Metals One Regulatory News (MET1)

4 September 2023 

Metals One Plc

("Metals One" or the "Company")

Update re SRH Råna Project, Norway

Diamond Drilling Confirms Presence of High-Grade Massive Sulphide Nickel-Copper-Cobalt Mineralisation at Bruvann

Metals One, which is advancing battery metal projects at brownfield sites in Finland and Norway, announces that the Company's SRH Råna Project (nickel, copper, cobalt) partner and operator, Kingsrose Mining Limited (ASX: KRM) ("Kingsrose"), has reported results from the first two holes drilled as part of the 5,000m diamond drilling programme.

Results confirm the presence of high-grade semi-massive nickel-copper-cobalt sulphide mineralisation , and a broad zone of disseminated sulphide mineralisation at Bruvann, located within the Company's Arnes prospect, whilst demonstrating that mineralisation in the area is open along strike from existing mine infrastructure.

Highlights

· 2.5m at 1.00 % Ni, 0.14% Cu and 0.08 % Co from 172.91m (Hole 23BRU001), including 1.0m at 1.94 % Ni, 0.18% Cu and 0.18 % Co from 173.91m (see Figures 2 and 3)

o  This intercept is located 20m southwest and along strike from an historical massive sulphide drill intercept, located 70m south of the inferred position of historical underground workings.

· 50.0m at 0.43 % Ni, 0.10% Cu and 0.02 % Co from 470.6m (Hole 23BRU003) (see Figures 2 and 4)

o  This intercept is located 20m down dip from broad zones of mineralisation identified in historical drilling and underground mining, which is open and undrilled to the west and down dip.

· Drillhole 23BRU002 was abandoned at 245.9m and before reaching the intended target due to excessive deviation.

Jonathan Owen, CEO of Metals One, commented:

"Bruvann is one of the key targets of the exploration programme being undertaken by our farm-in partner, Kingsrose, at our SRH Råna Project in Norway, and we are pleased to be reporting results from initial diamond drill work, including the interception of massive sulphide nickel-copper-cobalt mineralisation.

Diamond drilling is aimed at testing a range of targets at our Arnes and Rånbogen prospects, and, pleasingly, results confirm that mineralisation at Bruvann remains open along strike from existing mine infrastructure, whilst we are also encouraged by the presence of high tenor nickel sulphides and substantial widths of mineralisation.

We look forward to updating shareholders on further diamond drilling being conducted and funded by Kingsrose at the project as they continue to test a number of targets identified by the recent geophysical and geological studies."

Kingsrose's full announcement, which includes supporting JORC statements, is available at: http://bit.ly/3Z2pMqq

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. The Competent Persons Statement for these data, as required by the JORC Code (2012), is provided by Kingsrose Mining Limited as per the link provided above. Mr Moulton consents to the inclusion of the technical information in this release and context in which it appears.

Discussion of Results

Kingsrose has received analytical results for the first two holes (totalling 776 metres, Table 1) of the planned 5,000m drill programme and significant results from these holes are presented in Table 2. Results are discussed below, where both holes were designed to test along strike from known mineralisation whilst also providing stations to conduct downhole EM surveys. These holes were drilled prior to completion of the ground based geophysical surveys and were based on geological interpretation from existing mapping and historical drill data. The results will be used to further inform the geophysical data interpretations and generation of follow up drill targets.

Hole 23BRU001

Drillhole 23BRU001 was designed to test an area 20m southwest and along strike from a high-grade mineralised zone identified from a review of historical drill data, adjacent to underground mine infrastructure where there is no recorded historical mining activity. The hole intercepted disseminated pyrrhotite-chalcopyrite mineralisation hosted in norite from 162.4m, with a one-metre thick cross-cutting vein type massive sulphide zone within a raft of gneiss wall rock from 173.9m. Vein hosted massive sulphide mineralisation comprises pyrrhotite, pentlandite, chalcopyrite and a rare silver coloured, metallic mineral tentatively identified as skutterudite (nickel, cobalt and arsenic bearing sulphide, Figure 5).

The mineralised zone intercepted in 23BRU001 remains open to the east, west and down dip, and a downhole electromagnetic survey of the hole identified a strong off-hole conductor along strike to the west.

Hole 23BRU003

Drillhole 23BRU003 was designed to test an area along strike and down plunge from mineralisation identified from a review of historical drill data at the western extent of the Bruvann Mine. The hole intercepted disseminated, blebby and net-textured pyrrhotite-chalcopyrite mineralisation (see Figure 6) from 470.6m. This mineralisation is hosted within peridotite and is located where expected based on the geological interpretation and provides an important vector for future drill planning. The mineralised zone is cross-cut by rare, millimetre scale sulphide veinlets composed of pyrrhotite and pentlandite.

A combination of ground-based EM and downhole EM data from this hole identified an off-hole, mid-time anomaly over 200m metres to the west and along strike from the mineralised zone intercepted in 23BRU003 (Figure 2).

Table 1: Drill collar data for reported drillholes, Råna Project, Norway

Table 2: Significant intercepts from holes completed to date by Kingsrose at the Råna Project, Norway

Figure 1: Råna Project area

Figure 2: Map showing reported drillholes at the Bruvann Mine area, Råna Project

Figure 3: Cross section (Section A-A') showing hole 23BRU001

Figure 4: Cross section (Section B-B') showing hole 23BRU003

Figure 5: Semi-massive pyrrhotite-pentlandite-chalcopyrite vein cutting a raft of gneiss country rock, with possible skutterudite mineral at vein contact, from a 0.52m sample that returned 2.71% Ni, 0.17% Cu, 0.30% Co, 174.4 m, 23BRU001

Figure 6: Disseminated pyrrhotite-pentlandite-chalcopyrite hosted by peridotite, from a 1.0m sample that returned 0.53% Ni, 0.10% Cu, 0.02% Co, 499.17m, 23BRU003

Glossary