Corporate & Strategic Updates

17 April 2025

Metals One Plc

("Metals One" or the "Company")

Corporate & Strategic Updates

Metals One (AIM: MET1), which is advancing critical minerals projects, is pleased to provide the following corporate and strategic updates.

Investor Presentation & Strategic Update

Metals One has today published an updated investor presentation on its website at https://metals-one.com/investors/#financial-reports-&-presentation. The updated presentation highlights the critical minerals opportunity at the heart of the Company's strategy, as the Western World faces an urgent need for reliably and responsibly sourced critical metals such as copper, nickel, cobalt, and zinc - all of which are vital to the clean energy transition.

Metals One is already developing high-impact projects in low-risk northern European jurisdictions, ideally positioned to supply battery and energy storage manufacturers within the continent and reduce dependence on China and other countries. As highlighted in the presentation, the Company intends to leverage its technical expertise and financing to undertake near-term, high-impact exploration programmes within its existing copper projects while targeting other project acquisitions (see 'New Ventures' below).

Portfolio

Finland - Copper

In Finland, Metals One is focussing near-term efforts on reviewing historical data associated with the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project, which the Company has agreed to acquire (as announced on 19 March and 3 April 2025). This analysis is being undertaken in preparation for summer 2025 fieldwork which is expected to include a drilling campaign at Hammaslahti.

Hammaslahti Copper-Zinc Project Summary

· Highly prospective for volcanogenic massive sulphide (VMS) mineralisation

· Contains historical Hammaslahti Copper Mine

· The Hammaslahti Mine produced >7Mt at an average grade of 1.16% copper, 1.55% zinc, 0.59 g/t gold and 5.2 g/t silver (1973-1986)

· Drilling has identified extensions to the Hammaslahti Mine mineralisation with multiple intersections of high-grade massive sulphides

· 2023 diamond drilling intersected sulphide mineralisation in all eight holes with one occurrence at only 75m depth

· Reinterpretations of data show significant potential for new mineralisation which Metals One intends to test with a follow-up drill programme in 2025

· £3.2 million was spent historically by the previous owner on drilling and exploration

Outokumpu Copper Project Summary

· Covers most of the northeast-southwest trending Outokumpu Copper Belt which has produced numerous high-grade mines

· Includes the world-famous Outokumpu Copper Mine

· The Outokumpu Copper Mine produced 28.5Mt at 3.8% copper (1908-1988)

· Six drill-ready targets have been identified which have good potential for high-grade copper along strike from former operating mines

· Metals One intends to undertake higher-resolution geophysical surveys of targets in 2025 in preparation for a drill programme

· £2.1 million was spent historically by the previous owner on exploration

Finland - Nickel

Black Schist Nickel Copper Cobalt Zinc Project Summary

· Situated on Kainuu Schist Belt - an economically important 200km geological formation

· Project already has a 57.1Mt JORC Inferred resource with an expansion opportunity to 200Mt targeted by Metals One

· The project is located adjacent to Europe's largest operating nickel mine, Terrafame's Talvivaara

· The project has been drill-tested to reveal significant Talvivaara-style mineralisation

· Targeting low-cost production of "class 1" high-purity nickel sulphate from open pit mine through bio-heap leaching, like the Terrafame mine

· Preliminary analysis shows project economics are highly leveraged to the anticipated rising nickel price in a tier-1 jurisdiction with an NPV5 Upside Case of approximately US$333 million (as described in the 31 January 2025 announcement)

· The project ideally located to supply to Europe's major EV car manufacturers

· Metals One intends to apply for Strategic Project Status under the EU Critical Raw Materials Act which is expected to enable enhanced access to project financing among other advantages

Norway - Nickel

In Norway, recent exploration undertaken by the project operator, Kingsrose Mining (ASX: KRM), has demonstrated that nickel-copper-cobalt sulphide mineralising processes have occurred in multiple 'stacked' zones throughout the 10km diameter Råna Intrusion, indicating a large search-space for future discovery. Two holes intercepted broad intervals of disseminated to net-textured sulphide mineralisation demonstrating the presence of high nickel tenors, returning a maximum grade of 1.6% nickel, 0.2% copper, and 0.15% cobalt. The Company looks forward to further updates from the project operator on the next phase of exploration based on encouraging results to date.

Råna Nickel Project Summary

· Situated within the Råna Intrusion, analogous to Voisey's Bay (Canada) - a world-class deposit

· Proven potential for massive nickel-copper-cobalt sulphide mineralisation

· Encircles the previously producing underground Bruvann Mine

· Close to a deep-water port and low-cost green power - ideally located to supply to Europe's major EV car manufacturers

· Kingsrose Mining is farming in for up to 75% over 8 years, through staged expenditure of up to A$15 million (currently at 51% after 5,000m of drilling) - Metals One is fully carried

· 2023/4 drilling discovered nickel-copper-cobalt mineralisation, open along strike and down dip - confirming scale potential

· The project remains largely underexplored

New Ventures

Metals One intends to leverage its platform to undertake other project acquisitions and is currently reviewing projects within Europe, North America and Australasia with a particular focus on copper, uranium and defence minerals. The Board is reviewing projects that are generally close to existing infrastructure and are being operated in partnership with experienced in-country teams. The Board is also considering opportunities, in light of record high prices, to acquire gold exploration assets which are currently underfunded. These new acquisitions will likely take the form of a project earn-in arrangement or direct equity financing. The Board looks forward to providing further updates as it completes due diligence and negotiation on future potential projects.

Directorate Changes

Metals One is pleased to announce that Craig Moulton has today moved into the role of Independent Non-Executive Chair. Mr Moulton is a highly accomplished geologist and mineral economist with over 30 years' global experience across the mining value chain including at Rio Tinto and Cleveland Cliffs. He has previously served as Managing Director of ASX-listed NickelSearch and LSE-listed Cobra Resources. Mr Moulton will have high level oversight of the exploration and M&A strategy and replaces Alastair Clayton as Non-Executive Chair, who has stepped down from the Board of Directors having chaired the Company since its IPO in July 2023.

Metals One also announces that Thomas Levin has stepped down as Non-Executive Director, representing the vendors of the Company's Finland nickel and copper projects. It is anticipated that Mr Levin will shortly be replaced by a new director representative, Olga Solovieva, BSc (Geoscience), subject to satisfactory completion of customary due diligence and Nominated Adviser checks, at which time a further announcement will be made. Ms Solovieva is an experienced geologist with significant project analysis experience and direct knowledge of the Finland copper assets given her role as Senior Geologist with the vendor of the projects.

Jonathan Owen, CEO of Metals One, commented:

"Recent global events show in no uncertain terms that the Western World can no longer be complacent about the sourcing of strategic and critical minerals that are essential for everyday life and electrification. The race for reliable and responsibly sourced minerals is on.

With our funding, LSE listing, networks and exploration expertise, Metals One has a strong platform from which to aggressively pursue high-impact exploration projects in top tier jurisdictions. We have begun developing our exploration programmes for both the Hammaslahti and Outokumpu copper projects in Finland. We intend to drill Hammaslahti this year, following up on previous work which showed significant potential for new mineralisation, and to advance geophysics work at Outokumpu in preparation for drilling.

We are also reviewing a number of other projects which we may bring into the Company, with an immediate focus on copper, uranium, defence minerals and gold.

I would like to welcome Craig Moulton into the role of Chair. Craig is an experienced mining executive whose Board leadership will be valuable as we pursue our strategy. On behalf of the Board, we also extend our gratitude to Alastair Clayton and Thomas Levin for their contributions since the Company listed in 2023."

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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.