First Class Metals: Annual Report and Financial Statements

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. FIRST CLASS METALS PLC 30 April 2026 Consolidated Annual Report and Financial Statements For the Year Ended 31 December 2025 (Company Number: 13158545) First Class Metals Plc Company Information Directors James Knowles - Executive Chairman Marc Sale - Executive Director (Resigned 3 March 2025) (Re-appointed 2 September 2025) Marc Bamber - Non Executive Director Andrew Williamson - Non Executive Director David Webster - Non Executive Director (Appointed 3 March 2025) (Resigned 31 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 AlbR Capital Limited 3rd Floor 80 Cheapside London EC2V 6EE Auditor Royce Peeling Green Limited The Copper Room Deva City Office Park Trinity Way Manchester M3 7BG Corporate Lawyers to the Company BHSM LLP Incorporating OBH Partners 76 Baggot Street Lower Dublin Ireland D02 EK81 Lawyers to the Company as to Canadian Law Peterson McVicar 18 King Street East Suite 902 Toronto Ontario M5C 1C4 Canada Registrars Neville Registrars Limited Neville House Steelpark Road Halesowen B62 8HD Company Website www.firstclassmetalsplc.com Table of Contents CHAIRMAN'S STATEMENT OPERATIONS REPORT CEO's Review on the Company Portfolio, Strategy and Operations Overview of Operations Property wide review Summary, strategy, and conclusions STRATEGIC REPORT Key Performance Indicators The principal risks and uncertainties Going Concern Section 172 (1) Statement TCFD Compliance Statement - Climate related financial disclosures CORPORATE GOVERNANCE REPORT Introduction Chairman's Statement Audit Committee Report Remuneration Report DIRECTORS' REPORT Board of Directors Board Activities Statement of Directors' Responsibilities in respect of the Annual Report and the financial statements Consolidated Income Statement for the Year Ended 31 December 2025 Consolidated Statement of Financial Position as of 31 December 2025 Company Statement of Financial Position as of 31 December 2025 Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025 Company Statement of Changes in Equity for the Year Ended 31 December 2025 Consolidated Statement of Cash Flows for the Year Ended 31 December 2025 Notes to the Financial Statements for the Year Ended 31 December 2025 CHAIRMAN'S STATEMENT For the Year Ended 31 December 2025 Overview The year ending 31 December 2025 has been one of continued progress and delivery for First Class Metals, as we have advanced our core assets and maintained a disciplined focus on executing our business strategy. The macroeconomic backdrop throughout the year remained complex, characterised by ongoing geopolitical uncertainty, evolving monetary policy, and shifting investor sentiment across commodity markets. However, in this environment, gold has continued to demonstrate strength and resilience, supported by its role as a store of value and sustained institutional and retail demand. In parallel, the critical minerals sector has shown early signs of recovery, particularly towards the latter part of the year, with improving sentiment in lithium markets expected to continue in 2026. Against this backdrop, FCM is well positioned. The Company's exposure to predominantly gold and critical minerals, combined with a high-quality and strategically located land package in northern Ontario, provides a strong platform for value creation. Our focus remains on advancing those assets with the greatest near-term potential, whilst retaining meaningful upside across the broader portfolio. Corporate Developments The early part of the year 2025 was marked by developments relating to the previously announced strategic investment into the company's equity by an outside investor. Whilst the transaction did not fully complete, the Board responded decisively to ensure the Company retained both financial flexibility and operational continuity. As a result, we were able to maintain momentum across our exploration programme without disruption. This period demonstrated the Company's resilience in protecting and advancing shareholder interests. We moved swiftly to secure alternative funding solutions, ensuring continuity across operations and maintaining full control over the Company's strategic direction. At the same time, ongoing engagement with potential partners reflects the strength of the underlying asset base and the progress achieved during the year. The Board remains focused on ensuring that the Company is appropriately structured, well financed, and positioned to capitalise on opportunities as they arise, whilst maintaining a disciplined and shareholder-aligned approach. Operational Review Operationally, 2025 has been one of the most active and technically progressive years in the Company's development to date, with a clear emphasis on advancing the flagship North Hemlo and Sunbeam projects. At North Hemlo, the completion of the Company's maiden drill programme on the Dead Otter trend represents an important milestone. Whilst the initial results did not return high-grade intercepts, the programme has significantly enhanced our understanding of the geological system. The identification of widespread anomalous gold values, together with associated pathfinder elements, provides a strong foundation for further work and reinforces the prospectivity of what remains a large and underexplored land package of which only a modest portion was covered by the current drill programme. At Sunbeam, exploration has continued to build strong momentum. The integration of soil geochemistry, geophysics, and structural analysis has refined the geological model and defined coherent zones of mineralisation, particularly along the Roy trend. This work has successfully advanced the project to the drilling stage, and post-period drilling has returned visible gold in initial holes with assay results pending as of the date of writing. We view this as a highly encouraging development and a clear validation of the Company's systematic and technically driven approach. Across both flagship assets, the Company has maintained a disciplined and methodical exploration strategy, ensuring that each phase of work builds on the last. This approach is