 7399 9400

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 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 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLSEAFWFEISESW