First Class Metals PLC provided an update on activities in respect to the North Hemlo property. HIGHLIGHTS: Identification of the Dead Otter Lake gold & molybdenum trend: Identification of a +3km long gold (Au) and molybdenum (Mo) anomalous trend to the southeast of the historic Dead Otter Lake occurrence. Grab samples recorded up to 19.6g/t Au along the trend.

Sampling of the Dead Otter Lake trend (‘DOLT') has extended anomalous Au/Mo mineralisation for +3km to the SE from the historic showing (3.7 g/t Au, 0.59% Mo). The mineralised structure closely mimics the granite contact. The 19.6 g/t Au sample, in the extreme SE of the trend could be where one of potentially two subparallel arcuate trends intersects the DOLT.

The Dead Otter Lake area is situated 20.5km North of the iconic Barrick Hemlo 23m Oz Au producing mine. Drilling at the West Pickle Lake JV: Drilling at West Pickle Lake by Palladium One has demonstrated that the high-grade nickel-copper sulphide occurrence hold's 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. This area will also be a focus for reconnaissance in the upcoming field season and is currently being explored via collection of lake sediment samples and grab samples.

High-Definition Magnetic Survey: High-definition magnetic survey (HDMS) has shown that there are additional linear anomalies which require further exploration throughout the property, especially where intersected by north-south and north west structures. The survey highlighted the structure hosting the DOLT, as well as other potentially interesting features such as the extension of the Dotted Lake mineralised zone. The intersections of the N-S and NW-SE structures in the central north area are veritable exploration targets as are the structures paralleling the DOLT in the south.

Winter Exploration Activities: In January 52 Lake sediment samples and 8 rock samples have been collected to date as part of the Winter exploration programme on North Hemlo currently focussed in the north central sector but which will continue to the south as well as on other properties thereafter. During the exploration season of 2022 there were significant anomalous samples reported from Olga Lake on the Dotted Lake /Fairservice trend, proving the viability of this exploration method in the Hemlo area. First Class Metals is extremely excited about the DOLT 'discovery' an enthusiasm shared by Bruce MacLachlan, head of Emerald Geological Services1 (FCM geological lead) who commentedthat to the best of his understanding ‘this is one of the highest grab sample results ever recorded on the Hemlo north limb.'

Further work including reconnaissance and detailed sampling is required in order to define the trend as well as the potential and role that the 'subparallel' trends play in the mineralisation. Exploration on the remainder of the claim area is ongoing and this field season will see a focus not only on the DOLT but also the area around the anomalous lake sediment samples reported and anticipated. This area is exciting as it is on strike from not only interesting magnetic features evidenced by the (HDMS) but also the interpreted extension of the Fairservice showing to the SW.

Future work in 2023 will focus on: Dead Otter Lake trend and potential subparallel structures highlighted in soil samples; West Pickle Lake extension on to 100% owned FCM area of North Hemlo; Extension of the Dotted Lake /Fairservice structure; Other areas with potentially mineralised structures identified by the high-definition magnetic survey; Completion of the exploration Permit process Background: Historic exploration and to an extent contemporary data was limited and sporadic across the property, however, the pre field season deep review of the historic data did reveal that some encouraging 'showings', exist on the property or on structures interpreted to continue to the property, including Dotted Lake, Dead Otter Lake as well as theWest Pickle Lake on Pezim II. The historic 'showings' identified on North Hemlo as well as the vectors from successful of exploration on neighbouring properties highlighted the potential for discovery of both gold and base metals and were what drove the exploration effort in the 2022 field season. The most important historical showing is the gold /molybdenum showing at Dead Otter Lake.

The North Hemlo property historically comprised of three claim areas: Pezim I & II, and Wabikoba, which weren't contiguous, but the additional of the Hemlo north block, acquired from Power Metals Plc. brought North Hemlo together as one cohesive block. The property now extends across 427 claims covering ~90km².

The North Hemlo block is located in the north limb of the Hemlo greenstone belt, the comprising volcano-sedimentary rocks occur in an antiformal pattern, mimicking the 'southern limb' hosting the Barrick Hemlo gold mine. Three parallel mineralised trends, potentially occupying shears, have been identified north of the Barrick Hemlo gold trend, interpreted as lying within proximity to magnetic anomalies. This is a similar signature to the Hemlo mine which is defined as 'shear hosted'.