6 August 2025

Metals One Plc

("Metals One" or the "Company")

Additional Investment in Uranium Venture, USA,

Issue of Equity

&

TVR

Metals One Increases NovaCore Stake to 35% to Accelerate Maiden Drilling

at Red Basin Uranium Project, New Mexico

Further to the Company's investments announced on 18 and 29 July 2025, Metals One (AIM: MET1), a minerals exploration and development company with key interests in uranium and gold projects, is pleased to announce it has agreed to increase its shareholding in NovaCore Exploration Inc. ("NovaCore"), a private U.S.-based company advancing the large-scale Red Basin Uranium Project, from its current 30% to 35% by way of cash subscription of approximately US$297,000. This brings the Company's investment in NovaCore to date to approximately US$1.45 million.  

Metals One's additional investment is designed to enable NovaCore to accelerate its plans to conduct a maiden drilling campaign at the large-scale Red Basin Uranium Project in Catron County, New Mexico, anticipated to commence in Q4 2025.

Project Overview

As previously announced, NovaCore holds approximately 15,000 acres in the Red Basin Uranium District of New Mexico, where historical U.S. Department of Energy assessments and recent radiometric surveys suggest there is potential for 40 million pounds of U₃O₈. Recently, NovaCore's gamma spectrometry surveys have identified multiple uranium-rich zones. The area has road access, a known permitting regime, and favourable geology with structural and geophysical targets that remain largely undrilled below 400 feet.

NovaCore has completed land staking, radiometric and geophysical surveys, and is advancing permitting and environmental studies to support forthcoming drilling.   

NovaCore's board of directors includes Neil Herbert (Founder and Chairman) and Douglas Christopherson (Founder and Technical Advisor) both of whom played key roles in the management of AIM and TSX listed Uramin Inc. which was sold for US$2.5 billion.

Further information on the drill programme will be announced in due course.

Craig Moulton, Chairman of Metals One, commented:

"This investment in NovaCore's Red Basin project will deliver Metals One's first exposure to a high-impact uranium drilling campaign. We are gaining access to one of the most prospective yet underexplored uranium districts in the western U.S. with the potential to host future uranium deposits of national importance."

Issue of Equity

Metals One announces it has received notice of the exercise of Cash Warrants, issued pursuant to the Equity Fundraise announced on 31 January 2025, over a total of 116,000,000 ordinary shares in the Company (the "Warrants") at 2 pence per share. Over 60% of the Cash Warrants have now been exercised generating additional gross proceeds from the Equity Fundraise announced on 31 January 2025 of approximately £6 million to support the Company's portfolio expansion.

Application will be made for the admission of the 116,000,000 new ordinary shares to trading on AIM ("Admission") pursuant to the authorities approved by shareholders at the General Meeting on 25 March 2025. The Shares will rank pari passu with the existing ordinary shares and it is expected that Admission will become effective at 8.00 a.m. on 8 August 2025.

Following Admission, the Company's issued share capital will consist of 634,341,709 ordinary shares with voting rights. Metals One does not hold any ordinary shares in treasury. This figure of 634,341,709 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they require to notify their interest in, or a change to their interest in, the share capital of the Company under the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries:

About Metals One

Metals One is pursuing a strategic portfolio of critical and precious metals projects^* in low-risk jurisdictions, underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials, and record high gold prices.

Our commodity exposure^* includes gold, uranium, vanadium, copper, nickel, cobalt, zinc, and platinum group metals.

Our 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 the USA, Finland and Norway.

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

^*Includes projects for which acquisition terms have been agreed pending completion.

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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.