Company Announcements

5 January 2024 

Metals One Plc

("Metals One" or the "Company")

Establishment of Employee Benefit Trust

&

Issue of Equity

Metals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, announces it has now established the Metals One Employee Benefit Trust ("EBT") to implement the use of an incentive plan as set out in the Company's admission document dated 25 July 2023 (available on the Company's website at https://metals-one.com/investors/#company-documents).

The Company intends to issue and allot 31,267,500 ordinary shares in the Company to the EBT ("EBT Shares") at a price per share of £0.01, being the Company's nominal share value, as advised in the admission document, which is equivalent to 15% of the current issued ordinary share capital of the Company. These ordinary shares shall be held in the EBT on trust pending transfer upon the vesting (or exercise, as the case may be) of awards granted, and for such other purposes relating to the ongoing recruitment, retention and incentivisation of employees as may be recommended by the Company from time to time (subject to the approval of the Remuneration Committee). Further to disclosures in the Company's admission document, the beneficiaries of any future distribution of EBT Shares to employees and directors will be notified upon determination. Whilst this is yet to be formalised as noted above, the Board expects the main three beneficiaries to be in line with the disclosure in the admission document, namely Alastair Clayton (Chairman), Jonathan Owen (Chief Executive Officer), and Daniel Maling (Chief Financial Officer).  

Additionally, the Company announces the issue of 1,000,000 ordinary shares in the Company at a price per share of £0.05 to a service provider in lieu of fees for corporate services ("Fee Shares").

Application will be made to the London Stock Exchange for admission of the EBT Shares and the Fee Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the EBT Shares and Fee Shares will commence at 8.00 a.m. on or around 12 January 2024. The EBT Shares and Fee Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares. Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 240,717,500 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to (i) the Company's Articles, (ii) the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and/or (iii) the AIM Rules for Companies issued by the London Stock Exchange plc as amended from time to time.

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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.

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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