#FCM First Class Metals – Operations:- ‘Big Four’ Exploration Update and Directorate Change

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 the launch of systematic exploration campaign at the Zigzag lithium project in the Province of Ontario Canada. (“Zigzag” or the “Project”) alongside a general portfolio exploration update.

First Class Metals’ stated aim was to bring four properties to drill ready status with the intention of drilling one property this field season. With the exception of Esa, the company will achieve its aim. Once the soil sampling results are available from Esa this property too will be close to being ‘drill ready.’ It is still the Company’s intention to drill one of the ‘Big Four’ this season. FCM-Report-The-Big-Four-How-we’re-moving-towards-drilling.pdf (squarespace.com)

Highlights:

·    Noth Hemlo-Dead Otter Trend, further gold occurrences reported from grab samples return values up to 13.6ppm (13.6 g/t) gold (Au) giving further confidence to the project, supporting priority drill targets.

·    Sunbeam-Further stripping underway at the sites of the historical Sunbeam Mine, Roy & Pettigrew workings. Visual similarities noted to the reported economic mineralisation that was historically mined. Channel sampling undertaken with results pending which will help define drill targets.

·    Zigzag-Preliminary results from thirty-nine samples received with numerous results over 1% Li₂O (full results pending). Extensive channel sampling campaign now completed with assays awaited, visual observations of coarse spodumene evidenced across many of samples taken.

·    Esa-an extensive infill soil sampling program now completed; 500 samples taken and awaiting analysis. Purpose of the work is to ‘infill’ the successful definition of the Esa Shear in 2022.  Property moves closer to a drill ready status.

Marc J. Sale First Class Metals CEO commented:

“I am pleased with the progress that First Class metals has made this field season, and despite the advance of Autumn there are still two teams out on the ground. I feel we are well on track to achieve the Company’s intentions. Both Sunbeam and Zigzag properties are permitted for drilling and with the support of the First Nations either of these properties or indeed North Hemlo (permit notwithstanding) are veritable maiden drill targets for FCM. Furthermore, the preliminary results from Zigzag have added significantly to our confidence in the property.”

North Hemlo

During the season extensive work: prospecting, sampling, and mapping has been undertaken along the Dead Otter trend, the focus has been around the historical showing (3.1ppm Au 0.59% Mo) and the area reporting 19.6ppm Au over three kilometres to the south east. There are still assays to be reported, however whilst sampling to date has not replicated the historic value there is limited outcrop exposed. The presence of visible gold and gold being ‘panned’ from crushed rock may indicate that there is potentially an issue with ‘coarse gold’ in the area of the historic showing. Other assays methods are being investigated.

Furthermore, the zone is reporting very high values of pathfinder elements including molybdenum as well as telluride which is strongly associated with gold deposits especially in the Hemlo area. Additionally, over 750m SE along trend from the historic showing an isolated outcrop returned 2.29ppm Au. This confirms the trend is auriferous. Furthermore, in the area of the 19.6ppm sample other samples have reported 13.6ppm and 4.6ppm Au.  Future work will include detailed prospecting along the trend to prove the continuity of the structure along strike from the known gold occurrences, leading to stripping and drilling once permitting allows.

Photo 1-showing the sampling in the area of the 19.6ppm result.

Sunbeam

An initial stripping and channel sampling programme at the historic production sites of Pettigrew and Roy has been completed and provisional results received. Some of the higher values have been resubmitted for check assay. The results from Roy indicate a semi continuous zone across strike of multi-gramme material. However, further stripping and sampling is currently underway in order to better define the potential drill targets. Exposed structure evidencing numerous visible sheared mafic volcanic horizons with sulphide rich quartz veining, within broader envelope of sheared, altered, and mineralized felsic intrusive. A similar situation exists at Pettigrew. The additional stripping has revealed some very ‘interesting’, prospective rocks including sheared mafic volcanics with sulphide rich quartz veining with visible gold reported. Sampling is currently being undertaken.

