Consolidated Annual Report and Financial Statements

FIRST CLASS METALS Plc

For the Year Ended 31 December 2024

(Company Number: 13158545)

First Class Metals Plc

Company Information

Directors James Knowles – Executive Chairman

Marc Bamber – NED

Andrew Williamson - NED

David Webster – NED

(appointed 3 March 2025)

(resigned 31 March 2025)

Marc Sale – Executive Director

(Resigned 3 March 2025)

Company Secretary Siddharth Muricken

Registered Office Manor Court Offices,

Suite 24 Manor Court

Salesbury Hall Road

Ribchester

Preston

Lancashire

PR3 3XR

Financial Advisors Novum Securities

Floor

7-10 Chandos Street

London

W1G 9DQ

Auditor Royce Peeling Green Limited

The Copper Room

Deva City Office Park

Trinity Way

Manchester

M3 7BG

Corporate Lawyers to the

Company

OBH Partners

17 Pembroke Street Upper

Dublin2

Ireland

D02 AT22

Lawyers to the Company as to

Canadian Law

Peterson McVicar

18 King Street East

Suite 902

Toronto

Ontario

M5C 1C4

Canada

Registrars Share Registrars Limited

Molex House

Millennium Centre

Farnham

Surrey

GU9 7XX

Company Website

www.firstclassmetalsplc.com

Table of Contents

HIGHLIGHTS .............................................................................................................................................................................. 5

CHAIRMAN’S STATEMENT .......................................................................................................................................................... 6

OPERATIONS REPORT ................................................................................................................................................................ 10

CEO’s Review on the Company Portfolio, Strategy and Operations .................................................................................... 10

Overview of Operations .............................................................................................................................................................. 12

1. Hemlo area ..................................................................................................................................................................... 13

2. Sunbeam ......................................................................................................................................................................... 17

3. Esa ................................................................................................................................................................................... 22

4. Kerrs ............................................................................................................................................................................... 24

5. Zigzag ............................................................................................................................................................................. 28

6. McKellar ........................................................................................................................................................................ 33

7. Enable ............................................................................................................................................................................. 33

8. Coco East ........................................................................................................................................................................ 33

9. Magical ........................................................................................................................................................................... 34

10. Quinlan ...................................................................................................................................................................... 35

11. Sugar Cube ................................................................................................................................................................ 36

Summary, strategy, and conclusions .......................................................................................................................................... 38

STRATEGIC REPORT .................................................................................................................................................................... 39

Key Performance Indicators ...................................................................................................................................................... 39

The principal risks and uncertainties .........................

.............................................................................................................. 39

Going Concern ............................................................................................................................................................................ 40

Section 172 (1) Statement ........................................................................................................................................................... 40

TCFD Compliance Statement .................................................................................................................................................... 43

CLIMATE RELATED FINANCIAL DISCLOSURES .......................................................................................................... 43

CORPORATE GOVERNANCE REPORT ..................................................................................................................................... 44

Introduction ................................................................................................................................................................................ 44

Chairman’s Statement ............................................................................................................................................................... 44

Audit Committee Report ............................................................................................................................................................ 50

Remuneration Report................................................................................................................................................................. 53

DIRECTORS’ REPORT .................................................................................................................................................................. 57

Board of Directors ...................................................................................................................................................................... 59

Board Activities .......................................................................................................................................................................... 60

Statement of Directors’ Responsibilities in respect of the Annual Report and the financial statements ............................ 61

Consolidated Income Statement for the Year Ended 31 December 2024 ....................................................................................... 64

Consolidated Statement of Financial Position as of 31 December 2024 ....................................................................................... 65

Company Statement of Financial Position as of 31 December 2024 ............................................................................................. 66

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024 ................................................................ 67

Company Statement of Changes in Equity for the Year Ended 31 December 2024 ...................................................................... 68

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024 ........................................................................... 69

Company Statement of Cash Flows for the Year Ended 31 December 2024 ................................................................................. 70

Notes to the Financial Statements for the Year Ended 31 December 2024 ................................................................................... 71

Independent auditor’s report to the members of First Class Metals Plc ........................................................................................ 91

HIGHLIGHTS

Corporate Developments

• The Company maintained operational discipline while progressing exploration on the core gold

and critical metals projects.

Exploration and Operations

• Review of the historical core from the Sunbeam property was undertaken which potentially

increases the geological and geochemical profile of the target zones.

• Exploration of the Dead Otter trend confirms the prospectivity, as well as potentially increasing

the width of the structure anomalous in gold (Au).

• Acquisition of the Kerrs Gold Project with a historic NI43-101 resource.

Post-Period Events

• On 25 February 2025, The Seventy Ninth Group Limited completed an equity injection of

approximately £548,000 and full repayment of all outstanding Company debt. under the strategic

investment agreement announced on the 18 December 2024.

• The Company is actively reviewing its position in light of emerging regulatory matters involving

The Seventy Ninth Group, applying a prudent and governance-led approach.

• Further winter work programmes initiated at priority projects, maintaining focus on value-driven

exploration and critical mineral development

CHAIRMAN’S STATEMENT

For the Year Ended 31 December 2024

I am pleased to present the Chairman's Statement for the year 2024, a year of progress and prudent

strategic management for First Class Metals PLC. Throughout 2024, we advanced our portfolio of

exploration projects in Ontario with encouraging results and took deliberate steps to strengthen the

Company’s long-term outlook. This year was marked by the development of existing key projects,

new partnerships, and active portfolio refinement, all underpinned by a cautiously optimistic approach

in a favourable market for our commodities.

Operational Highlights and Project Development: FCM’s exploration activities in 2024 yielded

substantial developments across our key properties. At our flagship North Hemlo (Dead Otter)

project, we built on the gold discovery announced in the previous year and increased our

understanding of the Dead Otter gold trend. Follow-up work, including stripping and channel

sampling along this trend provided a greater geological understanding. These results have reinforced

our confidence that Dead Otter represents a high-profile gold target with considerable upside.

Similarly, at the Sunbeam Gold Project, our work programmes delivered positive outcomes. In early

2024 we reported values up to 18.8 g/t Au from the Roy occurrence. Notably, we discovered gold not

only in the quartz veins around the old workings but also in the surrounding altered porphyry host

rock, indicating a larger mineralised system than previously thought. This finding could significantly

enhance the project’s potential, as it suggests the gold is more widespread and not confined to the

historical vein structures. These gold project results position us well to advance toward more invasive

exploration (including drilling) in the next stages, subject to final data analysis and target definition.

In the critical minerals segment, FCM also made strong strides. Our Zigzag Lithium/Critical Metals

Project progressed substantially in 2024. In late 2023 we initiated an inaugural drill programme at

Zigzag, and the assay results, announced in early 2024, exceeded expectations. Every hole drilled

targeting mineralisation intersected visible spodumene (a lithium-bearing mineral), confirming

lithium mineralisation along the core zone. Many intercepts returned high lithium grades over

significant widths—several exceeding 1% Li₂O, with a standout result of ~2.3% Li₂O over 5.5 metres

in one section. Our geological teams identified a potential second lithium-bearing (and other

significant critical minerals), trend parallel to the main zone, south of the area drilled, which opens

up additional exploration targets on the property. Building on Zigzag’s success, we expanded our

lithium portfolio by acquiring the Quinlan Lithium Property (via earn-in agreement) in the first

quarter of 2024. Quinlan, a hard-rock lithium prospect in the same region, adds another promising

exploration target for critical metals. Together, Zigzag and Quinlan give FCM a strong foothold in the

burgeoning lithium exploration space at a time when demand for battery metals continues to rise.

Portfolio Expansion and Strategic Partnerships: During the year, we actively managed our

property portfolio to ensure focus on the most value-accretive opportunities. In early 2024, FCM

secured an option into the Kerrs Gold Project in northeastern Ontario. Kerrs holds a historic resource

estimate of approximately 386,000 ounces of gold (NI 43-101 compliant), immediately placing a

significant gold asset into our pipeline. Formalising the Kerrs earn-in agreement in April was a major

step that brings a more advanced-stage gold project into FCM’s portfolio, complementing our

exploration-stage assets with a project that has substantial historical data. We believe Kerrs, alongside

Sunbeam and North Hemlo, strengthens FCM’s position in the gold

exploration sector with both near-

term exploration targets and longer-term district scale development potential.

Concurrently, in line with our “discover → add value → monetise” strategy, we made the strategic

decision to divest certain non-core assets and collaborate with external partners. In June 2024, FCM

completed the sale of the McKellar and Enable properties for £270,000 in cash to the UK-based

Seventy Ninth Group Limited (“79TH Group”). These two properties, while prospective, were

considered non-core relative to our main focus areas, and this sale allowed us to unlock their value in

cash. Alongside the sale, we entered into a cooperative funding arrangement with 79TH Group to

provide FCM with a £230,000 loan facility (over 12 months) to support our ongoing exploration on

the remaining projects. This two-part transaction was a clear validation of FCM’s “incubator”

business model—we proved that advancing our assets up the value curve can generate tangible returns

without diluting shareholders, as the proceeds from the sale and the injection of loan capital bolstered

our balance sheet directly. Throughout the second half of 2024, our partnership with 79TH Group

deepened: by December, after further due diligence and discussions, the initial loan facility was

increased to £500,000 in October and to £700,000 by year-end. These funds, have been instrumental

in fully funding our winter 2024/25 exploration programme, including geophysical surveys and

expanded geochemical sampling at North Hemlo and Sunbeam.

Strategic Investment:

In December 2024, we announced a proposed strategic equity investment by 79TH Group, under

which it would acquire approximately a 51.2% equity stake in FCM through a staged investment

totalling around £2.18 million, , subject to regulatory and shareholder approvals.

Stage One of the transaction was completed in February 2025, after the period end, resulting in an

equity injection of approximately £548,000 and the full repayment of all outstanding debt previously

owed by the Company. However, Stage Two, the final completion, is currently on hold, following the

emergence of certain external matters involving 79TH Group. Whilst 79TH group denies any

wrongdoing, the Board has taken a prudent and measured approach in light of these developments.

We continue to monitor the situation carefully and will assess any further steps in line with our

governance standards and the long-term interests of shareholders. At the time of writing, there are no

outstanding loans and the Company remains focused on advancing its exploration plans

independently, with a clear commitment to maintaining stability and discipline in its operations.

Financial Review and Funding: FCM entered 2024 with a solid cash position thanks to the

fundraisings in the prior year, and we maintained a disciplined approach to financing during the year.

We successfully raised additional equity capital through two targeted placings: in February, we

completed a small £166,500 private placement at 10% above the prevailing market price, and in

August we raised a further £256,500 at 2.7p per share. Importantly, we also benefited from non-

dilutive funding sources during 2024. FCM was awarded a C$200,000 grant under the Ontario Junior

Exploration Programme (OJEP) for the Zigzag project, recognition by the provincial authorities of

the project’s significance in the critical minerals space. We also received a C$212,780 tax credit

refund from the Canadian government (for exploration expenditures), which provided a welcome

reimbursement of funds spent on our projects. These grant and tax credit proceeds, equivalent to

roughly £250,000, were immediately redeployed into our exploration budget. Combined with the

asset sale proceeds and the infusion of loan capital mentioned earlier, FCM ended the year in a

stronger financial position. The careful mix of funding sources, strategic asset monetisation’s,

partnership financing, equity placements at opportune times, and government incentives—

exemplifies our prudent financial strategy. We have managed to advance our projects without over-

reliance on dilutive equity issuance, which is a testament to the creative and shareholder-conscious

approach our management and Board have taken. This financial stewardship gives us confidence that

we can sustain our exploration and development plans going forward, even as we remain vigilant

about market conditions.

With our portfolio evolving, FCM now boasts a robust suite of projects at various stages of maturity.

By the end of 2024, we have multiple assets that we believe can drive substantial long-term value and

attract further partnership or monetisation opportunities as they advance. Notably, our core projects

include:

• North Hemlo (Dead Otter Gold Trend): A large, district scale property with a 3.7 km mineralised

trend confirmed by surface high-grade gold occurrences. With exploration permits secured and new

anomalies identified, this project is poised for the next level of exploration to unlock its full potential.

• Sunbeam Property A past-producing high-grade gold project featuring several historical workings

(Sunbeam, Roy, Pettigrew) and newly identified gold zones in host rock. 2024 results have expanded

the scope of mineralisation, and we plan to refine drill targets around both the known vein structures

and the broader shear/porphyry system.

• Kerrs Gold Property: A more advanced-stage gold project with a historical resource, providing FCM

with a significant gold inventory subject to confirmation and expansion. Kerrs is strategically located

in a prolific mining district and offers a potential development pathway as we validate past work and

conduct further exploration activities.

•

Zigzag: A hard-rock lithium and critical metals exploration project located in the Thunder Bay–

Northwestern Ontario region, an emerging lithium province. Zigzag has delivered strong lithium and

associated critical metal drill results, confirming the presence of spodumene-bearing pegmatites and

revealing significant multi-trend potential across the property. The project continues to advance as a

cornerstone of FCM’s critical minerals strategy and positions the Company to capitalise on the

growing demand for lithium in North America.

This well-balanced and diversified portfolio across precious metals and battery metals gives FCM

multiple avenues for potential success. It also affords us flexibility in our strategic decisions, for

instance, we can pursue partnerships on certain projects while concentrating our in-house resources

on advancing the highest-priority targets. We are confident that this approach of actively managing

our portfolio will continue to crystallise value efficiently.

Bullish Outlook for Gold and Market Context: It would be remiss not to comment on the broader

market environment, particularly the strong performance of gold in 2024. Over the course of the year,

gold prices climbed significantly, reaching new all-time highs in the latter part of 2024. After

beginning the year around the $1,850–$1,900/oz range, gold steadily appreciated and ultimately broke

through the $2,000/oz level, with the average price in Q4 2024 setting record levels. At the time of

writing the gold price has crossed $3,200. This rally has been fuelled by persistent global inflation,

economic uncertainty, and geopolitical tensions, which led investors and even central banks to

increase gold purchases at a historic pace. The result was a powerful reaffirmation of gold’s role as a

store of value and an effective hedge against inflation and volatility. For a company like First Class

Metals—focused on gold exploration in a top-tier jurisdiction—this macro trend is extremely

encouraging. We maintain a very optimistic long-term outlook on gold. High gold prices improve the

economics of any discoveries we make, attract greater investor interest to gold exploration companies,

and can drive industry consolidation or partnerships as larger producers look to secure future

resources. While prices will naturally fluctuate, we believe the fundamental support for gold remains

strong going forward, given factors such as ongoing inflationary pressures, currency market

dynamics, and robust demand from emerging markets and central banks. In short, gold is shining

bright, and FCM is well-positioned to benefit from this bullish climate through our expanding gold

project pipeline.

It is also notable that interest in critical minerals (like lithium, nickel, and copper) stayed high

throughout 2024, supported by the global push for electrification and renewable energy. The Canadian

government and Ontario province have continued to champion critical metals projects (evidenced by

grants like the one we received), creating a supportive backdrop for our Zigzag and Quinlan

initiatives. FCM’s dual focus albeit with a main focus on gold but with an element of critical metals

exposure remains a core strength of our strategy, providing exposure to two complementary sectors

and insulating us against single-commodity risk. We are very encouraged by the market’s recognition

of the value in both these areas and foresee sustained interest as the world navigates energy transition

on one hand and economic uncertainty on the other.

Looking Ahead—Cautious Optimism and Long-Term Value Creation: The Board and

management of First Class Metals remain cautiously optimistic and resolutely focused on our mission.

The achievements of 2024 have laid a strong foundation. We have built considerable momentum in

our exploration programmes, forged beneficial partnerships, and upheld financial prudence. Our task

now is to carry this momentum forward into the coming year and beyond, converting our exploration

success into tangible value for our shareholders. While also remaining open to strategic transactions

that can accelerate value realisation (such as joint ventures, complete sale or partial divestments on

the right terms). We will continue to evaluate all options dispassionately, with the core aim of

maximising the return on every asset in our portfolio. The flexibility we’ve cultivated allows us to

adapt our plans as needed, which is especially important in the ever-evolving landscape of the junior

mining sector.

As part of this, our focus will remain firmly on advancing our core assets, North Hemlo, Sunbeam,

Kerrs and Zigzag, which we believe offer the strongest potential for near and longer-term value

creation. Each of these properties continues to show encouraging progress, and we are committed to

prioritising their development in line with our strategic objectives. In parallel, we will undertake a

measured review of the wider portfolio, with a view to identifying opportunities to realise value from

selected holdings that may no longer align with our near-term focus. This considered approach will

allow us to maintain a streamlined, high-quality portfolio, while creating optionality for future

transactions that support shareholder value.

In summary, First Class Metals has a sharpened strategic focus, a rich set of opportunities in our

project pipeline, and a supportive market backdrop for our commodities. While we remain mindful

of the challenges that can affect early-stage exploration companies, such as market volatility,

regulatory hurdles, and operational risks, we are confident that FCM is equipped to navigate these

challenges. Our prudent yet proactive strategy has positioned us to capitalise on the hard work done

to date. The Board truly believes that the long-term value being created through our projects will

ultimately be reflected in our Company’s valuation.

I would like to conclude by expressing my sincere gratitude to our shareholders for their continued

support and patience. It is your confidence in our vision that enables us to pursue ambitious goals. I

also thank our dedicated team of geologists, field staff, and advisers—notably our exploration teams

in Canada (led by Emerald Geological Services), who have shown unwavering commitment and

expertise throughout the year. Their efforts have been the driving force behind the successes outlined

in this statement. Lastly, I acknowledge our various partners, including local First Nation

communities and industry collaborators, for their cooperation and trust as we advance our projects

responsibly and respectfully.

Looking ahead, I am enthusiastic about FCM’s prospects. We will carry forward the cautious

optimism that served us well this year, always balancing ambition with due diligence. By doing so, I

am confident that First Class Metals will continue to grow and thrive, delivering on our strategic goals

and, most importantly, creating enduring value for our shareholders.

Thank you for your continued support. We look forward to an exciting and productive year ahead.

James Knowles

Chairman

OPERATIONS REPORT

CEO’s Review on the Company Portfolio, Strategy and Operations

BACKGROUND

First Class Metals is a Canadian focused gold and critical metals explorer. The Company is focused

on exploring the northern region of Ontario. As at 31 December 2024, FCM, through its wholly owned

subsidiary First Class Metals Canada Inc (“FCMC”), holds five properties which it owns 100%, with

a further four under option agreements and a joint venture on an additional property. Geologically,

these blocks lie within highly mineralised and prospective greenstone belts.

During the reporting period, two of the claim blocks 100% owned at listing in 2022 were sold to

79TH Group, these were the Enable and McKellar properties. This is in line with the Company’s

business model to develop assets and then to monetise the assets (properties).

Additionally, during the reporting period, FCMC has entered into an agreement, for the Quinlan

property, situated in northwest Ontario, with potential for hard rock lithium discovery and the Kerrs

Gold Project near Timmins, which contains a compliant, if historic, gold resource.

Option agreements are also active with Nuinsco Resources Limited (‘Nuinsco’) in relation to the

Sunbeam property, central area, as well as the Zigzag property and a third agreement with a private

company, OnGold Invest Corp (‘OnGold’) over the OnGold property contiguous to the north of the

North Hemlo block. All properties are located in north-west Ontario, see Figure 01. The details of all

these transactions have been provided in press releases.

Figure 01 showing the ten property blocks (11 properties) currently under the control of FCMC. Note:

North Hemlo and OnGold are contiguous and is considered one project, note the Enable and McKellar

properties are not shown.

FCM, whilst constantly on the ‘look-out’ for quality properties, considers the two ‘flagship’

properties of North Hemlo and Sunbeam contain significant potential and the business model adopted

is to add value to the properties and then monetise the asset by structured sale or joint venture (JV),

as was the case with Enable and McKellar.

The following table and narrative details the portfolio of the ten properties.

Area Owner Number

Claims

Area

(km

)

Claim Types Minimum

Expenditure

required

(CAD$)

Sunbeam FCM 104 21.7 104 Single Cell

Minin

Claims

41,600

Sunbeam

extn

FCM 9 24.8 8 Multi-cell

Mining Claim, 1

Single Cell

Mining Claims

46,800

Sunbeam

new

FCM 119 25.2 119 Single Cell

Mining Claims

47,600

Zigzag others 6 1.2 2 Boundary Cell

Mining Claims,

4 Single Cell

Mining Claims

1,200

Coco East FCM 30 6.3 30 Single Cell

Mining Claims

12,000

Magical FCM 14 3.0 14 Single Cell

Minin

Claims

5,600

Esa FCM 86 20.6

1 Multi-cell

Mining Claim, 85

Single Cell

Minin

Claims

38,800

North

Hemlo

FCM 399 84.0 399 Single Cell

Minin

Claims

159,600

OnGold OnGol

163 34.4 163 Single Cell

Mining Claims

65,200

Sugar

Cube

FCM 81 17.2 81 Single Cell

Mining Claims

32,400

Quinlan BRR 106 20.0 106 Single Cell

Minin

Claims

42,400

Kerrs Gold others 11 10.4 8 Multi-cell

Mining Claim, 3

Single Cell

Minin

Claims

24,000

TOTALS 1128

268.8

517,200

Overview of Operations

The 2024 field season was a very successful one for First Class Metals, the focus being on the flagship

properties with significant field work being conducted on the North Hemlo property.

Major geological advances were achieved on the Sunbeam and North Hemlo properties. FCM,

through its 100% owned subsidiary FCMC, continued to explore these two properties. A low-level

helicopter borne geophysical survey was conducted over the Kerrs property to fulfil work

undertakings as part of the option agreement in connection with the property, as well as for assessment

credits. Minor work was also conducted at Coco East for assessment credits as well as prospecting

work at Esa. Otherwise, as all the properties were in good standing, no other field work was

conducted.

The business / exploration strategy of FCM is similar in rationale and execution as that of many listed

junior exploration companies: to value add to an exit event, by JV or structured sale. This approach

can equally apply to the Company itself or individual projects in the Company’s portfolio.

The field season’s results reported to date for 2024 have advanced this business strategy significantly.

The notable acquisition of the Quinlan and Kerrs Gold Project also broadened the Company’s appeal

to investors.

FCM intends to continue this business model in 2025: to add value to the existing portfolio as well as

to review other opportunities in Ontario that will add potential to the company. However, the focus of

any exploration company is the timely undertaking of drilling. In 2025 it will be the aim of FCM to

advance the two major properties to a point whereby drilling could be planned.

Whilst the Company is monitoring its land position as well as expansion opportunities, the possibility

of developing parts of our portfolio by JV is always a consideration. The West Pickle Lake project

area under JV with GT Resources Inc. (previously to ‘Palladium One Inc.’) in the north-east of the

North Hemlo property is a clear example of the success of this aspect of the Company’s strategy.

The following is an overview of the Company’s field activities resulting from the 2024 field season

and details the ten properties in a rough ranking order, from ‘core’ to ‘non-core’ but does not include

the two sold properties (Note: no work was undertaken on McKellar and Enable during the year prior

to their sale.) Whilst most activities fall within the reporting period, events noteworthy after 31

December 2024 are also included in order to present an accurate up to date account of activities.

Property wide review

The claim blocks are detailed below from core to non-core. The ten claim blocks, (OnGold being

contiguous to North Hemlo), cover ~270km² and is distanced by about 900km from Sunbeam in the west

to Kerrs in the east.

1. Hemlo area

The Hemlo Schreiber greenstone belt has two broad divisions, the south and the north limbs.

The Barrick Hemlo producing gold mine is located on the south limb and is associated in a macro

sense with shearing and increased molybdenum values. The Hemlo north limb in which the Esa and

the North Hemlo (OnGold) properties are located has three distinct structures identified by previous

explorers. The structures, interpreted to potentially be shears, in part transect both properties, see

Figure 02.

Figure 02 showing the regional geological and structural setting of the North Hemlo OnGold and

Esa block (Hemlo ‘north limb’), relative to the Hemlo gold mine. Note also the Magical claim

block.

North Hemlo

The North Hemlo property historically comprised of three claim areas: Pezim I & II, and Wabikoba, that

weren’t contiguous. However, the addition of the Hemlo North block, acquired from Power Metals Plc.,

pre-IPO brought North Hemlo together as one cohesive block.

The entire property as of the date of this report, extends across 399 claims covering ~84km², with the

signing Agreement with OnGold the property area was extended by 34.4km² (163 claims) which are

contiguous to the north, see Figure 02. Note: 33 claims are under effectively a Joint Venture agreement

with GT Resources and FCMC’s ownership is reduced as per the terms in the Joint Venture agreement

signed in 2021. Note also that a number of low strategic and non-geological interest claims were

‘abandoned’ under the MLAS system. These claims were considered ‘conflict claims’ and in line with the

terms of the Exploration Permit and Exploration Agreement FCMC had agreed with the relevant First

Nations not to undertake work on them. Hence as a cost saving and good will gesture FCMC abandoned

the claims in March 2025

There were limited historical showings on the properties, the most important being the gold / molybdenum

showing at Dead Otter Lake which reported 3.1ppm Au, 0.59%Mo. Also, the geology / geophysical

signature of the Dotted Lake / Fairservice prospect continues onto the North Hemlo block. Furthermore,

the JV – Earn-in with GT Resources Inc. has significantly enhanced the base, battery, and critical metal

potential of the block. The anomalous gold showings of Barbara lake close to Esa also enhance the

property’s potential.

Exploration potential is enhanced by the arcuate inferred shears which mimic the shear hosting the Hemlo

gold mine, see Figure 02.

An Exploration permit, required for ‘invasive’ exploration such as trenching, stripping, and drilling,

granted for both the North Hemlo and Esa blocks is valid until October 2026. This grant by the Provincial

authorities was closely followed by the execution of an Exploration Agreement with Netmizaaggamig

Nishnaabeg First Nation (NNFN) in November 2023 (the agreement also covers the Esa and Sugar Cube

claim blocks).

Exploration to date by FCM has focussed in the southern sector around the Dead Otter Lake showing

3.7g/t gold ‘Au’ and 0.59% molybdenum ‘Mo’ and the discoveries by FCM along strike to the southeast

to outcrop 3.7km away that reported 19.6g/t Au. This is referred to as the Dead Otter trend. (‘DOT’)

Exploration property wide was enhanced with the low-level high-resolution helicopter borne magnetic

survey, flown in late 2022, though this did not cover the OnGold block.

The magnetic survey indicated that there are additional linear anomalies which require further exploration

throughout the property, especially where intersected by north south and northwest structures. The survey

also highlighted the structure hosting the DOT.

The intersections of the N-S and NW-SE structures in the central north sector remain veritable exploration

targets as are the structures paralleling the DOT in the south. The magnetic interpretation undertaken by

Paterson, Grant & Watson (‘PGW’) confirms the belief that two arcuate structures, refer to Figure 02,

pass through the claim block, the southern structure coinciding with the DOT and the northern structure

with the extension of the Fairservice showings at Dotted Lake.

The Dead Otter Lake area is situated about 20km north of the iconic Barrick Hemlo 23Moz Au producing

mine. During the 2024 season extensive work: prospecting, ‘stripping’ channel sampling and an

orientation soil sampling grid, have been undertaken along the Dead Otter Trend, the focus has been

around the historical showing and the area reporting 19.6ppm Au over three kilometres to the southeast.

Furthermore, the trend is reporting very high values of pathfinder elements including molybdenum as well

as telluride which is strongly associated with gold deposits, especially in the Hemlo area. Additionally,

over 750m SE along strike from the historic showing an isolated outcrop returned 2.29ppm Au. This

confirms the trend is auriferous. Furthermore, in the area of t

he 19.6ppm sample other samples have

reported 13.6ppm and 4.6ppm Au, see Figure 03.

Prospecting and the soil sampling results have significantly increased the potential width of the DOT, in

the area of the 2.29ppm a grab sample reported highly anomalous Au result, 30m from the structure in the

stripped area. The soil lines in the area of the 19.6g/t sample returned anomalous gold in a sample at the

end of the soil line (100m from the 19.6g/t sample).

Future work will include further detailed prospecting along the trend to prove the continuity of the structure

along strike from the known gold occurrences, leading probable to stripping with the ultimate aim being

drilling.

In summary, the identification of a +3km long gold anomalous trend extending from the historic Dead

Otter Lake occurrence along with a grab sample recording 19.6g/t Au along the same geological trend

with a potential width of ~30m is considered a significant ‘new discovery’. Whilst the trend is

discontinuous, in a geochemical sense, owing to the lack of exposure, very encouraging gold and

pathfinder elements have been reported.

Figure 03 showing the Dead Otter Trend with the historic showing in the north-west extending for

>3km to the 19.6g/t Au sample in the south-east. Also shown are the soil orientation lines and recent

grab samples. The area of the soil sampling was also the focus of the stripping.

Exploration of the Dead Otter trend was the focus of activities in 2024 on the North Hemlo block of claims.

Work included the stripping at three locations (one area subsequently extended) soil sampling in the

vicinity of the three stripped areas as well a further prospecting around the 2.3ppm Au sample (a stripped

locality).

Gold assay results from the channel samples, as well as the base metal values, including additional

channels cut at the Dead Otter and 19 grammer showing, have all been received. It is encouraging that

most samples are anomalous to highly anomalous in gold, though no values exceeded one ppm (1 g/t).

Given the high grades in previous grab samples (see figure 1) and the fact that the Photon assay results

validated those grabs it further emphasises the ‘spotty’ nature of the gold reporting and therefore the

requirement to fully understand the geochemical distribution of the gold. From the stripping and other

field work it is also now believed that a strong structural component exists controlling the gold

emplacement, as such a firm structural understanding will greatly enhance the potential success of any

drill programme targeting the Dead Otter trend.

Subsequent to the initial stripping and trenching a further short extension and sampling programme was

completed at two locations. These results further validate the robust gold anomalous characteristics of the

trend. In conjunction with this follow-up programme and prior to the soils sampling orientation survey,

prospecting was undertaken in the vicinity of the 2.3ppm sample / trenches. This resulted in further

anomalous but sub 1ppm Au results. However, the pathfinder element molybdenum (characteristically

associated with the gold at the Hemlo mine) reported high (2290ppb) in the grab samples to the north of

the Dead Otter trench, where some of the higher gold in soils were also reported. Additionally, there were

anomalous gold in soil samples from the end of the line to the south of the 19 grammer.

West Pickle Lake (‘WPL’)

The WPL JV with GT Resources Inc. (‘GT Resources’) covers 33 claims contiguous to the main North

Hemlo claim block. The JV agreement was signed in 2021 and after undertaking a 6,766m drill

programme in 32 drillholes, utilising NQ core size as well as other exploration GT Resources achieved

80% ownership and continued management of the project.

Drilling at West Pickle Lake by GT Resources has demonstrated that the high-grade nickel-copper

sulphide occurrence hold potential to be extended both east towards their RJ showing as well as west onto

or close to the 100% owned FCM North Hemlo property, see Figure 04. This area will also be a focus for

reconnaissance in a future field season as well as follow up of the anomalous lake sediment samples and

grab samples.

Furthermore, interpretation of the VTEM data by GT Resources infers there is potential for further

discoveries, specifically to the west of WPL, in the area of TK22-076 which was drilled just off the 100%

owned FCM North Hemlo Property boundary which intercepted 46.3m of ‘anomalous nickel

mineralisation’ in an east west trending structure

Work is currently on hold on the project whilst GT Resources negotiates with the provincial authorities

and the First Nations in respect to Exploration Permits.

Figure 04. Area map showing the location of the West Pickle Lake Discovery as significant drill results

OnGold

The property is located contiguous to the North Hemlo claims as well as those of GT Resources and

consists of 163 single cell mining claims, comprising 34.5km², refer to Figures 2.

The property is located roughly 21 kms southeast from the town of Manitouwadge, Ontario and all mining

claims are in good standing through the 2024 field season.

Previous prospecting has identified eleven high priority targets on the property, predominantly base metals

anomalies.

This Option agreement which had a zero cash component, significantly increases FCM's footprint in a

district that holds numerous high grade nickel copper sulphide and gold discoveries.

Limited previous exploration has been focussed to investigate several discreet magnetic anomalies thought

to be associated with Ni-Cu-PGE mineralised mafic-ultramafic intrusions. Similar rock types comprise

the Tyko, RJ, Smoke Lake and the more recently discovered WPL massive sulphide discovery.

FCM conducted a lake sediment sampling campaign in the winter of 2022/23 as access is far easier in the

winter months. The results from this campaign reported gold grades of up to 103ppb.

The program was led under the supervision of Bruce MacLachlan, the principal of Emerald Geological

Services (EGS). Bruce has been quoted as saying "To the best of our knowledge the 103ppb Au Lake

sediment value is the highest lake sediment value collected in the Hemlo Belt outside of the deposit area".

Whilst at a very early stage, these initial results are extremely encouraging and add to the potential for the

prospectivity of the property as the 103ppb Au Lake sediment sample result also now shows the gold

potential of the area.

Post year end, OnGold has been issued the £100,000 worth of shares (totalling 5,882,353 shares) which

fulfils all terms of the revised agreement. The claims are in the process of being transferred to FCMC.

There remains a 2% NSR on southern block with 50% buy back for $500k, which is transferred to FCM.

OnGold holds a 2% NSR on northern block with 50% buy back of $500k

Post the reporting period a ‘winter programme’ of VLF at North Hemlo included work on the OnGold

claim block specifically several lines of VLF were ‘walked’ on and across the small lake (frozen) which

returned the 103ppm Au sample. The traverses extended onto the land around the lake shore. Final results

from this work programme are as yet pending.

2. Sunbeam

The Sunbeam Gold Property includes the historic Sunbeam Mine a high-grade underground gold

mine which operated from 1898 to 1905. The property now comprises three blocks of claim, all in

the name of FCMC. The core of the Property consists of 104 unpatented mining claims covering

20.2km² with the ‘English option claims encircling and the ‘newly staked’ claims contiguous to the

northeast, totalling ~72km². The Option to purchase was signed with Nuinsco in October 2022.

Nuinsco held the claims through an underlying agreement with several prospectors who originally

held the claims. In February 2023, FCM made a second payment to Nuinsco, and the ‘core’ claim

ownership was transferred to FCMC. The Sunbeam extended (English Option extending over

24.8km²) was part of the same Option agreement with Nuinsco and the claim owner, which FCMC

has now paid out in full

In November 2023, FCMC staked a further 119 claims, covering 25km² and contiguous to the

northeast of the English option area. see Figure 05

The newly staked claims remain in good standing until October 2025 without assessment credit (field

work) requirement. Additionally, as they are contiguous to the 'English option' assessment credits can

be spread across the new claims.

Figure 05 showing the Sunbeam Property including the Sunbeam extended ‘English option’ and the

new claims.

Both these areas are covered by an Exploration Permit, granted to FCMC in June 2023 valid for three

years. Furthermore, the area is also under two distinct (though similar) MoU’s with the two prominent

First Nations in the area who have traditional land claims which include the Sunbeam property.

The Sunbeam property is dominated by three mineralised structures each identified over 10km

traversing the property; these are inferred to continue to the northeast into the new area where

prospective structural features are inferred. All three structures host significant gold anomalism as

well as historic development, including the, Roy, Pettigrew and Sunbeam shafts which reportedly

produced multi ounce material, see figure 06

Figure 06 showing the three district, sub parallel structure transecting the enlarged Sunbeam

Property. Note the significant number of anomalous gold ‘showings’ as well as historic development

on each structure.

An orientation soil sampling programme was undertaken late in 2024. This focussed on several of the

historic gold developments. The rationale was, based on the gold identified in the host porphyry, to

see whether assaying soil samples in lines orthogonal to the trends would highlight wider areas of

increased anomalism which could then be explored by ground prospecting and stripping where

permitted, see Figure 06 for the location of the soil survey areas and results. Considering this was an

orientation survey the results indicated areas of Au anomalism not previously identified as well as

indicating that some of the classic pathfinder elements, such as arsenic (As) copper and lead (Pb)

require further modelling.

Additional soil sampling will be considered which might result in further stripping along strike from

known gold occurrences, the objective is a better geological as well as geochemical understanding of

the mineralisation on the Sunbeam property ahead of drilling.

The updated Exploration Permit granted in June 2023 is valid through to the end of year 2025.

Figure 07 showing a selection of the orientation soil lines on the Sunbeam property.

Earlier in 2024, off site a detailed review of the Nuinsco and available TerraX core. As background

it should be noted that in 2023 stripping and associated grab sampling in the areas of the Roy and

Pettigrew developments on the Sunbeam property identified anomalous (4.98 g/t Au over 0.5m) in

the 'host' / wall rock porphyry. This discovery was an important development in the exploration on

the Sunbeam property. Whilst it is known that the quartz veining variously hosted by sheared mafic

volcanics contains significant gold (one Nuinsco drillhole sample reported 93.3g/t over 0.44m), the

gold bearing potential of the porphyry was not documented.

The review and associated assay result supports the theory of a broad alteration halo in the host

porphyry around the high-grade veins. For example, historic hole TX-57751 intersected 19.4 g/t Au

over 0.63 m and 15.17 g/t over 1.37 m, but the new review noted a >10 m wide alteration zone around

those intersections. This suggests potential for wider lower-grade mineralisation enveloping the high-

grade shoots, a positive sign for bulk-mining potential.

All the core was (re)logged, photographed and is now securely stored under FCM control. This asset

will be invaluable as we advance the property's exploration.

During the review of the Nuinsco and TerraX cores, 80 core samples were collected (including

standards and blanks) of intervals deemed to be significantly altered and mineralized, or adjacent to

intervals which returned anomalous historical gold results, (>50 ppb Au generally considered to be

anomalous). A combination of new and historic results highlights the presence of relatively wide

zones of low-grade gold. Roy zone: from 38m 0.71g/t Au over 13.8m and from 41.0m 0.43g/t Au

over 12.3m, other notable zones:

• WN2 zone: from 28.8m 0.33g/t Au over 11.8m

• AL198 zone: from 63.3m 0.30g/t Au over 10.3m

• Rubble Zone: from 20.3m 0.61g/t Au over 12.3m.

Pettigrew: no new samples were taken from Pettigrew, (Nuinsco did not undertake any drilling

there). However, historic results by TerraX confirm that there are high grade intersections:

• Hole 57751: 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au over 1.37m at 21.44m

The 'new' and historic zones when considered with the known high grade gold intersections both in

drill hole and in the stripping, combined with the robust nature of the three mineralised structures

makes the Sunbeam property a significant district scale target.

Note: many of the assay results for the stripping undertaken in 2023 were reported in 2024.

The field work and results of 2023 should be reviewed in order to emphasise the potential of the

(district scale) Sunbeam property:

Stripping and channel sampling programmes at the historic production sites of Pettigrew and Roy

were completed. The results from Roy indicate a semi continuous zone across strike of multi-gramme

material. The two stripping campaigns were successful in not only identifying gold bearing structures

but also enhancing the understanding of the geology of the mineralisation. At Roy, most of the

samples were 1m or less, with a minimum of 0.1m and a maximum of 1.4 m. The results have defined

a broad zone of shearing, alteration, and mineralization, peaking at 18.8 g/t (ppm) Au. There are a

significant number of other results exceeding 1ppm Au that define the anomalous structure over a

strike of 100m between the existing shafts and open along strike.

The high-grade gold mineralisation is hosted in quartz veining in sheared 'mafics' within a sheared,

folded felsic to intermediate porphyry which often exhibits quartz veining, silicification and ankerite

alteration, and which also frequently contains anomalous gold.

Figure 08 showing the stripped area at Roy with channel sample results.

A similar situation exists at Pettigrew, where historical drilling was encouraging, with two holes

returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m

Results from the samples taken from the stripping have confirmed high grade gold assays up to 18.8

g/t gold (Au) / 0.3m channel sample at Roy.

Other highlights include:

• 6.27 g/t Au channel / 0.35m in mafic schist with quartz veins

• 4.98 g/t Au channel / 0.5m in sheared porphyry; and

• 5.58g/t Au channel / 0.5m within a quartz vein.

At Pettigrew channel and grab samples returned significant gold grades, including:

• 13.0 g/t Au grab sample from quartz rubble dug up beside the stripped outcrop.

