VARIATION TO OPTION AGREEMENT

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) and Osprey Minerals Pty Ltd (the "Parties") have agreed to vary the terms of the option agreement announced by the Company on 5 October 2023 (the "Option Agreement").

In order to facilitate the requisite administrative processes, the Parties have agreed:

(a)           that the deemed issue price for the upfront consideration of A$625,000 new fully paid ordinary shares in the Company ("Ordinary Shares") will be A$0.034, being the 5-day Volume Weighted Average Price on the ASX of the Company's Ordinary Shares to 30 October 2023; and

(b)           the option period will be extended until 17 November 2023.

All other terms of the Option Agreement remain the same as previously announced, and a further update will be provided in due course.

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

For further information, please contact: