Råna Project Update

8 August 2023 

Metals One Plc

("Metals One", the "Group", or the "Company")

Råna Project Update

Spartan MT Survey Indicates Highly Prospective Zones for

Massive Sulphide Ni-Cu-Co Mineralisation

Metals One, which is advancing battery metal projects at brownfield sites in Finland and Norway, is pleased to announce that the Company's Råna Project (nickel, copper, cobalt) partner and operator Kingsrose Mining Limited (ASX: KRM) ("Kingsrose") has completed the acquisition and interpretation of magnetotelluric geophysical surveys (Spartan MT) at the Rånbogen prospect.

Kingsrose's full announcement, released today on the ASX, can also be found on their website. The highlights are summarised below. Most notable is their identification of four strongly conductive zones, which are highly prospective for massive sulphide nickel-copper-cobalt mineralisation.

Highlights

·    Spartan MT surveys are able to identify areas of low resistivity (high apparent conductivity) which may represent nickel-copper-cobalt sulphide mineralisation.

·    Four discrete, strong apparent conductivity anomalies have been modelled at the Rånbogen prospect over a strike length of 1.8km:

o  Three of these anomalies ('Rånbogen 01', 'Rånbogen 02' and 'Rånbogen 04') are hosted within pyroxenite and peridotite lithologies of the Råna intrusion. These lithologies are highly resistive and therefore the conductive responses have a higher likelihood of being associated with sulphide mineralisation.

o  One of the anomalies ('Rånbogen 03') is a steeply south dipping, very strong conductor located at the basal contact between the intrusion and footwall gneiss, which is known to contain conductive graphitic rock units. The location at the base of the intrusion is also a highly prospective setting for the accumulation of massive sulphides.

o  Where the conductive anomalies extend to surface, they display a strong correlation with massive and disseminated nickel-copper sulphide mineralisation identified in historical rock chip sampling.

o  Target 'Rånbogen 02' correlates well with historical drilling on the northern margin of the conductive anomaly which returned a best intercept of 17.5m at 0.53 % Ni, 0.12 % Cu, and 0.05 % Co from 101m (SH004), including 2.5m at 1.13 % Ni, 0.24 % Cu, and 0.10 % Co (see Kingsrose's ASX announcement dated 18 January 2023).

·   Ground-based and downhole electromagnetic ("EM") surveys to aid detailed drill targeting are in progress at Rånbogen.

·    The drill rig will be switched to a helicopter portable system in early August and transferred from the Bruvann Mine area to Rånbogen to test these conductive targets.

Jonathan Owen, CEO of Metals One, commented:

"We are delighted to announce results from geophysical surveying at Rånbogen, one of three priority prospects at our Råna Project. Utilising modern geophysical techniques never previously deployed on the area, our partner Kingsrose has identified highly conductive zones which demonstrate potential for massive nickel-copper-cobalt sulphide mineralisation, further supporting that the Råna intrusion is highly prospective for a significant nickel deposit.

These surveys, together with the ground-based and downhole EM surveys currently underway at the prospect, will help inform a drilling programme at Rånbogen designed to test, and hopefully realise, the potential of the Rånbogen Block to host nickel-copper-cobalt deposits."

Figure 1: Section A-A' (100m wide section) showing mineralised massive sulphide at surface and in historical drillholes located at the MT gradient of moderate to high conductivity, Targets Rånbogen 01 and Rånbogen 02, Råna Project.

Discussion of Results

Rånbogen is located at the northern part of the Råna intrusion, at the contact between footwall gneiss and a complex zone of peridotite, pyroxenite and gabbronorite at the deeper parts of the intrusion. The intrusion strikes east-west and dips moderately to the south-southeast. Laterally extensive zones of narrow, elongate xenoliths of gneiss are mapped from east to west at a transition zone between lower ultramafic dominant units into upper gabbronorite dominant units, inferred as a paleo-roof pendant which formed part way through the intrusion's evolution.