• 3.5 g/t Au channel / 0.2m in a quartz vein with galena and chalcopyrite;

• 1.82 g/t Au channel / 0.75m in sheared porphyry; and

• 0.32 g/t Au channels / 3.95 m within sheared porphyry.

Significantly the host porphyry reported up to 5ppm. This factor is what precipitated the core review

and sampling.

Figure 09, showing the stripping exposing the outcrop at Roy, note the sawn cuts in the outcrop.

Post report period, in March 2025 a lake sediment sampling programme was undertaken, primarily

on the ‘new claims’ but with additional samples from the core area and the English option blocks in

order to give relevance. In total 79 lake sediment samples (including 2 for QA/QC) were collected.

Results are not yet available.

3. Esa

The Esa property contains 86 claims, covers 20.6km², and is located approximately 11km northeast

from the Barrick Hemlo gold mine, immediately south of FCM’s North Hemlo property

Geologically, the property sits between the Cedar Lake Pluton and the Musher Lake Pluton, such

intrusions are considered important components for driving mineral-rich fluids and economic

mineralisation is often associated with the contacts or structures associated with the intrusive event.

A prominent geophysical / geological feature transects the claim block. This structure adds significant

merit to the block’s potential, as its continuation outside the Esa boundary is associated with gold

occurrences, see Figure 10.

Figure 10 the Esa block with geophysics overlay as well as anomalous Au soil sample results, note as

well the Au ‘showings’ to the west.

This structure is considered one of three subparallel, arcuate trends contained in the Hemlo ‘north

limb’, which mirror the Hemlo trend to the south, (see Figure 02). There are also a number of N-S

and NW-SE structures, these too are often associated with mineralisation and in other locations

referred to as the ‘Harvey faults’. Re-interpretation of geophysical data further verified the structure’s

presence enhancing the property’s prospectivity.

In 2022 and 2023 soil sampling programmes along this feature collectively totalled over 1,000 soil

samples along lines on average 200m apart, orthogonal to the inferred 4km shear. Prospecting also

identified sheared metasedimentary / mafic volcanic boulders anomalous in trace elements in the area

interpreted to contain the Hemlo style shear zone.

Ground reconnaissance identified ‘Hemlo-look-alike rock’ in the form of an angular boulder which

returned anomalous gold value of 0.7ppm Au.

The results of the soil sampling defined a geochemically anomalous zone mimicking the inferred

position of the shear and validate the presence of a geochemically anomalous structure displaying

elevated gold and pathfinder element such as arsenic molybdenum and antimony, see Figure 11.

Figure 11 showing the structure transecting the property and the trends of the anomalous gold and

pathfinder elements

Limited exploration work was conducted on the property in 2024. This included prospecting around

the 0.7ppm boulder. The work very limited work (two man days) did not report any further anomalous

results.

Owing to available assessment credits the property remained in ‘good standing’ for 2024 and into

2025.

Future work is intended follow up on the shear zone and other structures identified, as well as to

include trenching / stripping. Till sampling is also proposed for the northern area.

Recent logging activities have also opened up sections of the southern property which will be

prospected.

The property is covered by a three year Exploration Permit, (granted in October 2023) and is required

for ‘invasive’ exploration such as trenching, stripping, and drilling.

4. Kerrs

The Kerrs Gold Project in northeastern Ontario holds a historic resource estimate of 386,467 Oz

(ounces) of Au (gold) as per the NI-43-101 standard.

In April 2024, FCM executed an option to purchase agreement with the 100% owners of the Kerr

gold property claims. The deal outline is summarised below.

Due Date Share Payments Cash

Payment

(CAD)

Upon signing the Agreement - $6,000

($10,000

less $4,000

exclusivity

deposit)

Six months after effective date $10,000

Within four months of signing

the Agreement on the

publication of a prospectus

CAD20,000 in share

value

On the 1st anniversary of the

Effective Date

CAD30,000 in share

value

$30,000

On the 2nd anniversary of the

Effective Date

CAD40,000 in share

value

$40,000

On the 3rd anniversary of the

Effective Date

CAD60,000 in share

value

$60,000

Total

CAD150,000 in share

value

$150,000

On completion of the terms of the Agreement FCM will control 100% of the Kerrs Gold Project

located in northeastern Ontario in the Timmins Mining Camp which is one of the most prolific camps

for gold production in Canada. Nearby producing gold mines are operated by Newmont (Hoyle Pond

& Hollinger) and McEwan Mining (Black Fox Complex).

The road accessible Kerrs Gold Deposit consists of 36 units totalling approximately 665 hectares and

lies 90 kilometres east-northeast of Timmins, in the Larder Lake Mining Division.

Geologically the Project is located in the Abitibi Greenstone Gold Belt, see Figure 12.

Figure 12 showing the district scale location of the Kerrs gold property as well as significant

producing mines in the area.

The occurrence was discovered by Noranda in the late 1970’s and early 1980’s by following glacial

dispersion trains ‘up-ice’ to the source. Drilling continued into the late 1980’s, with further drilling

in the early to late-2000 and early 2011. The drilling database was used to calculate the 2011 historic

resource estimate, with further drilling completed subsequent to the release of the estimate, see Figure

13.

Figure 13 Showing the significant historical sampling as well as the drill grid

Kerrs Gold is considered a stratabound deposit, occurring at the contact of a thick, mafic pillow flow

sequence overlying an ultramafic, magnetite-rich flow sequence. Quartz feldspar porphyry sills are

spatially located above and below the breccia zones. This stratigraphy is synclinally folded with the

deposit lying 350m to 425m below surface. Drilling has traced the main zone 800 metres and remains

open in both directions and at depth.

Gold mineralisation occurs as pyritized quartz vein replacement breccias enveloped by quartz fuchsite

carbonate vein breccias averaging approximately 10 m and alteration envelopes varying up to 40 m

in thickness. Gold tenure is proportional to the pyrite content ranging up to 10% which is commonly

disseminated and crystal aggregates in the sheeted, quartz vein replacement breccias. These breccias,

averaging 31% quartz, exhibit reasonable correlation conforming to volcano-stratigraphic contacts as

well as moderate to good continuity in grade correlations at the lower and upper boundaries of the

vein breccia and alteration envelope assemblages.

The Kerrs Gold historical resources estimate of 386,467 Oz Au was disclosed in “NI 43-101 Resource

Estimation on the Kerr’s Gold Deposit, Matheson, Ontario” prepared for Sheltered Oak Resources

Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd. And dated June 10, 2011.

Whilst there was further drilling completed after the historic estimate was released FCM is not aware

of any more recent resource estimates.

The resource estimation methods and parameters were as follows:

• Forty-one drill holes were utilized to interpolate the KBX Zone.

• Composite length of 2 m was chosen and composites were weighted by length.

• Sectional interpretations were wire-framed to create 3-D solids of the zones.

• Zones were coded to the composites, and the block model, to constrain the modelling process.

• Composites for the mineralised zone were used to interpolate into the blocks foreach zone.

• Ordinary kriging was used as the interpolator.

• Relative elevation modelling was used to guide the ellipse orientation that accounts for the

variation in dip due to the synclinal structure.

• A minimum of two composites were used for each block and a maximum of two composites were

used per drill hole; a maximum of 12 composites were used per hole.

• A cutting factor was applied for gold with outlier composites limited to 10 g/t Au based on

cumulative frequency plots. A zero cut-off grade was used for the manual polygonal method.

The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The

table below shows the potential ounces with differing cut of grades. FCM would look at

remodelling the resource in order to identify higher grade envelopes for targeting in any proposed

future drilling.

Kerrs

Resources

Estimate Cut-

Off Grade

TONNES GOLD (g/t) Metal

(OZ.)

0.5 7,041,460 1.71 386,467

1 5,237,213 2.04 342,856

1.5 3,375,361 2.47 268,468

2 1,936,189 3.04 188,972

2.5 1,165,664 3.57 133,778

3 818,171 3.94 103,622

In August 2024 FCM undertook a low level, hi resolution geophysics survey of 736 l-km over the

Kerrs Gold Project.

Post report period the magnetic data was interpreted by PGW of Toronto, who have previously

worked on North Hemlo, Esa Sunbeam and Sugar Cube. Their interpretation, see Figure 14 has

identified several targets worthy of follow-up drilling.

Figure 14 Showing magnetic susceptibility inversion model with key interpreted structural elements

overlain. The constrained inversion is show with isovalues clipped to 0.15 SI. Viewed from the SW

looking to the NE

The Kerrs property is not currently permitted and once the data review has been completed in

conjunction with ground appraisal a permit will be drafted for consultation with the local First

Nations.

Post reporting period, FCM has commissioned a review / update of the 2011 resource estimate to

define target areas to potentially expand the historic resource as well as a view to ‘high grading’ the

resource. If available, it will include drilling after the 2011 Resource estimate.

5. Zigzag

The project is less than 100km from Armstrong in northwest Ontario in the Seymour Lake area, a

district already proven to be prospective for hard rock, pegmatite hosted lithium. Existing

infrastructure currently in place in the local area is expected to be further bolstered in the future by

the planned Jackfish Hydro project and a Spodumene Process Plant at the Green Technology Metals,

Seymour site which is just over 10km away by gravel road.

Figure 15 showing the regional setting of the Zigzag claim block.

The six-unit claim group spans approximately 1.2km² and includes a mapped structure of 800m which

(Tebishogeshik occurrence) is wholly contained within the claim block, the lithium-tantalum

mineralization is pegmatite-hosted with significant rubidium and caesium mineralisation also

reported. All of which are 'critical minerals' as identified by the Canadian and United Kingdom

Governments.

Previous workers of the Tebishogeshik occurrence have identified Li

O and Ta

mineralization

along the entire length of the showing from sampling at surface, grading up to 1.68% Li

O over 7.9m

and 0.168% Ta

over 2.54m in separate channels samples. Several shallow historic drill holes along

the occurrence have returned significant intersections, including, (in separate drill holes) an

intersection grading 1.08% Li

O over 6.1m and a separate intersection of 399.8ppm Ta

over

2.92m. Both intersections were less than 20m down hole. The structure is open along strike and to

depth and remains to be fully evaluated.

The claims were optioned from Nuinsco in March 2023 and reported in detail in a news release.

The work commitment over 4 years is Cdn$550,000 and to 31 December FCMC had expended Cdn$

485,673 on exploration.

Prospecting of the Zigzag property commenced early in the 2023 field season in association with

reconnaissance for access to the claim area. Initial prospecting returned very encouraging results

which validated and enhanced the historic reported assays.

As follow up to this initial systematic sampling programme the team undertook furthermore

systematic sampling in parallel with preparing for and undertaking a sawn channels sampling

programme across the prospective outcrop. Note as an Early Exploration Agreement was not then in

place no stripping to enlarge outcrop exposure was permitted.

The sawn channel sampling programme was along a ~150m strike at intervals across the exposed

pegmatite outcrop.

The results from the channels were very encouraging. The results have not only vindicated the grab

samples in respect to the lithium oxide content but also highlighted again the presence of other

important, critical minerals such as tantalum, gallium, and rubidium, see table below for highlights

of the reported assays.

Prior to the drill programme in December 2023 a further prospecting campaign was undertaken. This

was dominated by soil sampling, the sample lines focussed on the open eastern and western extent of

the ‘core area’ as well as a postulated subparallel structure or splay to the south of the main structure.

Figure 16 showing the main zone at Zigzag with locations of channels and drill holes, as well as the

MMI soil sampling lines.

The results of the mobile metal ion (MMI) soil sampling assays gives support that the main structure

continues along strike from the known (sampled by FCM) outcrop.

A significant silver anomaly was identified over the two eastern most MMI lines off the main zone.

This also requires further investigation.

Furthermore, there is strong geochemical support for a sub parallel trend about 200m to the south of

the main zone. Additional work is needed to expand and confirm the anomalism identified. As well

follow up sampling is required to confirm the presence of a possible third trend currently identified

in anomalous rare element results in grab samples.

Drilling

The drilling targeted the 400m central section of the property which had been subject to a non-

mechanised stripping and channel sampling programme reporting up to 2.36% lithium (Li

O) over

5.5m, see Figure 17.

Figure 17 Drilling covered the area of channel sampling and 'grabs' on roughly 50 m centres (note

historic grid lines are on 200ft (60m) centres).

Historic drill holes also reported an intersection grading 1.08% Li

O over 6.1m from 12.45m and a

separate intersection of 399.8ppm Ta

over 2.92m from 15.50m. The results from the maiden drill

programme by FCM were most encouraging and the significant intersections appear in the table below

Drill Hole Metal Depth

From

Width Grade

ZIG-23-01 Li₂O 12.7m 4.3m 1.65%

incl. 1.0m 2.93%

Rb₂O 11.7m 5.3m 0.21%

ZIG-23-02 Li₂O 15.0m 5.0m 1.5%

incl. 0.2m 5.19%

Rb₂O 14.25m 5.75m 0.21%

incl. 0.3m 0.54%

Cs 14.25m 3.25m 132

ppm

incl. 0.25m 430

ppm

Ta 14.0m 6.8m 90

ppm

incl. 0.2m 235

ppm

Ga 15.5m 0.2m 144

ppm

Drill Hole Metal Depth

From

Width Grade

ZIG-23-03 Li₂O 14.7m 0.75m 2.1%

Rb₂O 12.6m 2.1m 0.16%

Cs 12.0m 5.0m 151

ppm

incl. 0.45m 480

ppm

Ta 12.6m 3.9m 164

ppm

incl. 0.45m 624

ppm

Ga 21.9m 0.25m 127

ppm

and

ZIG-23-03 Li₂O 28.4m 1.6m 0.46%

Rb₂O 27.8m 2.2m 0.17%

ZIG-23-04 Li₂O 20.0m 1.6m 0.79%

Rb₂O 20.0m 1.6m 0.21%

Ta 15.3m 7.8m 165

ppm

incl. 1.0m 347

ppm

ZIG-23-05 Li₂O 7.6m 6.0m 1.13%

incl. 1.0m 2.17%

Rb₂O 5.7m 3.8m 0.16%

Ta 4.8m 9.9m 167

ppm

incl. 0.4m 401

ppm

ZIG-23-06 Li₂O 28.8m 2.2m 1.09%

incl. 0.3m 2.26%

Rb₂O 28.8m 2.2m 0.19%

ZIG-23-07 Li₂O 9.9m 6.5m 1.09%

incl. 0.5m 2.76%

Rb₂O 10.4m 6.6m 0.21%

incl. 1.0m 0.41%

Cs 13.0m 4.0m 126

ppm

Ta 9.0m 7.4m 131

ppm

incl. 0.6m 177

ppm

Drill Hole Metal Depth

From

Width Grade

ZIG-23-08 Li₂O 65.5m 3.0m 1.28%

Rb₂O 65.5m 3.4m 0.11%

Ga 65.5m 3.0m 98

ppm

incl 1.0m 114

ppm

ZIG-23-09 Li₂O 47.25m 4.75m 0.52%

incl. 0.8m 1.06%

Rb₂O 47.25m 4.75m 0.14%

Table shows assays from the (nine) hole drill programme at Zigzag, every hole had reportable

intersections of Li₂O with significant 'credits' from the accessory critical elements / metals,

specifically rubidium oxide, Rb₂O.

The presence of abundant spodumene in the core, see Figure 18 below, is reflected in the assays.

Figure 18-Shallow intersection of pegmatite hosting spodumene (pale green 'blades' in hole ZIG-23-

01).

Two (shallow) step-back holes were conducted as well as a scissor hole to confirm the dip of the

structure. Further drilling is warranted both along the (open) strike to the west and east as well as

down dip.

• Future work planned will include:

• Possible stripping alone strike to the west and east where anomalous MMI results indicate a

continuation of the structure.

• Infill MMI sampling of the inferred southern sub parallel structure.

• Metallurgical work on benefaction of the potential ore.

Post the reporting period, FCM has engaged with SGS Lakefield for a quote to undertake a

preliminary metallurgical assessment of the lithium baring rock.

6. McKellar

The McKellar property, comprised 66 claims, covering 12.5km² was sold to 79TH Group in June

2024.

7. Enable

The Enable property comprising 41 claims covers around 8.7km² was sold to 79TH Group in June

2024.

8. Coco East

The Coco East block of 30 claims covering ~6.3km² is located on the eastern sector of the Big Duck

Lake Porphyry, which contains several historic showings as well as the Coco Estelle deposit. This

porphyry, as well as other similar intrusions, are strongly spatially associated with Archean lode gold

deposits.

There is only one showing located within the Coco East property boundary, the Big Birch Occurrence.

Two pits are reported with a 5m spacing, striking east-west. The main pit exposes a 10cm-wide quartz

and calcite vein and contains pyrite and possible chalcopyrite mineralisation, and historic assay results

have returned values of 0.56 g/t Au and 2.83 g/t Ag.

Figure 19 showing the regional setting of the Coco East claim block with OMI showings.

Limited field work was conducted during the season in 2024 in order to keep the property in good

standing. Otherwise, the assessment credits accrued from 2022 field work extend into 2024.

Prospecting in the northern area around the geophysical anomaly collected twelve rock grab samples

were collected from float and outcrop. Assay results from Actlabs reveal the highest assay value

recorded for Au was <1ppm, for Cu was 7370ppm (0.7%) and Zn at 145ppm.

While Au and Cu values obtained to date are not strongly anomalous, they are associated with

anomalous pathfinders for intrusion-related or orogenic gold mineralization (Ag, As, Bi, Te, Mo, Cu,

Zn, W) and locally intense quartz veining in shear zones within the metavolcanic rocks. There are

also numerous mapped units of felsic porphyry on the Property which have not been thoroughly

investigated. Therefore further, more systematic work is warranted and it is recommended that from

a base on the east shore of Big Duck Lake, to conduct a 1 or 2 week mapping, prospecting and

sampling project near and along strike from the Big Birch Occurrence, and in the latest target area

around a possible adit found in claim 609727.

9. Magical

Located only 9km northwest of the Barrick Hemlo gold mine, these 14 claims which are 2.9km²

and are also situated on a compelling geological contact which potentially represents a district scale

geological structure, which could be an extension of one of the inferred North Limb shears, (see

Figure 02). The enigmatic ‘Valley Float’ less than 1km off the property boundary to the northeast has

reported >16g/t Au, whilst the Gowan Lake showing to the southwest, also on the inferred contact,

reports ~1.5g/t Au and the Kusins showing also associated with the contact reports 70.1 g/t Ag, 10.7%

Zn and 8.9% Pb, see Figure 20.

No field work was undertaken in 2024, however, assessment credits from previous work ensure that

the property remains in good standing.

Figure 20 showing the Magical claim block in a geological district scale with pertinent ‘showings’.

Geologically, the area contains a northeast trending sequence of clastic sediments, plus subordinate

amphibolite. These are bounded by the Gowan Lake Pluton in the northwest and the Cedar Lake

Pluton in the southeast. The contact between the Gowan Lake Pluton and metavolcanics is found in

the east and southern areas of the property. On the basis of nearology / vector, this is considered a

potential host for gold mineralisation.

During the 2022 field season 11 rock chip samples and 56 soil samples were collected out of a

helicopter supported ‘fly’ camp. The latter was analysed by the mobile metal ion (“MMI”)

methodology, see Figure 33.

Figure 21 MMI sampling on the Magical property

The anomalous molybdenum (“Mo”) and arsenic (“As”) close to the northwest end of the MMI survey

at the contact of the Gowan Lake Pluton is of interest and, given the gold occurrence to the northeast

and southwest, on trend (but off property). This is a significant encouragement for the property’s

potential.

For planned future work it is proposed that the soils lines are extended as well as further lines in the

southwest to validate the anomalism associated with the contact / shear as well as prove strike

continuity.

10. Quinlan

The Quinlan property is located to the northwest of Thunder Bay.

In March 2024 FCM and Broken Rock Resources Inc. entered into an option – buyout agreement, in

respect to the Quinlan property, the details of which are tabulated below.

A total number of 98 single cell claims are involved in the transaction with FCM staking 50 claims

and 48 claims being optioned from BRR.

