12 September 2022

Future Metals NL

Results of Share Purchase Plan

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) announces that the Share Purchase Plan ("SPP") announced on 17 August 2022 to raise up to A$500,000 from existing shareholders closed on Friday 9 September 2022.

The Company is pleased to advise that the SPP was heavily oversubscribed. In order to reduce the level of scale back, the Board has used its discretion under the Prospectus (dated 22 August 2022) to increase the SPP to raise up to A$1,000,000, through the issue of 8,000,000 new ordinary shares in the capital of the Company (SPP Shares). Notwithstanding such increase, applications will still be scaled on a pro-rata basis to A$1,000,000, with the balance of funds returned to applicants as soon as possible

Together with the placement announced on 17 August 2022 (Placement), the Company has therefore raised a total of A$6,000,000 (before expenses) pursuant to its capital raising. The funds raised under the Placement and SPP (net of costs) will be applied to exploration activities to test Panton's significant Ni-Cu-PGE sulphide potential and progress a scoping study based on the existing PGM resource, as well as ongoing metallurgical test work and for general working capital.

The SPP is priced at $0.125 per new ordinary share and will also include one free attaching option ("SPP Option") for every three SPP Shares issued, with the SPP Options exercisable at price of A$0.10 per share with an expiry date of 11 June 2024.

The Company is now working on the completion of the issue of the SPP Shares and SPP Options to shareholders.

The free attaching options issued will be issued under the Company's 7.1 Placement Capacity.

Trading of the SPP Shares on the ASX on a normal settlement basis will commence on 15 September 2022.

Admission to trading on AIM and total voting rights

Application has been made to the London Stock Exchange plc for admission of the SPP Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the SPP Shares will commence on AIM at 8.00 a.m. (London time) on or around 15 September 2022.

The number of ordinary shares in issue, and the total voting rights in the Company, on Admission, will be 402,541,183. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the notification provisions incorporated into the Company's constitution.

This announcement has been approved for release by the Board of Future Metals NL.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as is forms part of United Kingdom domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended.

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