Acquisition of Uranium Projects, USA.

24 April 2025

Metals One Plc

("Metals One" or the "Company")

Acquisition of Uranium Projects, USA

Acquisitions support U.S. domestic mineral sourcing and energy transition initiatives

Metals One (AIM: MET1), which is advancing critical minerals projects, is pleased to announce it has signed a binding term sheet for the conditional acquisition of uranium and vanadium exploration projects in the United States ("Conditional Acquisition"). The Squaw Creek Uranium Project in Wyoming and the Uravan Belt Uranium-Vanadium Project in Colorado will represent the Company's first North American assets, securing a foothold in commodities which are essential to U.S. clean energy generation, grid storage, and energy security.

Highlights

●     Strategic U.S. Entry: Acquisition of 112 claims (the "Claims") in historic uranium-producing regions, targeting critical minerals essential for U.S. energy security

●     Squaw Creek Uranium Project (Wyoming): 53 claims (~430 ha) in the Shirley Basin, near historic uranium mines and TerraPower's next-generation nuclear reactor project. Past drilling indicates uranium mineralisation (1,500 CPS at 330 ft) amenable to low-cost, low disturbance in situ recovery ("ISR") mining

●     Uravan Belt Uranium-Vanadium Project (Colorado): 59 claims (~490 ha) in the prolific Uravan Mineral Belt, historically the leading uranium district in the U.S., with high-grade uranium (up to 2.23% U₃O₈) and vanadium mineralisation confirmed by surface sampling

●     Aligned with U.S. Clean Energy Goals: Uranium demand rising amid global supply deficits; vanadium increasingly crucial for grid-scale batteries and steel alloys. These acquisitions support U.S. domestic mineral sourcing and energy transition initiatives

Project Summaries

Squaw Creek Project, Wyoming

53 claims (~430 hectares) in the Shirley Basin, a premier uranium district known for ISR-amenable uranium mineralisation. Historical gamma ray well logs indicate high-grade uranium potential with readings of 1,500 CPS at a depth of 330 ft. The project is strategically located near past-producing mines and within Wyoming, which hosts TerraPower's next-generation nuclear reactor project, underscoring its importance to U.S. nuclear energy development.

Uravan Belt Project, Colorado

59 claims (~490 hectares) situated near the historic Buckhorn Mine in the renowned Uravan Mineral Belt, formerly the United States' leading uranium-vanadium production area. Initial sampling at Uravan confirmed exceptionally high-grade uranium mineralisation, with assays from surface samples returning up to 22,280 ppm uranium (2.23% U₃O₈) alongside significant vanadium content in carnotite ore. This acquisition offers dual-commodity potential, providing exposure to two critical minerals essential for clean energy and advanced steel alloy production.

Transaction Structure

The Company has agreed to acquire 100% of the Claims from 1491434 B.C. Ltd., a company incorporated in British Columbia (the "Vendor"), through staking. Long-term access to conduct exploration will be secured via two 10-year exploration leases, renewable for up to 30 years, which the Vendor estimates will be granted in approximately 30 days. The consideration payable to the Vendor on completion of the Conditional Acquisition is US$100,000 in cash and the issue of 1,000,000 new ordinary shares in Metals One at a value per share equivalent to a 5% discount to the five-day volume weighted average price per ordinary share in the Company for the five days immediately preceding the entering into of this term sheet, conditional on the Claims shown in Schedule 1 having converted into exploration leases as described above. The Vendor has agreed to a 30-day exclusivity period in respect of the Conditional Acquisition and will be subject to a one month lock-in in respect of the Consideration Shares.

The Conditional Acquisition will also be subject to and conditional upon:

1)    Metals One having conducted, and being reasonably satisfied with, legal, technical and financial due diligence on the Claims

2)    Metals One and the Vendor entering into a sale and purchase agreement in respect of the Conditional Acquisition

3)    The execution by the Vendor of a one-month lock-in agreement in respect of the Consideration Shares

4)    All and any applicable and necessary consents, authorities or approvals required from any applicable statutory or quasi statutory body regulating the mining industry in Wyoming and Colorado consenting to the change of control of the Claims

Strategic Rationale

These acquisitions broaden Metals One's portfolio to include uranium and vanadium - critical minerals essential to the U.S. energy transition.