designed to maximise the impact of capital deployed, whilst steadily advancing projects towards key value inflection points. Portfolio and Strategy Beyond the core projects, the Company has continued to actively manage and enhance its broader portfolio in line with its strategic objectives. The addition of two rare earth element properties during the year represents a deliberate expansion into commodities that are expected to play a central role in the global energy transition. This strengthens the Company's exposure to long-term structural demand trends, whilst complementing its existing gold and lithium portfolio. At the same time, the decision to relinquish the Quinlan option reflects the Company's rigorous approach to capital allocation and its commitment to focusing resources on those assets with the greatest potential to deliver meaningful returns. During the year, the Company also announced a potentially significant transaction in respect of one of its assets. At the time of writing the Company is working towards finalising a definitive agreement. Subject to completion, this would represent a significant milestone for FCM and a clear validation of its business model, namely, to generate value through exploration and realise that value through structured transactions, whether by joint venture or sale. This model remains central to the Company's strategy. By maintaining a pipeline of high-quality prospects, advancing them through targeted exploration, and positioning them for monetisation, FCM aims to deliver value in a capital-efficient manner without the need to transition into production. Outlook The Company entered 2026 in a strong and well-prepared position, both technically and strategically. The majority of the Company's claims are in good standing, in many cases beyond the immediate term, providing flexibility in planning and execution. The work undertaken during 2025 has generated a robust pipeline of targets, particularly at Sunbeam and North Hemlo, and the focus for the remainder of 2026 will be on advancing these projects through further drilling and systematic follow-up exploration. In parallel, the Company will continue to progress discussions in relation to the potential asset-level transactions. We believe that the combination of continued exploration progress and improving market conditions provides a supportive environment in which to pursue such opportunities. From a market perspective, the outlook appears increasingly positive. The continued strength in gold, coupled with improving sentiment across lithium and broader battery metals, provides favourable conditions for companies such as ours with diversified commodity exposure and a growing portfolio of drill-ready assets. Looking forward, we believe the Company is entering an increasingly exciting phase of its development. The technical groundwork established over recent years is now beginning to translate into tangible opportunities for value realisation. With a clear strategy, a strengthened project pipeline, and growing external interest, we are confident in the Company's ability to continue delivering progress and building shareholder value. Closing Remarks In summary, 2025 was a year of meaningful progress across both operational and corporate fronts. The Company has successfully navigated a challenging environment, including the challenges encountered in the early part of 2025, whilst maintaining strong momentum across its exploration activities and continuing to advance its assets towards key value milestones. Importantly, this has been achieved through decisive action, a methodical approach to capital allocation, and a clear focus on long-term value creation. We entered 2026 with confidence and a clear sense of direction. The combination of a high-quality asset base, a proven and repeatable strategy, and improving market conditions provides a compelling platform for the next stage of the Company's growth. We remain focused on delivering further progress, advancing our projects, and ultimately realising value for our shareholders. I would like to thank our shareholders for their continued support and patience, and to acknowledge the hard work, expertise, and commitment of our team and partners, whose efforts have been instrumental in the progress achieved during the year. James Knowles Chairman OPERATIONS REPORT CEO's Review on the Company Portfolio, Strategy and Operations BACKGROUND First Class Metals is a Canadian focused, UK listed gold and critical metals explorer. The Company is focused on exploring the northern region of Ontario. As of 31 December 2025, FCM, through its wholly owned subsidiary First Class Metals Canada Inc ("FCMC"), controlled ten property blocks, see Figure 01, seven of which are wholly or majority owned by FCMC. The Company holds five option agreements and a joint venture agreement ("JV"). The total area under exploration is 272km². Geologically, all the blocks lie within or adjacent to highly mineralised and prospective greenstone belts. Figure 01 shows the ten property blocks currently under the control of FCMC, including the optioned properties and the JV. During the reporting period: • Exploration focused on the flagship properties: Sunbeam and North Hemlo; • Geophysics and soil sampling grids were conducted at North Hemlo specifically over the Dead Otter trend; • Ten-hole drill programme was conducted on the Dead Otter trend; • Drill preparation for Roy on the Sunbeam property, soil and geophysics survey was completed; • The Company entered into a Letter of Intent with a third party to monetise one of the Company's assets; • The Company optioned two properties with a focus on Rare Earth Elements (REE); and • FCM relinquished its option over the Quinlan property after concluding the asset lacks the prospectivity required to advance as a mineral exploration project. FCM, whilst regularly assessing new land packages and properties offered, considers the two 'flagship' properties of North Hemlo and Sunbeam supported by other assets such as Kerrs and Zigzag to contain the potential to significantly advance the Company. The Company's business model is to add value to the properties and then monetise the asset