Table: Option costs for the Quinlan property

Cash (CAD$) Ordinary FCM

Shares (CAD$)

Annual Work

Commitment

(CAD$)

On signing 10,000 15,000 0.00

Within one year

anniversary

5,000 10,000 50,000

Within two-year

anniversary

10,000 5,000 50,000

Within three-

year anniversary

15,000 10,000 150,000

Within four-year

anniversary

100,000 NIL 150,000

Total 140,000 40,000 400,000

There is also an NSR in favour of BRR

Quinlan lake reported one of the highest lake sediment lithium values (966.3 ppm- constituting the

'Nine-Sixty-Six lake sediment' anomaly) recorded in the Province from an Ontario Geological

Survey (OGS) survey. (OGS sample site 1109, Jackson and Dyer 2000b; 287642E 5527869N) was

collected from a small lake north of Kashishibog Lake. The sample also returned 38.57 ppm Rb and

9.53 ppm Cs. The area surrounding site Nine-Sixty-Six is covered by thick till and a few granitic

pegmatite boulders. Most of these pegmatitic boulders are rounded, ranging in size from 0.5 to 2 m,

and composed mainly of quartz and feldspar with local minor biotite.

Although no outcrop was found in the area of the lake area, large outcrops of granitic pegmatite were

observed in an area 2 km to the northwest.

Historically, the Kashishibog Lake area has seen very little exploration and geological mapping.

According to the Ontario Geological Survey in 1964, vast areas of granite pegmatite dike sheets occur

in the vicinity of Sparkling and Mountairy lakes, 12 to 30 km west of Kashishibog Lake, respectively.

The pegmatites are situated near the Western Wabigoon–Winnipeg River terrane boundary and along

the northeast-trending regional-scale faults that extend for more than 30 km in the Kashishibog and

Awkward lakes area

The property’s potential was further highlighted by the annual Ontario Thunder Bay OGS Resident

Geologist Program (Target 11) 'Recommendations for Exploration' publication to be a prime under

explored potential new pegmatite corridor.

The Company now holds a significant land package, providing a cost-effective entry into an area that

is highly favoured by the Provincial OGS Resident Geologists for its lithium prospectivity.

Post reporting period, 4 claims in the core of the property became vacant and were staked by BRR,

as they fall within the ‘buffer zone’ designated in the Agreement they will form part of the Option

arrangement.

Additionally in March 2025 a one-day helicopter supported visit to the property resulted in 16 lake

sediment samples being collected. Assays are not yet available.

11. Sugar Cube

The Sugar Cube claim block of 205 claims, covering ~43km², is contiguous to the north-west of Silver

Lake’s 1.6Moz+ Sugar Zone gold mine. Sugar Cube was one of the ‘seed’ properties that formed the

pre-IPO package. Previous workers interpreted from the limited geological information that the

property could potentially contain the remnants of a (subparallel, arcuate) greenstone belt.

No field work has been conducted in the reporting period.

The previous work included a helicopter borne magnetic/ VTEM geophysics survey undertaken in

early 2023 which provided insufficient credits to maintain this entire block through 2023 and into

2024, accordingly after the geophysical interpretation only the central section was retained.

Figure 22: Interpretation provided by PGW of the EM survey conducted on the reduced Sugar

Cube property.

The survey was successful in so much no obvious remnants of greenstone geology were evident.

However, the central sector of the block which contains northwest south east orientated structures

(elsewhere referred to as ‘Harvy faults’ and potential auriferous), merits further work and will be a

focus for a future exploration programme. Other sectors were not apportioned assessment credits and

hence lapsed.

Summary, strategy, and conclusions

In line with FCM's future corporate plans and divestment strategies across the wider portfolio, it is

crucial for the Company to maintain a continuous flow of high-quality prospects that can grow in

value over time. The acquisition of additional property assets like Kerrs and Quinlan ensures that

FCM is well-positioned for future growth and development.

First Class Metals, through its Canadian subsidiary, controls nine claim blocks totalling ~230km² in

northwest Ontario, Canada. Seven of the nine blocks are 100% owned. Two claim blocks (North

Hemlo and Sunbeam) account for well over half of the total area.

The four core properties have sufficient assessment credits generated by field work in 2024, to keep

them in good standing through to proposed field work in 2025. The Sugar Cube block is now impaired

as a result of the magnetic survey results. Regardless, FCM holds funds or has conducted the

exploration required to keep all the claims in good standing for the year 2025.

FCM continued its systematic diligent exploration programme covering the core (North Hemlo,

Sunbeam, Kerrs and Zigzag), properties in 2024. The results were sufficiently encouraging to warrant

further follow-up exploration in the upcoming field season. Particularly successful were the drilling

at Zigzag and the stripping at Sunbeam, and the ‘new discovery’ on the Dead Otter trend. However,

it must be noted that most properties explored still have areas requiring prospecting and whilst the

cornerstone of the exploration is gold, FCM contains in its portfolio precious, base (battery) and

critical (lithium) mineral targets.

Whilst the annual commitment to maintain the claims is circa CAD$450,000, this is not a required

spend given that credits from 2023 and 2024 carry over to the 2025 season and in some instances

into 2026. FCM intends to build off the positive exploration results and progress the exploration of

the properties by drilling where permitting, funding and logistics allow, to a monetising event.

FCM has a business model / strategy to assess, value add and develop the properties towards either a

sale, joint venture, or relinquishment event. It is currently not the Company’s stated aim to become a

producer. Priorities will be geared toward the completion of first-pass exploration (realistically

drilling) of the principal properties in order to fully evaluate the portfolio, both on the merits of the

properties and a ranking process.

The Company’s strategy remains on track: to identify potential, value add, then monetise by JV or by

structured sale.

STRATEGIC REPORT

Key Performance Indicators

Financial

• Market Capitalization: £1.713m at 31

December 2024

• Share Price: 1.7p

Non-Financial

• Due to the nature of the business of the Group typical non-financial KPI’s (such as customer

retention rate, conversion rate, production efficiency measures etc.) are not applicable to us. Further,

while the Group has an effective ESG policy in place, due to unavailability of data such KPI’s could

not be measured and assessed for the relevant time period. For further details regarding the Group’s

ESG policy, please see the ESG section of this report.

The principal risks and uncertainties

The principal risks and uncertainties of the Group

are outlined below.

A majority of the Group’s operating costs will be incurred in US and Canadian dollars, whilst the

Group has raised capital in £ Sterling

The Group will incur exploration costs in US and Canadian Dollars, but it has raised capital in £

Sterling. Fluctuations in exchange rates of the US Dollar and Canadian Dollar against £ Sterling may

materially affect the Group’s translated results of operations. In addition, given the relatively small

size of the Group, it may not be able to effectively hedge against risks associated with currency

exchange rates at commercially realistic rates. Accordingly, any significant adverse fluctuations in

currency rates could have a material adverse effect on the Group’s business, financial condition and

prospects to a much greater extent than might be expected for a larger enterprise.

Exploration, Development and Operating Risk

Resource exploration and development is a speculative business, characterised by a number of

significant risks including, among other things, unprofitable efforts resulting not only from the failure to

discover mineral deposits but also from finding mineral deposits that, though present, are insufficient

in quantity and quality to return a profit from production. Exploration and development work is the

Group’s sole business activity.

This risk is accentuated where exploration activity is not carried on as an ancillary activity to a

developed business producing operating cash flows from commercial quantities of saleable material

from operational activity which can be used to mitigate this risk. The marketability of minerals acquired

or discovered by the Group may be affected by numerous factors that are beyond the control of the

Group and that cannot be accurately predicted, such as market fluctuations, the proximity and capacity

of milling facilities, mineral markets and processing equipment, and such other factors as government

regulations, including regulations relating to royalties, allowable production, importing and exporting

minerals and environmental protection, the combination of which factors may result in the Group not

receiving an adequate return of investment capital.

The business of exploration for minerals and mining involves a high degree of risk. Few properties

that are explored, even those demonstrating initial potential, are ultimately developed into producing

mines. There is no assurance that the Group’s mineral exploration and development activities will

result in any discoveries of commercial mineral bodies.

The long-term profitability of the Group’s operations will in part be directly related to the costs and

success of its exploration and development programs, which may be affected by a number of factors. In

recent years, both metal prices and publicly traded securities prices have fluctuated widely.

(FCM and FCMC are collectively referred to as the “Group”)

The Group is not currently generating revenue and will not do so in the near term

The Group is an exploration company and will remain involved in the process of exploring and

assessing its asset base for some time. The Group is unlikely to generate revenues until such time as

it has made a commercially viable discovery. Given the early stage of the Group’s exploration

business and even if a potentially commercially recoverable reserve were to be discovered, there is a

risk that the grade of mineralisation ultimately mined may differ from that indicated by drilling results

and such differences could be material. Accordingly given the very preliminary stages of the Group’s

exploration activity it is not possible to give any assurance that the Group will ever be capable of

generating revenue at the current time.

The Group will need additional financial resources if it moves into commercial exploitation of

any mineral resource that it discovers

Whilst 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 Group will need additional financial resources if it wishes to commercially advance any

mineral resource discovered because of its exploration activity.

The Group has budgets for all near and short-term activities and plans, however in the longer term

the potential for further exploration, development and production plans and additional initiatives may

arise, which have not currently been identified, and which may require additional financing which may

not be available to the Group when needed, on acceptable terms, or at all. If the Group is unable to

raise additional capital when needed or on suitable terms, the Group could be forced to delay, reduce,

or eliminate its exploration, development, and production efforts.

The Group is unaware of any further risks that the business of the Group may be subject to under

prevailing market conditions.

Going Concern

As a junior exploration company, the Directors are aware that the Group must seek funds from the

market in the next 12 months to meet its investment and exploration plans.

The Group’s reliance on a successful fundraising presents a material uncertainty that may cast doubt on

the Group’s ability to continue to operate as planned and to pay its liabilities as they fall due for a

period not less than twelve months from the date of this report.

The Group successfully raised £776,500 in the year ended 31 December 2024 through a combination

of issuing new shares and sale of properties (McKellar and Enable). As at the year-end date the Group

had total cash reserves of £221,071 (2023: £140,802).

The Directors are aware of the Group’s reliance on fundraising within the next 12 months and the

material uncertainty this presents but having reviewed the Group’s working capital forecasts they

believe the Group is well placed to manage its business risks successfully providing the fundraising

is successful.

Section 172 (1) Statement

The First Class Metals Plc Board is cognisant of its legal duty to act in good faith and to promote the

success of the Group for the benefit of its shareholders and with regard to the interests of stakeholders

and other factors. These include the likely consequence of any decisions we make in the long term,

the need to foster relationships we have with all of our stakeholders; the impact our operations have

on the environment and local First Nation communities, and the desire to maintain a reputation for

high standards of business conduct.

The Board takes a long-term approach to creating and realising value for the shareholders and is aware

of the capital and time required in order to develop a resource projects. All of the Group’s key assets

are early-stage exploration.

The Directors, both individually and collectively, believe, in good faith, that throughout the year and

at every meeting of the Board and management when making every key decision, they have acted to

promote the success of the Group for the benefit of its members as a whole, as required by Section

172 of the Companies Act 2006, having regard to the stakeholders and matters set out in section

172(1) of the Companies Act 2006. The Directors’ Section 172 Statement follows.

Section 172 of the Companies Act is contained in the part of the Act which defines the duties of a

director and concerns the “duty to promote the success of the Company”.

Section 172 adopts an ‘enlightened shareholder value’ approach to the statutory duties of a company

director, so that a director, in fulfilling his duty to promote the success of the company must act in

the way he considers, in good faith, would be most likely to promote the success of the Company for

the benefit of its members as a whole, and in doing so have regard to other specified factors insofar

as they promote the Company’s interests.

The Board of FCM recognises its legal duty to act in good faith and to promote the success of the

Group and the Company for the benefit of its shareholders and with regard to the interests of

stakeholders as a whole and having regard to other matters set out in Section 172. These include the

likely consequences in the long term of any decisions made; the interest of any employees; the need

to foster relationships with all stakeholders; the impact future operations may have on the

environment and local communities; the desire to maintain a reputation for high standards of business

conduct and the need to act fairly between members of the Company.

The Board recognises the importance of open and transparent communication with shareholders and

with all stakeholders, including landowners, First Nation communities, and regional and national

authorities. We seek to maximise the industry’s benefits to local communities, while minimising

negative impacts to effectively manage issues of concern to society. Shareholders have the

opportunity to discuss issues and provide feedback at any time.

The application of the Section 172 requirements can be demonstrated in relation to the Group

operations and activities during the past year as follows.

Having regard to the likely consequences of any decision in the long term

The Group’s purpose and vision are set out in the Chairman’s Statement and in this Strategic Report.

The Board oversees the Company’s strategy and is committed to the long-term goal of the

development of the Ontario exploration projects. The activities towards that goal are described and

discussed in the Strategic Report. The Board remains mindful that its strategic decisions have long-

term implications for the progression of all these properties, and these implications are carefully

assessed.

Having regard to the need to foster the Group’s business relationships with others

The Group operates as a mineral exploration business, without any regular income and is entirely

dependent upon new investment from the financial markets for its continued operation. The Board

values the benefits of maintaining strong relationships with key partners, contractors, and consultants.

This is discussed in more detail elsewhere in this Strategic Report.

Having regard to the interests of the Group employees

The Group currently has no full-time employees and is managed by its directors and a small number

of associates and subcontract staff. The Board takes steps to ensure that the suggestions, views, and

interests of the Group’s personnel are considered in decision-making.

Having regard to the desirability of the Company maintaining a reputation for high standards

of business conduct

The Board is committed to high standards of corporate governance, integrity, and social responsibility

and to managing the Company in an honest and ethical manner, as further discussed in the Corporate

Governance Report. The Directors strive to apply ethical business practices and conduct themselves

in a responsible and transparent manner with the goal of ensuring that FCM maintains a reputation

for high standards of business conduct and good governance.

Having regard to the impact of the Company’s operations on the community and the

environment

The Board takes a broad range of stakeholder considerations into account when making decisions and

gives careful consideration to any potential impacts on the local community and the environment.

The Board strives to maintain good relations with the local community, especially with the First

Nations peoples of Ontario.

We recognise the safety and well-being of our employees, local communities, and other stakeholders

as a non-negotiable priority. Our commitment to high environmental, social and governance (ESG)

standards is central to maintaining our license to operate, to create value for all stakeholders and to

ensure commercial success. Our operations are guided by an acute awareness of the role we play as a

company in meeting the UN’s Sustainable Development Goals (SDGs), including the critical role of

strategic minerals in supporting global climate action and complementing resource development in

Canada.

As a result, ESG is at the centre of everything the Group undertakes. The Group is dedicated to

exploring for precious and battery/base metals in a socially and environmentally responsible way in

an industry that will play an essential role in the transition to a lower-carbon economy through

underpinning the supply chain for sustainable battery and electric vehicle manufacturing as well as

other industrial growth in Canada.

In this way, the Group aims to play an important role in helping Canada meet its emissions reduction

targets. FCM aims to comply with all relevant UK and Canadian standards, as well as accepted

international guidelines, including strict adherence to the health, safety and environmental standards

and regulations, as well as the applicable elements of the Equator Principles. The Group will also

endeavour to provide stakeholders with clear insights into our operations to increase assurance

regarding the ESG and health and safety aspects of our business.

Our policy consists of five pillars:

1) responsible stewardship,

2) strong partner for local communities (First Nations),

3) an enabler of energy transition,

4) ensuring safe workplaces and operations, and

5) strong governance and an inclusive culture.

Our broad commitments are outlined below. Throughout all operations and our activities, we aim to:

• Play a positive and critical role in the green energy transition.

• Operate in an environmentally responsible manner.

• Promote diversity Inclusion and equality.

Our full ESG report is available on our website.

Greenhouse Gas (GHG) Emissions

The Company is aware that it needs to measure its operational carbon footprint in order to limit and

control its environmental impact. The extent to which these activities together with the Group’s

administrative and management functions result in greenhouse gas emissions is impracticable to

estimate and, in any event, less than the amount reportable under the Energy and Carbon Regulations

2018. Additionally, the Company will only measure the impact of its direct activities, as the full

impact of the entire supply chain of its suppliers cannot be measured practically.

Board, Shares and Related Parties

Having regard to the need to act fairly as between members of the Group, the Group has only one

class of share in issue and all shareholders benefit from the same rights, as set out in the Articles of

Association, and as required by the Companies Act 2006. Since the IPO a Shareholder Agreement

has been in place with Power Metal Resources PLC, the largest shareholder, which provides that FCM

will maintain an independent Board and any transactions between Power Metal Resources and FCM

will be at an arm’s length basis. The Board recognises its legal and regulatory duties and does not

take any decisions or actions, such as selectively disclosing confidential or inside information, that

would provide any shareholder with any unfair advantage or position compared to the shareholders

as a whole.

TCFD Compliance Statement

CLIMATE RELATED FINANCIAL DISCLOSURES

Introduction

The Board recognises that transparency regarding climate-related risks and opportunities is critical to

maintaining the trust of our stakeholders and allows our investors to understand the implications of

the Group’s activities on climate change. The Board's consideration of key environmental risks is

included under the principal risks and uncertainties section of the Director's Report. The Board also

presents the following synthesis of its adoption of the recommendations of the Task Force on Climate-

related Financial Disclosures (TCFD), structured into four sections: Governance, Risk Management,

Strategy and Metrics and Targets.

Governance

The Board recognise that operating responsibly, which includes minimizing the environmental impact

of our operations, is fundamental to the long-term success of the Group. We believe building a better

future involves embedding climate awareness throughout our organisation, starting at the top.

The Board oversees the management of specific risks and opportunities, including climate-related

risks and opportunities. The senior management team provides regular updates to our Board on their

activities, and, in addition, the Board reviews the risks associated with the Group’s operations

throughout the year.

Risk Management

The Board recognises that climate change risk is a global issue that may impact how we run our

business, both today and in the future. As such, we continue to look for ways to improve our

understanding of climate-related risks. However, although the impact of climate change is extremely

low at this stage in the Group’s development, we are conscious that "doing nothing" isn't an acceptable

response to the impact climate change may have on the business in the future. We are therefore

working to integrate climate risk variables into our overall risk management process and establish

formal multi-disciplinary processes.

Strategy

The Group operates from a corporate head office in the UK but holds metal exploration assets in

Ontario, Canada. The nature of these assets includes early-stage exploration with limited invasive

impact. The Board is conscious of the inherent environmental risks associated with metals

exploration. However, the Board actively encourages its contractors to operate within international

environmental guidelines and to perform its activities using the most up-to-date equipment.

Metrics & Targets

The Board is committed to reducing its impact on the environment in all aspects of its business

activities in which it operates. The Board engages with all its key stakeholders and partners and

encourages the reduction of CO2 emissions throughout the value chain to promote an environment

that actively strives towards achieving 'net zero' by 2035. However, at this stage in the Group's

development there are no formal metrics or targets to measure the Group's emissions against, but the

Board continues to review the need to implement metrics & targets.

This report is approved by the Board on

April 30, 2025 and signed on its behalf by:

Marc J. Sale

CEO

CORPORATE GOVERNANCE REPORT

Introduction

The Company is considered as a ‘small cap’ company listed on the main market of the London

Stock Exchange. It has a board of directors consisting of 3 directors. Of these directors, 1 is

considered as an Executive director and 2 are considered Independent Non-Executive

Directors. James Knowles, the Executive Chairman, is the only full-time employee of the

Company. In order to meet its work-related requirements, the company hires contractors on

a periodic basis as and when the need arises.

Considering the small size of the Company, the Board believes that it can perform a majority

of the functions required by it or through its direct supervision. The Company has two

committees: the Audit Committee and the Remuneration Committee which are constituted

mainly by two Independent Non-Executive Directors.

Further information on the Boards administrative and management along with information

about each of the two Board committees and its composition, function as well as their

respective activities for the year 2024 can be found below in this Corporate Governance

Report.

Chairman’s Statement

First Class Metals seeks to operate with a high degree of good corporate governance practices

at its core. Corporate governance refers to the set of processes, policies, and procedures that

are in place to ensure that a company operates in a responsible and ethical manner. This

includes everything from financial oversight to the way that we interact with our employees,

and other stakeholders.

Effective corporate governance is crucial to the long-term success of our Company. By

maintaining high standards of transparency, accountability, and ethical behaviour, we can

build trust with our stakeholders and create a strong foundation for sustainable growth.

To that end, we have established a comprehensive framework for corporate governance that

covers all aspects of our operations. This includes a clear code of conduct for all employees

(currently just the directors), regular audits and assessments of our financial and operational

performance, and robust systems for risk management and compliance.

