30 September 2025

Metals One Plc

("Metals One" or the "Company")

Half-Year Report

Metals One (AIM: MET1), a critical and precious metals exploration and development company, today announces its unaudited results for the six months ended 30 June 2025 ("H1 2025"). Following a refinancing of the Company announced at the outset of H1 2025 and a 35% boost in net assets as at the end of H1 2025, Metals One's opportunity set has been transformed in the period and the months that followed. The Interims are set out below and available on the Company's website, https://metals-one.com.

Recent Highlights

Financing paved the way for portfolio and commodity diversification

·    Successfully completed an equity fundraise, delivering net proceeds of £3.1 million to diversify the Company's project portfolio and support exploration activities

·    Warrants issued alongside the equity fundraise were exercised, delivering further net proceeds of £8 million

Portfolio expansion highlights

·    Emerging leader in U.S. uranium exploration: Acquired interests in six projects including a significant footprint along the Uravan Mineral Belt - a geological zone bordering Colorado/Utah containing uranium and vanadium deposits - along with projects in the historic Shirley Basin mining area of Wyoming and the prospective Red Basin uranium district of New Mexico

·    Increased gold exposure: Acquired gold exploration claims in Nevada, as well as minority interests in a South African gold processing plant construction opportunity and a technology-led Canadian gold mine tailings cleaning project

·    Low-valuation entry into potentially Chile's next major lithium project: acquired minority interest in lithium project developer with key near-term value catalysts

·    Investment in development-ready Tanzania graphite project: acquired minority interest in a premium asset advancing towards development at an attractive value entry point

·    Low-cost entry into early-stage platinum project: Acquired a high-grade Platinum Group Elements discovery in Norway - a high potential asset underpinned by strong commodity prices

Exploration activities

·    Exposure to future rising nickel prices: Completed Preliminary Economic Assessment for Finland - Black Schist Ni-Cu-Co-Zn Project following work programme - demonstrates the project provides excellent optionality for development when nickel supply/demand rebalances

·    Commenced Colorado/Wyoming uranium exploration: Phase I exploration work at Squaw Creek and Uravan projects including geophysical surveys, historical data integration and surface sampling

o  Rock chip assays from Uravan Project (Colorado) confirmed ore-grade uranium, vanadium and copper Assays in historical mining areas

Board Changes

·    Craig Moulton was appointed Independent Non-Executive Chair (subsequently Executive Chair)

·    Alastair Clayton, Thomas Levin, Sara Minchin and Winton Willesee stepped down as non-executive directors

·    Alex King and Fungai Ndoro appointed as Non-Executive Directors

·    Daniel Maling moved from Chief Financial Officer to Managing Director

Craig Moulton, Chair of Metals One, commented:

"2025 has already been a transformational year for Metals One. During the reporting period, we have advanced a strategic portfolio of critical and precious metals exploration projects, each supported by strong market fundamentals. This deliberate focus ensures Metals One is well positioned to deliver sustained value for shareholders. I look forward to updating shareholders on portfolio progress through the remainder of 2025."

Enquiries:

About Metals One

Metals One is pursuing a strategic portfolio of critical and precious metals projects underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials, and record high gold prices.

Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1).

Map of Metals One projects/investments

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Market Abuse Regulation (MAR) Disclosure

The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR').

Nominated Adviser

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.

Chair's Statement

Introduction

I am pleased to present the financial report for the six months ended 30 June 2025, a transformational period for the business. During these months, Metals One began strategically expanding and diversifying its portfolio. This ambition has been enabled by the successful financing approved by shareholders in March which has netted in excess of £11 million in cash through the exercise of warrantsboth during and after the reporting period. The financing has provided the Company with the ability to pursue a range of opportunistic acquisitions and investments transacted by the team.

Review of Projects and Investments

Uranium

In the first half of 2025, Metals One established a strategic foothold in the United States, in what has become a key jurisdiction for the Company. In April, Metals One announced the acquisition of 100% of the Uravan and Squaw Creek Uranium Projects in Colorado and Wyoming respectively (consideration US$100,000 cash plus 1,000,000 Metals One shares). Both assets have compelling historical data and strong geopolitical relevance as domestic uranium demand in the U.S. rises. Phase 1 exploration commenced in May, with a field team deploying geophysical surveys and surface sampling programmes across both sites. After the period end, in September, assays returned from rock chip samples taken from the Uravan Project in Colorado confirmed ore grade uranium, vanadium and copper in historical mining areas. These results indicate the exceptional grades historically mined from the project. While these results are not from in-situ mineralisation and cannot be taken as indicative of average grades, they provide strong validation of the scintillometer anomalies identified in our survey and evidence of high value material mined historically from many visible adits. Our next steps will involve surveying the historical adits across the anticline to understand the extent and grade of these occurrences and therefore determine the exploration potential of the project.

