Final Results

30 June 2026 

Metals One Plc

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

Final Results for the Year Ended 31 December 2025

Metals One Plc (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project developer and investor with a key focus on gold and uranium, announces its final results for the year ended 31 December 2025 ("FY 2025"). 

Following transformational financings during FY 2025 that delivered net proceeds of over £15 million, Metals One's position has been materially strengthened. The Company's core focus is now on developing a gold business in South Africa and exploring its uranium claims in North America, alongside other majority and minority project interests globally. 

Core Portfolio Highlights

United States uranium - emerging opportunity

· Acquired 100% of the Uravan Uranium-Vanadium Project in Colorado and the Squaw Creek Uranium Project in Wyoming, establishing a footprint in historic producing uranium regions

· Acquired 75% of the Vanadium Kings, Radium Mountain, and Wedding Bell uranium and vanadium claims - signed agreement to evaluate potential to treat uranium waste dumps with DISA Technologies

· Acquired a 35% stake in NovaCore Exploration Inc., advancing the large-scale Red Basin Uranium Project in New Mexico towards maiden drilling

Gold - significant and growing exposure at a time of record prices

· Acquired a 19.1% stake in Lions Bay Capital Inc. (TSX-V: LBI) and subsequently invested US$1.8 million in Lions Bay Resources by way of convertible loan notes, to advance a vertically integrated South African gold/power strategy anchored by a cogeneration plant in Newcastle with a replacement value of US$39.6 million

· Acquired the Swales Gold Property in Nevada's Carlin Trend - one of the world's most prolific gold districts and began initial exploration activities

· Acquired a 13.61% stake in Fidelity Minerals Corp (TSX-V: FMN) which is advancing a gold-copper project in Peru's prolific Cajamarca metallogenic belt

Graphite/Copper

· Acquired a 16.9% stake in Evolution Energy Minerals Ltd (ASX: EV1), gaining exposure to the Chilalo Graphite and Chikundo Copper Projects in Tanzania - Chilalo is one of the few advanced, development-ready graphite projects outside China, with binding offtake agreements

Post-period end

· Announced new heads of terms for the Company's interests in Lions Bay Resources and Lions Bay Capital

o  Proposed transaction would see Lions Bay Capital Inc. (TSX-V: LBI) acquire 100% of the total issued share capital of Lions Bay Resources Pty Ltd , including Metals One's 30% stake and option over a further 19.99%, in an all-stock deal

o  Creates a consolidated platform to build the integrated South African gold and energy strategy, combining the Barbrook/Vantage gold restart with Lions Bay Resources' cogeneration power assets

o  Establishes key stakeholder ownership position - Metals One expected to be 54.3% shareholder prior to associated fundraise expected with the proposed transaction

o  Establishes initial equity valuation on Metals One's consolidated Lions Bay Capital Inc. interests of approximately £14.83 million - an unrealised gain of 237%

o  As part of the transaction, Metals One would also receive more shares in Fidelity Minerals Corp. (TSX:V: FMN), increasing its shareholding to 40.5%, gaining additional exposure to the highly prospective Las Huaquillas gold-copper project in Peru

Craig Moulton, Chair of Metals One, commented:

"After a transformational year, the Company has significantly strengthened its balance sheet and exposure to a diversified portfolio of mineral opportunities. The outlook for critical and precious metals is strong and the Board are working diligently to derisk and advance projects to unlock value for shareholders."

The full annual report and accounts ("ARA") is available to view on the Company's website at www.metals-one.com and will soon be posted to shareholders along with a Notice of Annual General Meeting.

Enquiries:

Market Abuse Regulation (MAR) Disclosure

The information set out herein 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').

About Metals One

Metals One is a critical and precious metals project developer and investor with a focus on gold and uranium. Our core interests include a South African gold and energy platform, a brownfield gold/copper exploration project in Northern Peru, uranium exploration and tailings reprocessing opportunities in the USA, a gold exploration project in the USA, and graphite/copper exploration in Tanzania.

Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1) and on the OTCQB Venture Market in the United States (MTOPF).

Map of Metals One's Core Portfolio

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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.

Chairman's Statement

I am pleased to present Metals One's final results for the year ended 31 December 2025.