We believe that our commitment to corporate governance is a key differentiator for our

Company, and we will continue to invest in this area to ensure that we maintain the highest

standards of integrity and ethical behaviour in all that we do.

The Chairman takes the lead in ensuring that the various facets of the Company are

functioning in an ethical way compliant with best practices in the industry. Under the

leadership of the Chairman the Company has policies in place in order to ensure effective

corporate governance. These policies are reviewed annually. They include:

The Board aims to lead by example and do what is in the best interest of the Company. We

operate in remote and developing areas and ensure our employees and contractors understand

their obligations towards the environment and in respect of anti-bribery and corruption.

Regular calls with senior employees serve to refresh and re-iterate the Company’s ethical

standards as they apply to the operational issues that are discussed on that call. All employees

are informed of responsibilities with regard to anti-bribery and anti-corruption when they join

the Company. Contracts with suppliers also reflect these requirements. Employees are

required to treat each other with respect and to not tolerate any form of discrimination.

Anti-Bribery Policy

The anti-bribery policy of the Company aims to ensure that the Company and its employees,

agents, and business partners comply with all relevant anti-bribery laws and regulations. The

policy prohibits any form of bribery, including giving, offering, promising, or receiving bribes,

and outlines the procedures for reporting and investigating any suspected violations of the

policy. The policy also emphasizes the importance of due diligence in the selection and

monitoring of business partners, and provides guidance on gifts, hospitality, and donations.

The Company’s commitment to anti-bribery measures is often reinforced by training, regular

risk assessments, and reviews of the policy’s effectiveness.

Whistle Blower Policy

The whistle-blower policy of the Company is designed to encourage employees and others to

report any suspected wrongdoing, including illegal or unethical activities, without fear of

retaliation. The policy outlines the procedures for reporting such concerns, including options

for confidential reporting, and ensures that all reports will be investigated in a fair and objective

manner. The policy also emphasizes the Company’s commitment to protecting the confidentiality

of whistle-blowers and to taking appropriate action against any retaliation. The Company

typically provides training and guidance to its employees and other stakeholders to promote

awareness of the policy and its importance.

Environmental, Social, and Governance (ESG) Policy

The ESG policy of the Company outlines its commitment to environmental, social, and

governance principles and its approach to managing ESG risks and opportunities. The policy

covers a range of issues, including climate change, energy use, human rights, labour

standards, and board diversity. The Company sets targets and measures its performance

against relevant ESG standards and integrates ESG considerations into its decision-making

processes. The Company also engages with stakeholders, including investors, suppliers, and

communities, to promote transparency and accountability, and to identify and address

emerging ESG issues. The Company’s ESG policy demonstrates its commitment to

responsible and sustainable business practices, which can contribute to long-term value

creation and resilience.

Equality and Diversity Policy

The Board is committed to our equality, diversity and inclusion policies. The Company

actively promotes equality, diversity and inclusion, and proactively removes and addresses

any activities or behaviours that may jeopardise this policy.

The Company aims to create an environment where all stakeholders can work harmoniously,

feel valued, appreciated, and included, irrespective of race ethnicity, culture, gender, skin

colour, sexual orientation, marital status, religion, disability, ability, educational background,

family background, political background, health or representative of any community.

The Company is an equal opportunity employer, which allows equal opportunity for

employment and progression in the organisation on the basis of ability, qualifications, and

aptitude for the work. Every employee shall be treated equally and have the right to a

harmonious work environment where an individual is treated fairly and with dignity and

respect.

The Board are committed to equality, diversity, and inclusion. While is no formal diversity

policy in place due to the current size of the Group, the Directors remain committed to

diversity among our staff and leadership team, and this is revisited each year. The Company

actively promotes equality, diversity, and inclusion, and proactively removes and address any

activities or behaviours that may jeopardise this commitment. The Company aims to create

an environment where all stakeholders can work harmoniously, feel valued, appreciated, and

included, irrespective of race, ethnicity, culture, gender, skin colour, sexual orientation,

marital status, religion, disability, ability, education background, family background, political

background, health or representative of any community.

Compliance with the Quoted Company Alliance Code

In addition to the above, although the Company is not required to comply with the UK Code

of Corporate Governance because the Company does not have a Premium listing, compliance

with the Quoted Company Alliance Code is being undertaken on a voluntary basis to the

extent it is considered appropriate considering the size of the Group. In specific, the Group

has adopted and complies with the following principles:

Principle One: Establish a strategy and business model which promote long-term value

for shareholders.

The Board implements a well-defined strategy that aims at securing long-term growth for the

shareholders. The details of the same can be found in the Strategic Report.

Principle Two: Seek to understand and meet shareholder needs and expectations. The

Board is committed to maintaining good communications with its shareholders and with

investors with a view to understanding their needs and expectations. The Board and, in

particular, the Chairman, maintain close contact with many of the shareholders.

All shareholders are encouraged to attend the Company’s Annual General Meetings where

they can meet and directly communicate with the Board.

The Company publishes an Annual Report, Financial Statements, and Interim Results.

All of which are available at the Company’s website. The Company also provides regular

regulatory announcements and business updates through the Regulatory News Service (RNS)

and copies of such announcements are posted to the Company’s website.

Shareholders and investors also have access to information on the Group through the

Company’s website, www.firstclassmetalsplc.com which is updated on a regular basis, and

which also includes the latest corporate presentation of the Company.

Principle Three: Take into account wider stakeholder and social responsibilities and

their implications for long-term success.

The Company will engage positively and seek to develop close relationships with local

communities, regulatory authorities and stakeholders which are in close proximity to or

connected with its overseas operations and where appropriate the Board will take steps to

safeguard the interests of such stakeholders.

The Board has adopted detailed ESG, Equality and Diversity, Anti-Bribery and Whistle-

blower policies. The Board plans, in due course, to adopt further appropriate policies to ensure

that the Group’s activities are compliant with best industry practices.

Principle Four: Embed effective risk management, considering both opportunities and

threats, throughout the organisation.

The Board regularly reviews its business strategy and, in particular, identiﬁes and evaluates the risks

and uncertainties which the Group is or may be exposed to. As a result of such reviews, the Board

will take steps to manage risks or seek to remove or reduce the Group’s exposure to them as much

as possible.

The risks and uncertainties to which the Group is exposed at present and in the foreseeable

future are detailed in Principal Risks and Uncertainties in the Strategic Report.

The Company has a system of ﬁnancial controls and reporting procedures in place which are

considered to be appropriate given the size and structure of the Group.

Principle Five: Maintain the Board as a well-functioning, balanced team led by the

Chairman.

James Knowles, the Executive Chairman, leads the Board and is responsible for the eﬀective

performance of the Board through control of the Board’s agendas and the running of its

meetings. James Knowles, in his capacity as Executive Chairman, also has overall

responsibility for the corporate governance of the Company. James Knowles takes an active

part in the day-to-day corporate aspects of the Company. The day-to-day operational running

of the Group is delegated to Marc Sale, the Chief Executive Officer.

The Board holds Board meetings periodically, and at least four times a year, as issues arise

which require the attention of the Board. Prior to such meetings, the Board’s members receive an

appropriate agenda and relevant information and reports for consideration on all signiﬁcant

strategic, operational and ﬁnancial matters and other business and investment matters which

may be discussed and considered.

The Board is supported by the Remuneration and Audit Committees, details of which are set

out on below.

Principle Six: Ensure that between them the directors have the necessary up to date

experience, skills and capabilities.

The Directors’ qualifications and experience are set out on in the Directors’ Report. The

Board believes that the current balance of sector, technical, ﬁnancial, operational and public

markets skills and experience which its members have is appropriate for the current size and

stage of development of the Company. The Company Secretary provides advice and

guidance, as required, to the Board on regulatory matters, assisted by the Company’s lawyers.

The Directors seek to keep their skills up to date through continuing professional

development and attending relevant courses. Directors from a technical discipline are

encouraged to maintain professional accreditation.

Principle Seven: Evaluate board performance based on clear and relevant objectives,

seeking continuous improvement.

The Board’s performance is reviewed and considered in the light of the progress and

achievements against the Group’s long-term strategy and its strategic objectives. However,

given the size and nature of the Group, the Board does not consider it appropriate to have a

formal performance evaluation procedure in place. The Board will closely monitor the

situation as required.

Principle Eight: Promote a corporate culture that is based on ethical values and

behaviours.

The Company has established corporate governance arrangements which the Board believes

are appropriate for the current size and stage of development of the Company.

The Company has adopted a number of policies applicable to directors, oﬀicers and employees

and, in some cases, to suppliers and contractors as well, which, in addition to the Company’s

corporate governance arrangements set out above, are designed to provide the Company with a

positive corporate culture. Details of the Board’s Policies can be found within this Corporate

Governance Report.

Principle Nine: Maintain governance structures and processes that are ﬁt for purpose

and support good decision-making by the Board.

Whilst the Board has overall responsibility for all aspects of the business, James Knowles,

the Executive Chairman, is responsible for overseeing the running of the Board and ensuring

that Board focuses on and agrees with the Group’s long-term direction and its business

strategy and reviews and monitors the general performance of the Group in implementing its

strategic objectives.

The Board has established the Remuneration Committee and the Audit Committee with formally

delegated duties and responsibilities. Further, the Board will have a Nomination Committee in

place in the coming months.

This Corporate Governance Statement will be reviewed at least annually to ensure that the

Company’s corporate governance framework evolves in line with the Company’s strategy

and business plan.

Principle Ten: Communicate how the Company is governed and is performing by

maintaining a dialogue with shareholders and other relevant stakeholders.

The Company’s approach to communication with shareholders and others is set out under

Principles 2 and 3 above.

Leadership of the Board

The Board comprised of 1 Executive Directors and 2 Non-Executive Directors.

The Board is charged with the leadership of the Company and to ensure its long terms success.

The key responsibilities of the Board include:

Strategy and Planning

The Board is responsible for setting the Company’s long-term strategy and goals.

Risk Management

The Board identifies and assesses the risks associated with the Company’s operations,

including financial, legal, and reputational risks.

Financial Oversight

The Board oversees the Company’s financial operations, including budgeting, financial

reporting, and auditing.

Corporate Governance

The Board ensures that the Company follows good corporate governance practices, including

transparency, accountability, and ethical behaviour.

Stakeholder Management

The Board considers the interests of all stakeholders, including shareholders, employees,

suppliers, and the community and ensures that the Company’s operations are sustainable and

socially responsible.

Monitoring Performance

The Board monitors the Company’s performance against its goals and strategy. It regularly

reviews the Company’s financial and non-financial performance and makes necessary

adjustments to ensure the Company is meeting its objectives.

Division of Responsibilities

The Board has defined the responsibilities of the Chairman, and the CEO as follows:

James Knowles, Chairman: The Chairman is primarily responsible for leading the Board and

providing direction for the organisation. The Chairman is responsible for leading meetings,

facilitating effective communication between members of the Company, setting goals and

strategies for the organisation, and ensuring accountability. He is also directly involved in

assisting the CEO on day-to-day matters

Marc Sale, CEO: The CEO is responsible for the day to day running of the Company and

reports to the Board in which role he is supported by the Chairman.

Independent Non-Executive Directors

Independent non-executive directors (INEDs) play a crucial role in corporate governance by

bringing an objective and independent perspective to the boardroom. Their primary

responsibility is to act in the best interest of the Company and its stakeholders by providing

oversight, guidance, and strategic input to the board.

The role of the independent Non-Executive Directors is as follows:

• Provide independent oversight: INEDs are responsible for providing an objective and

independent perspective on the Company’s activities and performance. They scrutinize the

Board’s decisions and ensure that the Company is complying with legal and regulatory

requirements.

• Monitor and advise on risk management: INEDs monitor the Company’s risk management

policies and procedures and advise the Board on potential risks and their mitigation strategies.

• Review and challenge management decisions: INEDs review and challenge management

decisions to ensure that they are aligned with the Company’s strategic goals and do not pose

any risks to the Company’s reputation or financial stability.

• Provide strategic guidance: INEDs bring their expertise and experience to the Board and

provide strategic guidance on matters such as mergers and acquisitions, capital allocation, and

corporate social responsibility.

• Represent the interests of stakeholders: INEDs represent the interests of all stakeholders,

including shareholders, employees, customers, and suppliers, and ensure that their views are

taken into account when making decisions.

Andrew Williamson and Marc Bamber are considered to be INEDs of the Company.

Board Support, Meeting, and Attendance

The Board and its Committees meet regularly on scheduled dates. In leading and controlling

the Company, the Directors are expected to attend all meetings and their attendance for the

financial year 2023 is shown in the Directors’ Report section of this Annual report.

The Company Secretary plays a vital role in ensuring good governance, assisting the

Chairman. Procedures are in place for distributing meeting agendas and reports so that they

are received in good time, with the appropriate information. Ahead of each Board meeting, the

Directors each receive reports which include updates on strategy, finance, including

management accounts, operations, commercial activities, business development, risk

management, legal and regulatory, people and infrastructure and on investor relations. The

Directors may have access to independent professional advice, where needed, at the

Company’s expense.

Board Induction, Training and Development

New Directors are provided with a full and tailored induction in order to introduce them to

the business and management of the Company. Throughout their tenure, Directors are given

access to the Company’s operations and personnel, and receive updates on relevant issues as

appropriate, taking into account their individual qualifications and experience. This allows the

Directors to function effectively with appropriate knowledge of the Company.

The Board is satisfied that each Director has sufficient time to devote to discharging his

responsibilities as a Director of the Company.

Re-Election of Directors

All Directors are put forward for re-election on a three-year basis as is required by the

Company’s Articles of Association. The composition of the Board is provided above.

Board Committees

The Board has delegated and empowered two Committees: An Audit Committee and a

Remuneration Committee.

The Company has thus far not formed a Nomination Committee due to the size of its Board.

However, various discussions are progressing, and the Company aims to have a Nomination

Committee in place with Terms of Reference for its operation in the forthcoming months.

Each Committee has written terms of reference set by the Board, which are reviewed annually.

The Chair of each committee reports to the Board on the activities of and determinations of

such committee. A summary of each Committee’s responsibilities and the work done during

the year follows.

Audit Committee Report

Composition of the Audit Committee

The Audit Committee comprises of Marc Bamber (Chair of the committee), James Knowles

and Andrew Williamson. The Board considers all members of this committee to have the

appropriate skills and expertise. See Director biographies in the Directors’ report.

The appointments to the Audit Committee are made by the Board. Only members of the

committee have the right to attend these meetings, however the Executive Directors or senior

financial members of the Company may be invited by the Committee in order to provide their

opinion as required. The external auditor may also attend the meetings and discuss as required

the planning and conclusions of their work. The committee also calls upon information from

management and consults with the external auditor if required.

The committee meets at least twice a year directly linked to the Company’s half year and full

year results. It further meets as required.

Operation of the Committee

The Audit Committee periodically reviews and updates the Terms of Reference in order to

conform to best practices. These are subject to Board approval.

The Committee works to a planned programme of activities, which are focused on key events

in the annual financial reporting cycle and other matters that are considered in accordance

with its Terms of Reference.

The Committee operates within terms of reference approved by the Board, including:

• Considering the appointment of external auditors.

• Reviewing relationship with external auditors.

• Reviewing financial reporting and internal control procedures.

• Reviewing the consistency of accounting policies.

An important part of the role of the Audit Committee is its responsibility for reviewing the

effectiveness of the Company’s financial reporting, internal control policies, and procedures

for the identification, assessment and reporting of risk.

The Directors are responsible for internal control in the Company and for reviewing

effectiveness. Due to the size of the Company, all key decisions are made by the Board. The

Directors have reviewed the effectiveness of the Company’s systems during the period under

review and consider that there have been no material losses, contingencies, or uncertainties

due to weaknesses in the controls. A key governance requirement of the Company’s financial

statements is for the report and accounts to be fair, balanced, and understandable. The

coordination and review of the Company wide input into the Annual Report is a sizeable

exercise performed within an exacting time frame. It runs alongside the formal audit process

undertaken by external auditors and is designed to arrive at a position where initially the

Committee, and then the Board, is satisfied with the overall fairness, balance, and clarity of

the document.

An essential part of the integrity of the financial statements are the key assumptions and

estimates or judgements that have to be made. The Committee reviews key judgements prior

to publication of the financial statements at the full and half year, as well as considering

significant issues throughout the year. In particular, this includes reviewing any materially

subjective assumptions within the Group’s activities. The Committee reviewed and was

satisfied that the judgements exercised by management on material items contained within

the Annual Report were reasonable and that there were no significant issues that needed to be

addressed in relation to the financial statements. The key assumptions and estimates or

judgements that have been used in preparing these financial statements are set out in note 3

to the accounts.

Internal financial control

Financial controls have been established to maintain proper accounting records and to provide

reliable financial information for internal use. Key financial controls include:

• The maintenance of proper records;

• A schedule of matters reserved for the approval of the Board;

• Evaluation, approval procedures and risk assessment for acquisitions; and

• Close involvement of the Executive Directors in the day-to-day operational

matters of the Group.

The Directors are responsible for the Group’s methods of internal control. The Group’s risk

management protocols and internal control methods are designed to reduce risk associated

with the business of the Group and achieve its strategic objectives. The Group has established

procedures of internal control that are considered adequate for a business of the size of the

group.

The Directors are responsible for internal control in the Group and for reviewing

effectiveness. Due to the size of the Company, all key decisions are made by the Board. The

Directors have reviewed the effectiveness of the Company’s systems during the period under

review and consider that there have been no material losses, contingencies, or uncertainties

due to weaknesses in the controls.

Audit, Risk and Internal Control

The Audit Committee did not face any significant issues in relation to the preparation of the

financial statements. The financial accounts were prepared by the Company with the

assistance of Aventus Partners and was audited by RPG.

Marc Bamber

Audit

Committee

Chairman

30 April 2024

Remuneration Report

Composition of the Remuneration Committee

The Remuneration Committee for the reporting period comprised of Andrew Williamson (Chair

of the Committee), Marc Sale (CEO), and Marc Bamber.

Role of the Remuneration Committee

The Remuneration Committee’s function includes ascertaining the policy and amount of the

remuneration of the Executive Directors and other executives including bonuses, incentive

payments and share options.

Remuneration Policy

The Remuneration Committee is committed to ensuring that the Company’s key executive

team is incentivised to drive sustainable earnings growth and returns to shareholders,

thereby creating a genuinely strong alignment of interests between management and

investors. The Company’s remuneration policy aims to provide its members with a

competitive market aligned remuneration package to reward their performance and deliver

value for shareholders. Remuneration packages are aligned against to that of similar

organisations in the sector.

Remuneration policy is designed to ensure that it attracts, retains, and motivates the executive

members of the Company for the long term. The basic structure of a remuneration package

consists of a basic salary, an annual bonus plan and a pension plan.

The remuneration policy is based on the following principles:

1. Fairness and equity: The remuneration should be fair and equitable, ensuring that employees

receive compensation that is commensurate with their skills, experience, and performance.

2. Transparency: The remuneration policy should be transparent, ensuring that employees

understand how their compensation is determined, including the criteria used for performance

evaluation and promotion. As a public Company, an effective measure used to evaluate

performance is the prevailing market price of the Company’s stock and its performance over

various time periods.

3. Competitive compensation: The policy aims to offer compensation that is competitive with

industry standards, allowing the Company to attract and retain top talent.

4. Incentives for performance: The policy includes incentives for high performance, such as

bonuses or other forms of variable pay, to motivate employees to achieve their goals and

objectives.

5. Flexibility: The policy is flexible, allowing for adjustments to compensation based on

changes in market conditions, industry trends, and individual employee performance.

6. Regular review: The policy is regularly reviewed and updated to ensure it remains effective

and relevant to changing organisational needs and market conditions.

Remuneration of Directors

The remuneration policy and packages of the Directors were duly covered in detail in the

Annual Report 2023 and approved at the Annual General meeting of the Company held on

July 16, 2024. Further, details of the same will be submitted to the general body of the

shareholders at the forthcoming Annual General Meeting of the Company.

Remuneration of Executive Directors

During the year, the Executive Directors received a basic salary and benefits as set out in the table

below.

b. Remuneration of Non-Executive Directors

The remuneration of the Non-Executive Directors is set by the Board. They attend meeting of

the Board of the Company as well as perform their functions in the various Board committees.

