First Class Metals PLC (LON: FCM), the UK-listed metals exploration company focused on high-quality critical and precious metal assets in Ontario, Canada, is pleased to announce that it has elected to accelerate the final share-based option payment to Nuinsco Resources Limited (“Nuinsco”) in respect of the Zigzag Lithium Property.
Under the terms of the existing option agreement, the Company is required to issue C$85,000 in ordinary shares to Nuinsco on or before 1 June 2026, representing the final share consideration payable as part of the earn-in to the Zigzag Lithium Property. The Company has now elected to satisfy this share-based obligation ahead of schedule.
Accordingly, the Company will issue 2,277,816 (issue price 0.0198 GBP) new ordinary shares of 0.1p each in the capital of the Company (“Ordinary Shares”) to Nuinsco in settlement of this obligation (the “Issue”).
The Company confirms that, following completion of the Issue and the making of the remaining cash payment and satisfaction of the work commitments in accordance with the option agreement, First Class Metals will earn an 80% interest in the Zigzag Lithium Property, with Nuinsco retaining a 20% interest. Upon completion of the earn-in, the parties will be deemed to have entered into a joint venture for the development of the property on an 80:20 basis.
The Board believes that accelerating the share-based component of the earn-in is in the best interests of shareholders, as it materially advances the Company towards completion of the earn-in and strengthens its position within the joint venture structure.
Marc J Sale, First Class Metals CEO, Commented:
“Zigzag is a key lithium and critical metals asset for the Company and has delivered encouraging exploration results to date. Accelerating the share-based element of the earn-in reflects our confidence in the rally of the lithium price and thus our intention to secure the management and ownership of the property.”
Strategic rationale
The Zigzag Lithium Property forms part of the Company’s broader strategy of advancing prospective critical metal assets through early-stage consolidation and value creation. The Board notes the recent improvement in global lithium prices and renewed interest in the lithium sector, alongside increasing strategic and governmental focus on securing reliable supply of critical metals. In light of increased confidence in lithium pricing and the anticipated formation of the joint venture, the Company has revised quotations for a beneficiation study and intends to collect a representative 40 kilogramme sample when ground conditions permit.
In addition to its lithium potential, the Zigzag Property is considered prospective for a suite of critical metals including rubidium, gallium and tantalum, which are classified as critical minerals and increasingly recognised for their importance in advanced technologies, energy transition applications and defence-related supply chains. By accelerating the share-based consideration, the Company reduces future earn-in uncertainty, improves transactional certainty and enhances its strategic positioning ahead of completion of the 80% earn-in and formation of the joint venture.
Background-Zigzag Lithium Property
The Zigzag Lithium Property is one of First Class Metals PLC’s most advanced exploration assets and represents a high-grade lithium and critical metals discovery located in Ontario’s rapidly emerging battery minerals corridor.
Drilling and surface sampling undertaken to date have confirmed the presence of at least one spodumene-rich pegmatite extending over approximately 800 metres of strike, with lithium grades of up to 5.19% Li₂O and associated enrichment in critical metals including tantalum, rubidium and gallium. The Project is strategically located less than 20 kilometres from Green Technology Metals’ (ASX:GT1) Seymour Lake lithium project and lies within a proven Tier-1 lithium district that forms part of Canada’s national critical minerals strategy.
Exploration activities completed during the 2023 drill programme comprised ten diamond drill holes for a total of approximately 450 metres, with nine of the ten holes intersecting pegmatite, (the tenth hole was a scissor hole), confirming strong geological continuity. Notable drill intersections include 4.3 metres at 1.65% Li₂O (including 1.0 metre at 2.93% Li₂O), 5.0 metres at 1.50% Li₂O (including 0.2 metres at 5.19% Li₂O) and 6.0 metres at 1.13% Li₂O (including 1.0 metre at 2.17% Li₂O). Tantalum assays returned values of up to 732 parts per million (“PPM”), highlighting the critical metals potential of the system.
Figure1- Zigzag Drill Hole Traces and Grab Samples Li Geochemistry
Geologically, the Zigzag Property comprises a six-claim block hosting the historic Tebishogeshik lithium occurrence and is situated within a structurally favourable setting. Fieldwork and geophysical interpretation indicate an approximately 800 metre long, up to 18 metre thick spodumene-bearing pegmatite, including a higher-grade core of approximately 400 metres averaging in excess of 1% Li₂O. The mineralised system remains open both along strike and at depth.
Field work to the south of the outcropping pegmatite has identified anomalous critical elements in mobile metal ion (MMI) assayed soil samples, indicating the possibility of a second sub parallel structure or a splay of the main structure.
The Property is fully permitted, allowing for rapid progression toward further exploration. Its location within northern Ontario provides access to established infrastructure, skilled mining services and nearby lithium developments, supporting efficient and cost-effective exploration.
Application for Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the 2,277,816 new ordinary shares to the Official List (Standard Segment), and to the London Stock Exchange for admission to trading on the Main Market for listed securities (together, “Admission”). Admission is expected to occur on or around 12 February 2026.
Following Admission, the Company’s issued share capital will consist of 251,449,552 ordinary shares of 0.1p each, each with one voting right. The Company does not hold any shares in treasury. Therefore, the total number of voting rights in the Company will be 251,449,552. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or a change to their interest in, the Company.
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
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO and Executive Director
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
