Member Info for pkwendall

Solid update.

Https://firstclassmetalsplc.com/first-class-focus

".. the Group has sufficient financial resources to conduct its planned exploration activities, meet its committed

licence obligations and cover its general operating costs and overheads for at least 12 months.. "

"The Company's business model is to add value to the properties and then monetise the asset by structured sale or JV" It's the company's business model that's been mentioned, so the potentially significant transaction in respect of one of its assets is likely still an outright sale.

Overall Assessment

TerraX results were encouraging for an early greenfields program: they confirmed a ~2 km alteration trend with consistent anomalous gold in wide zones, supporting a Hammond Reef-style model (large, lower-grade system). However, the grades were generally sub-economic at the time without further work, and the company shifted focus elsewhere.

FCM results build directly on the same structures but deliver higher excitement with bonanza grades (45 g/t), visible gold, and confirmation of continuity. The 2026 drilling validates and upgrades the Roy zone, showing potential for high-grade vein systems alongside broader mineralization. FCM notes the Roy lineament is part of a much larger (~10 km+) trend.

Key differences: TerraX's drilling was more reconnaissance-oriented with lower average grades over width. FCM's modern approach (including core re-logging, stripping/channel sampling, and geophysics) appears to better vector into higher-grade portions. One FCM hole even twinned near a TerraX intercept and returned comparable or better results in context.

Neither has yet defined a resource. TerraX never advanced these Ontario assets to that stage; FCM's work remains very early but positive.

The Sunbeam-Roy area shows classic Archean gold behavior: narrow high-grade shoots within broader altered/sheared corridors. FCM's recent bonanza hit and structural continuity suggest upside potential that TerraX's wider-spaced program only hinted at.

Decent £20,000 Buy

24-Apr-26 10:07:19 2.2008p 904,171 qty BID 1.90 OFFER 2.20 £19.9k

A very informative and positive interview from Marc Sale, plus more results due from the drilling at Roy.

A steady sustained rise with no spikes is best. That is what we are currently seeing here.

23-Apr-26 12:36:15 2.30 500,000 £11.50k Buy

23-Apr-26 12:34:36 2.30 500,000 £11.50k Buy

Both buys, as Bid 2.20 - Offer 2.30 at the time

8. VLF extension to the northeast

This is the direction of the 111 ppb lake sediment anomaly — a key regional vector.

Meaning:

• They are chasing the structure toward known geochemical anomalies.

• This is textbook exploration logic.

9. VLF survey at Pettigrew in early May

Pettigrew is a parallel structure with historic workings.

Meaning:

• FCM is preparing a second drill ready target.

• This diversifies success pathways.

10. Additional assays pending

This is the real catalyst.

Meaning:

• Holes 05 and 06 are the headline makers.

• Holes 07–11 could define the geometry of the high grade shoot.

Why it matters:

• If continuity is demonstrated, the market reaction will be very different from the initial RNS.

🔥 The real takeaway

FCM has now crossed the threshold from:

“We think Roy is mineralised” → “Roy is mineralised.”

And from:

“We hope for high grade” → “We have high grade.”

1. Bonanza-grade gold in SUN 26 05

This is the emotional anchor of the RNS.

Technical meaning:

• “Bonanza grade” typically means >30 g/t Au, often with visible gold.

• VG (visible gold) indicates a nuggety, high grade shoot, usually structurally controlled.

• These shoots can be extremely valuable if continuity is demonstrated.

Strategic significance:

• This is the kind of intercept that gets majors to pay attention.

• But it must be followed up with tight spaced drilling to prove geometry and continuity.

2. Provisional FA assays for SUN 26 01 to 04

These are the early holes, likely testing the structural corridor.

Meaning:

• Fire assay is the gold standard for gold analysis.

• “Provisional” means the lab has returned initial numbers but final QA/QC is pending.

• These holes probably define the lower grade halo and structural fabric.

Why it matters:

• Low grade continuity is essential for scale.

• High grade alone does not make a mine — continuity does.

3. Photon assays confirm high-grade in SUN 26 05 & 06

Photon assays are rapid, non-destructive, and excellent for detecting coarse gold.

Meaning:

• Photon results matching FA results increases confidence.

• Coarse gold often causes variability — agreement between methods is a good sign.

Why it matters:

• Confirms the bonanza intercept is real, not a lab artefact.

• Suggests the high grade zone may extend into hole 06.

4. Roy lineament confirmed as a gold-bearing structure

This is arguably the most important line in the entire update.

Meaning:

• The geological model is validated.

• The structure is mineralised, not just altered.

• This moves Roy from “prospect” to “confirmed mineralised system”.

Why it matters:

• Investors underestimate how big this step is.

• It derisks the entire Sunbeam property.

5. Geological continuity over >250 m of strike

This is the second most important point.

Meaning:

• Multiple holes have hit the same structure.

• The system is not a single isolated vein.

• 250 m is already meaningful — and only ~1% of the total strike.

Why it matters:

• Continuity + high grade shoots = potential for a real deposit.

• This is the same pattern seen in many Archean lode gold systems.