Consolidating Metals One's footprint along the Uravan Mineral Belt - a geological zone bordering Colorado/Utah containing uranium and vanadium deposits - after the period end, in August, the Company acquired 75% of two U.S. companies with mineral claims in Colorado and Utah. These claims are Vanadium Kings, Radium Mountain and Wedding Bell (consideration £100,000 cash and 14,224,751 Metals One shares) which host uranium and vanadium mineralisation. The Company now owns or holds majority interests in four projects in the prolific Uravan Mineral Belt characterised by significant deposits of uranium and vanadium and a rich mining history.

Also after the period end, in September, less than a month after the acquisitions, a Term Sheet was signed with DISA Technologies, Inc. to seek to evaluate and, if successful, treat historically abandoned uranium mine waste dumps and recover saleable uranium and other critical mineral concentrates at Radium Mountain and Wedding Bell. At no cost to Metals One, this has created a pathway to potentially generate revenue from these assets with DISA which is a global leader in materials upgrading with a patented non-chemical technology process.

The Company further expanded its U.S. uranium interests after the period end with the acquisitions in July and August of a 35% stake in NovaCore Exploration Inc. ("NovaCore") (consideration US$ 597,000 cash plus 3,873,959 Metals One shares), a private U.S.-based company advancing the large-scale Red Basin Uranium Project in Catron County, New Mexico. Through this investment, the Company has gained access to one of the most prospective yet underexplored uranium districts in the western U.S. with the potential to host future uranium deposits of national importance. Metals One's investment is designed to enable NovaCore to accelerate its plans to conduct maiden drilling in what is expected to be Metals One's first exposure to a high-impact uranium drilling campaign in the near future.

Gold

Prices of gold, the ultimate safe haven asset, are surging. Through the Board's networks, the Company was able to secure in May a low-cost entry via an exploration lease and option to purchase agreement (initial consideration US$100,000 cash) into one of the world's most prolific gold mining districts. Located within the Carlin Trend, home to some of the largest gold mines in the U.S. including the Carlin Complex mines, the Swales Gold Property remains very underexplored with minimal modern-day exploration. Should Metals One ultimately proceed to acquire the project, it will pay a further US$750,000 in cash or equity to the underlying owner and grant a 2% net smelter return royalty. Considering the analogous geology of Swales to nearby mines, the exploration opportunity combined with record high gold prices is incredibly exciting.

Furthering the Company's exposure to gold, after the period end, in July, Metals One acquired a 5.9% stake in Fulcrum Metals Plc (AIM: FMET) ("Fulcrum") (consideration £175,000 cash), a technology-led natural resources company focused on the recovery of precious metals from mine tailings using innovative cyanide-free extraction technology. The Company's investment in Fulcrum represents a strategic move to benefit from the opportunity arising from environmentally responsible innovation in mining. Fulcrum has a clear path to low capex production and significant upside potential from over 70 historical tailing sites in Timmins and Kirkland, Canada.

After the period end, in August, Metals One also acquired 19.1% of Lions Bay Capital Inc. (TSX-V: LBI) ("Lions Bay") (consideration C$750,000 cash) whose primary objective is bringing a South African gold processing plant with supporting energy infrastructure into production by Q4 2026, positioning it to generate near-term cash flow. We believe the project offers exceptionally attractive economics. The near-term cash flow opportunity complements Metals One's earlier stage critical metals exploration projects, balancing the Company's asset base. With a market capitalisation of under C$4 million and a portfolio of other projects, we regard Lions Bay as a highly opportunistic investment.

Graphite

After the period end, in September, Metals One acquired 16.9% of Evolution Energy Minerals Ltd (ASX: EV1) ("Evolution") (consideration A$947,000 cash). Evolution's primary asset is the Chilalo Graphite Project ("Chilalo") in Tanzania, a development-ready, high-grade project with a JORC resource of 67.3 Mt at 5.4% TGC, underpinned by binding offtake agreements covering over 90% of forecast production. With a post-DFS NPV₈ of A$518 million and IRR of 32%, Chilalo offers compelling project economics and significant exploration upside. Metals One views this investment as a timely and attractively priced entry into the graphite sector, which is experiencing structural demand growth driven by electric vehicles and energy storage markets. The project's near-term development potential and alignment with global moves to diversify graphite supply chains away from China make Evolution a strategic complement to Metals One's existing minerals portfolio.