2025 was a transformational year for Metals One ('the Group'). The completion of financing rounds that delivered net proceeds of over £15 million fundamentally reshaped our opportunity set at a time when high-quality mineral assets and projects have become available at attractive valuations for those with ready access to capital. The Board recognises that the equity fundraise announced in January 2025 resulted in significant dilution for shareholders; however, this financing package secured the future of the Group's existing projects, while allowing it to diversify exposure to a wider basket of commodities and projects. Due to the strong growth in most commodity prices, we have been able to act decisively, making highly opportunistic investments and acquisitions that have materially enhanced our portfolio and future growth potential. Prolonged depression of nickel prices has however led to an impairment charge on the Group's nickel focused assets. Further information is detailed later in this report. We continue to believe these projects are well positioned for a future nickel price recovery but, given the prevailing nickel conditions, our uranium, gold and graphite/copper opportunities are the obvious priorities.

Today, the Group's risk is spread across an expanded geographical footprint, with a clear focus on critical minerals and precious metals. Our emphasis on gold and uranium is underpinned by robust pricing dynamics and strong long-term demand fundamentals, whilst we also retain exposure to a potential nickel price recovery through our original projects.

Core Projects

Uranium

During 2025, Metals One established a strategic foothold in the United States uranium sector, an area of increasing importance as domestic uranium demand rises and the U.S. government moves to secure its supply chains.

Historic underinvestment and mine closures have constrained the global supply at precisely the moment demand for uranium is accelerating. Prices have already begun to respond to this tightening supply and demand dynamic, and we believe we are at the beginning of a sustained global nuclear expansion cycle, with both spot and long-term contract prices expected to remain robust. Against this backdrop, our growing portfolio of uranium assets in the United States, one of the world's largest uranium consumers, is well positioned to create value for shareholders.

In April, the Company announced the acquisition of 100% of the Uravan Uranium-Vanadium Project in Colorado's Uravan Mineral Belt, historically the most productive uranium-vanadium district in the United States and responsible for over 60 million pounds of uranium and 330 million pounds of vanadium production during the 20th century. This was followed by the acquisition of 100% of the Squaw Creek Uranium Project in Wyoming, comprising 169 claims across 1,500 hectares, in July (consideration for both Uravan and Squaw Creek: US$100,000 (£74,000) cash and 1,000,000 shares in Metals One). Phase 1 exploration commenced in May with geophysical surveys and surface sampling taking place across both sites. At the Uravan project, rock chip assays subsequently confirmed ore-grade uranium, vanadium, and copper in historical mining areas, providing strong validation of the anomalies identified during our survey.

We further consolidated our Uravan Mineral Belt position in August through the acquisition of a 75% interest in the Vanadium Kings, Radium Mountain, and Wedding Bell claims in Colorado and Utah from Thor Energy PLC (ASX/AIM: THR) (consideration £100,000 (£74,000) cash and £1 million in Metals One shares). These claims are proximal to both our existing Uravan project and the White Mesa Mill, the only fully licensed and operating conventional uranium processing facility in the United States. Less than a month after acquisition, a binding agreement was signed with DISA Technologies ("DISA") to evaluate and, if successful, treat historically abandoned uranium mine waste dumps at Radium Mountain and Wedding Bell, with our 75%-owned subsidiaries holding the licences to receive a gross revenue share of 2.5% to 4.0% from any recovered uranium and critical mineral concentrates. At no capital cost to Metals One, this has created a pathway to potentially generate revenue from these assets. DISA has made strong early progress in advancing its work on the Radium Mountain and Wedding Bell claims. Their teams are due to sample various sites in the coming weeks. They expect to have gamma walkover data very soon and assay results by the end of Q3 2026.

Post period end, the agreement with DISA was extended, and now includes our 100%-owned Uravan and Squaw Creek projects on similar terms.

Broadening our US uranium exposure further, the Company acquired an initial 10% interest in NovaCore Exploration Inc. ("NovaCore") in July, a private US-based company advancing the large-scale Red Basin Uranium Project in Catron County, New Mexico (consideration US$350,000 (£259,321) cash plus 3,873,959 Metals One shares at 6.07p). Historical assessments and recent radiometric surveys indicate the potential for 45 million pounds of Triuranian Octoxide (U₃O₈). Metals One subsequently increased its holding to 35%, bringing the Company's total investment in NovaCore to date to approximately US$1.45 million (£1.09 million).

