First Class Metals

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Esa (Au)

Kerrs Gold

Zigzag (Li, Ta, Rb)

Sunbeam (Au)

West Pickle Lake JV (Ni, Cu, PGMs)

North Hemlo (Au, Ni, Mo, Cu)

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As First Class Metals approaches its third anniversary as a listed company, it’s the ideal time to reflect not only on what we’ve achieved, but on how the work we’ve done — particularly in understanding the geology across our portfolio — is shaping the next phase of our journey.

In mineral exploration, success is never based on chance. It’s built on systematic work, clear technical understanding, and the ability to see beyond conventional approaches. That’s precisely how we are progressing as we look towards the future.

Technical Confidence at Sunbeam and North Hemlo

Over the past three years, we have developed a high level of geological understanding across our two flagship projects — Sunbeam and North Hemlo — providing the foundation for targeted, disciplined exploration.

Established a robust geological framework around the historic high-grade gold production

Mapped multiple, parallel structures typical of Archean greenstone-hosted gold systems

Highlighted significant underexplored ground with potential for broader, district-scale mineralisation

Confirmed the project’s strategic location, close proximity to Agnico Eagle's Hammond Reef Project, further demonstrating the significance of the region

Developed a detailed structural and geological interpretation across our substantial land package along the North Limb

Identified multiple high-priority gold targets through systematic exploration and desktop analysis

Seen the surrounding region evolve significantly — with Barrick Gold expanding out from the long-established Hemlo Mine to acquire ground directly adjacent to our landholding

Consolidated our understanding of the broader North Limb opportunity, supported by our integral Esa and Magical properties

This technical understanding gives us the confidence to advance both projects with precision, while ensuring every exploration dollar is deployed effectively.

Progress Beyond Gold — Expanding the Technical Foundation

Our broader portfolio has also seen meaningful progress:

Successful drilling at the Zigzag Lithium Project, enhancing our technical knowledge beyond gold and into battery materials

Systematic geophysics, soil sampling, and early-stage technical work across our wider Ontario assets

Growing industry recognition, reflected in the signing of a Letter of Intent (LOI) and increased regional activity from major operators

Looking Ahead — New Ideas, New Thinking

While our focus remains on advancing Sunbeam, North Hemlo, and our broader portfolio, it’s clear that driving value in this sector increasingly requires more than just traditional exploration.

At First Class Metals, we are actively exploring ways to challenge outdated models and bring fresh thinking to how exploration companies operate and grow.

We aren’t ready to say too much just yet — but behind the scenes, work is underway on concepts that could reshape how value is created and shared in this space.

It’s early days, but for those watching closely, the months ahead may offer a glimpse of how our ambition extends beyond the drill bit alone.

Three Years On — Positioned to Progress, Ready to Evolve

As we near our third year as a listed company, we have:

Built a technically robust, strategically located portfolio in a Tier-1 jurisdiction

Developed high levels of geological understanding across Sunbeam and North Hemlo

Strengthened our position alongside major operators such as Barrick Gold and Agnico Eagle

Diversified through systematic work on the Zigzag Lithium Project

Laid the groundwork for introducing new ideas to how exploration companies operate

We recognise that mineral exploration carries risk and requires patience. But with strong foundations and an ambition to think beyond convention, First Class Metals is well positioned to drive its next phase of progress.

Thank you for your continued support. We look forward to keeping shareholders and stakeholders updated as we continue to explore, enrich, and progress.

James Knowles
Chairman
First Class Metals PLC