Metals One Regulatory News (MET1)

31 July 2023 

Metals One Plc

("Metals One", the "Group", or the "Company")

Admission to Trading on AIM

&

First Day of Dealings

Metals One, which is advancing battery metal projects at brownfield sites in Finland and Norway, is pleased to announce the admission of its entire issued share capital of ordinary shares of £0.01 each to trading on AIM, a market operated by London Stock Exchange plc, at 8.00 a.m. today under the ticker 'MET1' ("Admission"). Information required pursuant to AIM Rule 26 is available on the Company's website at: www.metals-one.com.

Admission follows a placing by Shard Capital Partners LLP ("Shard") and SI Capital Limited ("SI"), as well as a Company Subscription, for a combined total of 44,000,000 Ordinary Shares at 5p per Ordinary Share (the "Placing Price"), raising gross proceeds of £2.2 million, before expenses (the "Placing"). Shard and SI acted as Joint Brokers and Beaumont Cornish acted as the Nominated Adviser in relation to the Admission.

Strategic Highlights

· European brownfield battery metals projects with approximately £9 million of exploration carry exposure through farm-in agreements

· Projects are either adjacent or analogous to other world-class high-purity nickel sulphate deposits

· Projects are well-located to supply Europe's major electric vehicle Original Equipment Manufacturers ("OEMs") and battery manufacturers

Finland - Black Schist Project (nickel, copper, cobalt, zinc)

Highlights

· Adjacent to Europe's largest operating nickel mine, Talvivaara

· 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) at Rautavaara

· Paltamo hosts a JORC exploration target of 16-24 Mt of Talvivaara-type mineralised material, containing 0.18-0.27% Ni, 0.09-0.13% Cu, 0.01-0.02% Co and 0.33-0.50% Zn, as well as additional exploration targets, in Kainuu Schist Belt, eastern Finland

· Compelling case for further exploration for Talvivaara-style nickel-zinc-copper-cobalt deposits

· Skilled local workforce and mining/exploration service providers

· Metals One has operatorship and initially 100% ownership

Work Programme

· Proceeds of Placing to contribute to initial exploration and development of Black Schist Project

o  Mobilisation and equipment purchases

o  Initial data compilation, modelling, and review

o  Geophysical and geochemical surveys

o  Diamond drilling - Rautavaara and Paltamo

o  Additional licence applications and further in-fill and step-out

o  Preliminary and upgraded resources

Farm-in

· Up to £1 million of initial exploration and development funded by Gunsynd through farm-in for up to 25%

· Gunsynd will provide the £1 million funding and receive 25% of FinnAust Mining Northern Oy (a wholly owned subsidiary of Metals One) over a period of 18 months in four equal tranches

· Metals One is operator with 100% (75% after Gunsynd farm-in)

· Gunsynd will receive warrants to subscribe for ordinary shares in Metals One valued at £75,000 at the Placing Price

Norway - Brownfield Råna Project (nickel, copper, cobalt)

Highlights

· Opportunity for brownfield exploration of Råna intrusion operated by Kingsrose Mining (ASX: KRM) ("Kingsrose")

· Råna intrusion analogous to Voisey's Bay world-class nickel-copper-platinum-group elements deposit

· Proven potential for massive sulphide nickel-copper-cobalt mineralisation

· Disseminated and net textured/semi-massive to massive nickel and copper sulphide mineralisation phases have been identified within Råna intrusion

· Underexplored using modern methods, technology and deposit models - no exploration or evaluation since 2007

· Project encircles previously producing underground Bruvann Mine

· 37 km by main road from Narvik deep-water port, which is ice-free all year

· Metals One has 80% non-operating interest

· Fully carried on exploration programme via Kingsrose farm-in (see below)

Work Programme

· Audio Magnetotelluric geophysical surveys, exploring conductive bodies from surface to >600m deep - potentially hosting significant sulphide mineralisation

· Airborne magnetic geophysical surveys for model intrusion morphology

· Mapping, core logging and XRF measurements to develop 3D geological model and identify prospective intrusive units

· Kingsrose commenced drilling in July 2023

Farm-in

· Farm-in agreement between Kingsrose and Brownfield Råna Project project-holder Scandinavian Resource Holdings ("SRH") (a wholly owned subsidiary of Metals One)

· Kingsrose is operator and earns up to 75% over 8 years, through staged expenditure of up to A$15 million

· In addition to expenditure commitments, Kingsrose will issue 4.5 million Kingsrose shares and pay A$1 million in cash to SRH in stages

· Metals One will hold 15% of the project assuming full Kingsrose farm-in with the remaining 10% held by Global Energy Metals Corporation (TSXV: GEMC)

Market Drivers

Battery metals are underpinning decarbonisation, particularly of transportation. Europe is leading the way in electric vehicle adoption with 2.5 million new electric vehicles registered in 2022 alone, whilst OEMs are exploring opportunities to secure a sustainable supply of battery metals from ethically mined sources. In its 2023 Critical Raw Materials Act, the EU set targets to mine at least 10% of the critical raw materials it consumes by 2030, including for the first-time nickel and copper.