In May 2026, NovaCore completed a US$1.25 million (£0.96 million) pre-IPO fundraising at a price of US$1.00 (£0.70), valuing it at US$6.7 million (£5.15 million), demonstrating a clear valuation uplift, with Metals One having invested at a price of US$0.587 (£0.45). Additionally, the recent fundraising attracted interest from some experienced uranium investors, demonstrating further the quality and potential of the Red Basin asset. Permitting is currently underway, with drilling scheduled for Q4 2026. Following the most recent fundraising, Metals One now holds a 29.5% interest in NovaCore. This brings Metals One's implied interest to a value of US$1.9 million (£1.5 million) compared to its carrying value of £479,000 as at 31 December 2025.

Gold

With gold in high demand, we believe our increasingly significant exposure to gold positions Metals One exceptionally well for value creation.

The most significant development within our gold portfolio, and our greatest source of exposure to potential near-term value creation, is the opportunity to build a vertically integrated gold mining and power company in South Africa alongside an exceptionally experienced management team.

In August, we acquired a 19.1% stake in Lions Bay Capital Inc. (TSX-V: LBI) ("Lions Bay"). Lions Bay's primary objective is bringing a large cogeneration plant at the Karbochem Industrial Park in Newcastle, South Africa, with a replacement value of US$39.6 million, back into production to provide low-cost power and, in due course, to roast refractory gold concentrates, subject to reconfiguration.

In November, we strengthened our commitment through an investment of US$1.8 million by way of convertible loan notes in Lions Bay Resources Pty Ltd ("LBR"), the South African private company formed to hold the group's partnership assets, led by Graham Briggs (former CEO of Harmony Gold) and Lloyd Birrell (founder and former CEO of Theta Gold). Proceeds were applied in part to completing the acquisition of the Newcastle plant. In December, we provided a further loan facility to LBR to support advancing its acquisition pipeline of gold mining assets.

Post year end, the South African strategy has continued to accelerate. In March 2026, our convertible loan notes in LBR were advanced and converted in full, securing a 30% equity interest, with an option agreed to increase this to 49.9% through the conversion of a further US$5.0 million of the loan facility.

In April 2026, the next major strand of Lions Bay and LBR's strategy came to fruition - acquiring and restarting the Barbrook/Vantage gold assets out of business rescue. LBR's business rescue plan for the Barbrook Mine ("Barbrook") was approved by 84% of creditors, and implementation is now underway, with approximately ZAR 151.0 million ( £7 million) paid out to date (including ZAR 45.5 million (£2 million) to former employees). The acquisition agreement has been concluded and the Section 11 application for transfer of the mining rights has been submitted to the South African Department of Mineral Resources and Energy. Once consent is granted and the outstanding consideration is paid, the business rescue practitioner will issue a certificate of completion to finalise the transaction thereby transferring Barbrook to LBR. Advancing LBR's plans to reopen Barbrook, site cleanup has commenced, health and safety protocols have been put in place, and detailed engineering and budgeting are underway.

If successfully concluded, the acquisition of the Barbrook mining complex, combined with the Newcastle plant, would represent a significant step towards establishing a uniquely positioned, vertically integrated South African gold and power business with the potential to generate meaningful near-term cash flow.

Post year end, on 30 June 2026, the stakeholders of Lions Bay and LBR entered into new conditional heads of terms pursuant to which Lions Bay would acquire 100% of the issued share capital of LBR ("Proposed Transaction"). This would create a consolidated platform to build the integrated South African gold and energy strategy, while stablishing key stakeholder ownership positions - with Metals One's expected to be 54.3% prior to an associated fundraise by Lions Bay compared to its 19.1% interest in Lions Bay and 30% interest (with an option to acquire a further 19.99%) in LBR under the old arrangements.

Notably this Proposed Transaction would also establish an initial equity value. Subject to completion, including an associated fundraise by Lions Bay, the Proposed Transaction implies, subject to audit, an initial market equity valuation on Metals One's Lions Bay ownership of approximately C$27.83 million (£14.83 million) following total investments in Lions Bay and LBR of approximately C$8.25 million (£4.40 million) (net of the Fidelity Minerals shares and remaining Metals One debt described below) - which would represent an unrealised gain on investments of 237%.

