Update re. Acquisition of PGE-Au-Ni-Cu Project.

14 July 2025

Metals One Plc

("Metals One" or the "Company")

Update re. Acquisition of PGE-Au-Ni-Cu Project, Norway,

Issue of Equity

&

TVR

Further to the announcement on 29 May 2025, Metals One Plc (AIM: MET1), a minerals exploration and development company, is pleased to announce it has now executed a binding Sale & Purchase Agreement ("SPA") for the acquisition of Mjolner Minerals (Norway) AS ("Mjolner"), the sole owner of the Lillefjellklumpen Project in central Norway (the "Project") (together the "Transaction"). Completion of the acquisition remains subject to the transfer of shares in Mjolner and regulatory approvals in Norway which are expected to be completed during August 2025.

The Project comprises a 20 km² exploration licence hosting high-grade platinum group elements ("PGE"), gold, nickel, and copper mineralisation, and will further the Company's commodity exposure.

Highlights

·    Diversifies Commodity Mix with PGE: Completion of the acquisition would add platinum and palladium to Metals One's strategic portfolio of critical and precious metals projects

·    Historical High-Grade Discovery: Some of the highest-grade PGE assays published in Norway are hosted at the Project, with surface sampling from 2014 returning up to 17.5 g/t Pd+Pt, as well as significant gold, nickel, and copper grades

·    Geologically Analogous to Significant Global Deposits: Mineralisation characteristics are similar to world-class deposits including Bushveld (South Africa) and Sudbury (Canada)

·    Low-Cost Entry with Potential for Material Upside: Metals One is acquiring the Project for €90,000 (which has now been paid) and a 2% net smelter return royalty, securing a highly prospective and under-explored asset at an early stage

·    Excellent Local Infrastructure and Easy Access: The Project is located near roads, power infrastructure, and a historic mining community in Nord Trøndelag County

Project Overview

The Project covers a historic test mine area containing massive sulphide veins and dykes with high platinum, palladium, gold, nickel, and copper values. The sulphide-rich mineralisation lies along a major untested electromagnetic ("EM") anomaly, which has not been modelled using modern techniques. The host rocks sit at the contact between greenstone and gabbroic units, a known favourable geological setting for PGE deposits. Notably, the Project features:

·    A historic 18-metre trench and 5-metre adit exposing massive sulphide mineralisation

·    Surface exposures of high-grade PGE veins up to 1.5 metres wide

·    A strong EM signature with a corresponding magnetic anomaly, suggesting a larger subsurface system

The Project acquisition expands Metals One's footprint in Norway, where it already holds an interest in the Råna Nickel Project, currently operated by Kingsrose Mining (ASX: KRM) under a joint venture agreement. Alongside strengthening the Company's project portfolio in northern Europe, a key low-risk region for Metals One, the acquisition provides a strategic opportunity to assess a historically known high-grade zone using modern geophysics, geochemistry, and drilling practices.

Winton Willesee, a former Non-Executive Director of the Company, holds a 25% interest in Mjolner and, whilst Mr Willesee remains a related party for AIM purposes, noting the quantum of the Transaction consideration, the Transaction does not now fall within the requirements of AIM Rule 13.

Craig Moulton, Chairman of Metals One, commented:

"We are pleased to have signed binding terms to acquire this highly prospective PGE project at a time when platinum prices are at an eleven-year high, driven by concerns over supply of the metal which is essential in automotive catalytic converters, chemical production (especially fertilisers), electronics, and medical applications.

The addition of the Lillefjellklumpen Project to our asset set is directly in line with our ambitions to build a strategic portfolio of critical and precious metals projects in safe and dependable jurisdictions."

Warrants Exercise

Metals One also announces it has received notice of the exercise of Cash Warrants, issued pursuant to the Equity Fundraise announced on 31 January 2025, over a total of 15,900,000 ordinary shares in the Company at 2 pence per share, and notice of the exercise of Prepaid Warrants, issued pursuant to the Equity Fundraise announced on 31 January 2025, over a total of 2,000,000 ordinary shares in the Company.

Application has been made for the admission of the 17,900,000 new ordinary shares (the "Shares") to trading on AIM ("Admission") pursuant to the authorities approved by shareholders at the General Meeting on 25 March 2025. The Shares will rank pari passu with the existing ordinary shares and it is expected that Admission will become effective at 8.00 a.m. on 15 July 2025.

Following Admission, the Company's issued share capital will consist of 299,447,750 ordinary shares with voting rights. Metals One does not hold any ordinary shares in treasury. This figure of 299,447,750 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they require to notify their interest in, or a change to their interest in, the share capital of the Company under the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries:

About Metals One

Metals One is pursuing a strategic portfolio of critical and precious metals projects^* in low-risk jurisdictions, underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials, and record high gold prices.

Our commodity exposure^* includes gold, uranium, vanadium, copper, nickel, cobalt, zinc, and platinum group metals.

Our most advanced project is the Black Schist Project in Finland with a 57.1 Mt nickel-copper-cobalt-zinc JORC Inferred Resource adjacent to one of Europe's largest nickel producers.

Our project portfolio^* spans the USA, Finland and Norway.

Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1).

^*Includes projects for which acquisition terms have been agreed pending completion.

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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.