RE: Expect EV1 RNS Tomorrow11 Feb 2026 08:52
11 February 2026
Metals One Plc
("Metals One" or the "Company")
Further Investment in Evolution Energy Minerals
Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project developer and investor, announces it intends to participate in a fundraising by Evolution Energy Minerals Ltd (ASX: EV1) ("Evolution") (Metals One: 16.9%) by way of participation in a pro rata renounceable entitlement offer announced by Evolution this morning.
Evolution has confirmed eligible shareholders are able to subscribe for one new fully paid ordinary share in Evolution for every two existing fully paid ordinary shares held, at an issue price of A$0.015 per new share, with Evolution seeking to raise up to approximately A$4 million before costs. The issue price represents a premium to the Company's original investment price per share of A$0.011.
Metals One has agreed to invest up to A$1 million as part of the transaction (the "Metals One Subscription") although its final allocation will be determined by the take-up from other shareholders and therefore a further announcement will be made once this is finalised.
The proceeds from the fundraising will be applied to exploration of the Chikundo Copper Project, resource development activities at the Chilalo Graphite Project, costs associated with the fundraising, short term loan repayments and for general working capital.
Craig Moulton, the Company's Chairman, remains an executive director of Evolution and therefore the Metals One Subscription is considered a Related Party Transaction under the AIM Rules. The independent directors of Metals One, being Daniel Maling, Alex King and Fungai Ndoro, having consulted with the Company's Nominated Advisor, consider the terms of the Metals One Subscription to be fair and reasonable and in the best interests of the Company and its shareholders.
For the financial year ended 30 June 2025, Evolution reported a loss before tax of A$5,105,930 on nil revenue and, as at that date, had Net Assets of A$5,092,624.
Daniel Maling, Managing Director of Metals One, commented:
"We remain a highly supportive investor in Evolution and are pleased to participate in this fundraising. The additional capital has been raised to support the Company's advancement of the Chikundo Copper Project and Evolution's broader exploration and development activities."
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