As part of the Proposed Transaction, Metals One would also increase its shareholding in Fidelity Minerals Corp. (TSX-V: FMN) (Metals One current holding: 12.96%), which is advancing the brownfield Las Huaquillas gold-copper project in Northern Peru.

Whilst the investment in the Lions Bay entities represents our most significant gold opportunity, the Company has also sought to build a portfolio of early-stage gold exploration assets which we believe offer compelling upside potential.

In May, through the Company's Business Development consultant, we secured a low-cost entry via an exploration lease and option to purchase agreement into one of the world's most prolific gold mining districts. The Swales Gold Property in Elko County, Nevada sits within the Carlin Trend, just 13 miles from Nevada Gold Mines' Carlin Complex and representing the single largest gold-producing operation in the United States (consideration US$100,000 (£70,000) cash plus 2% net smelter return royalty). The property encompasses 139 contiguous unpatented mining claims across approximately 2,780 acres, including 99 additional claims staked to further consolidate our position over the most favourable ground. The acquisition completed in June, with work currently being undertaken in advance of commencing with Phase 1 exploration.

In October 2025, the Company invested in Fidelity Minerals Corp (TSX-V: FMN), a porphyry copper-gold junior advancing the Las Huaquillas gold-copper project in northern Peru, within the prolific Cajamarca metallogenic belt (consideration C$500,000 (£265,000).

Post period end, the Company realised the upside of its July 2025 investment in Fulcrum Metals PLC (AIM: FMET), a technology-led natural resources company focused on the recovery of precious metals from historic mine tailings using an innovative, cyanide-free extraction process. The initial £175,000 investment proved highly rewarding and, following a subsequent increase in our holding, we divested our shares for proceeds of £642,000, representing an approximate 103% profit on the weighted average cost. The Company retains continued upside exposure through warrants.

Graphite/Copper

Graphite has been designated a critical mineral by the United States, European Union, and Japan, and the supply chain outside China remains acutely constrained. Against this backdrop, in September we acquired a 16.9% stake in Evolution Energy Minerals Ltd (ASX: EV1) ("Evolution") (consideration AUD$946,900 (£461,854) cash) through a combination of a market purchase and underwriting of Evolution's Rights Issue, which closed significantly oversubscribed.

Evolution's primary asset, the Chilalo Graphite Project in south-eastern Tanzania, is one of the few advanced, development-ready graphite projects outside China. Independent studies have confirmed a large, high-quality graphite deposit, with the project's economics deemed highly attractive, generating an estimated value of A$518 million (£271 million) and a projected return on investment of 32%. Binding sales agreements are already in place, covering more than 90% of the graphite the project is expected to produce, providing strong commercial backing ahead of construction.

In October, Evolution committed to an accelerated development schedule targeting first ore production by October 2027, alongside resource development drilling and the advancement of funding discussions with international banks and sovereign funds. Post period end, in February 2026 we participated in a further entitlement offer by Evolution, investing up to A$1.0 million at A$0.015 per share, a premium to our original entry cost, reflecting our continued confidence in the asset's trajectory.

Post period end, Evolution provided an encouraging operational update. At Chilalo, the team has transitioned from study to execution, with a clear staged development pathway defined, EPCM contractor engagement underway, and first graphite concentrate production remaining on track for October 2027. The graphite market backdrop continues to strengthen, with independent forecasts pointing to a structural supply deficit by 2035. At Evolution's other project, the Chikundo Copper Project, a recent site visit returned highly encouraging surface copper mineralisation ahead of drilling. 

Other Projects

Nickel

In January 2025, we announced the results of an independent preliminary economic assessment ("PEA") for our Black Schist nickel-copper-cobalt-zinc project in Finland, carried out by specialist consultancy Wardell Armstrong International. The PEA focused on the Rautavaara ("R1") deposit as the project's primary value driver, assessing a production scenario that would yield approximately 4,500 tonnes of nickel per year. Although the study was completed at a time of weak nickel prices, which naturally dampens the headline numbers, it demonstrated that the project's value is highly sensitive to rising prices, meaning the economics improve significantly as the nickel market recovers. To reflect the short-to-mid-term outlook for nickel prices the Group recorded a £5.98 million write down of its Black-Schist project .