Globally, these metals are anticipated to be needed at scales far beyond current supply and that is driving up their value. It is estimated that nickel demand from the electric vehicle sector in the EU alone will increase from 17,000 tonnes in 2020 to 550,000 tonnes in 2040, a thirty-fold increase. The EU can meet this demand until 2025 with domestic sourcing before a structural deficit emerges.

Board of Directors

Alastair Clayton - Non-Executive Chairman

Alastair is a corporate financier and geologist with over 30 years' experience in mining and exploration. He has identified, financed, and developed minerals and materials projects across Europe, Australia, and Africa, and has a significant nickel investment track record with strong in-country Finnish expertise.

Jonathan Owen - Chief Executive Officer

Jonathan is a mining engineer with over 10 years' experience in developing and managing exploration and mining operations. He has senior operational leadership experience in gold, diamond, industrial minerals, and gas projects. Jonathan is an Associate of Camborne School of Mines.

Daniel Maling - Chief Financial Officer

Daniel is a corporate financier with over 25 years' experience in senior corporate and commercial management, specialising in the natural resources and technology sectors. He is a Fellow and member of the Chartered Accountants of Australia and New Zealand, and partner of London-based accounting and corporate advisory boutique, Orana Corporate LLP.

Sara Minchin - Independent Non-Executive Director

Sara is a sustainable finance, sustainability and ESG expert with over 17 years' experience within the finance sector, including 3i plc, KPMG, and Deloitte. She formerly led sustainable finance policy advocacy, regulatory and standards work for the World Wildlife Fund, and is a Chartered Accountant and Fellow of ICAEW.

Craig Moulton - Independent Non-Executive Director

Craig is a geologist and mineral economist with over 30 years' experience in the mining industry, including Rio Tinto, Cliffs, and Wood MacKenzie. He is Managing Director of NickelSearch, an ASX-listed Australian nickel sulphide explorer, and was formerly Managing Director of LSE-listed South Australia gold exploration company, Cobra Resources, which he took public.

Thomas Levin - Non-Executive Director

Thomas is a Finnish geologist with over 14 years' experience in exploration and project management. He is COO of FinnAust Mining Finland, part of Bluejay Mining (AIM: JAY), where he manages its Finnish assets. Thomas was formerly Project Manager of geo-consulting company, AB Scandinavian Geopool, and is the vendor-representative of the Finland - Black Schist Project on Metals One's Board.

Winton Willesee - Non-Executive Director

Winton has over 20 years' experience in leadership roles for ASX-listed companies, including as Chairman, Non-Executive Director, and Company Secretary. He is Principal of Azalea Consulting, providing corporate administration and compliance services to Australian companies, and is the vendor-representative of the Norway - Brownfield Råna Project on Metals One's Board.

Jonathan Owen, CEO of Metals One, commented:

"Metals One has listed with interests in nickel projects with substantial exploration carry exposure through farm-ins at a critical time for battery metals driven by the continued rise in electric vehicle adoption globally.

With European brownfield projects, experienced partners, and funded work programmes in place, our projects are well positioned for rapid advancement as we seek to establish ethically mined sources of critical minerals, including nickel, in Europe, close to future customers."

Placing Statistics:

See Appendix below for more information.

About Metals One

Metals One is developing brownfield battery metals projects in Finland (Black Schist Project) and Norway (Brownfield 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 Brownfield 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.

Glossary

APPENDIX 1

AIM Admission Document

Available at: www.metals-one.com

The dealing codes for the Ordinary Shares are as follows:

Total Voting Rights

For the purposes of the Disclosure Guidance and Transparency Rules ("DTRs") of the Financial Conduct Authority ("FCA"), the total number of Ordinary Shares with voting rights in the Company as at the date of this announcement is 208,450,000. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's DTRs.

-ENDS-