Updates from Uranium Exploration Programme, USA

25 June 2025 

Metals One Plc

("Metals One" or the "Company")

Further Updates from Uranium Exploration Programme, USA

 Uravan Uranium-Vanadium Exploration Update, Colorado

Phase 1 exploration advances at Uravan Uranium-Vanadium Project, Colorado, with expanded survey coverage and geochemical sampling

Metals One Plc (AIM: MET1), a minerals exploration and development company, is pleased to provide a further update on Phase 1 exploration activities at the Uravan Uranium-Vanadium Project in Colorado ("Uravan" or the "Project") which were initiated in May 2025.  

As previously announced, the Company has begun exploration work in anticipation of completion of the acquisition of Uravan, including award of the 10-year exploration leases, and will make a further announcement at that point. Completion of the acquisition remains subject to various conditions as outlined in the 24 April 2025 announcement.

Highlights

·    Expanded Phase 1 exploration programme now includes over 30km of geophysical grid surveying

·   Mapping, sampling and analysis (as announced on 4 June 2025) is continuing across historical workings, adits, and surface anomalies

·    Historical data analysed reveals uranium potential in both the Morrison and Chinle Formations at the Project (as indicated in the 4 June 2025 announcement)

·      Rock samples have now been sent for analysis to certified labs in Nevada

The Phase 1 exploration programme at Uravan has been significantly expanded to incorporate a wider review area, extending from an initial one-mile radius to three miles. This expansion is based on digital datasets from the U.S. Geological Survey ("USGS") and other archived exploration data accessed through the USGS Library in Colorado. As previously announced, the target formations, primarily the Morrison Formation, are known to host uranium-vanadium mineralisation within the Uravan Mineral Belt - the most productive uranium district in U.S. history. This exploration programme follows a similar approach to that at Squaw Creek noting the Company has engaged the same exploration consultants on both projects.

Technical activities underway

The ground-based geophysical survey utilising a Radiation Solutions RS-125 spectral scintillometer that was initiated in June is in progress across the current claim block and surrounding areas. To date, approximately 30km of grid lines have been completed, with further lines planned as part of a regional expansion strategy.

Additional Phase 1 work includes:

·      Reconnaissance prospecting

·      Detailed geological mapping of historic and structural features (adits, faults, joint sets, pits)

·      Surface sampling of mine dumps and outcrops

·      Relocation and documentation of historical exploration features

Select grab samples, guided by mineralogy and radiometric anomalies, have now been submitted to American Assay Laboratories in Sparks, Nevada, for uranium and vanadium analysis.

Potential for deeper uranium mineralisation

As previously announced on 4 June 2025, in addition to mineralisation in the Morrison Formation, historical USGS data suggests a potential second target within the Chinle Formation, located approximately 1,200 feet below surface. The Chinle Formation is recognised across the Colorado Plateau as a prolific uranium host and will be investigated further in future exploration phases.

Uravan setting

Uravan consists of 59 claims (~490 ha) near the historic Buckhorn Mine, in the renowned Uravan Mineral Belt, historically the most productive uranium-vanadium mining district in the U.S. Previous surface sampling returned exceptionally high uranium grades, including assays up to 22,280 ppm uranium (2.23% U₃O₈) and significant vanadium values.

Next steps

The Phase 1 programme is designed to validate historical data and provide a modern geologic and geophysical baseline ahead of a potential Phase 2 drilling programme later in 2025. Further updates will be provided as results are received and compiled.

Figure 1: Illustrative regional map showing Project

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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.