Mineralisation is mainly hosted in the peridotite and pyroxenite units, comprising disseminated pyrrhotite-pentlandite-chalcopyrite with 1m to 3m thick zones of massive sulphide. Localised concentrations at the contacts between intrusive rocks and gneiss xenoliths are also observed. Massive sulphide zones occur in outcrop and historical drill core, striking east-west over at least 100m and plunging southeast to depth where mineralisation is open.

The MT survey was designed to model conductive zones associated with outcropping mineralisation to depth for drill targeting, as well as to identify blind conductive zones which have potential to host massive sulphide mineralisation. Four conductive zones are observed in the MT data, largely coinciding with mineralised rock chip samples at surface and proximal to historical mineralised drill intercepts. Similarly to Bruvann (see Kingsrose ASX announcement dated 21 July 2023), mineralisation is observed at the steep gradients between moderately and strongly conductive anomalies:

1.    Rånbogen 01: A complex 470m by 400m, roughly circular anomaly in plan view which dips moderately southeast to at least 300m down dip. Massive sulphide nickel-copper mineralisation is observed in outcrop on the northeastern and southeastern margins of the anomaly, which is undrilled.

2.    Rånbogen 02: An ovoid, 400m by 200m, east-west striking anomaly at the southern margin of the survey area. Historical drill holes were collared on the northern margin of the anomaly. Kingsrose considers that the historical holes were drilled sub-optimally relative to the orientation of the anomaly. Several historical holes intercepted significant mineralisation with a highlight intercept of 17.5m at 0.53 % Ni, 0.12 % Cu, 0.05 % Co from 101m (SH004), including 2.5m at 1.13 % Ni, 0.24 % Cu, 0.10 % Co (see ASX announcement dated 18 January 2023). The mineralisation here is open along strike and down dip.

3.    Rånbogen 03: An east-west, 300m by 100m anomaly with a very steep gradient, open to the north and located at the contact between basal peridotite and footwall gneiss. This is undrilled and with little outcrop.

4.   Rånbogen 04: An elongate, 800m by 130m, moderately conductive anomaly with a central, deeper, strongly conductive core over 300m by less than 100m. The anomaly is coincident with gabbronorite at surface crosscut by strongly oxidised <0.5m thick veins with up to 0.37 % Ni and 0.32 % Cu in historical rock chip samples (see Kingsrose ASX announcement dated 18 January 2023). The anomaly is immediately east and along strike from a mapped peridotite sill.

A follow up ground-based EM survey combined with downhole EM of historical holes (where these holes remain open) is currently in progress to further define conductive zones prior to drill testing.

Drilling at Bruvann is underway and will transition to a helicopter portable rig in early August to allow drilling at Rånbogen to commence.

Further information, including supporting JORC statements provided by Kingsrose, is available at: http://www.rns-pdf.londonstockexchange.com/rns/5647I_1-2023-8-7.pdf

About Metals One

Metals One is developing brownfield battery metals projects in Finland (Black Schist Project) and Norway (Brownfield Råna Project), with approximately £9 million of exploration carry exposure through farm-in agreements. Metals One is aiming to help meet the significant demand for battery metals by defining resources on the doorstep of Europe's major electric vehicle OEMs and battery manufacturers. Metals One's Black Schist Project in Finland, totalling 706 km² across three licence areas, has an Inferred Resource of 28.1 Mt nickel-zinc-cobalt-copper and is located adjacent to Talvivaara, Europe's largest operating nickel mine. Metals One's fully carried Brownfield Råna Project in Norway covers 18.14 km² across three contiguous exploration licences, with significant opportunity for brownfield exploration of the Råna intrusion, and proven potential for massive sulphide nickel-cobalt-copper mineralisation.

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Qualified Person Statement

Craig Moulton is an Independent Non-Executive Director of the Company and the Qualified Person who reviewed and approved the technical disclosures in this news release. Mr Moulton has over 30 years' experience in the mining industry, having worked for Rio Tinto, Cliffs and Wood Mackenzie, and is a trained Geologist and Mineral Economist. Mr Moulton holds a BSc (Hons) in Geology and a MSc in Mineral Economics and is a qualified person under the AIM Rules. Mr Moulton consents to the inclusion of the technical information in this release and context in which it appears.

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