by structured sale or JV, as was the case with Enable and McKellar in 2024. The steady increase in the lithium price during late '25 and continuing into 2026 bodes well for interest in the Zigzag property. Additionally, the Company announced a potential transaction on one of its assets in June 2025; which, if completed, would be a landmark event for the Company and would reinforce the Company's business model. The following table details the portfolio of ten properties. Overview of Operations The 2025 field season was a busy period for First Class Metals, the focus being on the flagship properties with significant field work being conducted on the North Hemlo property culminating in FCM's maiden drill programme on the property focussed on the Dead Otter trend. Additionally, there were major geological advances on the Sunbeam property with a better understanding of the structural controls to mineralisation being achieved culminating in the confidence to plan a drill programme in early 2026. FCM, through its 100% owned subsidiary FCMC, continued to explore these two properties whilst other key and non-core properties were left in abeyance as: (a) there were sufficient assessment credits, so work was not required on the non-core properties and (b) so as to maximise expenditure and value addition on the two principal properties. The business / exploration strategy of FCM is similar in rationale and execution to that of many listed junior exploration companies: to add value leading up to an exit event such as a JV or structured sale. This approach can equally apply to the Company itself or individual projects in the Company's portfolio. To this end two option arrangements were entered into for rare earth element ("REE") properties in northwest Ontario, refer to Figure 1 and Claim Summary table. FCM intends to continue this business model in 2026: 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. 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. Property wide review Only the Sunbeam and North Hemlo properties (which now includes the OnGold property) were worked in 2025. All the FCM controlled claim blocks shown in Figure 1 and detailed in the Claim summary table remain in good standing to the end of 2025, with only Esa and Coco East necessitating minimum amount spends in 2026 in order to maintain the properties. As work focused on the two flagship properties in order to maximize exploration advances. Only the flagship properties will be described in detail. Sunbeam The Sunbeam Property includes the historic Sunbeam Mine a high-grade underground gold mine which operated from 1898 to 1905. There were also historic developments at Roy, Pettigrew and Reserve Island being the other key zones on the Sunbeam property. The property now comprises 309 claims in the name of FCMC as well as 6 further claims under option agreements, totalling about 98km², see Figure 02 Figure 02 shows the Sunbeam property boundary and the contiguous claims under option. Also shown are three district, sub parallel structure transecting the Property. Note the area of the VLF and soil sampling grid at Roy. The property is in a prime geological location occupying the geologically favourable area between two Agnico Eagle properties, one being Agnico Eagle's 3.3Moz Hammond Reef deposit, see Figure 03. Figure 03 showing the location of the Sunbeam property between two Agnico Eagle properties, the red dotted lines are inferred mineralised structures. An Exploration Permit, granted to FCMC in June 2023 covers the core area of the property, importantly all three historic developments are included. Furthermore, the same area is under two distinct (though similar) MoU's with the two prominent First Nations who have traditional land claims over an area which includes the Sunbeam property. The principal exploration activities during the reporting period were an extensive soil sampling and geophysics programme on a >4km long virtual grid with the Roy development at the southwest end, see Figure 04. Over 500 A-horizon samples were collected along the interpreted northeast extension of the Roy structure. Sample points were 12.5m apart with line spacing of 100m. The results support a robust gold in soil anomaly with one sample exceeding 800ppm Au. A coincident very low frequency ("VLF") geophysics survey was also completed on the same spacing. The data has not yet been received from the independent consultancy company undertaking the processing and interpretation. The VLF-magnetic survey comprised 905 stations along a cumulative 17.1km. Figure 04 showing the soil / geophysics grid, the Roy development is in the southwest, where drilling was centred. During the course of the survey a historic shaft was identified. A second shaft has not yet been located on the ground, though historical records confirm its existence. Note that 1.5km to the northeast, along strike is a very anomalous lake sediment sample from a previous winter programme. A site visit was undertaken with Prof. M.L. Hill who identified key structural controls on the mineralisation at Roy trend, furthermore a review of historic core and petrological studies added further insight to mineralisation controls. The soil and VLF data once processed will be used in conjunction with other geochemical data to refine targets ahead of possible further drill planning. Post period Based on previous work by FCM including prospecting, stripping / channel sampling, a detailed review of the Nuinsco and available TerraX core, soil and preliminary VLF and LiDAR data augmented by further structural measurements at Roy and input from Prof. Mary Louise a drill programme was designed to test new structural concepts at Roy. A drill programme of a proposed 1,000m of NQ diamond drilling was initiated in Q1 2026. Figure 05 showing the (post period) drill at Roy on the Sunbeam property By the end of February, five drill holes had been completed for a total of 352m. No assays have been received up to the time of writing. The programme of 12 holes was concluded in March 2026 for a total of 983m, see Figure 05. Two of the initial six drill holes reported visible gold, see Figure 06. Figure 06 showing visible gold in a drill