28 February 2023

URU Metals Limited

("URU")

Update from ZEB Nickel Corp

URU notifies that ZEB Nickel Corp. has today announced that Mr. Richard Montjoie, the current VP Exploration, will be appointed to the role of interim CEO of Zeb Nickel Corp. This change in leadership comes as the outgoing CEO, Mr. Wayne Isaacs, steps down to pursue other opportunities.

URU successfully completed the disposal of Zeb Project, located in Limpopo, South Africa (the "Project") to ZEB Nickel Corp. in August 2021 and the Project remains the primary focus of URU, through its 73.81% interest in Zeb Nickel Corp. and URU's continuing role as the technical adviser on the Project.

The ZBNI announcement is as follows:

Zeb announces new interim CEO

Vancouver, BC, February 27, 2023 - ZEB Nickel Corp. (ZBNI:TSX-V) (OTC:ZBNIF) ("Zeb" or the "Company") is pleased to announce that Mr. Richard Montjoie, the current VP Exploration, will be stepping into the role of interim CEO. This change in leadership comes as the outgoing CEO, Mr. Wayne Isaacs, steps down as CEO and director to pursue other opportunities.

Mr. Montjoie, who is based in South Africa, brings a wealth of experience to his new role, having been with Zeb for over a decade and playing a pivotal role in the exploration efforts that have led to the discovery of several nickel deposits. He was also involved in the exploration and development of the Lesego Platinum Project, leading to the discovery of a 47-million-ounce high-grade PGE deposit, containing over 514,000 tons of nickel. Mr. Montjoie then successfully advanced the project through to completion of a definitive feasibility study, and the project is now ready to commence with construction.

Mr. Montjoie started his exploration career managing the off-mine exploration drilling at Anglo American's Mogalakwena Mine, which contributed towards the opening and expansion of the Zwartfontein, Mogalakwena South, Mogalakwena Central and Mogalakwena North pits.

Commenting on the management update, the Chairman of Zeb Nickel Corp., Mr. James Nieuwenhuys, said: "On behalf of the Board of Directors, I would like to thank Mr. Isaacs for his years of service and dedication to Zeb. We wish him all the best in his future endeavors. At the same time, we are excited to have Mr. Montjoie step into the role of interim CEO. He has our full support, and we are confident that he will lead the Company through this transition period with his knowledge, experience, and passion for the mining industry."

Mr. Montjoie said: "I am honored to take on the role of interim CEO and look forward to continuing to work with our dedicated team to build value for our shareholders. Zeb has a high-quality nickel asset, and I believe we are well-positioned to capitalize on the robust nickel market as demand for this critical metal continues to grow."

About the Company and Project

Zeb Nickel Corp is focused on exploring for and developing world-class mineral deposits, with a focus on metals that are critical in the production of rechargeable batteries, such as nickel, graphite, lithium, cobalt, manganese, copper and aluminum. The Company is currently focused on developing its flagship Zeb Nickel Project, located in Limpopo, South Africa. The Zeb Nickel Project is a developing Class 1 nickel sulfide project strategically located in the Bushveld Complex in South Africa. The Zeb Project Contains a historical NI 43-101 compliant resource over 3.9 million tons of contained sulfide nickel, ranking it number 8 in the global top ten nickel sulfide resources (Mudd, G. M., & Jowitt, S. M. (2014). A detailed assessment of global nickel resource and trends and endowments. Economic Geology, 109(7), 1813-1841).

ZBNI announcement ends

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with URU's obligations under Article 17 of MAR. 

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