Potential Acquisition of Uranium Projects, USA

25 July 2025

Metals One Plc

("Metals One" or the "Company")

Potential Acquisition of Additional Uranium Projects, USA,

Issue of Equity

&

TVR

Extends Metals One's position as a leading UK-listed uranium explorer with a significant U.S. landholding

Metals One (AIM: MET1), a minerals exploration and development company with key interests in uranium and gold projects, is pleased to announce it has agreed terms for an exclusive right to acquire 75% of two U.S. companies with mineral claims in Colorado and Utah from Thor Energy PLC (ASX/AIM: THR) (the "Vendor"). The claims are Vanadium Kings, Radium Mountain and Wedding Bell (the "Claims") which host uranium and vanadium mineralisation.

Highlights

· Tier 1 Location: Situated in the highly prospective Uravan Mining Belt on the border of Utah and Colorado.

· Broadens Metals One's U.S. Uranium and Vanadium Portfolio: Aligned with strategy to advance critical mineral assets in the U.S. which are essential to the clean energy transition.

· Potential to Acquire Remaining 25%: Exclusive 12-month option to acquire the remaining 25%.

· Operational Synergies: Claims are proximal to Metals One's Uravan Uranium-Vanadium Project; and further consolidate the Company's growing landholding in the Western United States.

· Excellent Existing Infrastructure: Claims are proximal to the White Mesa Mill, the only fully licensed and conventional uranium processing plant in the U.S.

Wedding Bell & Radium Mountain Projects, Colorado

The Wedding Bell and Radium Mountain Projects are situated in the centre of the Uravan Mineral Belt and comprise 199 mineral claims over areas of historical high-grade uranium and vanadium production. This area and the adjacent uranium-vanadium mining districts of the Colorado Plateau are reported to have produced over 85 million lbs of U3O8 and over 660 million lbs of V2O5 from the Salt Wash ores of the Plateau over the past 100 years.

These claims include historical mines which are reported to have operated during the First World War and again in the second half of the 20th century. Since acquiring the projects in 2020, the Vendor has completed detailed geological reviews of the claims as well as an extensive field sampling programme. During 2021-2022, the Vendor identified and successfully secured permits to drill test the three highest priority targets, including Section 23, the highest priority drill target. Section 23 was previously held by the U.S. Government and has no historic prospecting, drilling or mine production.

The Vendor completed two drill campaigns in 2024 at the Wedding Bell Project. Drilling in February 2024 returned strong results, including Hole 23WBR020 which returned 4.9m at 1,199ppm (0.12%) U3O8 and 6,306ppm (0.63%) V2O5 from 82m, including 0.6m at 6,250ppm (0.63%) U3O8 and 30,348ppm (3.0%) V2O5 from 82.6m. Drilling in November 2024 was limited due to adverse weather conditions and less than half the planned programme was completed. Results of several step out holes were of excellent grade but narrow in extent (

Metals One intends to re-examine the historical and new drill data and potentially complete the remainder of the November 2024 drill programme that wasn't completed should the Metals One technical team choose those areas to target.

Vanadium King Project, Utah

The Vanadium King Project includes 100 claims in southeast Utah, approximately 40km north of the town of Moab. There is no evidence of historical mining activities; however, there is reporting of significant uranium and vanadium mineralised bodies from drilling activities by Hunt Oil, Mineral Division, in 1980 and 1981, reported by Terra Ventures (TSXV: TAS) in 2007.

Although the Hunt Oil estimate does not comply with either the JORC or NI 43-101 for current mineral resource reporting, it does provide a strong indication of widespread uranium and vanadium mineralisation on the project, in a geological setting analogous to multiple deposits elsewhere in the region.

Local Infrastructure

Operated by Energy Fuels Inc., the White Mesa Mill is the only fully licensed and conventional processing plant in the U.S. It is reported to be the largest producer of uranium in the U.S. and has historically accepted toll milling agreements as well as purchase programmes for processing ores from third party mines. Located approximately 50km from the Wedding Bell Project and 70km from Radium Mountain Project, this represents a possible low-cost path to utilise existing infrastructure in order to develop projects in the region.

Craig Moulton, Chair of Metals One, commented:

"It's encouraging to see Metals One's strategy gaining momentum, positioning itself as a leading AIM-listed play on early-stage uranium opportunities in the U.S. Uranium and vanadium are both central to the global energy transition: uranium fuels zero-carbon nuclear power, while vanadium is increasingly vital for grid-scale battery storage. These new projects significantly strengthen Metals One's Western U.S. exploration portfolio - across uranium, vanadium, and gold - at a time when securing domestic supply of critical minerals is rapidly becoming a national priority."

Transaction

Metals One will pay the Vendor £100,000 within 7 days to secure exclusive rights to proceed with the potential acquisition of the interest in the two U.S. companies, being Standard Minerals Inc. ("Standard") and Cisco Minerals Inc. ("Cisco") (the "Potential Acquisition").

The consideration payable by Metals One to the Vendor for the Potential Acquisition shall be £1,000,000 to be satisfied by the issue of new ordinary shares in Metals One at a price which is equal to the 15-day volume weighted average price of Metals One's ordinary shares prior to the parties entering into a sale and purchase agreement in relation to the Potential Acquisition.

The Vendor has also agreed to grant Metals One an exclusive 12-month option to acquire the remaining 25% of the issued share capital of Standard and Cisco, at a value to be determined by the parties or an independent valuation.

The Vendor is primarily focussing on hydrogen and helium exploration.

The Potential Acquisition is subject to and conditional upon:

(a) Metals One having conducted and being satisfied with legal, technical and financial due diligence on Standard, Cisco and the Claims

(b) Metals One and the Vendor entering into a sale and purchase agreement in respect of the Potential Acquisition

(c) All and any applicable and necessary consents, authorities or approvals required from any applicable statutory or quasi-statutory body regulating the mining industry in the USA consenting to the change of control of the Claims.

Unless otherwise agreed by the parties, the above conditions precedent must be satisfied by 31 August 2025 failing which the agreement for the Potential Acquisition will automatically terminate.

In the last 12 months, the Vendor has spent approximately A$600,000 on the Claims and as at 30 June 2024 they were carried in the Balance Sheet at A$2.8million.

Warrant Exercise and Issue of Equity

The Company 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 78,370,000 ordinary shares in the Company at 2 pence per share and the exercise of 35,800,000 pre-paid warrants (together the "Warrant Shares").

Admissions of Shares

Application has been made for the admission of the Warrant Shares to trading on AIM. The Warrant 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 28 July 2025.

Following the issue of the Warrant Shares, the Company's issued share capital will consist of 482,817,750 ordinary shares with voting rights. Metals One does not hold any ordinary shares in treasury. This figure of 482,817,750 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.