First Class Metals Expands Into Critical Minerals With Ontario Rare Earth Options

First Class Metals (LSE:FCM) has broadened its exploration focus beyond gold after securing options to acquire 100% interests in two rare earth element (REE) prospects in northwest Ontario, known as Block H and Block F. The move marks the company’s entry into critical minerals exploration while retaining gold as the core pillar of its strategy.

The two properties, covering approximately 18km² and 33km² respectively, are located in the White Otter Batholith area near FCM’s Sunbeam gold project. Both sit within one of the most anomalous REE zones identified in Ontario’s lake sediment database and are believed to lie on the traditional territory of Lac des Mille Lacs First Nation, where First Class Metals already has an established working relationship.

Under the three-year option agreements, financial commitments in the first year are deliberately modest, limiting upfront exposure while the company completes desktop studies and prepares for an initial prospecting-led field programme starting in spring 2026. This work is expected to focus on ground-truthing historic anomalies, validating existing assay data and refining geological models before any potential escalation of exploration activity.

By targeting thorium-associated REE mineralisation in a region recognised by Canada as a priority critical minerals jurisdiction, First Class Metals is positioning itself to benefit from increasing global demand for rare earths and Western initiatives to diversify supply chains away from China. However, the company’s near-term outlook continues to be weighed down by weak financial metrics, including the absence of revenue, ongoing losses and continued cash burn. Mixed technical indicators and valuation constraints linked to negative earnings offer limited offset to these challenges.

More about First Class Metals Plc

First Class Metals Plc is a UK-listed mineral exploration company focused on discovering economic metal deposits across a portfolio of properties in Ontario, Canada. Its primary emphasis is on gold exploration within this Tier-1 mining jurisdiction, while it is increasingly seeking complementary exposure to critical and strategic minerals aligned with government-supported supply chain priorities.