Company Announcements

28 November 2023 

Metals One Plc

("Metals One" or the "Company")

Drilling to Commence at the Black Schist Ni-Cu-Co-Zn Project, Finland

Grant of Licence Extension, Commencement of Drilling Programme & New Licence Applications

Metals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, announces that the Finnish Safety and Chemicals Agency ("Tukes") has granted the Company an extension to its Rauta 9-11 licence at the Black Schist Project (nickel, copper, cobalt, zinc).

Metals One now has the right to prospect on all land within the licence for an additional three years until November 2026, and the Company will next week commence a ~1,600m diamond drilling programme at an extension to the Rautavaara S "R1" target in the Rauta 9-11 licence area (referred to by the Company as the "R1 Hook").

The licence extension was granted following extensive landowner and community consultation, as well as an inspection of the Company's proposed exploration programme, and will enable Metals One to focus on significantly increasing the Black Schist Project's existing Inferred Mineral Resource of 28.1 Mt of Talvivaara-type mineralised material at a grade of 0.19% Ni (53,800t), 0.10% Cu (27,900t), 0.01% Co (3,400t) and 0.38% Zn (180,000t).

Identified following an in-depth review of historical data, the R1 Hook is considered a highly prospective anomaly, and diamond drilling is aimed at confirming the structure and potential for Ni-Cu-Co-Zn mineralisation, with assays and interpretations expected to be announced in early 2024.

Additional Licence Applications

Metals One has formally submitted six new licence applications and reservations in both the Rautavaara and Paltamo project areas which constitute the Black Schist Project.

Informed by analysis of historical assays and geophysical data from across the Kainuu Schist Belt, the applications and reservations are in line with the Company's resource growth strategy and, subject to approval, will enable it to also explore for Outokumpu-style Ni-Cu-Co-Zn volcanogenic massive sulphide deposits.

The Company will provide an update on further licence applications and extensions at the project in due course.

Jonathan Owen, CEO of Metals One, commented:

"We are looking forward to commencing drilling activities at our Finland project, with this initial exploration work partly funded by our farm-in partner Gunsynd Plc. The Black Schist Project is located adjacent to Talvivaara, Europe's largest operating nickel mine, and Metals One is targeting similar geology and mineralisation as the nearby operation through our strategic exploration programme, beginning with the diamond drilling campaign at the R1 Hook.

We can also now reveal that we have been successful in making no less than six further licence applications in and around the project areas. The team in Finland have been busily evaluating and assessing these areas since we listed in July of this year.

On behalf of the Board, I would like to thank Tukes for fast-tracking, and subsequently accepting, our application to extend our Rauta 9-11 licence. The organisation's support epitomises the mining friendly environment we have experienced since entering Finland, and this will facilitate the rapid execution of our work programme as we continue to explore for Talvivaara, as well as Outokumpu, style Ni-Cu-Co-Zn deposits to grow the project's existing resource."

About Metals One

Metals One is developing brownfield battery metals projects in Finland (Black Schist Project) and Norway (SRH Råna Project), with approximately £9 million of exploration carry exposure through farm-in agreements. Metals One is aiming to help meet the significant demand for battery metals by defining resources on the doorstep of Europe's major electric vehicle OEMs and battery manufacturers. Metals One's Black Schist Project in Finland, totalling 706 km² across three licence areas, has an Inferred Resource of 28.1 Mt nickel-zinc-cobalt-copper and is located adjacent to Talvivaara, Europe's largest operating nickel mine. Metals One's fully carried SRH Råna Project in Norway covers 18.14 km² across three contiguous exploration licences, with significant opportunity for brownfield exploration of the Råna intrusion, and proven potential for massive sulphide nickel-cobalt-copper mineralisation.

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