Directors Remuneration Report

Summary

Salary Fees Pension Total

£ £ £ £

M Bambe

33,750 15,750 - 49,500

J Knowles 115,964 - - 115,964

M Sale 50,700 111,116 18,000 179,866

A Williamson - 39,315 - 39,315

Carlos Espinosa - 6,857 - 6,857

200,414 173,088 18,000 391,502

Notes:

1. Marc Sale’s company Specialist Exploration Services Scotland Limited (“SES”) was paid a

total of £111,116 during the year. These payments include travel/accommodation & out of

pocket expenses incurred through the period by SES on behalf of First Class Metals PLC

amounting to £15,011.

2. Bonus Payments totalling £75,000 of: £30,000 to James Knowles, £30,000 to Marc Sale,

£10,000 to Marc Bamber and £5,000 to Andrew Williamson have been awarded in 2024 but

not yet paid.

Company Pension Scheme

As of 31 December 2024, the Company has a pension plan in place which the Directors may

opt in to whereupon the Company will pay contributions in relation to their remuneration. Thus

far, only Marc Sale has opted in and contributed a sum of £18,000 into a private pension

scheme. The Company has not paid out any further excess retirement benefits to any other

Directors.

Service Contracts

The Company has entered into service contracts with each of its directors. These contracts

are on an ongoing basis with the Executive Directors and includes a one month notice period

in case of termination. The contracts with the INED’s are on a three-year basis with an option

to renew upon mutual agreement.

The Company entered into a consultancy agreement with Specialist Exploration Services

(Scotland) Limited (SES) on 1 March 2022 (SES Consultancy Agreement), pursuant to which

SES agreed to provide certain consultancy services to the Company.

SES is a company owned by Marc Sale. The engagement commenced with effect from 1

March 2022 and shall continue unless terminated as provided for in the SES Consultancy

Agreement or on the giving of not less than four weeks’ prior written notice by either party.

The engagement is for a minimum commitment of at least 10 days per month with such

additional time, if any, as may be necessary for their proper performance of the services.

The Company has entered into an agreement for services with Vrynwy Limited on October

12, 2023. Vrynwy Limited has appointed Andrew Williamson as an INED of the Company.

The agreement has a term of three years. The agreement may be terminated by either party

by giving one month’s notice to the other. The agreement is subject to the Company’s articles

of association as may be amended from time to time. Copies of the letters of appointments

and service contracts awarded to Directors are kept at the registered office of the Company

for inspection.

Directors’ interest in shares

Holder

Number of

% of total

capital issued

James Knowles

449,257 0.02%

Marc Bamber 377,965 0.46%

Andrew Williamson - -

Notes:

1. James Knowles has loaned First Class Metals PLC 9,500,001 Ordinary Shares to be repaid by issue of

that number of Ordinary Shares of £1 each at Second Admission. This has been reflected in the equity

reserve.

One meeting of the committee was held in March 2024 in order to evaluate and recommend

suitable bonuses and pay increases to reward the efforts made by various members of the

Company. A further meeting was held in November 2024 in order to assess the performance

of the various personnel of the Company.

Consideration of shareholder views

The Remuneration Committee considers shareholder feedback received and guidance from

shareholder bodies. This feedback, plus any additional feedback received from time to time,

is considered as part of the Company’s periodic reviews of its policy on remuneration.

UK 10-year performance graph

The directors have considered the requirement for a UK 10-year performance graph

comparing the Group’s Total Shareholder Return with that of a comparable indicator. The

directors do not currently consider that including the graph will be meaningful because the

Company has only been listed since July 2022, is not paying dividends and is currently

incurring losses as it gains scale. The directors therefore do not consider the inclusion of this

graph to be useful to shareholders at the current time. The directors will review the inclusion

of this table for future reports.

UK 10-year CEO table and UK percentage change table

The directors have considered the requirement for a UK 10-year CEO table and UK

percentage change table. The directors do not currently consider that including these tables

would be meaningful because, as described under the Directors’ Service Contracts section

above directors have been engaged in the Company only since July 2022. The directors will

review the inclusion of this table for future reports.

Relative importance of spend on pay

The Directors have considered the requirement to present information on the relative

importance of spend on pay compared to shareholder dividends paid. Given that the Company

does not currently pay dividends the directors have not considered it necessary to include

such information.

Policy for new appointments

Base salary levels will take into account market data for the relevant role, internal relativities,

the individual’s experience, and their current base salary. Where an individual is recruited at

below market norms, they may be re-aligned over time (e.g. two to three years), subject to

performance in the role. Benefits will generally be in accordance with the approved policy.

For external and internal appointments, the Committee may agree that the Company will meet

certain relocation and/or incidental expenses as appropriate.

Policy on payment for loss of office

Payment for loss of office would be determined by the Remuneration Committee, taking into

account contractual obligations.

Andrew Williamson

Remuneration

Committee Chairman

April 30 2025

DIRECTORS’ REPORT

The Directors present their report together with the audited financial statements for the year

ended 31 December 2024.

A review of the business and principal risks and uncertainties has been included in the

Strategic Report.

Principal Activity

The principal activities of the Company during the period were the acquisition and the

exploration and development of its assets. Successful acquisitions have been completed in

2024 and more details can be found in the Chairman’s Statement.

Dividends

No dividend has been paid during the year, nor do the Directors recommend the payment of

a final dividend (2023: £nil).

Directors

The Directors who served during the year and up to the date hereof were as follows:

Date of

appointment

Date of resignation

Marc Sale 16 June 2022 03 March 2025

James Knowles 26 January 2021 -

Andrew Williamson 15 Octobe

2023 -

Marc Bamber 29 July 2022 -

Ayub Bodi 26 January 2021 02 February 2024

David Webste

03 March 2025 31 March 2025

Directors’ Indemnity Provisions

The Company has implemented Directors and Officers Liability Indemnity insurance.

Donations

The Company made no political donations during the year (2023: £nil).

Share Capital

First Class Metals Plc is incorporated as a public limited company and is registered in England and

Wales with the registered number 13158545. The Company has one class of Ordinary Share,

and all shares have equal voting rights and rank pari passu for the distribution of dividends and

repayment of capital.

Substantial Shareholdings

Details of changes in share capital during the year are detailed in note 17 to the financial

statements. On 31 December 2024 shareholders may be analysed as follows:

Major Shareholders

Shareholder As at the 31

December 2024

Number of Ordinary

% of issued

ordinary share

capital

As at the date of this

document

Number of Ordinary Shares

% of issued ordinary share

capital

Power Metal Resources Plc and

Power Metals Canada

19,033,802 18.9% 19,033,802 9.9%

James Peter Knowles¹ 449,257 0.4% 449,257 0.2%

Ayub Bodi 4,153,924 4.1% 10,149,256 5.3%

James Goozee 10,100,000 10.0% 10,100,000 5.3%

Asif Bodi 3,644,667 3.6% 3,644,667 1.9%

Afzal Valli 3,599,635 3.6% 3,599,635 1.9%

Graeme Paton 5,400,000 5.4% 5,400,000 2.8%

Lee Scot

2,948,344 2.9% 2,948,344 1.5%

OnGold Investment Corp. - 0.0% 5,882,353 3.1%

The Seventy Ninth Group

Limited

- 0.0% 78,552,084 41.0%

Notes:

1. James Peter Knowles has loaned First Class Metals PLC 9,500,001 Ordinary Shares to be repaid at Second Admission.

Board of Directors

The Board currently consists of one executive Directors & two independent non-executive

Directors. It met regularly throughout 2024 to discuss key issues and to monitor the

Company’s overall performance. All matters and committees, such as Remuneration and

Audit are considered by this Board.

James Knowles

Executive Chairman

A corporate professional who has enjoyed a twenty-five-year career in the financial

sector, James is primarily focused on debt funding for Real Estate projects, most

recently for Barclays Bank PLC. James is a seasoned resource company investor and

has consulted to several London and Canadian junior listed resource companies on

investor relations, public relations, and social media marketing activities.

Marc Sale

Chief Executive Officer

A corporate professional who has specialised in natural resources, specifically

precious and base metals, with a focus on gold, for over 25 years. Marc has worked

on project assessment, exploration, and development in Africa, the Americas, Europe,

and Australasia. He has held Technical Directorships for several listed and private

companies, including Brancote PLC, Landore Resources PLC, Gold Mines of

Sardinia, and Patagonia Gold. As a ‘Competent Person’ he is accomplished in the

preparation of Company reports and overseeing JORC/NI43-101 reporting as well as

delivery of presentations to investors, institutions, and shareholders.

Andrew Williamson

Non-Executive Director

Andrew qualified as a lawyer in 1990 and has worked in the corporate field

throughout his career. As a corporate partner, he advised on corporate and capital

market transactions, both debt and equity. He has substantial experience of listings

on the major stock markets around the world. He also has extensive experience of

public and private corporate transactions and the creation of domestic and

international investment funds. A former institutional corporate stockbroker, nomad,

and sponsor to the Full List, he is known to use his extensive commercial experience

to assist his clients with their legal issues. He has been recognized as a recommended

lawyer by legal 500 in the private acquisition and merger (sub £100m) category and

in the debt capital market category.

Marc Bamber

Non-Executive Director

A Global Corporate Financier, with over 20 years of experience in the hedge fund

sector, capital markets, private and institutional Investments, investor comms, and

marketing. Marc was a core member of the multiple award-winning RAB Special

Situations Fund that delivered net returns of 50x to investors with circa. US$2.8Bn in

Assets Under Management (AUM) in just under five years. Marc is very active in the

international markets and works with a number of Toronto and London-listed

companies in senior management roles.

Ayub Bodi

Executive Director

Ayub Bodi was resigned as a Director of the Company on February 02, 2024.

David Webster

Non-Executive Director

David Webster was appointed to the Board on March 03, 2025 and resigned on March

31, 2025.

Directors’ powers

As set out in the Company’s Articles of Association, the business of the Company is

managed by the Board which may exercise all powers of the Company.

Directors’ Remuneration

A total of £391,502 was paid as remuneration to Directors for the year ended

December 31, 2024. The remuneration of the Directors will further be put to the

approval of the shareholders at the forthcoming Annual General Meeting of the

Company

Board Activities

The Board has determined that the Company will have a minimum of four Board

Meetings, one Audit Committee Meetings and two Remuneration Committee

Meetings each year. Due to necessary circumstances, the Board held a total of 10 meetings

during the year 2024. The meeting of the Audit Committee was held on 26 March 2024

and 08 May 2024, and the meetings of the Remuneration Committee was held on 26

March 2024 and November 19, 2024.

The table below provides an overview of the attendance of the various directors.

Board Meeting Attendance

Name of Director Meetings Attended

James Knowles 10

Ayub Bodi Nil

Marc Sale 10

Marc Bamber 9

Andrew Williamson 10

Note: David Webster was appointed on 3 March 2025 and resigned on 31March

2025. During this time there were no Board Meetings held, except the one in relation

to his resignation

Explanation of Board Performance and Effectiveness

During the financial year ended 31 December 2024 a Board evaluation was carried

out and it has been determined that the Board has been effective during the period.

Additionally, the Board believes that it has developed a suitable composition in order

to continue to perform as a cohesive Board for the foreseeable future.

Auditor

First Class Metals Plc had appointed Royce Peeling Green Limited (RPG) on 9 February

2023. RPG has expressed its willingness to continue in office.

At the Annual General Meeting for the year 2024, the Board assessed the

performance of RPG for the previous year and recommended to the shareholders that

RPG be re-appointed as auditors to the Company for an additional term of one year.

This was duly passed by the shareholders as an ordinary resolution.

RPG is a long-established firm of Chartered Accountants, and a PIE registered

auditor based in Manchester, England. RPG is a UK member of DFK International,

the sixth largest accounting association in the world according to the International

Accounting Bulletin’s annual World Survey Report in 2022, with worldwide

revenues in excess of $1.5 billion across 94 countries. In the UK, RPG operates from

two offices with around 80 staff, including 9 directors.

RPG do not provide any non-audit services therefore their objectivity and

independence are safe-guarded.

It is also to be noted that there are no contractual obligations restricting the Board’s

choice of external auditor.

A resolution to reappoint RPG will be proposed at the forthcoming Annual General

Meeting.

Shareholder Communications

The Company uses its corporate website https://www.firstclassmetalsplc.com/ to

ensure that the latest announcements, press releases and published financial

information are available to all shareholders and other interested parties. The AGM

will be used to communicate with both institutional shareholders and private

investors and all shareholders are encouraged to participate. The Company counts all

proxy votes and will indicate the level of proxies lodged on each resolution after it

has been dealt with by a show of hands.

Disclosure of Information to the Auditor

Each of the persons who is a director at the date of approval of this Annual Report

confirms that:

• so far as the director is aware, there is no relevant audit information of which the

Company’s auditors are unaware; and

• the director has taken all the steps that he ought to have taken as a director in order

to make himself aware of any relevant audit information and to establish that the

Company’s auditors are aware of that information.

Statement of Directors’ Responsibilities in respect of the Annual Report and

the financial statements

The Directors are responsible for preparing this report and the financial statements

in accordance with applicable United Kingdom law and regulations and UK adopted

International Financial Reporting Standards (“IFRS”)

Company law requires the Directors to prepare financial statements for each financial

period which present fairly the financial position of the Company and the financial

performance and cash flows of the Company for that period.

In preparing those financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• present information, including accounting policies, in a manner that provides

relevant, reliable, comparable, and understandable information;

• state whether applicable IFRSs have been followed, subject to any material departures

disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate

to presume that the Company will continue in business; and

• provide additional disclosures when compliance with the specific requirements in

IFRS is insufficient to enable users to understand the impact of particular

transactions, other events and conditions on the entity’s financial position and

financial performance.

The Directors are responsible for keeping adequate accounting records that are

sufficient to show and explain the Company’s transactions and disclose with

reasonable accuracy at any time the financial position of the Company and enable

them to ensure that the Company financial statements comply with the Companies Act

2006. They are also responsible for safeguarding the assets of the Company and hence

for taking reasonable steps for the prevention and detection of fraud and other

irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing

a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate

Governance Statement that comply with that law and those regulations, and for

ensuring that the Annual Report includes information required by the Listing Rules

of the Financial Conduct Authority.

The financial statements are published on the Company’s website

https://www.firstclassmetalsplc.com/. The work carried out by the Auditor does not

involve consideration of the maintenance and integrity of this website and accordingly,

the Auditor accepts no responsibility for any changes that have occurred to the financial

statements since they were initially presented on the website. Visitors to the website

need to be aware that legislation in the United Kingdom covering the preparation and

dissemination of the financial statements may differ from legislation in their

jurisdiction.

The directors reduce the risk by outsourcing the preparation of consolidated financial

statements to DSG https://www.dsg.uk.com/ , a firm of chartered accounts who have

adequate skills and experience necessary to do so.

The Directors confirm that to the best of their knowledge:

• the Company financial statements give a true and fair view of the assets, liabilities,

financial position, and profit of the Company;

• this Annual Report includes the fair review of the development and performance of

the business and the position of the Company together with a description of the

principal risks and uncertainties that it faces; and

• the Annual Report and Financial Statements, taken as a whole, are fair, balanced, and

understandable and provide information necessary for shareholders to assess the

Company’s performance, business, and strategy.

Forward Looking Statements

This document contains certain forward-looking statements. The forward-looking

statements reflect the knowledge and information available to the Directors of the

Company and Group during preparation and up to the publication of this document.

By their very nature, these statements depend upon circumstances and relate to events

that may occur in the future and thereby involving a degree of uncertainty. The

statements, estimates and projections herein are based upon various assumptions by

the Company that may not prove to be correct. Such assumptions are inherently

subject to significant economic and competitive uncertainties and contingencies,

many of which are beyond the control of the Company, and upon assumptions with

respect to the future performance of the Company that may be subject to change

because of circumstances beyond the control of the directors and/or the Company.

The Company believes that such estimates and other assumptions are reasonable

under the circumstances, but no representation, warranty or other assurance is given

that such statements, estimates and projections will be realized. There may be

variances between such projections and actual events and results.

Post balance sheet events

The Company received a further CAD$58,550 OJEP Grant from the Canadian

Ministry of Mines for the North Hemlo property for work completed during 2024 in

March 2025

The Company entered into a Subscription Agreement with The 79

GRP Limited on

December 17, 2024. This was partially completed on February 25, 2025. This

subscription also set-off the loan of GBP700,000 given The 79

GRP Limited. This

cleared the Company’s books of all loans.

No other adjusting or significant non-adjusting events have occurred between the 31

December reporting date and the date of authorisation.

This report is approved by the Board on 30 April 2025 and signed on its behalf by:

James Knowles

Chairman

First Class Metals Plc

Consolidated Income Statement for the Year Ended 31 December 2024

Note

31 December

2024

31 December

2023

Revenue

- -

Administrative expenses

(1,365,274) (1,461,347)

Profit on disposal of intangible assets

31,906

Operating loss 5

(1,333,368) (1,461,347)

Finance income

177 5,742

Finance costs

(26,766) (123,324)

et finance cos

(26,589) (117,582)

Loss before tax

(1,359,957) (1,578,929)

Taxation 10

- -

Loss for the year

(1,359,957) (1,578,929)

Items that may be reclassified subsequently to profit or loss

Foreign currency translation (losses)/gains

(13,904) 14

Total comprehensive loss for the year

(1,373,861) (1,578,915)

Total comprehensive loss attributable to:

Owners of the company

(1,373,861) (1,578,915)

The above results were derived from continuing operations.

Loss per share

Basic and diluted loss per share (pence)

11 (1.53)

(2.13)

First Class Metals Plc

(Registration number: 13158545)

Consolidated Statement of Financial Position as of 31 December 2024

Note

31 December

2024

31 December

2023

Assets

Non-current assets

Property, plant, and equipment 13

16,731 903

Mineral property exploration and evaluation 12

3,643,342 3,351,389

3,660,073 3,352,292

Current assets

Trade and other receivables 15

90,389 290,012

Cash and cash equivalents 16

221,071 140,802

311,460 430,814

Total assets

3,971,533 3,783,106

Equity and liabilities

Equity

Share capital 17

100,819 82,046

Share premium

5,474,035 4,719,622

Equity reserve

713,761 719,440

Foreign currency translation reserve

(13,792) 112

Retained earnings

(3,784,601) (2,424,644)

Equity attributable to owners of the company

2,489,822 3,096,576

Current liabilities

Trade and other payables 21

558,603 291,689

Loans and borrowings 19

700,000 160,000

1,258,603 451,689

Non-current liabilities

Trade and other payables 21

223,108 234,841

Total liabilities

1,481,711 686,530

Total equity and liabilities

3,971,533 3,783,106

The financial statements were approved and authorised for issue by the Board on 30 April 2025 and signed on its behalf by:

James Peter Knowles - Executive Chairman

Director

First Class Metals Plc

(Registration number: 13158545)

Company Statement of Financial Position as of 31 December 2024

Note

31 December

2024

31 December

2023

Assets

Non-current assets

Property, plant, and equipment 13

16,731 903

Investments in subsidiary 14

581 581

17,312 1,484

Current assets

Trade and other receivables 15

3,893,229 3,528,626

Cash and cash equivalents 16

187,842 140,302

4,081,071 3,668,928

Total assets

4,098,383 3,670,412

Equity and liabilities

Equity

Share capital 17

100,819 82,046

Share premium

5,474,035 4,719,622

Equity reserve

713,361 719,440

Retained earnings

(3,213,191) (2,109,931)

Total equity

3,075,024 3,411,177

Current liabilities

Trade and other payables 21

323,359 99,235

Loans and borrowings 19

700,000 160,000

1,023,359 259,235

Total equity and liabilities

4,098,383 3,670,412

The Company's loss for the year was £1,103,260 (2023: - £1,289,345).

