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RNS Number : 9924T  First Class Metals PLC  23 February 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 February 2026

Sunbeam Property Exploration Update

Drilling Commences on 10km Gold Structure with Strong Geochemical  &
Structural Support

 

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 from the
2025 field season as well as proposed and ongoing work for the 2026 field
season.

Exploration Highlights

 

·    Drilling commenced on the Roy structure at the Sunbeam property

·    Soil sampling programme indicates 4km long robust gold anomaly

Over 500 A-horizon samples were collected across 4km of the Roy structure
results confirm a robust local and potential district scale gold bearing
structure

·    A Lake sediment sample of 111ppb, 1.5km along strike further
emphasises the structure's robust anomalism as well as significantly
increasing the strike potential of the gold bearing structure

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

192 stations across 3.8km of grid surveyed; data are being (re)processed but
initial indications show coincident conductors to soil anomalies.

·    LiDAR (Light Detecting and Ranging) dataset under expert review

Industry acclaimed consultants are interpreting LiDAR terrain data to support
structural models across the district, including the Hammond reef and Melena
structures.

·    Prime strategic location between Agnico Eagle's 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 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.

·    Independent structural review suggests Hammond Reef-style potential

The structural report by Prof. M.L. Hill includes petrological studies which
confirms key structural elements controlling the deposition of gold on the Roy
trend. The studies reaffirm the presence of gold on the trend and further
support the assays from the channel sampling.

·    Historic drilling and FCM stripping confirm high-grade gold at Roy,
with assays up to 18.8 g/t Au Previous drilling returned 4.01 g/t Au over
1.85m and 1.05 g/t Au over 3.78m, while FCM channel sampling delivered grades
including 6.27 g/t, 5.58 g/t and 4.98 g/t Au, reinforcing the presence of
robust, structurally controlled gold mineralisation.

 

Marc J. Sale CEO First Class Metals Commented:

"The exploration work on the Sunbeam Property, specifically on the >10km
Roy lineament and the soil sample results has demonstrated the significance of
this structure.

Roy will be used as a template to demonstrate and unlock the potential of the
three district scale gold bearing structures on the Sunbeam property, each of
which currently exceeds 10km and indications are that there is further strike
continuity.

The initial feedback from the LiDAR interrogation is supporting the theory of
an intersecting structure(s) creating a focus for high grade gold deposition.

A brainstorming session focussed on the proposed drilling at Roy, led by
internationally renowned consultant and close colleague Chris Cooper and
involving the Ontario Geological Survey (OGS) as well as Mary Louise Hill
(Lakehead University) and Emerald Geological Services (EGS) had the clear
objective of critiquing the proposed drill programme at Roy planned for Q1
this year."

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 northeast along strike of the mine shaft. The
structure also hosts historic shafts B43 and B45, which further enhances the
potential.

Previous work

There has never been an extensive nor systematic drill programme at Roy,
drilling by a previous property explorer returned:

SP11-12 intersected 4.01 g/t Au over 1.85m. SP11-13 intersected 1.05 g/t Au
over 3.78m

Stripping and sampling by FCM

Programmes of stripping at Roy (and Pettigrew) confirmed high grade gold
assays up to 18.8 g/t gold (Au). At Roy other highlights include:

6.27 g/t Au channel / 0.35m in mafic schist with quartz veins

4.98 g/t Au channel / 0.5m in sheared porphyry and;

5.58g/t Au channel / 0.5m within a quartz vein.

Soil Sampling

The completed work programme included 33 lines of soil sampling covering over
4km of strike, the soil sample lines are 100m apart. 'A' horizon soil was
sampled collected at 12.5m centres, for a total of over 500 samples, including
blanks and standards, see Figure 1.

The assays from this programme have now all been received and the results
indicate a robust gold anomaly along the interpreted strike of the Roy
lineament. The highest value reported was 847ppb gold (Au).

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

8 out of 33 lines feature anomalies > 50 ppb Au, and 11 out of 33 lines
feature anomalies >18 ppb Au. These define 5 separate anomalous areas over
a 3.3 km strike, 2 of which feature multi-line anomalies >50 ppb Au and 4
of which feature multi-line anomalies >18 ppb Au.

Coleman Robertson of EGS and the principle geologist working on the Sunbeam
property commented:

"The Roy soil survey was successful in identifying gold-in-soil anomalies in
areas where gold mineralization is known to occur in surface samples and also
in areas where there are no known samples or where bedrock may be buried. This
indicates the potential for locating additional gold zones along the
multi-kilometre Roy trend and supports the continued investigation of known
gold zones."

There appears to be a frequency to the higher values along the anomalous trend
which could be explained by the intersection of the WNW structures.

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.

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 refer to Figure 2 & 3. The reprocessing and
interpretation of the data is now with Simcoe Geoscience for advanced
reprocessing and interpretation.

It is the intention to extend the survey to the northeast over the historic
shaft BG45, this decision will be made once the interpretation is received.

LiDAR

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

Initial feedback is very encouraging, indicating that WNW structures do exist
and intersect the major district scale NE lineaments, see Figure 2. There is
mounting evidence that where these structures intersect the gold endowment is
increased, supported by the soil assays. This important development in the
understanding of structure and related mineralisation is a major advancement
in targeting future exploration on the property.

Figure 2 LiDAR interpretation over enhanced hill shade.

From the Consultants notes: this figure illustrates a WNW lineament
intersecting the Roy lineament that trends N, creating a hot spot for gold
mineralisation.

OJEP

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

Drilling

Drilling has commenced with hole SUN-26-01 which is a twin of historic hole
SP-11-12, see Figure 3.

The planned 1,000m programme will continue with a possible three further holes
before a cessation for Prospectors and Developers Association of Canada
("PDAC") convention 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.

 

Figure 3 the Forage drill rig on site drilling the first hole at Roy

Other exploration developments

A report from the visit to the Sunbeam property by ex-Lakehead University
(Thunder Bay) Professor of structural geology, Mary Louise Hill, included
recommendations of a further review of the historic core with a view to
focussed petrological studies. The review was undertaken and several
petrographic sections prepared. Several exhibited grains of gold associated
with pressure shadows around pyrite, see Figure 4, and even a micro vein of
gold in a pyrite crystal. Note the gold is not associated with the pyrite
mineral matrix, therefore is interpreted as 'free milling'.

Figure 4 the reflected light photo of gold blebs, (central left of field of
view), in the strain shadow of pyrite in high resolution

The advance of exploration on the Sunbeam property from a number of diverse
methods, not just prospecting, but systematic soil sampling, geophysics and
stripping is a compelling story along the path to discovery which this drill
programme aims to consolidate.

A success at Roy may be used as a template not only in the 5km of positive
soil sampling but also the trend in general.

Furthermore, this new approach will be applicable to both the Pettigrew and
Sunbeam trends.

 

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/Pqnbny

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 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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