Uranium - Addressing U.S. Supply Deficits: Uranium is experiencing renewed interest globally due to its role as a carbon-free energy source, driven by increased nuclear reactor builds and extensions. The global uranium market faces a structural supply deficit, with annual reactor requirements significantly outpacing primary mine supply. Notably, the U.S. imports over 90% of its uranium, making domestic supply development a strategic imperative. Projects like Squaw Creek are ideally positioned to help fill this gap, particularly given Wyoming's strategic significance as the site of TerraPower's Natrium advanced nuclear reactor-a next-generation nuclear energy project backed by Bill Gates (see TerraPower.com).

Vanadium - Essential for Energy Storage and Infrastructure: Vanadium demand is rapidly growing, primarily driven by its use in vanadium redox flow batteries ("VRFBs") for large-scale, long-duration energy storage solutions and in high-strength steel alloys. The global VRFB market, valued at approximately $394.7 million in 2023, is projected to grow significantly through 2030¹. Recognised as a U.S. Critical Mineral, vanadium is crucial for national security, energy storage, and infrastructure modernisation. The Uravan Belt project in Colorado positions Metals One within a historically productive uranium-vanadium region, offering potential domestic supply critical for both grid-scale storage and defence industries.

Overall, these strategic acquisitions complement Metals One's existing European critical metals portfolio, providing exposure to multiple commodities vital to global clean energy and security initiatives.

Craig Moulton, Chair of Metals One, commented:

"Building on our core assets in northern Europe, this move into two of America's historic mining districts is a logical step that broadens our commodity exposure and positions us at the heart of the clean energy supply chain. Uranium and vanadium are critical to enabling the energy transition - uranium fuels the zero-carbon nuclear power that is seeing a renaissance to meet climate targets, and vanadium is an emerging battery metal poised to play a major role in grid-scale energy storage. These acquisitions give Metals One a strategic foothold in the U.S. at a time when domestic sourcing of these minerals has become a national priority.

The Shirley Basin claims in Wyoming put us in a prolific uranium region that not only has produced significant volumes historically but is also benefitting from renewed investment and interest, as evidenced by initiatives like TerraPower's advanced reactor project in the state. Meanwhile, the Uravan Belt ground in Colorado contains exceptional grades of uranium and vanadium that underscore the quality of asset we've secured.

We see considerable upside in these projects and view them as timely additions that could significantly enhance Metals One's value and contribute meaningfully to U.S. energy security in the years ahead."

^{1 Source : https://www.grandviewresearch.com/industry-analysis/vanadium-redox-flow-battery-market-report}

Glossary of Terms

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About Metals One

Metals One (AIM: MET1) is pursuing a critical minerals exploration and M&A strategy, underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials such as copper, nickel, cobalt, and zinc - all of which are vital to the clean energy transition.

Metals One's current projects include strategic metals projects in Finland and Norway, aiming to help meet Europe's demand for strategic minerals sourced from within the continent.

Metals One's 93.75%-owned Black Schist Projects in Finland total 706 km², with an Inferred Resource of 57.1 Mt nickel-copper-cobalt-zinc, adjacent to one of Europe's largest nickel producers.

Metals One's 39%-owned and fully carried Råna Project in Norway covers 18.14 km², with proven potential for massive sulphide nickel-cobalt-copper mineralisation.

In 2025, Metals One announced the conditional acquisition of 100% of the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project in Finland, both of which are associated with former operating mines. Subject to completion, Metals One intends to commence exploration programmes, including drilling of high-impact copper targets, in 2025.

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Market Abuse Regulation (MAR) Disclosure

The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR').

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Appendix

Schedule 1: Claims Maps

Squaw Creek Uranium Project (Wyoming):

Uravan Belt Uranium-Vanadium Project (Colorado):