Update re Acquisition of Swales Gold Property

10 June 2025

Metals One Plc

("Metals One" or the "Company")

Update re Acquisition of Swales Gold Property, Nevada, USA

&

Incorporation of Subsidiary "Metals One Nevada Inc."

Strategic gold property in Nevada's premier gold mining district formally secured

Metals One (AIM: MET1), a minerals exploration and development company, is pleased to announce the execution of the Asset Purchase Agreement ("APA") relating to the previously announced conditional acquisition of the Swales Gold Property (the "Swales Property" or the "Project"), located proximal to Nevada Gold Mines' Carlin Complex, the largest gold mining operation in the U.S.

Further to the initial announcement dated 14 May 2025, Metals One Plc has incorporated a new wholly owned subsidiary, Metals One Nevada Inc. ("Metals One Nevada"). Metals One Nevada will now lodge execution copies of the APA with the Office of the Elko County Recorder, Nevada, after which it will be registered on the exploration lease (the "Lease") and thereby have 100% of the exploration rights on the Lease. The Lease, which is for a 10-year period, expires in December 2031 and is renewable for an additional 20 years. Metals One also retains the option to acquire the property outright.

Highlights

·    Strategic Acquisition Nears Completion: Metals One has now agreed all transaction documentation related to the Swales Gold Property, significantly expanding its portfolio with a strategic asset in Nevada's premier gold mining district

·    Proven Mining Region: Located just 13 miles from Nevada Gold Mines' Carlin Complex, the largest gold mining operation in the U.S.

·    Underexplored Potential: The Swales Property encompasses 139 contiguous unpatented mining claims (~2,780 acres), including the recently staked additional 99 claims announced on 20 May 2025, with minimal modern exploration completed to date

·    Robust Geological Setting: The Project is underlain by both the upper and lower plates of the Roberts Mountains thrust. The geological conditions are ideal for hosting Carlin-type gold deposits and are analogous to major gold mines along the Carlin Trend

·    Planned Exploration Programme: Immediate commencement of Phase 1 exploration activities, including geological mapping, surface sampling, relocation of historical workings, and geophysical surveys, aimed at defining drill-ready targets for Phase 2

Strategic Rationale

The Swales Gold Property is strategically located proximal to Nevada's Carlin Trend, one of the most prolific gold-producing regions globally. Positioned just 13 miles northeast of Nevada Gold Mines' Gold Quarry Mine and 16 miles southeast of the Goldstrike Mine, the Swales Property lies in close proximity to some of the largest and most productive gold operations in the U.S. The Carlin Trend has produced over 100 million ounces of gold to date and still hosts more than 21 million ounces in reserves, according to Nevada Gold Mines and the Nevada Bureau of Mines. With excellent year-round access and established mining infrastructure in Elko County - one of the most mining-supportive jurisdictions in the U.S. - the Swales Property offers a compelling exploration opportunity in a world-class gold district. Nevada itself is a top-tier mining jurisdiction, producing approximately 75% of U.S. gold output and ranking as the fifth-largest gold producer globally.

Transaction Completion Details

Pursuant to the APA between Nevada Canyon Gold Corp. (the "Seller") and the Company, the Company has acquired the lease agreement over the 40 unpatented mining claims, to which the 99 additional staked claims (as announced on 20 May 2025) will be added, which will then allow the Company to carry out exploration work. Under the terms of the lease agreement with the Seller, Metals One has secured a 10-year exploration lease with 6.5 years remaining, with renewal rights for two additional 10-year periods. The Company also holds an option to acquire 100% ownership of the Swales Property for US$750,000, payable in cash or equity with the underlying owner. Total consideration for the APA of the Lease comprised a US$100,000 cash payment and the grant of a 2% net smelter return royalty to the Seller. There have been very minimal costs incurred on the claims to date and therefore there is no AIM Schedule Four information to include.

Craig Moulton, Chairman of Metals One, commented:

"We are delighted to confirm the first stage in formally closing the Swales Gold Property acquisition, which marks a pivotal step in our strategic expansion into the U.S. gold sector. Securing this highly prospective project within this prolific Nevada gold mining district significantly enhances our exploration portfolio. With the acquisition nearing completion, we are excited to move ahead with the planned Phase 1 exploration programme, which will capture modern, systematic exploration data at the Project for the first time. The primary objective is to identify a large world-class mineralised system, like those found along the Carlin Trend."

Next Steps

Metals One will shortly commence its Phase 1 exploration programme at Swales, with field activities to include surface mapping, sampling, and geophysical surveys to define drill targets. Further updates will be provided as exploration progresses.

Enquiries:

About Metals One

The race for critical minerals is on. Metals One is pursuing a critical minerals and gold exploration and M&A strategy, in low-risk jurisdictions, underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials, and record high gold prices.

In addition to gold, our commodity exposure^* includes copper, nickel, cobalt, zinc, uranium, vanadium, and platinum group metals - all of which are vital to the clean energy transition.

Metals One's 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 Finland, Norway, and the USA.

Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1).

^*Includes projects for which acquisition terms have been agreed

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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.

Figure 1: Illustrative regional map showing Project in relation to nearby gold mines