First Class Metals Enters Into Up to £500,000 Convertible Loan Note Agreement

First Class Metals PLC (FCM) has entered into an interest-free Convertible Loan Note agreement with an international institutional investor.

• The Investor will provide up to £500,000 through an interest-free Convertible Loan Note with a twelve-month maturity.
• Conversion of the Convertible Loan Note will be mandatory at maturity, with the conversion price set at 80% of the lowest five-day VWAP before conversion.
• The Company retains the option to redeem outstanding CLN at 125% of nominal value; a 2% commitment fee will be offset against drawdown at funding.
• The Warrants will be exercisable at 120% of the Company's closing market price on November 11, 2025, being 3.18 pence per share based on 2.65 pence.
• The Investor also has an option to purchase £250,000 in Warrants; 7,861,635 Warrants will be issued and remain valid for three years from issuance.
• The Company says this financing will enable its planned drilling campaign on the Dead Otter trend at North Hemlo, targeting the 19 g/t gold anomaly and other prospective zones.

The Company expects funds shortly, allowing drill-crew mobilization. It reports due diligence is complete and commercial terms are agreed for the asset sale. The funding is intended to bridge timing until anticipated closing. Shareholders will receive updates.