Company Announcements

18 December 2023 

Metals One Plc

("Metals One" or the "Company")

Completion of Drilling at Black Schist Ni-Cu-Co-Zn Project, Finland

pXRF Core Analysis Indicates Potentially Mineralised Intersections of Black Schist

Metals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, is pleased to report it has completed 1,548m of diamond drilling across eight holes at the R1 Hook target. This target is a highly prospective extension to the R1 target in the Rauta 9-11 Resource bearing licence area at the Black Schist Project in Finland, adjacent to Europe's largest operating nickel mine, Talvivaara.

Diamond drilling was designed to confirm the structure and potential for Talvivaara-style Ni-Cu-Co-Zn mineralisation. Pleasingly, initial visual and portable X-ray Fluorescence ("pXRF") assessments of the core indicates potential intersections of this style of black shale hosted mineralisation.

Metals One expects to report drilling assay results in early 2024, alongside structural interpretations and the Company's detailed work programme aimed at materially increasing the Black Schist Project's existing Resource.

This drill information, combined with new, large and highly prospective licence reservations and applications surrounding the Company's existing resources and target areas, underpin the Company's vision of establishing a highly efficient nickel and battery metals operation in Europe. The Company looks forward to outlining these plans in more detail in Q1 2024.

Jonathan Owen, CEO of Metals One, commented:

"We are pleased to have completed our first drill programme at our Finland project safely, ahead of time and on budget.

Visual and pXRF assessments of the core indicates potential intersections of black schist style mineralisation. This is an encouraging step towards materially increasing the project's existing Inferred Mineral Resource of 28.1 Mt of Talvivaara-style Ni-Cu-Co-Zn mineralisation. This style of mineralisation has proven to be a low cost, low carbon intensive source of battery metals in Europe, and is highly sought after by the electric vehicle industry.

We look forward to updating shareholders on the assay results and the interpreted impact, as well as outlining our project vision to significantly expand our tenement position in the new year."

Figure 1: Eight drill locations superimposed on the airborne electromagnetic survey of the R1 Hook target at the Black Schist Project

Figure 2: Ground magnetic survey of the R1 Hook anomaly and its proximity to the existing Resource at the Rauta 9-11 licence area

Figure 3: Mineralised black schist intersection for drillhole RAU0001

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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Qualified Person Statement

Craig Moulton is an Independent Non-Executive Director of the Company and the Qualified Person who reviewed and approved the technical disclosures in this news release. Mr Moulton has over 30 years' experience in the mining industry, having worked for Rio Tinto, Cliffs and Wood Mackenzie, and is a trained Geologist and Mineral Economist. Mr Moulton holds a BSc (Hons) in Geology and a MSc in Mineral Economics and is a qualified person under the AIM Rules. Mr Moulton consents to the inclusion of the technical information in this release and context in which it appears.

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