Funding & Corporate Update

First Class Metals PLC ("First Class Metals", "FCM" or the "Company"), the UK-listed exploration company advancing high-grade, district-scale gold opportunities in Ontario, Canada, is pleased to announce revised terms to the Convertible Loan Note ("CLN") facility announced on the 28 January 2026, enabling the Company to accelerate follow-on exploration at its Sunbeam Gold Project following recent encouraging results.

Highlights and Funding Overview

• £650,000 funding secured and fully drawn, strengthening the Company's financial position
• £250,000 immediately converted into equity at 1.52 pence per share
• £400,000 balance subject to a 45-day prohibition on conversion with a possibility of a further 45 day extension.
• Funding enables the Company to rapidly accelerate follow-on exploration on the Sunbeam Property following the recent visible gold discovery in drill core
• Reinforcing shareholder alignment, with existing investors offered participation on the same terms via a Winterflood WRAP offer at 1.52 pence per share, targeting up to £250,000

Strategic Rationale

The revised funding structure has been agreed to allow the Company to rapidly follow up on the recent drilling programme at Sunbeam, where visible gold has been observed in drill core, a highly encouraging development that reinforces the project's potential.

The Board believes that maintaining momentum at this stage is critical and that accelerating follow-on exploration provides the best opportunity to build on this success and deliver value.

The Company is committed to ensuring that existing shareholders have the opportunity to participate in this phase of growth on the same financial terms as the initial conversion, reinforcing alignment between the Company, new capital and its shareholder base.

Use of Proceeds

The funding will be used to:

• Accelerate follow-on exploration at Sunbeam, building on recent drilling success
• Focus will be at Pettigrew utilising the structural controls to mineralisation established at Roy
• Progress the Company's wider Ontario portfolio, including follow up of Very Low Frequency ('VLF') anomalies at North Hemlo and initial prospecting on the new Rare Earth Elements ('REE') properties
• Support general working capital

James Knowles, Executive Chairman, commented:

"The observation of visible gold in recent Sunbeam drill core is a highly encouraging development and further reinforces our confidence in the project's potential. This amended funding structure allows the Company to move quickly and decisively to accelerate follow-on exploration at a critical time, while doing so from a position of increased financial strength.

We have placed significant emphasis on fairness, ensuring that existing shareholders have the opportunity to participate on the same terms as this funding via the Winterflood's WRAP offer.

With momentum building at Sunbeam, alongside a number of near-term developments across the portfolio, we believe the Company is well positioned to capitalise on recent success and advance into what we see as a highly value-defining phase."

Issue of Equity & Total Voting Rights

Application will be made to the London Stock Exchange for the 16,447,368 new Ordinary shares to be admitted to trading on the Main Market for listed securities ("Admission") and it is expected that such Admission will take place at 8.00 a.m. on or around on 27th March 2026.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the above new Ordinary shares, its issued ordinary share capital will comprise 341,633,683 Ordinary Shares. All the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 341,633,683. 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.

FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals' Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was successfully drilled prior to Christmas 2023.

The Kerrs Gold property, acquired under option by First Class Metals in April 2024, is located in northeastern Ontario within the Abitibi Greenstone Belt, one of the world's most prolific gold-producing regions. The project holds a historical inferred resource of approximately 386,000 ounces of gold, underscoring its potential as a meaningful addition to FCM's expanding gold portfolio. Kerrs Gold complements the Company's exploration strategy and provides exposure to a well-established mining district. FCM is currently reviewing plans to advance the project and further unlock its value.