The financial statements were approved and authorised for issued by the Board on 30 April 2025 and signed on its behalf by:

James Peter Knowles - Executive Chairman

Director

First Class Metals Plc

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital

Share premium

Equity reserve

Foreign currency

translation

Retained

earnings

Total equity

At 1 January 2024

82,046 4,719,622 719,440 112 (2,424,644) 3,096,576

Loss for the year

- - - - (1,359,957) (1,359,957)

Other comprehensive income

- - - (13,904) - (13,904)

Total comprehensive income

- - - (13,904) (1,359,957) (1,373,861)

ew share capital subscribe

18,773 754,413 - - - 773,186

Shares to be issued

- - 353,641 - - 353,641

Other equity reserve movements

- - (359,720) - - (359,720)

At 31 December 2024

100,819 5,474,035 713,361 (13,792) (3,784,601) 2,489,822

Share capital

Share premium

Equity reserve

Foreign currency

translation

Retained

earnings

Total equity

At 1 January 2023

69,049 3,395,168 10,258 98 (869,379) 2,605,194

Loss for the year

- - - - (1,578,929) (1,578,929)

Other comprehensive income

- - - 14 - 14

Total comprehensive income

- - - 14 (1,578,929) (1,578,915)

ew share capital subscribe

12,997 1,324,454 - - - 1,337,451

Shares to be issued

- - 719,440 - - 719,440

Other equity reserve movements

- - 13,406 - - 13,406

Transfer between reserves

- - (23,664) - 23,664 -

At 31 December 2023

82,046 4,719,622 719,440 112 (2,424,644) 3,096,576

James Knowles has loaned First Class Metals PLC 9,500,001 Ordinary Shares to be repaid by issue of that number of Ordinary Shares of £1 each at Second Admission. This has been reflected

in the equity reserve.

First Class Metals Plc

Company Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital

Share premium

Equity reserve

Retained

earnings

Total

At 1 January 2024

82,046 4,719,622 719,440 (2,109,031) 3,411,177

Loss for the year

- - - (1,103,260) (1,103,260)

Total comprehensive income

- - - (1,103,260) (1,103,260)

ew share capital subscribed

18,773 754,413 - - 773,186

Shares to be issued

- - 353,641 - 353,641

Other equity reserve movements

- - (359,220) - (359,220)

At 31 December 2024

100,819 5,474,035 713,361 (3,213,191) 3,075,024

Share capital

Share premium

Equity reserve

Retained

earnings

Total

At 1 January 2023

69,049 3,395,168 10,258 (844,250) 2,630,225

Loss for the year

- - - (1,289,345) (1,289,345)

Total comprehensive income

- - - (1,289,345) (1,289,345)

ew share capital subscribe

12,997 1,324,454 - - 1,337,451

Shares to be issued

- - 719,440 - 719,440

Other equity reserve movements

- - 13,406 - 13,406

Transfer

- - (23,664) 23,664 -

At 31 December 2023

82,046 4,719,622 719,440 (2,109,931) 3,411,177

James Knowles has loaned First Class Metals PLC 9,500,001 Ordinary Shares to be repaid by issue of that number of Ordinary Shares of £1 each at Second Admission. This has been reflected

in the equity reserve.

First Class Metals Plc

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

31 December

2024

31 December

2023

Cash flows from operating activities

Loss for the year

(1,359,957) (1,578,929)

Adjustments to cash flows from non-cash items

Depreciation and amortisation 5

1,495 532

Impairment losses 5

3,153 88,568

(Profit)/loss on disposal of mineral properties exploration and

evaluation assets

(31,906) -

Foreign exchange loss/(gain) 5

202,357 77,447

Finance income 6

(177) (5,742)

Finance costs 6

26,766 123,324

(1,158,269) (1,294,800)

Working capital adjustments

Decrease/(increase) in trade and other receivables 15

199,623 (107,521)

Increase in trade and other payables 21

255,181 283,876

et cash flow from operating activities

(703,465) (1,118,445)

Cash flows from investing activities

Interest received 6

177 5,742

Acquisitions of property plant and equipment

(17,323) (624)

Proceeds of disposal of mineral property exploration and

evaluation assets

12 262,480 -

Acquisition of mineral property exploration and evaluation assets 12

(653,081) (1,253,726)

et cash flows from investing activities

(407,747) (1,248,608)

Cash flows from financing activities

Interest paid 6

-(18)

Proceeds from issue of ordinary shares, net of issue costs

773,186 1,337,451

Proceeds from other borrowing draw downs

700,000 450,000

Repayment of other borrowing

(160,000) (517,143)

Financing of shares loaned by directors

(103,220) 725,602

Finance cost of financial instruments

(26,766) (123,305)

Foreign exchange gains or losses

8,281 (77,447)

et cash flows from financing activities

1,191,481 1,795,140

et increase/(decrease) in cash and cash equivalents

80,269 (571,913)

Cash and cash equivalents at 1 January

140,802 712,715

Cash and cash equivalents at 31 December

221,071 140,802

First Class Metals Plc

Company Statement of Cash Flows for the Year Ended 31 December 2024

Note

31 December

2024

31 December

2023

Cash flows from operating activities

Loss for the year

(1,103,260) (1,289,345)

Adjustments to cash flows from non-cash items

Depreciation and amortisation 5

1,495 532

Foreign exchange loss

(765) 389

Finance income 6

(177) (5,004)

Finance costs

3,857 110,765

(1,098,850) (1,182,663)

Working capital adjustments

Increase in trade and other receivables 15

(364,603) (1,280,546)

Increase in trade and other payables 21

321,265 2,760

et cash flow from operating activities

(1,142,188) (2,460,449)

Cash flows from investing activities

Interest received 6

177 5,004

Acquisitions of property plant and equipment

(17,323) (624)

et cash flows from investing activities

(17,146) 4,380

Cash flows from financing activities

Interest paid

- (18)

Proceeds from issue of ordinary shares, net of issue costs

773,186 1,337,451

Proceeds from other borrowing draw downs

700,000 450,000

Repayment of other borrowing

(160,000) (517,143)

Financing of shares loaned by directors

(103,220) 725,602

Finance cost of financial instruments

(3,857) (110,746)

Foreign exchange gains or losses

765 (388)

et cash flows from financing activities

1,206,874 1,884,758

et increase/(decrease) in cash and cash equivalents

47,540 (571,311)

Cash and cash equivalents at 1 January

140,302 711,613

Cash and cash equivalents at 31 December

187,842 140,302

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024

1 General information

The Company is a public company limited by share capital, incorporated and domiciled in England and Wales. The principal activity

of the Company was that of a holding company.

The principal activity of the Group was that of the exploration of gold and other semi-precious metals as well as battery metals

critical to energy storage and power generation solutions.

The Company's ordinary shares are traded on the London Stock Exchange (LSE) under the ticker symbol FCM.

The address of its registered office is:

Suite 16 Freckleton Business Centre

Freckleton Street

Blackburn

Lancashire

BB2 2AL

United Kingdom

These consolidated financial statements comprise the Company and its subsidiary, First Class Metals Canada Inc. (together referred

to as 'the Group’).

These financial statements were authorised for issue by the board on 30 April 2024

2 Accounting policies

Statement of compliance

The statutory financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as

adopted by the UK and in accordance with UK companies’ legislation, as applicable to companies reporting under IFRS.

Basis of preparation

The financial information has been prepared on the historical cost basis.

The financial statements are presented in sterling (£), which is the Company’s functional currency. Each group entity determines

its own functional currency and items included in the financial statements of each entity are measured using that functional

currency.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Basis of consolidation

The consolidated financial statements comprise the financial information of the Company and its subsidiary made up to the end of

the reporting period. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with

the investee and has the ability to affect those returns through its power over the investee.

The consolidated financial statements present the results of the Company and its subsidiary as if they formed a single entity. Inter-

company transactions and balances between group companies are therefore eliminated in full. The financial information of

subsidiaries is included in the Group’s financial statements from the date that control commences until the date that control ceases.

The Company has taken advantage of the exemption available under section 408 of the Companies Act 2006 and elected not to

present its own Statement of comprehensive income in these financial statements.

Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the

Group. When necessary, adjustments are made to the financial information of subsidiaries to bring their accounting policies into

line with the Group’s accounting policies.

Adoption of New and Revised Standards

The following standards and amendments became effective in the year:

• IFRS 16 Amendments to clarify how a seller-lessee subsequently measures sale and leaseback transactions.

• Amendment to IAS 7 and IFRS 7 - Supplier finance

• Amendment to IAS 1 – Non-current liabilities with covenants

There has been no material impact from the adoption of new standards, amendments to standards or interpretations which are

relevant to the Group.

New standards and interpretations not yet adopted

Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for accounting

periods beginning on or after 1 January 2025 and which the Group has chosen not to adopt early. These include the following

standards which are relevant to the Group:

• Amendments to IAS 21 - Lack of Exchangeability

• IFRS S1, ‘General requirements for disclosure of sustainability-related financial information

• IFRS S2, ‘Climate-related disclosures’

• Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments

• IFRS 18 - Presentation and Disclosure in Financial Statements

The Group does not expect that the standards and amendments issued but not yet effective will have a material impact on results or

net assets.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Going concern

As a junior exploration company, the Directors are aware that the Company must seek funds from the market in the next 12

months to meet its investment and exploration plans and to maintain its listing status.

The Group’s reliance on a successful fund raising presents a material uncertainty that may cast doubt on the Group’s ability to

continue to operate as planned and to pay its liabilities as they fall due for a period not less than twelve months from the date of

this report.

The Company successfully raised £773,186 in the year ended 31 December 2024 through a combination of issuing new shares and

warrant conversions. As at the year-end date the Group had total cash reserves of £221,802 (2023: £140,802).

The Directors are aware of the reliance on fund raising within the next 12 months and the material uncertainty this presents but

having reviewed the Group’s working capital forecasts they believe the Group is well placed to manage its business risks

successfully providing the fund raising is successful.

Government grants

Government grants received on capital nature are generally deducted in arriving at the carrying amount of the asset purchased.

Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate

financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become

receivable. Where retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as

deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to the consolidated

statement of comprehensive income or netted against the asset purchased.

Foreign currency transactions and balances

Transactions in currencies other than the Group's functional currency are recognised at the rates of exchange prevailing at the

dates of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are translated at

the rates prevailing at that date. Non-monetary items that are measured in terms of historical costs are not re-translated.

Exchange gains or losses arising from translations of foreign currency monetary assets, liabilities and transactions are recorded in

foreign exchange gain (loss) in the statement of net income (loss).

Segmental reporting

Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the

internal reports provided to the Executive Chairman. The Executive Chairman is responsible for the allocation of resources to

operating segments and assessing their performance.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Tax

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported comprehensive

income statement because it excludes items of income or expense that are taxable or deductible in other years and it further

excludes items that are not taxable or tax deductible. The Group’s liability for current tax is calculated using tax rates (and tax

laws) that have been enacted or substantively enacted in countries where the Group and its subsidiaries operate by the end of the

financial period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where

transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive

more tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that there will be

suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured

on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax

rates and laws enacted or substantively enacted at the balance sheet date.

Property, plant, and equipment

Property, plant, and equipment is stated in the statement of financial position at cost, less any subsequent accumulated

depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and

installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Property	Over the term of the lease
Computer equipment	3 years - straight line basis

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Mineral property exploration and evaluation

Exploration and evaluation assets under IFRS 6 include acquired mineral use rights for mineral properties held by the Group. Mineral

exploration and evaluation expenditures are capitalised. The amount of consideration paid (in cash or share value) for mineral use

rights is capitalised on a project-by-project basis pending determination of the technical feasibility and the commercial viability of

the project. Capitalised costs include costs directly related to exploration and evaluation activities in the area of interest. General

and administrative costs are only allocated to the asset to the extent that those costs can be directly related to operational activities.

Mineral property exploration and evaluation assets will be amortised and impaired to profit and loss once commercial production

has been achieved or written off if the exploration assets are abandoned or sold. Depletion of costs capitalised on projects when put

into commercial production will be recorded using the unit-of-production method based upon estimated proven and probable

reserves. The ultimate recoverability of the amounts capitalised for the exploration and evaluation assets and expenditures is

dependent upon the delineation of economically recoverable ore reserves, obtaining and retaining the necessary permits to operate

a mine, and realising profitable production or proceeds from the disposition thereof.

The commercial viability of extracting a mineral resource is considered to be determinable when resources are determined to exist.

The property rights are current, and it is considered probable that the costs will be recouped through successful development and

exploitation of the project, or alternatively by the sale of the property. Upon determination of resources, exploration, and evaluation

assets attributable to those resources are first tested for impairment and then reclassified from exploration and evaluation assets

mineral property interests. Expenditures deemed unsuccessful are recognised in operations in the income statement.

Impairment of mineral property exploration and evaluation

The carrying values of capitalised exploration and evaluation assets are assessed for impairment if fact and circumstances indicate

that the carrying amount exceeds the recoverable amount and sufficient data exists to evaluate technical feasibility and commercial

viability. If any indication of impairment exists, an estimate of the asset's recoverable amount is calculated. The recoverable amount

is determined as the higher of the fair value less costs of disposition and the asset's value in use. If the carrying amount of the asset

exceeds its estimated recoverable amount, the asset is impaired, and an impairment loss is charged to the income statement so as to

reduce the carrying amount to its estimated recoverable amount.

If individual claims/ cells are abandoned for one reason or another, then the property as a whole will be considered for impairment.

An impairment presumption also exists if no work has been done on a claim/ cell in three years. Cash resources are taken into

consideration to justify claim preservation/ renewal in the forthcoming twelve months.

Investments in subsidiaries

Investments in subsidiary companies are classified as non-current assets and included in the Statement of financial position of the

Company at cost, less provision for impairment at the date of acquisition.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily

convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal

operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective

interest method.

Borrowings

All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings are subsequently

carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption

being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in finance costs.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at

least 12 months after the reporting date.

Contingent liabilities and contingent assets

A contingent liability is a possible obligation that arises from past events and whose existence will only be confirmed by the

occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. It can also be a

present obligation arising from past events that is not recognised because it is not probable that outflow of economic resources will

be required, or the amount of obligation cannot be measured reliably.

A contingent liability is not recognised but is disclosed in the notes to the accounts. When a change in the probability of an outflow

occurs so that the outflow is probable, it will then be recognised as a provision. A contingent asset is a possible asset that arises

from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain events

not wholly within the control of the Group. Contingent assets are not recognised but are disclosed in the notes to the accounts when

an inflow of economic benefits is probable. When inflow is virtually certain, an asset is recognised.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or

receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or

constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits

relating to employee service in the current and prior periods.

For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or

contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments

exceed the contribution due for service, the excess is recognised as an asset.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument

of another entity.

Financial assets and liabilities are recognised in the Group's Statement of Financial Position when the Group becomes party to the

contractual provision of the instrument. The following policies for financial instruments have been applied in the preparation of

consolidated financial statements:

The Group and Company's financial assets which comprise loans and receivables and other debtors are measured at amortised cost.

The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.

Financial assets are classified as at amortised cost only if both of the following criteria are met:

• the asset is held within a business model whose objective is to collect contractual cash flows; and

• the contractual terms give rise to cash flows that are solely payments of principal and interest.

Financial liabilities (other than convertible debt) are classified as other financial liabilities measured at amortised cost. Financial

liabilities are initially recognised at fair value, net of directly attributable transaction costs, and are subsequently measured at

amortised cost. A financial liability is de‑recognised when the obligation under the liability is discharged, cancelled or expires.

Compound financial instruments

Compound financial instruments issued by the Company comprise convertible loan notes that can be converted to share capital at

the option of the holder, and the number of shares to be issued does not vary with changes in their fair value.

The liability component of a compound financial instrument is initially recognised at the fair value of a similar liability that does

not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the

compound financial instrument as a whole and the fair value of the liability and equity components in proportion to the initial

carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using

the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial

recognition except on conversion or expiry.

3 Critical accounting judgements and key sources of estimation uncertainty

Certain amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and

estimates are based on the management's best knowledge of the relevant facts and circumstances, having regard to prior

experience, but actual results may differ from the amounts included in the financial statements. Information about such

judgements and estimates is contained in the accounting policies and/or the notes to the financial statements.

Significant areas of estimation uncertainty and critical judgements made by management in preparing the consolidated financial

statements include:

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

3 Critical accounting judgements and key sources of estimation uncertainty (continued)

Recognition of evaluation and exploration assets

Judgement is required in determining when the future economic benefit of a project can be reasonably be regarded as assured, at

which pointy evaluation and exploration expenses are capitalised. This includes the assessment of whether there is sufficient

evidence of the probability of the existence of economically recoverable minerals to justify the commencement of capitalisation of

costs.

The carrying value at the year-end was £3,643,342 (2023: £3,351,389).

In connection with possible impairment of exploration and evaluation assets the Directors assess each potentially cash generating

unit annually to determine whether any indication of impairment exists. The judgements made when making these assessments are

similar to those set out above and are subject to the same uncertainties.

4 Segmental information

Identification of reportable operating segments

The Group is organised into one corporate function in the UK and the operating segment, being mining and exploration operations.

This operating segment is the subsidiary in Canada, for which the Executive Chairman assesses its performance and determines the

allocation of resources.

The information reported to the Executive Chairman is on a monthly basis.

Geographical information

Income statement analysis
	2024			2023

	UK	Canada	Total	UK	Canada	Total

	£	£	£	£	£	£
Administrative expenses
	1,099,581	265,693	1,365,274	1,183,584

					277,763

						1,461,347

Non-current assets
	2024			2023

	UK	Canada	Total	UK	Canada	Total

	£	£	£	£	£	£
Mineral property exploration
and evaluation asset

	-	3,643,342	3,643,342	-

					3,351,389

						3,351,389

5 Operating loss

Arrived at after charging

	31 December
	2024
	£
		31 December
		2023
		£
Depreciation expense
	(1,495)	(532)
Impairment losses
	(3,153)	(88,568)
Profit on disposal of mineral properties exploration and evaluation assets
	31,906	-
Foreign exchange (losses)/gains
	(202,357)	(77,447)

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

6 Finance income and costs

	31 December
	2024
	£
		31 December
		2023
		£
Finance income

Interest income on bank deposits
	177	5,742
Finance costs

Interest on bank overdrafts and borrowings
	-	(2)
Interest expense on other financing liabilities
	(26,766)	(123,322)
Total finance costs
	(26,766)	(123,324)
Net finance costs
	(26,589)	(117,582)

7 Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	31 December
	2024
	£
		31 December
		2023
		£
Wages and salaries
	200,414	266,725
Social security costs
	9,782	26,585
Other short-term employee benefits
	-	4,200
Pension costs, defined contribution scheme
	18,000	1,500

	228,196	299,010

The average monthly number of persons employed by the group (including directors) during the year, analysed by category was as

follows:

	31 December
	2024
	No.
		31 December
		2023
		No.
Administration and support
	4	4

8 Directors' remuneration

The directors' remuneration for the year was as follows:

	31 December
	2024
	£
		31 December
		2023
		£
Remuneration
	373,502	459,860
Contributions paid to money purchase schemes
	18,000	1,500

	391,502	477,860

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

8 Directors' remuneration

Summary

	Salary/Bonus	Fees
			Defined
			contribution
			pension scheme
			contributions	Total

	£	£	£	£
M Bamber
	33,750	15,750	-	49,500
J Knowles	115,964	-	-	115,964
M Sale	50,700	111,116	18,000	179,866
A Williamson	-	39,315	-	39,315
Carlos Espinosa	-	6,857	-	6,857


	200,414	173,088	18,000	391,502

otes:

1. Marc Sale’s company Specialist Exploration Services Scotland Limited (“SES”) was paid a total o

£111,116 during the year. These payments include travel/accommodation & out of pocket expenses incurre

through the period by SES on behalf of First Class Metals PLC amounting to £15,011.

2. Bonus Payments totalling £75000 of: £30,000 to James Knowles, £30,000 to Marc Sale, £10,000 to

Marc Bamber and £5,000 to Andrew Williamson have been awarded in 2024 but not yet paid.

9 Auditors' remuneration

	31 December
	2024
	£
		31 December
		2023
		£
Audit of these financial statements
	31,000	29,000

10 Income tax

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023: the same as the standard

rate of corporation tax in the UK) of 25% (2023: 23.5%).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate

of tax as follows:

	31 December
	2024
	£
		31 December
		2023
		£
Loss before tax
	(1,359,957)	(1,578,929)
Corporation tax at standard rate
	(339,989)	(371,048)
Increase from effect of unrelieved tax losses carried forward
	339,989	371,048
Total tax charge/(credit)
	-	-

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

There is an unrecognised deferred tax asset at 31 December 2024 of £662,257 (2023: £612,073) which, in view of the trading results,

is not considered by the directors to be recoverable in the short term. The applicable tax rate is 25% which was enacted under UK

legislation and would be the rate applicable when the asset reverses.

