First Class Metals PLC (LON: FCM) Progress Update on Drilling at the North Hemlo Property

First Class Metals PLC the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, is pleased to announce the successful completion of the maiden drilling programme on the North Hemlo property.

Highlights

·    Maiden drilling programme successfully completed on the North Hemlo Property, confirming the Company’s ability to operate efficiently across a large, structurally complex gold trend.

·    Ten diamond drill holes completed over ~3km of strike along the Dead Otter trend, testing multiple priority targets.

·    Five target areas each defined by previously reported high-grade grab samples, stripping results and/or soil geochemical anomalies.

·    Over three hundred core samples dispatched for assay to date, including approximately one hundred additional samples currently in transit, providing a substantial dataset from this initial scout programme.

·    Drilling exceeded the planned contractual minimum of seven hundred metres, reflecting both operational efficiency and the geological encouragement encountered during the programme.

·    Core logging and sampling ongoing and is anticipated to be completed prior to the Christmas break.

·    Multiple visually prospective zones identified and sampled in every drill hole, with repeated intersections displaying deformation, veining and sulphide mineralisation consistent with the Company’s primary exploration model.

·    Several logged intersections exhibit visually encouraging geological features, consistent with the Company’s exploration model and supporting the decision to advance drilling. Representative examples of cut core sections displaying multiple deformed structures, contacts, clasts, veining and sulphide mineralisation are shown in Figures 1-5 below.

Marc J. Sale CEO First Class Metals commented:

“The successful completion of our maiden drill programme on the Dead Otter trend represents an important milestone for First Class Metals at North Hemlo. Ten drill holes were completed over approximately three kilometres of the trend, testing multiple priority targets within a structurally complex system.

Geological logging has identified multiple visually prospective zones in every hole, including deformation, veining, and sulphide mineralisation consistent with our exploration model, which supports the decision to advance to drilling across this trend. As expected for an initial scout programme, the objective was to confirm the presence and continuity of a mineralised system rather than to define a resource, and in that regard the programme at this stage visually has delivered a strong geological foundation.

While assay results will ultimately determine the significance of these intersections, the scale of the programme, the volume of samples generated and the geological observations to date reinforce our confidence in the exploration potential of the Dead Otter trend. I would also like to thank the drill contractor and the Emerald Geological Services team for their professionalism and commitment in delivering the programme efficiently and to a high standard.”

Location & Strategic Context

The North Hemlo Project is situated within the world-class Hemlo Greenstone Belt, a district that contains the Hemlo gold mine which has produced more than twenty-three million ounces of gold since discovery.

In early December 2025, Barrick Gold Corporation completed the sale of its Hemlo Mine to Hemlo Mining Corporation (“HMC”) in a transaction valued at up to US$1.09 billion. That transaction signalled a renewed and focused investment into the Hemlo district and reflects continued interest in evaluating the region’s exploration potential. First Class Metals’ Dead Otter trend lies contiguous with HMC’s regional exploration holdings.

Ten drill holes were completed in this maiden drill programme. The metres drilled exceeded the contractual minimum of 700m. Details of the holes are reproduced below.

Table showing drill hole statistics

 In total seven distinct geochemically anomalous zones were targeted; these areas represent key focal points of gold anomalism and structural complexity along the trend.

The drillholes primarily targeted the previously reported 19.6 g/t high grade Au grab sample and zones of pronounced structural deformation (“messed up rocks”). This style of mineralisation – shear hosted orogenic style gold mineralisation is prevalent in the Hemlo greenstone belt and the model applied to the mineralisation at the Hemlo gold mine.

Figure 1/2 showing sheared mafic volcanics with quartz veining and variable but significant sulphides.

There have also been a potentially significant number of hanging wall structures, predominantly manifesting as quartz veining. The geochemical relevance is uncertain at this stage.

Additional prospective zones targeted included the ‘Dead Otter showing’, the zone of the 2.3 gramme grab / stripping, as well as two further areas of anomalous grab samples and soil geochemistry.

Figure 3/4 showing altered porphyritic rocks with quartz veining as well as possible intercalations of mafic volcanics and fragmentals.

Figure 5 showing silicified, fractured granodiorite with shearing and quartz veins (with chlorite/ mylonite?) occupying the shear planes

Other target areas included a site immediately north of the 2.3 g/t Au sample and the interpreted granite contact, which has now been tested with two drillholes.

First Class Metals remains open-minded with respect to mineralisation styles at the Dead Otter trend. While the primary exploration model is shear-hosted orogenic gold mineralisation within the greenstone sequence, the proximity of the trend to the Dotted Lake Pluton (granodiorite) introduces additional geological complexity and opportunity.

Accordingly, the technical team (FCM and Emerald Geological Services) considered it both prudent and technically justified to test the greenstone-granitoid contact, an area supported by anomalous gold values in historical grab samples and soil geochemistry. Such contact zones are recognised as favourable sites for structurally controlled gold mineralisation within the Superior Province whether mineralisation is hosted within granitic batholiths (e.g. Renabie) or within / adjacent to stocks and plugs (Hemlo, McIntyre-Hollinger, Macassa).

Emerald Geological Services (‘EGS’) continue to oversee and manage all drill-site ESG – environmental matters and geological operations, including core logging, sampling, and photography at their Manitouwadge facility. All holes have now been logged and sampling is nearing completion. It is anticipated that the remain (approximately 100) samples will be dispatched prior to Christmas.

Given the seasonal volume of samples being processed across the region, combined with the Christmas-New Year period, assay turnaround times are difficult to estimate accurately at this stage.

ENDS

Qualified Person

The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30 years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.

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/announcements

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

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