6. Logging completed, interpretation underway

This is the stage where the real geological insight emerges.

Meaning:

• Structural measurements, vein orientations, alteration mapping.

• This will determine the next drill targets.

Why it matters:

• The next drill plan will be far more precise.

• This is where discoveries are made or lost.

7. VLF survey identifies multiple new conductive targets

This is a major expansion signal.

Meaning:

• VLF is excellent for mapping conductive shear zones.

• Multiple conductors = multiple potential gold-bearing structures.

Why it matters:

• Roy may be one of several parallel mineralised corridors.

• This is how multi million ounce camps develop.

Several Bed & ISAs going through today

Now SP should hopefully start to move up

https://firstclassmetalsplc.com/announcements/7434595

This conversion represents the final tranche of the £500,000 interest-free Convertible Loan Note facility

announced on 12 November 2025. Following this conversion, the facility has now been fully converted

into equity and no further amounts remain outstanding under this instrument

Notes to be converted: 17,500

Value of Notes to be converted: £17,500

Date of conversion: 6 March 2026

Number of Ordinary shares to be issued to satisfy the conversion 2,189,690

What This Update Really Signals

Three strategic points stand out:

The structural model is working.

Every hole is hitting the right rocks, and the new azimuth appears to be the correct orientation.

The drilling is still early, but the visuals are positive.

No assays yet, but the geological indicators are consistent with known gold-bearing zones.

The programme is scalable.

Success at Roy becomes a template for the Pettigrew and Sunbeam trends—each over 10km long.

Drilling Progress at Roy

Five holes have now been completed for roughly 490m, with the full programme targeting a minimum of 1,000m. The current plan comprises 11 holes, and drilling will resume around 7 March after the PDAC pause.

Two points matter most:

Every hole so far has intersected the targeted structural zones, according to visual logging.

Most holes are being drilled on a new azimuth, different from the historic 150° orientation, based on improved structural understanding.

This is important because the historic drilling may have been cutting the mineralisation at a sub‑optimal angle. A better azimuth increases the probability of hitting thicker or more continuous zones.

Why the Visuals Matter (Even Before Assays)

Marc Sale notes that the team is “very encouraged” by:

- Deformation zones

- Quartz veining

- Structural fabrics consistent with gold-bearing systems

While visual logging cannot confirm grade, it can confirm that the drill is in the right rocks. The fact that all five holes have hit the structural corridor is a positive early sign.

Structural Context: The Roy Lineament

The Roy trend is a district-scale NE structure that:

- Has now been traced 5km northeast toward the 111 ppb lake sediment anomaly.

- Hosts historic shafts B43 and B45, both associated with gold-bearing quartz veins.

- Sits within a structural environment similar to Agnico Eagle’s Hammond Reef.

This is the same structure where FCM previously sampled:

- 18.8 g/t Au (channel sample)

- 6.27 g/t Au / 0.35m

- 5.58 g/t Au / 0.5m

- 4.98 g/t Au / 0.5m

The drilling is centred around these high-grade occurrences.

Geophysics & LiDAR: Reinforcing the Model

Two datasets are still being processed:

- VLF–magnetic survey (192 stations over 3.8km)

- LiDAR structural interpretation

Early LiDAR feedback is “most encouraging” and supports the idea of WNW–NE structural intersections creating gold hotspots. This aligns with the soil anomalies and the geological model.

The VLF data is being reprocessed because the initial output was unsatisfactory—this is normal in early-stage geophysics.

Strategic Location

Sunbeam sits:

- Between two Agnico Eagle properties

- ~15 km from the 3.3 Moz Hammond Reef deposit

This is one of the most infrastructure‑advantaged junior exploration positions in Ontario.

OJEP Grant

FCM confirms it remains optimistic about securing a fourth consecutive maximum OJEP grant.

This would:

- Reimburse up to 50% of eligible exploration costs

- Reduce cash burn

- Reduce dilution pressure

- Signal continued government confidence in the project

Given FCM’s track record, optimism is justified.

What This Update Really Signals

Three strategic points stand out:

1. The structural model is working.

Every hole is hitting the right rocks, and the new azimuth appears to be the correct orientation.

2. The drilling is still early, but the visuals are positi

Https://www.lse.co.uk/rns/FCM/issue-of-equity-total-voting-rights-cq95se2rlfk4dzg.html

Several 500,000 sells have gone through over the last couple of days, so hopefully the majority of the 3,123,828 will have already cleared.

Https://www.lse.co.uk/rns/FCM/form-83-first-class-metals-plc-6orvb8ca0xdjd18.html

3rd Feb, Indigo Capital held a short position of 4,000,000

4th Feb, Indigo Capital held a short position of zero

SP increased approx 50% since the 4th Feb low

Https://firstclassmetalsplc.com/first-class-focus

I've today sent an email to James Knowles requesting clarity on several points relating to this.

This is key..

Tranches are not automatic — the company can control the pace of drawdown. Hopefully if the planned asset sale happens in time, there should be no need for FCM to draw-down the 2nd and 3rd tranches 🤞🏼