11 Loss per share

The basic loss per share for the period of 1.53p (2023: loss of 2.13p) is calculated by dividing the loss for the period by the weighted

average number of Ordinary Shares in issue of 89,797,752 (2023: 74,217,536 Ordinary Shares). Note 17 provides details of the

share issues during the year ended 31 December 2024.

There are potentially issuable shares all of which relate to share warrants issued as part of placings in 2023. The weighted average

number of additional potential Ordinary Shares in issue is £15,000,452 (2023: 22,615,228 ). However, due to the losses for the year

the impact of the potential additional shares is anti-dilutive and has therefore not been recognised in the calculation of the fully

diluted loss per share of 1.53p per share (2023: loss of 2.13p).There have been no further shares issued post year-end.

12 Mineral property exploration and evaluation

Group

	Mineral property

	exploration and
	evaluation
	£
Cost or valuation
At 1 January 2024
	3,439,957
Additions
	750,222
Disposals
	(230,574)
Foreign exchange movements
	(230,476)
At 31 December 2024
	3,729,129
Amortisation
At 1 January 2023
	88,568
Foreign exchange movements
	(5,934)
Impairment charge
	3,153
At 31 December 2024
	85,787
Carrying amount
At 31 December 2024
	3,643,342
At 31 December 2023
	3,351,389

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 Property, plant and equipment

Group and Company

	Property	Furniture,
		fittings and
		equipment

			Total

	£	£	£
Cost or valuation

At 1 January 2024	-	1,598	1,598
Additions	17,323	-	17,323
At 31 December 2024	17,323	1,598	18,921
Depreciation

At 1 January 2024	-	695	695
Additions	962	533	1,495
At 31 December 2024	962	1,228	2,190
Carrying amount

At 31 December 2024	16,361	370	16,731
At 31 December 2023	-	903	903

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

14 Investments

Company

Details of the Company's subsidiary as at 31 December 2024 are as follows:

Name of subsidiary

	Principal activity

		Registered office

			Proportion of
			ownership
			interest and
			voting rights
			held
			2024	2023
First Class Metals
Canada Inc.
	Mining of other non-
	ferrous metal ores
		55 York Street
		Suite 401
		Toronto
		ON M5J 1R7
		Canada
			100% ordinary
			shares
				100%
				ordinary
				shares

Summary of the company investments

	31 December
	2024
	£
		31 December
		2023
		£
Investment in subsidiary
	581	581

15 Trade and other receivables

	Group		Company

	31 December
	2024
	£
		31 December
		2023
		£
			31 December
			2024
			£
				31 December
				2023
				£
Receivables from Group
company
	-	-	3,866,914	3,485,392
Accrued income (see note 12)
	32,501	118,991	-	-
Prepayments
	11,981	32,452	10,215	28,650
Other receivables
	45,907	138,569	16,100	14,584

	90,389	290,012	3,893,229	3,528,626

The receivables from related party represents amount owed by the Company's subsidiary. This balance was interest free

throughout the period and has no fixed repayment date. No provision has been made against this amount.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

16 Cash and cash equivalents

	Group		Company

	31 December
	2024
	£
		31 December
		2023
		£
			31 December
			2024
			£
				31 December
				2023
				£
Cash at bank
	221,071	140,802	187,842	140,302

At 31 December 2024 all cash at bank and in hand was denominated in sterling other than £33,229 in Canadian Dollars (2023:

£500).

17 Share capital

Allotted, called up and fully paid shares
	31 December
	2024
			31 December
			2023

	No.	£	No.	£
Ordinary shares of £0.001 each
	100,819,240	100,819.25	82,046,029	82,046.03

New shares allotted

During the year 18,773,211 Ordinary shares having an aggregate nominal value of £18,773 were allotted for an

aggregate consideration of £773,186.

The table below presents the number of new Ordinary Shares after each equity transactions that occurred in the year ended 31

December 2024 and the comparative period to 31 December 2024.

	Number of new
	Ordinary shares
		Share
		Capital
	No	£
Allotted, issued and fully paid:





As at 31 December 2022	69,048,707	69,049


Shares issued upon exercising
Subscription warrants	1,693,587	1,693
Placing on 26 June 2023
	9,974,000	9,974
Issue of shares for options and services	1,329,735	1,330
As at 31 December 2023	82,046,029	82,046

Share loan repayments
	12,731,046	12,731
Kerrs Gold & ZigZag Option Payment
	1,514,201	1,514
Issue of shares for services	4,527,964	4,528
As at 31 December 2024	100,819,240	100,819

The Board has provisionally agreed to issue share options to Directors and Key Management Personnel, but no options had been

granted at the year end. No share-based payment expense has been recorded in the year.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

17 Share capital (continued)

The Group has in issue the following warrants during the year which are considered equity instruments::

	Warrant, Issue & Expiry date
		Amount
		Issued
			Exercise
			Price
				Amount
				Exercised
				Number
				Outstanding
				at the year
				end
12.5p CCM Placing Warrants
30 June 2023 Exp 30 June 2025
	4,987,000	12.5p	-	4,987,000
20p Warrants
28 July
2022 Exp 28 July
2025
	7,321,785	20p	-	7,321,785
15p Broker Warrants
28 July
2022 Exp 28 July
2025
	150,000	15p	-	150,000
20p Sunbeam Subscription Warrants
3 October 2022 Exp 3 October 2025
	666,667	20p	-	666,667
20p James Goozee Warrants
4 December 2022 Exp 4 December 2025
	1,875,000	20p	-	1,875,000

James Knowles has loaned First Class Metals PLC 9,500,001 Ordinary Shares to be repaid by issue of that number of Ordinary

Shares of £1 each at Second Admission. This has been reflected in the equity reserve.

18 Reserves

Group and Company

Share capital - This represents the nominal value of equity shares in issue.

Share premium - This represents the premium paid above the nominal value of shares in issue less issue costs.

Equity reserve - This represents the shares loaned by the directors to the company for which shares will be issued at a later date

and deferred consideration in respect of contractual obligations for the purchase of certain mineral exploration rights.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

18 Reserves (continued)

Retained losses

This represents the accumulated net gains and losses since inception, recognised in the statement of comprehensive income.

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

	Foreign currency
	translation
	£
		Total
		£
Foreign currency translations gains
	(13,792)	(13,792)

19 Loans and borrowings

	Group		Company

	31 December
	2024
	£
		31 December
		2023
		£
			31 December
			2024
			£
				31 December
				2023
				£
Current loans and borrowings
Other borrowings
	-	-	-	-
Other loans
	700,000	160,000	700,000	160,000

	700,000	160,000	700,000	160,000

The group's exposure to market and liquidity risks, including maturity analysis, relating to loans and borrowings is disclosed in note

23 "Financial risk review", see also note 27.

20 Other borrowings

Group and Company

Other liabilities maturity analysis

A maturity analysis of other borrowings based on undiscounted gross cash flow is reported in the table below:

	31 December
	2024
	£
		31 December
		2023
		£
Less than one year
	-	-

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

21 Trade and other payables

	Group		Company
	Current
	31 December
	2024
	£
		31 December
		2023
		£
			31 December
			2024
			£
				31 December
				2023
				£
Trade payables
	152,829	114,959	111,324	31,091
Accrued expenses and deferred
consideration
	343,287	150,436	149,548	41,850
Social security and other taxes
	26,703	15,735	26,703	15,735
Other payables
	35,784	10,559	35,784	10,559

	558,603	291,689	323,359	99,235
Current
Deferred consideration	223,108	234,841	-	-

The fair value of the trade and other payables classified as financial instruments are disclosed below.

The group's exposure to market and liquidity risks, including maturity analysis, relating to trade and other payables is disclosed in

note 23 "Financial risk review".

	Group		Company

	31 December
	2024
	£
		31 December
		2023
		£
			31 December
			2024
			£
				31 December
				2023
				£
Trade and other payables at
amortised cost - Suppliers
	152,829	114,959	181,324	31,091
Deferred consideration at
amortised cost
	390,611	330,445	-	-

Deferred consideration payable in cash for the purchase of certain mineral exploration rights of £223,104 (2023:

£234,841) is payable after more than one year.

22 Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable

by the Group to the scheme and amounted to £18,000 (2023: £1,500).

Contributions totalling £Nil (2023: £Nil) were payable to the scheme at the end of the year.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

23 Financial risk review

Group

This note presents information about the group’s exposure to financial risks and the group’s management of capital.

The Group's objectives when managing capital are:

(a) To maintain a flexible capital structure which optimizes the cost of capital at acceptable risk;

(b) To meet external capital requirements on debt and credit facilities;

(d) To provide an adequate return to shareholders.

The Group continuously monitors and reviews the capital structure to ensure the objectives are met.

Management defines capital as the combination of its indebtedness and equity balances, as disclosed in note 17, and manages the

capital structure within the context of the business strategy, general economic conditions, market conditions in the power industry

and the risk characteristics of assets.

The Group's objectives in managing capital and the definition of capital remain unchanged throughout the period. External factors,

such as the economic environment, have not altered the Group's objectives in managing capital.

Credit risk

The Group's definition of credit risk is Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial

instrument fails to meet its contractual obligations. At present the Group does not have any customers and its risk on cash and bank

is mitigated by holding of the funds in an "A" rated bank.

Liquidity risk

The Group’s definition of liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become

due. The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due.

The Group manages liquidity risk by maintaining adequate cash balances (or agreed facilities) to meet expected requirements. The

liquidity risk of each group entity is managed centrally by the Executive Chairman. The contractual cashflows are mentioned in

note 12,19,20 and 21.

Market risk

The Group's definition of market risk is The Group’s definition of market risk is the risk that changes in market prices, such as

commodity prices, will affect the Group’s earnings. The objective of market risk management is to identify both the market risk and

the Group’s options to mitigate this risk.

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

23 Financial risk review (continued)

Foreign exchange risk

Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their

functional currency.

A majority of the Group’s operating costs will be incurred in US and Canadian Dollars, whilst the Group has raised capital in £

Sterling. Fluctuations in exchange rates of the US Dollar and Canadian Dollar against £ Sterling may materially affect the Group’s

translated results of operations. In addition, given the relatively small size of the Group, it may not be able to effectively hedge

against risks associated with currency exchange rates at commercially realistic rates. Accordingly, any significant adverse

fluctuations in currency rates could have a material adverse effect on the Group’s business, financial condition and prospects to a

much greater extent than might be expected for a larger enterprise.

Interest rate risk

Interest rate risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because of changes in

market rates of interest. As the Group has no significant interest bearing assets or liabilities, the Group’s operating cash flows are

substantially independent of changes in market interest rates. Therefore, the Group is not exposed to significant interest rate risk.

24 Financial instruments

Financial assets at amortised cost
	Group

			Company


	2024	2023	2024	2023
	£
		£
			£
				£

Trade and other receivables	-	-	-	-
Cash and cash equivalents	221,071	140,802	187,842	140,302

Financial liabilities at amortised cost
	Group

			Company


	2024	2023	2024	2023
	£
		£
			£
				£

Current liabilities

Trade and other payables	152,829	114,959	111,324	31,091
Deferred consideration	167,503	95,604	-	-
Loans and borrowings	700,000	160,000	700,000	160,000


Non-current liabilities
Deferred consideration	223,108	234,841	-	-

First Class Metals Plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

25 Related party transactions

Parties are considered to be related if one party has the ability (directly or indirectly) to control the other party or exercise significant

influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to

common control or common significant influence. Related parties may be individuals or corporate entities.

Group

The Group has taken advantage of the exemption available under IAS 24 “Related Party Disclosures” not to disclose details of

transactions between Group undertakings which are eliminated on consolidation.

Company

Funds are transferred within the Group dependent on the operational needs of individual companies and the Directors do not consider

it meaningful to set out the gross amounts of transfers between companies.

Key management personnel

All key management personnel are directors and appropriate disclosure with respect to them is by issue of the same number of

Ordinary Shares in the directors’ remuneration report.

The directors received an 8.25% facility fee on the shares loaned. At the year-end James Knowles was owed £3,054 (2023: £3,081)

which is reflected in other payables. Ayub Bodi owed the company £Nil (2023: £689) at the year end and is reflected in other

receivables. Ayub Bodi resigned as director on 2 February 2024.

26 Results attributable to First Class Metals Plc

The loss after taxation in the Company amounted to £1,103,260 (2023: £1,289,345). The Directors have taken advantage of the

exemptions available under section 408 of the Companies Act 2006 and not presented an income statement for the company alone.

27 Events after the reporting date

The Company received a further CAD$58,550 OJEP Grant from the Canadian Ministry of Mines for the North Hemlo property for

work completed during 2024 in March 2025

The Company entered into a Subscription Agreement with The 79th GRP Limited on December 17, 2024. This was partially

completed on February 25, 2025. This subscription also set-off the loan of GBP700,000 given The 79th GRP Limited. This cleared

the Company’s books of all loans.

No other adjusting or significant non-adjusting events have occurred between the 31 December reporting date and the date of

authorisation of the Consolidated Annual Report and Financial Statements.

First Class Metals Plc

Independent auditor’s report to the members of First Class Metals Plc

Opinion

We have audited the financial statements of First Class Metals Plc (the ‘parent Company)’ and its subsidiary (the ‘Group’) for the

year ended 31 December 2024 which comprise Consolidated Income Statement, Consolidated Statement of Financial Position,

Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity,

Consolidated Statement of Cash Flows, Company Statement of Cash Flows and notes to the financial statements, including

significant accounting policies. The financial reporting framework that has been applied in the preparation of the group and parent

Company financial statements is applicable law and UK adopted international accounting standards.

In our opinion:

the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s affairs as at 31 December

2024 and of the group’s loss for the year then ended;

the Group and parent Company financial statements have been properly prepared in accordance with UK adopted international

accounting standards; and

the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards are further described in the auditor Responsibilities for the Audit of the Financial Statements

section of our report. We are independent of the Group and the parent Company in accordance with the ethical requirements that

are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public

interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the

audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our approach to the audit

The scope of our audit was the audit of the Group and parent Company for the year ended 31 December 2024. The audit was scoped

by obtaining an understanding of the Group and parent Company and their environment, including the Group and parent Company's

system of internal control and assessing the risks of material misstatement.

Audit work to respond to the assessed risks was planned and performed directly by the engagement team which performed full

scope audit procedures.

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial

statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to

fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the

audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial

statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

First Class Metals Plc

Independent auditor’s report to the members of First Class Metals Plc

Key Audit Matter How our scope addressed this matter

Exploration and Evaluation assets

The Group’s accounting policy in respect of its

exploration and evaluation assets (“E&E assets”) is

set out under “mineral property exploration and

evaluation costs” and its accounting policy in respect

of impairment is set out under “impairment of

intangible assets” in Note 2 to the financial

statements.

Management have assessed E&E assets for

impairment indicators under IFRS6 and concluded

that no triggers existed at the year-end. Determining

whether impairment indicators exist involves

significant judgement by management, including

considering specific impairment indicators

prescribed in IFRS 6.

There is a risk that if unidentified impairment

indicators exist, the carrying value of the E&E assets

may not be fully recoverable.

We have evaluated whether, under IFRS 6

Exploration for and Evaluation of Mineral Assets, the

assets are appropriately determined as an E&E assets.

We have reviewed and challenged management’s

assessment with respect to indicators of impairment

under IFRS 6.

We have evaluated whether the relevant disclosures

in the financial statements are reasonable.

Our conclusion

We are satisfied that expenditure capitalised as E&E

assets meet the requirements of IFRS 6 and that

management have adequately considered the

indicators which could give rise to an impairment

charge in their assessment of the carrying value of

those assets.

Our application of materiality

The scope and focus of our audit was influenced by our assessment and application of materiality.

We define materiality as the magnitude of misstatement that could reasonably be expected to influence the readers and the economic

decisions of the users of the financial statements. We use materiality to determine the scope of our audit and the nature, timing and

extent of our audit procedures and to evaluate the effect of misstatements, both individually and on the financial statements as a

whole.

Materiality for the Group financial statements as a whole was set at £98,000, based on 2.5% of the Gross Assets of the Group (2023:

£91,000). This was considered an appropriate level of materiality given the limited trading activity of the Group and the significance

of Gross Assets to users of the financial statements at this stage of operations. Performance materiality was set at £73,000, being

75% of materiality (2023: £68,000).

For income statement items, we determined that misstatements of lesser amounts than materiality for the financial statements as a

whole would make it probably that the judgment of users, relying on the information would have been changed or influenced by the

misstatement or omission. Accordingly, we set specific materiality figure of £95,000 (2023: N/A) for these balances. Performance

materiality was set at £71,000 (2023: N/A). The specific materiality was based on 7.5% of loss before tax.

We report to the Board any corrected or uncorrected misstatements arising exceeding £4,000 (2023: £3,400).

Material uncertainty related to going concern

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of

this report.

First Class Metals Plc

Independent auditor’s report to the members of First Class Metals Plc

Our evaluation of the directors’ assessment of the Group’s and parent Company’s ability to continue to adopt the going concern

basis of accounting included:

• Reviewing management’s financial forecasts for the next twelve months and discussing these with the Board;

• Discussing the Board’s strategy to ensure sufficient funds are available to the Group to finance its plans through fund

raising, debt or asset realisation;

• Reviewing existing expenditure and overhead levels;

• Reviewing post year end investment activity and fund raising; and

• Reviewing the adequacy of the disclosure within the financial statements relating to the Directors’ assessment of the going

concern basis of preparation.

In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the

preparation of the financial statements is appropriate.

We draw attention to Note 2 in the accounting policies, concerning the Group’s ability to continue as a going concern. The matters

explained in Note 2 indicate that the Group needs to raise further finance to fund its working capital needs and development plans.

As at the date of approval of these financial statements there are no legally binding agreements relating to securing the required

funds. These events or conditions along with the matters set forth in Note 2 indicate the existence of a material uncertainty which

may cast significant doubt over the Group’s ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s

report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the

financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do

not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider

whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of

the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material

misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required

to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the

Companies Act 2006.

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are

prepared is consistent with the financial statements; and

the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and their environment obtained in the course

of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.

First Class Metals Plc

Independent auditor’s report to the members of First Class Metals Plc

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to

you if, in our opinion:

• adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been

received from branches not visited by us; or

• the parent Company financial statements and the part of the Directors’ remuneration report to be audited are not in

agreement with the accounting records and returns; or

• certain disclosures of Directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement set out on page 61, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the

directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether

due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group’s and parent

Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the Group or parent Company or to cease operations,

or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a

high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial

statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our

responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which

our procedures are capable of detecting irregularities, including fraud, is detailed below.

We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements

(including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to

manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and

significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations

(irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

• Discussing with the directors and management their policies and procedures regarding compliance with laws and

regulations;

• Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of

non-compliance throughout our audit; and

• Considering the risk of acts by the Group and parent Company which were contrary to applicable laws and regulations,

including fraud.

•

Our audit procedures in relation to fraud included but were not limited to:

• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged

fraud;

• Gaining an understanding of the internal controls established to mitigate risks related to fraud;

• Discussing amongst the engagement team the risks of fraud; and

• Addressing the risks of fraud through management override of controls by performing journal entry testing.

First Class Metals Plc

Independent auditor’s report to the members of First Class Metals Plc

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection

of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities,

as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities is located on the Financial Reporting Council’s website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Other matters which we are required to address

We were appointed by The Board on 9 February 2023 to audit the financial statements for the year ended 31 December 2022 and

subsequent financial periods. Our total uninterrupted period of engagement is three years, covering the periods ending 31 December

2022 to 31 December 2024.

The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group and parent Company and we

remain independent of the Group and parent Company in conducting our audit.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act

2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state

to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for

the opinions we have formed.

Martin Chatten (Senior Statutory Auditor)

For and on behalf of Royce Peeling Green Limited Date: 30 April 2025

Chartered Accountants

Statutory Auditor The Copper Room

Deva City Office Park

Trinity Way

Manchester M3 7BG

United Kingdom