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First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam Project land holding is pleased to provide an update on activities in respect to the Pickle Lake Earn In/Joint Venture (JV) (“Pickle Lake JV” “West Pickle Lake”) with Palladium One Inc (TSXV:PDM) (“Palladium One”).

First Class Metals is delighted to report preliminary assay results form the new West Pickle massive sulphide discovery. The assays from the first hole reported TK-22-059 are of an exceptionally high grade at 4.8% Ni (“Nickel”), 3.7% Cu (“Copper”) (6.8% Nickel Equivalent) over 1.8m from Massive Nickle Copper Sulphides, see Table 1

A total of twelve holes have been drilled from which lab assays remain outstanding for eleven holes TK-22-058/TK-22-060 to TK-022-070, visual observations of the core are detailed in see Table 2.

Highlights Reported by Palladium One

• 4.8% Nickel, 3.7% Copper (6.8% Nickel Equivalent) over 1.8 meters from Massive Nickel Copper Sulphides .
• Massive to semi massive pentlandite-chalcopyrite-pyrrhotite sulphide discovered at the 600-meter long VTEMmax Electromagnetic (“EM”) anomaly known as the ‘West Pickle Zone’:o  12 diamond drill holes completed to date
• Preliminary assay results return:

– 3.4% Nickel Equivalent (“Ni Eq”) over 3.7 meters (2.3% Ni, 1.8% Cu, 0.45 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au)) in hole TK-22-059

– Including 6.8% Ni Eq over 1.8 metres (4.8% Ni, 3.7% Cu, 0.87 g/t TPM)

– And 9.4% Ni Eq over 0.6 metres (8.2% Ni, 1.6% Cu, 1.62 g/t TPM)

• Visual results for holes TK-22-070, which intersected 1.7 meters of massive sulphide mineralization from 165.4 to 167.1 meters down hole.

• The new discovery closely resembles the Palladium One extremely high-grade Smoke Lake Zone located 20 kilometers to the east which has returned up to:

-10.2% Ni Eq over 3.8 meters  (8.1% Ni, 2.9% Cu, 0.1% Co, 0.61g/t Pd, 0.71g/t Pt, and 0.02g/t Au) in hole TK-20-023) (see news release January 19, 2021 )

Table 1: Assay Results: Drill Results from the West Pickle Zone

(1)  Reported widths are “drilled widths” not true widths.

(2)  Cobalt analysis have not yet been received

(3)  * Ni_Equivalent is calculated for comparison purposes using recent spot prices, $8.5lb nickel, $4.25lb copper, $25/lb cobalt, $1,700/oz palladium, $1,100/oz platinum, $1,800/oz gold as per Palladium One’s May 2022 NI 43-101 report on the LK Project (see news release April 25, 2022 )

Table 2:  Visual Results: 2022 Drill Results from the West Pickle Zone

Figure 1 . Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK-22-070 from 165.4 to 167.1 meters down hole. Wall rock is tonalite.

Figure 2 . Closeup of massive pentlandite-pyrrhotite-chalcopyrite in hole TK-22-070.

Figure 3. Long section looking south of the West Pickle Zone

Marc J Sale, First Class Metals CEO commented:

‘The reporting of the initial results from FCM’s West Pickle Lake prospect JV, add additional evidence that a new district scale nickel (copper) sulphide discovery is emerging on our North Hemlo property.

Furthermore, as indicated by Palladium one the prospectivity remains open to the west, ground held 100% by FCM.

Given only the results of the first of twelve holes have been reported and the visual estimation of other drill holes, particularly hole TK-22-70 are equally encouraging FCM anticipates continued support for the potential of the project.

We eagerly await further assay results and the results of the BHEM (Bore Hole Electro Magnetic) survey which should enable better definition of the conductor (sulphide) ‘plates’ and allow further drilling to focus on zones of potential mineralisation.

FCM continues to explore the North Hemlo block and currently efforts are focus in the target area between the West Pickle Lake prospect and the Dotted Lake prospect of Panther Metals, 10 km to the south west.‘