Priority Drill Target within Zeb Nickel

01 June 2026

URU Metals Limited

("URU" or the "Company")

Ground Surveys Confirm Priority Drill Target within Zeb Nickel Conduit System

URU Metals Limited is pleased to announce that final interpretation of the recently completed ground geophysics programme has confirmed Target 1 as the Company's priority drill target at the Zeb Nickel Project in Limpopo, South Africa.

Target 1 was originally identified from the Company's airborne Spectrem electromagnetic survey flown in 2025. The new ground survey work was designed to check whether the airborne target could be seen clearly from surface and to help define where future drill holes should be placed.

The results have now confirmed that Target 1 is a strong and coherent target. Importantly, the target is supported by more than one type of geophysical response, including an electrical response, a gravity response and an associated magnetic feature. In simple terms, the surveys indicate a body below surface that is conductive, relatively dense and geologically distinct. These are features which may be consistent with sulphide-bearing ultramafic rocks.

The Company considers Target 1 particularly important because it lies within the broader interpreted magmatic conduit system at Zeb Nickel. This conduit system, also described as a chonolith-style feeder system, is interpreted to link the Uitloop I and Uitloop II ultramafic bodies and is considered highly prospective for the accumulation of nickel-copper-PGE sulphides. The Company's geological model identifies this plumbing system as a key exploration focus because metal-rich sulphide liquids can collect where magma pathways narrow, bend or interact with surrounding rocks. This conduit system is framed as an ideal environment for long-lived magmatism, sulphide formation and sulphide accumulation.

This exploration model is supported by previous drilling at the Zeb Nickel Project, where hole Z017 intersected the Company's best reported Zone 3 semi-massive to massive sulphide nickel intersection of 2.25 m at 1.67% Ni, with associated copper and PGE values. This intersection occurs in the part of the system where the Company interprets the chonolith-style feeder to interact with the Uitloop II body, supporting the view that the conduit margins and interaction zones are priority areas for follow-up drilling.

Highlights

·    Target 1 confirmed as the Company's primary follow-up target from the completed ground geophysics programme.

·    Ground electromagnetic survey results successfully confirmed the airborne Spectrem anomaly from surface.

·    Ground gravity results indicate that the target area is relatively dense, supporting the interpretation of a potentially significant body below surface.

·    Target 1 lies within the Company's interpreted feeder-system model, which is considered prospective for higher-grade nickel-copper-PGE sulphide mineralisation.

·    Previous drilling at Zeb Nickel has already confirmed that semi-massive to massive sulphide mineralisation occurs within the Project area, including drill hole Z017, which intersected 2.25 m at 1.67% Ni.

·    The Company will now integrate the Target 1 data into its 3D geological model before finalising drill-hole locations, depths and sequencing.

·    The next drilling programme will remain flexible and will be designed to test the best-ranked targets across the Project, including both resource-growth targets and higher-grade sulphide targets.

Target 1 - Ground Surveys Strengthen Drill Case

The Company is exploring a large nickel-bearing intrusive system with several different styles of mineralisation.

In simple terms, the Company is targeting three main opportunities:

1.  A large, lower-grade nickel sulphide body already identified by historical drilling. This forms the existing historical nickel resource at Zeb Nickel.

2.  Platreef-style nickel-copper-PGE mineralisation, which may occur in deeper or less-tested rock units similar to those mined or being developed elsewhere on the Northern Limb of the Bushveld Complex.

3.  Higher-grade semi-massive to massive sulphide mineralisation, which may occur within the feeder system that brought metal-bearing magma into the Zeb Nickel intrusive bodies.

The Company's current exploration focus is on the third opportunity. This is the higher-grade sulphide target model. In the Company's geological model, this target style is referred to as Zone 3.

The Company believes that a chonolith-style feeder system links the Uitloop I and Uitloop II ultramafic bodies. A chonolith can be thought of as an irregular underground magma pathway. These feeder systems are important in nickel exploration because they can act as traps where dense, metal-rich sulphide liquids may collect.

