#FCM First Class Metals Plc – SPODUMENE IN ALL NINE ZIGZAG DRILL INTERSECTIONS

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that spodumene-bearing pegmatites have been intersected in every targeted hole drilled at First Class Metals’ Zigzag lithium Property. The identified mineralization remains open along strike and down dip.

HIGHLIGHTS

·      Spodumene (a high-grade lithium mineral – Li[AlSi ₂O₆].) bearing pegmatite intersected in all nine targeted holes drilled.

·      Over 50m of pegmatite intersections recorded (see figure 1 for area of drilling)

·      Multiple mineralised pegmatite zones were intersected in holes targeting 400m of the known 800m strike.

·      Pegmatite thickness exceeded 5m thick, down hole, and the potentially multiphase mineralised system remains open along strike and down dip / plunge.

·      All holes are being systematically logged and marked up for sampling before cutting / sample collection.

First Class is pleased to announce the completion of the final hole of its inaugural drill programme at the Company’s Zigzag Property (the “Property”), located in the Seymour-Falcon corridor in northwestern Ontario, Canada. The drill programme included 9 holes targeting the pegmatite bearing zone and one hole (the tenth, final hole) being a scissor to ZIG-23-06, to confirm the interpreted dip of the structure. The 10-hole, 450-metre drill programme was completed successfully on the 16^th December within budget and time schedules

Photo 1 Drill rig completing FCM-23-09, step back to FCM-23-05

The drilling targeted the 400m central section of the property which had been subject to a non-mechanised stripping and channel sampling programme reporting up to 2.36% lithium (Li₂O) over 5.5m (See RNS 28th November), see figure 1. Historic drill holes also reported an intersection grading 1.08% Li₂O over 6.1m from 12.45m and a separate intersection of 399.8ppm Ta₂O ₅over 2.92m from 15.50m.

Figure 1–Drilling covered the area of channel sampling and ‘grabs’ on roughly 50 m centres (note historic grid lines are on 200ft (60m) centres).

Visual observations undertaken whilst logging the core have recorded spodumene-bearing pegmatite in all holes which targeted the pegmatite, (see Photo 2-drill hole FCM-23-01) The core is now being logged in detail then it will be ‘marked-up’ for cutting (sampling), it is anticipated that circa 100 samples will be sent for analyses in Thunder Bay. Results from the initial batch are expected in early Q1 2024.

Photo  2-Shallow intersection of pegmatite hosting spodumene (pale green ‘blades’ in hole ZIG-23-01).

Marc J Sale Chief Executive Officer Commented-

“The completion of the drilling at Zigzag has consolidated the undertaking to shareholders / investors that FCM would bring 4 properties to ‘drill ready status’ and drill one this season. I am extremely pleased with the (visual) indications of the drill core and the robust intersections that I have seen so far. I look forward with positive anticipation to the first results. We are already planning the next stages of exploration.”

For further information, please contact:

First Equity Limited

(Financial Adviser & Broker)