Stripping and channel sampling at Sunbeam is also now under way in the area of the historic shaft.

Photo 2- showing one of the ‘quartz blowouts’ in the new area stripped., the second photo show a close up with ‘VG’ (visible gold).

Photo 3- VG in the channel at Roy.

Zigzag

The preliminary results from the 39 grab samples from recent prospecting are considered very encouraging and full results will be available soon, there are a number of the samples reporting over 1% Li₂O.

In parallel to the prospecting a channel sampling programme was undertaken, and nine channels completed with two in excess of 10m in length with over 250m of strike being covered.  Over 80 samples have been submitted for analysis. The samples contain significant spodumene and are considered visually encouraging with multiple zones of spodumene across the channels, see photos 4 and 5.

Photo 4- channel at Zigzag with the sample next to tape. Sampling entered the host of the pegmatite in order to check the selvages for possible mineralisation.

Photo 5- close up of sample from sawn channel. Note coarse spodumene crystals.

Esa

To the end of the 2022 field season over 500 soil samples were collected predominantly along eleven lines on average 400m apart, orthogonal to an inferred 4km shear which transects the property roughly east to west. This structure was highlighted by the airborne magnetic survey. The results of the initial soil sampling were encouraging and defined an anomalous zone mimicking the inferred position of the shear.

This season ‘infill’ sampling lines were conducted in two programmes again totalling over 500 samples. The analysis results for the last programme, only recently completed, are not yet available.

It is anticipated that the results of the infill lines will ‘tighten-up’ the potential target location to enable a more focussed stripping / trenching programme once the permit is granted. Drilling the most encouraging sectors would then be the next exploration phase.

Map showing the historical as well as ’23 season infill soil lines.

Summary

First Class Metals is entering a period of significant news and progress across its four core properties. The company has made significant strides towards achieving a “drill ready status.” Throughout the summer field campaign, extensive work has been conducted on each of these properties, which is expected to pay off in the next phase of exploration.

One property that has particularly excited First Class Metals is Zigzag, which has produced promising early-stage results. Further results from the prospecting and the channel sampling are still awaited. The property is strategically located in a corridor of established and expanding pegmatite lithium discoveries. This has garnered significant interest from the global lithium industry, positioning this region in North West Ontario as a new focus for battery metal discovery and development.

Moving forward, the company aims to assess and report on multiple assays that are still pending across all four properties. Additionally, plans are underway to initiate a drilling campaign on one of the properties before the end of the year. These developments highlight First Class Metals’ commitment to exploration and to bring ‘four projects to a drill ready status in 2023’.

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 and Zigzag land holdings is pleased to announce the appointment and resignation of Non-Executive Directors.

First Class Metals is delighted to announce the appointment of Mr. Andrew Williamson as Non-Executive Director of First Class Metals PLC, effective from the 15^th October 2023. With Andrew’s extensive experience in listing companies on major stock markets globally, as well as his expertise in public and private corporate transactions and the establishment of domestic and international funds, his addition to our team brings immense value. Andrew is a former institutional corporate stockbroker, nomad, and sponsor to the full list.

We are confident that Andrew’s wealth of knowledge and expertise will greatly contribute to the growth and success of First Class Metals.

First Class Metals also announces the resignation of Mr. Danesh Varma, effective from the 15^th October as Non-Executive Director, as he has decided to pursue other interests. However, due to his extensive experience in Canada, Mr. Varma will continue to support the company in a consulting capacity regarding corporate matters when required.

We extend our appreciation to Mr. Varma for his valuable contributions during his tenure as a Non-Executive Director and look forward to his continued involvement in an advisory role.

Ayub Bodi, Executive Director of First Class Metals PLC, commented

“On behalf of the board of directors, I would like to thank Danesh for his contributions as Non-Executive Director; we are grateful for his efforts at First Class Metals and wish him well in his future endeavours. At the same time, we are pleased to welcome Andrew whose experience and international network will support the growth of the business”

For further information, please contact:

First Equity Limited

(Financial Adviser & Broker)