This model is supported by previous drilling at Zeb Nickel. Drill hole Z017 intersected 2.25 m at 1.67% Ni in semi-massive to massive sulphide mineralisation, representing the Company's best reported high-grade sulphide intersection to date. Importantly, this intersection occurs where the interpreted feeder system interacts with the Uitloop II body, supporting the Company's view that these contact and feeder positions are key areas for future drilling. The Company Deck describes Zone 3 as semi-massive to massive Ni-PGE sulphide mineralisation associated with the Bushveld ultramafic plumbing system interacting with footwall rocks, and identifies Z017 as 2.25 m at 1.67% Ni within this target style.

Target 1 is therefore significant because it provides a new geophysical target within this broader feeder-system model. The ground surveys indicate that Target 1 is conductive and relatively dense, which are the types of features the Company is looking for when searching for sulphide-bearing bodies.

Way Forward

The Company will now integrate the Target 1 results into the Zeb Nickel 3D geological model and use the updated model to rank drill targets across the Project.

The next phase of drilling will remain flexible and will be designed to test the best-ranked targets across the Project. This may include both Platreef-style nickel-copper-PGE targets and higher-grade massive sulphide targets associated with the interpreted feeder system. Final drill-hole locations, depths and sequencing will be determined after the new ground geophysical data has been integrated into the Company's 3D geological model.

This approach is consistent with the Company's stated work programme, which includes updating the Leapfrog 3D model, defining the number and position of drill holes, planning Ni-Cu-PGE resource drilling in Zone 2, testing high-grade nickel targets in Zone 3 and drilling overlapping conductor and density anomalies.

Final drill-hole locations, depths and sequencing will be determined after completion of target ranking, land access planning and contractor engagement. We are currently busy with a process enabling us to select and finalise drill contractors.

CEO Comment

John Zorbas, Chief Executive Officer of URU Metals, commented:

"The ground survey results have confirmed Target 1 as a clear priority for the next stage of work at Zeb Nickel. The important point for shareholders is that this is not just an isolated geophysical anomaly. Target 1 sits within our broader feeder-system model, which we believe is one of the most prospective settings on the Project for higher-grade nickel-copper-PGE sulphide mineralisation.

Previous drilling has already shown that semi-massive to massive sulphides occur at Zeb Nickel, including the Z017 intersection of 2.25 m at 1.67% nickel. Our objective now is to use the new ground survey data, together with our 3D geological model, to target the best parts of this system.

Target 1 is now a priority, but we will retain flexibility in the next drill programme. The final programme will be designed to test the strongest combination of geology, geophysics and historical drilling across the Project in order to maximise value add to shareholders at the lowest risk."

Figure 1: Maps showing the ground-based frequency-domain electromagnetic results for the two target areas overlaid on the interpreted geological map. The results align well with the results from the airborne data and provide higher resolution compared to the airborne Spectrem electromagnetic survey.

Figure 2: Maps showing the Zeb Nickel Project area and the geophysical targets adjacent to the Ivanplats "Platreef Mine," which is expected to become one of the largest underground platinum mines globally once in full production.

About the Company

URU Metals is a mineral exploration and development company focused on advancing high-potential critical metals projects in South Africa. The Company is committed to creating sustainable value through responsible mining practices, regulatory compliance, and active stakeholder engagement. For more information, visit www.urumetals.com

Competent Person Statement

The technical information contained in this announcement has been reviewed by Richard Montjoie, Exploration Manager of URU Metals Limited. Mr Montjoie is a registered member of the South African Council for Natural Scientific Professions, membership number 400131/09. Mr Montjoie holds an M.Sc. in Economic Geology from the University of the Witwatersrand, South Africa, and is a Fellow of the Geological Society of South Africa. Mr Montjoie is not independent of the Company.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please contact:

URU Metals Limited

John Zorbas

(Chief Executive Officer)

+1 416 504 3978

SP Angel Corporate Finance LLP

(Nominated Adviser and Broker)

Ewan Leggat / Caroline Rowe         + 44 (0) 203 470 0470

Axis Capital Markets Limited (Joint Broker)

Richard Hutchison

+44 (0) 203 026 0320