#FCM First Class Metals PLC – MoU with Whitesand FN – Zigzag Lithium Property

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding is pleased to announce that it has signed an agreement (the “Memorandum of Understanding” or “MoU“) with the Whitesand First Nation (WFN) for initial exploration on the Zigzag lithium project.

Highlights:

• MoU signed for a three-year term with the Whitesand First Nation provides for the formal commencement of exploration work on the Zigzag property.
• The Zigzag lithium property  is situated in the Armstrong area of Canada in a locality that hosts several developing hard-rock pegmatite lithium projects, including Green Technology Metals Limited (ASX:GT1) owned Seymour Lake Project and Battery Age Minerals Limited (ASX:BM8) owned Falcon Lake Project.

Whitesand First Nation MOU

FCM has optioned the Zigzag property from Nuinsco who were successfully awarded an Exploration Permit. However, as no agreement was needed nor discussed with the First Nations at that time, FCM took the step of entering into discussions with the Whitesand First Nation. FCM is now pleased to announce that, following continued positive discussions and consultation with Whitesand First Nation, FCM has executed a MoU, by which the Company will commence formal exploration activities on the Zigzag lithium property in Ontario, Canada in collaboration with the Whitesand First Nation.

First Class Metals is grateful for the support and endorsement of Whitesand First Nation and is committed to continuing to work closely with Whitesand throughout all stages of the Zigzag project. The Company believes that, by working with indigenous communities in Ontario, it can create long lasting and mutually beneficial partnerships that generate significant economic opportunities and contribute to the sustainable development of local communities.

In the meantime, FCM intends to advance the discussions with Whitesand First Nation to formalise an Early Exploration Agreement (EEA).

Figure 1-Zigzag Lithium Location in key Ontario ‘Battery Metals Belt’

Recent activity by Battery Age Minerals Limited as reported in their news release of 26^th July 2023, indicates that widths of plus 20m with grades of over 1% even 2% Li₂O are attainable in this lithium belt. Historical sampling and limited drilling at Zigzag has proved that grades of >1% Li₂O exist and FCM will be focussing exploration efforts to confirm the width of the pegmatite as being in the order of 20m and extending over 800m as previously reported, .

Figure 2- the historical work conducted by and pre-Nuinsco

Background-Zigzag Lithium

Historic grades at surface up to 1.68% lithium (Li₂0) over 7.9m and 0.168% tantalum (Ta₂0₅) over 2.54m. The claim group covers the historic Tebishogeshik occurrence as well as other mineralised occurrences.

The pegmatite hosting the deposit is reported to be more than 800m in length and 20m thick at surface.

Sampling by Nuinsco (previous operator) returned strongly anomalous lithium, tantalum, and rubidium, peaking at 3.55% Li₂0 with significant tantalum, and rubidium results at 836 ppm Ta₂O5, and 4,003 ppm Rubidium Rb₂2O.

The project is a little over 50km from Armstrong in northwest Ontario in the Seymour Lake area, a district already proved to be prospective for hard rock, pegmatite hosted lithium. Existing infrastructure currently in place in the local area is expected to be further bolstered in the future by the planned Jackfish Hydro project and a Spodumene Process Plant at the Green Technology Metals, Seymour site which is just over 10km away.

The six-unit claim group includes a mapped structure of 800m which (Tebishogeshik occurrence) and is wholly contained within the claim block, the lithium-tantalum mineralization is pegmatite-hosted with significant rubidium and cesium mineralization also reported. All of which are ‘critical minerals’ as identified by the ¹Canadian and United Kingdom Governments.

Previous workers of the Tebishogeshik occurrence have identified Li₂O and Ta₂O₅ mineralization along the entire length of the showing from sampling at surface, grading up to 1.68% Li₂O over 7.9m and 0.168% Ta₂O₅ over 2.54m in separate channels samples. Several shallow historic drill holes along the occurrence have returned significant intersections, including, (in separate drill holes) an intersection grading 1.08% Li₂O over 6.1m and a separate intersection of 399.8ppm Ta₂O₅ over 2.92m. Both intersections were less than 20m down hole. The structure is open along strike and to depth and remains to be fully evaluated.

Lithium-ion battery production capacity pipeline globally to 2030 increases up to 8.1 TWh and North American EV battery production is forecast to reach 1 TWh annually by 2030. Even if production from known current assets were to double against planned capacities, expected North American demand alone would exceed supply by 40%.

¹ Minister Wilkinson Releases Canada’s $3.8-billion Critical Minerals Strategy to Seize Generational Opportunity for Clean, Inclusive Growth – Canada.ca

Resilience for the Future: The United Kingdom’s Critical Minerals Strategy (publishing.service.gov.uk)

Figure 3-Photo of specimen samples of Zigzag lithium bearing pegmatite taken from the Zigzag property near to where historic as well as recently reported samples by FCM were collected, (see RNS of June 8^th 2023). Note very coarse crystalline fabric.

Marc Sale First Class Metals CEO Commented:

“I am delighted that having now visited the property and seen a ‘snapshot’ of Zigzag’s potential I am pleased that the exploration of the Zigzag property will now commence in earnest. More so that it is with the support of the Whitesand First Nation. We will shortly have a team on the ground prospecting in advance of a sawn channel sampling programme aimed at identifying sections of the pegmatite for a focussed drill programme.

For further information, please contact:

First Equity Limited

(Financial Adviser & Broker)