THIS ANNOUNCEMENT ("ANNOUNCEMENT") AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, ITS STATES, TERRITORIES AND POSSESSIONS, AUSTRALIA, CANADA, JAPAN, SINGAPORE, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

22 December 2025

Atlas Metals Group plc

("Atlas Metals" or the "Company")

Update on Proposed Acquisition

Atlas Metals (LON: AMG), the natural resources and energy company is pleased to provide an update  on the Company's proposed acquisition of Universal Pozzolanic Silica Alumina Ltd ("UPSA") (the "Proposed Acquisition").

Further to the Company's announcement on 28 November 2025, the Company has recently engaged SLR Consulting Australia Pty Ltd ("SLR"), to conduct a confirmatory drilling campaign, commencing on Lots 7 and 8 at the Yammacoona Sand Quarry in New South Wales, Australia, with the intention of proving a measured resource.  Further drilling on Lot 5 may be initiated based on the initial results of Lots 7 and 8.  Atlas Metals is expecting SLR to complete the drilling activity in early 2026 in order to provide an updated Competent Person's Report ("CPR"), which is expected to include certain JORC resources being upgraded from the inferred to measured category, prior to the completion of the Proposed Acquisition.

Whilst the Proposed Acquisition continues to progress in line with the Board's expectations, UPSA is actively engaging with potential UK off-takers for its substantial pozzolanic silica alumina ("PSA") sand resource and has signed a number of letters of interest with scaled construction customers in the UK which provide indicative off-take volumes and pricing.  

The Company will make further updates on the UPSA off-take arrangements when they are sufficiently advanced.  In addition, UPSA continues to engage with other potential off-takers, with discussions ongoing in the USA, Africa and Australia. 

UPSA is also seeking to formally register and certify the carbon credits inherent in the carbon emission savings generated by replacing cement with UPSA's PSA in concrete production. Product testing programmes are being initiated in key international markets to facilitate the registration process for carbon credits.  UPSA intends to pass on such credit accruals to its customers.

Further announcements on the progress of the Proposed Acquisition will be made when appropriate.

For further information, please contact:

Important Notice

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.

This Announcement contains statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of words such as "will", "expect", "could", "believe", "intend", "should" and words of similar meaning. All statements other than statements of historical facts included in this Announcement, including those regarding the Company's strategy, plans and objectives and the anticipated Proposed Acquisition are forward-looking statements. These statements are not fact and readers are cautioned not to place undue reliance on such statements. Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of the Company and so may not occur. These forward-looking statements speak only as of the date of this Announcement. Atlas Metals expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).

Strand Hanson Limited ("Strand Hanson"), which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for the Company  as Sponsor and no one else in connection with the Proposed Acquisition and it will not regard any other person as a client in relation to the Proposed Acquisition and will not be responsible to anyone other than the Company  for providing the protections afforded to its clients or for providing advice in relation to the Proposed Acquisition or any other transaction, matter, or arrangement referred to in this Announcement.

This Announcement has been issued by, and is the sole responsibility of, the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Strand Hanson or by any of its affiliates, partners, directors, officers, employees, advisers or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.