Investee Company Update: NovaCore Uranium Inc.

21 May 2026

Metals One Plc

("Metals One" or the "Company")

Investee Company Update: NovaCore Uranium Inc.

NovaCore undertaking a US$1.25 million (minimum) pre-IPO financing

Proceeds to be used to advance the Red Basin Ane Uranium Project in New Mexico, USA

Fundraising valuation represents an uplift to Metals One's investment

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project developer and investor with a key focus on gold and uranium, is pleased to provide an update on its 35%-owned NovaCore Uranium Inc. ("NovaCore").

As announced on 18 July 2025, Metals One acquired an initial 10% interest in NovaCore, a private US-based company advancing the large-scale Red Basin Uranium Project in Catron County, New Mexico with historical assessments and recent radiometric surveys indicating the potential for 45 million pounds[1] of U₃O₈. Metals One subsequently increased the holding to 30% on 29 July 2025 and then to 35% on 6 August 2025.

NovaCore is conducting a pre-IPO fundraising round of US$1.25 million (minimum) at US$1.00 per share, valuing NovaCore at US$6.7 million (pre-money). This represents a clear valuation uplift relative to Metals One's initial investment which was undertaken at US$0.587 per share (and a weighted average price of US$0.623 per share).

Following this financing - which is expected to close by the end of the month - Metals One will hold 2,335,962 shares in NovaCore, representing approximately 29.5% of its issued share capital.

Highlights:

· The US$1.25m (minimum) pre-IPO financing is being supported by lead specialist sector investors to progress the pre-drilling activities across 2026 including, but not limited to, drill permitting, field mapping, rock chip assaying and close grid radiometric mapping.

· The financing is expected to be a precursor to an IPO, with NovaCore expected to list in Q3 2026, with the maiden drilling programme to begin shortly after.

· NovaCore holds approximately 15,000 acres in the Red Basin Uranium District of New Mexico, where historical U.S. Department of Energy assessments and recent radiometric surveys suggest there is potential for 45 million pounds of U₃O₈.

· NovaCore has completed gamma spectrometry surveys and identified multiple uranium-rich zones. The area has road access, a known permitting regime, and favourable geology with structural and geophysical targets that remain largely undrilled below 400 feet.

· NovaCore has also previously completed land staking, radiometric and geophysical surveys, and is advancing permitting and environmental studies to support forthcoming drilling.

Daniel Maling, Managing Director of Metals One, commented:

"We are very pleased with our early-stage investment in NovaCore and the progress the team have made at the Red Basin Ane project. The investment will deliver Metals One's first exposure to a high-impact uranium drilling campaign and has already been a profitable investment. NovaCore is a high probability investment opportunity to gain access to one of the most prospective yet underexplored uranium districts in the western U.S. with the potential to host future uranium deposits of national importance."

Neil Herbert, Co-Founder and Chairman of NovaCore, commented:

"We are at a pivotal moment in energy history. The United States is committing to quadrupling its nuclear capacity to 400 gigawatts by 2050, uranium has been reinstated as a critical mineral, and the AI revolution is creating an insatiable demand for always-on, low-carbon power. The Red Basin Ane Project positions NovaCore at the very heart of this renaissance domestic, high-grade, and permitted in a jurisdiction where the political will to rebuild America's nuclear fuel chain has never been stronger. For investors, it is a well-timed entry into a structural supply deficit that Washington is now racing to resolve."

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About Metals One

Metals One is a metals exploration and project development company. We have a global portfolio of operated and minority interests with a core focus on uranium opportunities in North America and gold opportunities in South Africa. Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1) and on the OTCQB Venture Market in the United States (MTOPF).

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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.

[1] https://geoinfo.nmt.edu/publications/openfile/downloads/100-199/138/ofr_138.pdf