hole from the Roy trend. In September the 2025 Ontario Junior Explorers Programmes ("OJEP") grant application was submitted but notification of acceptance was received only post end of period for the purposes of this Annual Report. The publicly available LiDAR dataset was acquired, and an expert review was initiated in 2025, but the final report had not yet been received. North Hemlo and Esa The Hemlo Schreiber greenstone belt has two broad divisions; the south and the north limbs. The 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 07. Figure 07 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: The Magical claim block is also mentioned. North Hemlo The most significant exploration activities on the North Hemlo property during the reporting period were the VLF survey at 6 locations including the Dead Otter trend and one area on the now assimilated OnGold property, see Figure 08 and the drilling on the Dead Otter trend. Figure 08 showing the whole North Hemlo property (includes OnGold) with the 6 areas of VLF survey (note the Dead Otter trend had three grids). Preliminary interpretation of the VLF data showed encouraging structure some of which were 'ground truthed'. However detailed processing of the data is ongoing and once reported will form the basis of a renewed exploration programme throughout the North Hemlo property. It is worth noting that the Rodgers lake area returned a number of highly anomalous lake sediment samples. 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). During the reporting period FCM undertook a drill programme to test the Dead Otter trend, see Figure 09 for drill hole locations. Figure 09 showing the VLF grids on the Dead Otter trend with the locations of the 10 drill holes. The 10 hole, roughly 750m drill programme was focussed primarily around the 19.6g sample at the southeastern end of the Dead Otter trend. Four holes (~370m) targeted the anomalous zone identified by grab samples. Two holes (25m apart) close to the outcrop were 'stepped-back' on with a steeper, deeper hole. Other holes in the northwestern zone were to investigate other grab and soil sample anomalies with favourable geology. Over 400 samples (with QA/QC samples) were submitted to Actlabs in Thunder Bay. The gold assays received did not contain any >1g/t gold (Au) values with the highest assay being 117ppb. However, over 100 samples returned gold values greater than detection. Furthermore, there are also anomalous molybdenum values coincident with albeit only slightly anomalous Au values. This is potentially significant and given their association with Hemlo style mineralisation there remains some encouragement. Next steps will involve a thorough review of all geological geochemical and geophysical information in order to plan follow up exploration. The drill results will be integrated with the anomalous soil samples as well as the VLF interpretation once completed. Given the encouraging provisional results from the LiDAR over the Sunbeam property area this is also a consideration going forward, given the structural relationship with the mineralisation previously identified is proving critical. It should be noted that the Dead Otter trend forms only a small area of a highly prospective property. 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 assets like the two REE properties ensures that FCM is well-positioned for future growth and development. The announced Letter of Intent ("LOI") in respect to asset sale and the decision not to continue the Quinlan option highlights that the Company's strategy is being implemented and is successful. First Class Metals, through its Canadian subsidiary, controls ten claim blocks totalling ~272km² in northern Ontario, Canada. Two claim blocks (North Hemlo and Sunbeam) account for well over half of the total area. All the core properties have sufficient assessment credits generated by field work in 2025, to keep them in good standing through to proposed field work in 2026, At the time of writing FCM holds funds or has conducted the exploration required to keep all the claims in good standing for the year 2026 into 2027. FCM continued its systematic diligent exploration programme covering the core properties in 2025. The results across the North Hemlo property as a block were sufficiently encouraging to warrant further follow-up exploration in the upcoming field season. Field work laid the groundwork for drilling of the Roy prospect at Sunbeam and initial visual indications from the core are encouraging with VG seen in two holes. While the annual commitment to maintain the claims is approximately CAD$520,000, this expenditure is not necessary in 2026, as assessment credits carried forward from 2025 into the current year are available for many of the properties. FCM intends to build on the positive exploration results and progress the exploration of the properties to drilling where permitted, pursue the asset sale and initiate exploration on the two new REE properties. FCM's business model is to assess, add value 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 or follow up drilling, 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, add value, then monetise by JV or by structured sale. STRATEGIC REPORT Key Performance Indicators Financial · Market Capitalization: £5.12m on 31st December 2025 · Share Price: 2.13p 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[1] 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. 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 unless a material transaction such as the one announced on 09 June 2025 completes. 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. Additionally, adverse market sentiment could materially impair the Company's ability to access additional capital. 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 £1,558,000 in the year ended 31 December 2025 through a combination of issuing new shares and convertible loan notes. As at the year-end date the Group had total cash reserves of £77,398 (2024: £221,071). 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 sectiRead More

First Class Metals: Annual Report and Financial Statements

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