Platinum Group Elements

In May, Metals One announced the acquisition of 100% of the Lillefjellklumpen Project in Norway (consideration €90,000 cash, 2% net smelter royalty), marking the strategic expansion into platinum group elements at a time when platinum prices are at an eleven-year high, driven by concerns over supply of the metal which is essential in automotive catalytic converters, chemical production (especially fertilisers), electronics, and medical applications. Lillefjellklumpen hosts some of the highest-grade PGE assays published in Norway from 2014 surface sampling, alongside significant gold, nickel, and copper grades. The mineralisation characteristics show parallels to world-class deposits such as Sudbury, Canada and Bushveld, South Africa and has excellent local infrastructure. We believe this is another low cost entry to a highly prospective and under-explored asset at an early stage, with material upside potential. We look forward to announcing our initial exploration plans in due course.

Lithium

Lithium is a key metal for the green transition with long-term fundamentals that point to sustained demand growth into the next decade. After the period end, in August, Metals One acquired a stake of approximately 10.7% in CleanTech Lithium Plc (AIM: CTL, Frankfurt: T2N) ("CleanTech Lithium") (consideration £1,000,000 cash). CleanTech Lithium's key assets are the Laguna Verde and Viento Andino projects in Chile, located within the prolific lithium triangle, with a combined JORC resource of 2.55 million tonnes of lithium carbonate equivalent. The company is advancing its flagship Laguna Verde project using a low-impact technology offering faster development timelines and higher lithium recoveries, with a Preliminary Feasibility Study nearing completion. We view this as a strategically timed investment into what is expected to be Chile's next major lithium producer, with near-term value catalysts.

Nickel

In January 2025, Metals One announced the outcome of a Preliminary Economic Assessment for the Black Schist Ni-Cu-Co-Zn Project in Finland (Metals One 93.75%). The PEA was completed during a period marked by low nickel prices and elevated operating costs. As such, the Black Schist Project exhibits very strong sensitivity to improvements in nickel prices. With demand for battery-grade nickel expected to triple by 2030 and increasing strategic emphasis on domestic production within the EU, this asset is well-positioned to benefit from future price appreciation. Nonetheless, current capital markets remain challenging for nickel-focused projects, which has led to Metals One's focus being more strongly applied to other assets.

At the Råna Nickel Project in Norway (Metals One 39%), following successful drilling in 2024 which intercepted new zones of nickel-copper mineralisation, the operator, Kingsrose Mining (ASX: KRM), is considering how best to advance the Råna Project which, like the Black Schist Project, we believe offers excellent optionality in the future as nickel supply rebalances and prices recover.

Corporate Developments

In April, I was pleased to be appointed to the Board in the role of Non-Executive Chair following the departure of Alastair Clayton, whose leadership and strategic insight were instrumental in guiding Metals One through its early public company stages. As a geologist and mineral economist with over 30 years' experience across the mining value chain, including at Rio Tinto and Cleveland Cliffs, I believe there's an opportunity for a well-capitalised junior such as Metals One to opportunistically acquire interests in quality projects which offer the opportunity for significant returns. I'm delighted to be a part of the execution of that opportunity and accordingly, after the period end, in September, I agreed to become Executive Chair.

Alongside Alastair, Thomas Levin and Sara Minchin also stepped down as non-executive directors, both of whom contributed valuable governance and sector expertise. Post period end, in July, Winton Willesee also stepped down from his role as a non-executive director for personal reasons. On behalf of the Board, I would like to thank them all for their contributions.

After the period end, in September, we were pleased to appoint Alex King and Fungai Ndoro as non-executive directors. Alex is a geologist, company executive and non-executive director with 16 years' experience in mineral exploration, natural resources, and renewable energy developments. Fungai is an accomplished corporate finance professional with a strong track record of advising and supporting growth-focused companies in the UK small-cap market. Their respective skills will be valuable to the Board moving forward.

Also in September, Daniel Maling, our CFO, transferred to Managing Director. With his considerable networks within the global metals and mining industry, Daniel is well placed to lead the day-to-day operations and business development of the Company, supported by Adam Monaco on the finance front, an experienced finance executive who has been consulting for Metals One via Orana since inception, who has become CFO, in a non-Board role.

I would also like to reiterate my thanks on behalf of the Board to Jonathan Owen, who stepped down as a director and as CEO in September, for his leadership and commitment throughout his tenure.

Financial Review

As an exploration company, Metals One does not yet generate revenue. For the six months ended 30 June 2025, the Group recorded a loss of £1,460,333 (H1 2024: £773,505). Net assets stood at £13,373,228 as at 30 June 2025 (31 December 2024: £8,663,131), including cash and cash equivalents of £2,731,743. Cash and cash equivalents as at the date of this report stood at £6,400,000 following the exercise by investors of warrants.

Conclusion

2025 has already been a transformational year for Metals One. During the reporting period, we have advanced a strategic portfolio of critical and precious metals exploration projects, each supported by strong market fundamentals. This deliberate focus ensures Metals One is well positioned to deliver sustained value for shareholders. I look forward to updating shareholders on portfolio progress through the remainder of 2025.

Craig Moulton

Executive Chair

30 September 2025