The Group still sees value in this project and post period end, in January 2026, formally submitted an application to the European Commission under the Critical Raw Materials Act, seeking EU Strategic Project designation for R1. Designation would support advancement from PEA to Pre-Feasibility Study, while facilitating access to EU financing mechanisms, streamlined permitting, and engagement with downstream counterparties.

Metals One also holds a stake in the Råna Project through a partnership with Australian-listed Kingsrose Mining ("Kingsrose"), which is operating the project and funding exploration activity, meaning Metals One carries no exploration costs.

The Råna Project sits within a large geological feature in northern Norway that geologists consider structurally similar to Voisey's Bay in Canada, one of the world's most significant nickel, copper, and platinum group metals deposits. The project surrounds the previously producing Bruvann underground mine and remains largely unexplored by modern standards, benefiting from strong existing infrastructure including a deep-water port and access to affordable, renewable energy.

The project sits within a large geological feature in northern Norway that geologists consider structurally similar to Voisey's Bay in Canada, one of the world's most significant nickel, copper, and platinum group metals deposits. During 2025, Kingsrose continued drilling across the project area, identifying new zones of nickel, copper, and cobalt mineralisation at multiple depths. These findings suggest the mineralised area is considerably larger than previously understood, opening up potential for new discoveries. Kingsrose is currently assessing the best way to advance the project from here.

Notwithstanding this exploration progress, in light of depressed nickel prices and broader market-based indicators pointing to a subdued near-term outlook, the Group recorded an impairment of £511,425 against the carrying value of its interest in the Råna Project during the year.

Current capital markets remain challenging for nickel-focused projects, but we believe Black Schist and Råna offer good long-term optionality as nickel supply rebalances and prices recover.

Platinum Group Elements

Platinum prices reached an eleven-year high in 2025, driven by supply concerns and sustained demand from automotive, chemical, electronics, and medical applications.

In July, we completed the acquisition of the Lillefjellklumpen Project in central Norway (consideration €90,000 (£78,000) cash plus 2% net smelter return royalty), marking another low-cost entry into a highly prospective, underexplored asset. The project hosts some of the highest-grade platinum group elements ("PGE") assays published in Norway, with surface sampling from 2014 returning up to 17.5 g/t palladium and platinum alongside significant gold, nickel, and copper values. Mineralisation characteristics show geological parallels to world-class deposits at Sudbury and Bushveld, and the project benefits from strong local infrastructure.

Lithium

Lithium is a key metal for the green transition, with long-term demand fundamentals pointing to sustained growth into the next decade.

In August, Metals One invested in CleanTech Lithium PLC (AIM: CTL) as part of its £4.3 million equity fundraise, acquiring an initial 10.7% shareholding (consideration £1.0 million cash). CleanTech Lithium is advancing two lithium projects in Chile. Post period end, the Company divested its shareholding in CleanTech Lithium, realising a 108% gain on the weighted average cost. The Company retains continued upside exposure to this investment through warrants.

Finland Copper

In March 2025, we entered into a binding term sheet to acquire FinnAust Mining Finland Oy from 80 Mile PLC (AIM: 80M), holding licences comprising the Hammaslahti Copper-Zinc and Outokumpu Copper Projects in Finland. Following a strategic review, the Board concluded that capital was better deployed elsewhere. A settlement was reached in July 2025, terminating the acquisition for £150,000 plus a settlement of historical liabilities.

Corporate Developments

In 2025, we significantly strengthened the business from a financing perspective. In January, the Company announced a two-stage fundraise, comprising an interest-free convertible loan note of £600,000 and a £4.4 million equity fundraise by warrant instrument ("Equity Fundraise"), alongside a retail offer of up to £100,000 for existing shareholders. Together, these delivered net proceeds of £3.1 million upon completion in April. The subsequent exercise of cash warrants issued pursuant to the Equity Fundraise through the year delivered a further £8 million, with those warrants now fully exercised.

In March 2025, shareholders approved a 10:1 share consolidation, reducing the Company's issued share capital to a more appropriate level to support the above equity fundraise.

In December 2025, the Company raised a further £4.4 million through an oversubscribed institutional placing, with proceeds directed principally towards the South Africa strategy.

Post period end, in April 2026, the Company raised an additional £1.5 million through a direct institutional subscription.

In November 2025, the Company's ordinary shares were admitted to trading on the OTCQB Venture Market in the United States under the symbol "MTOPF", a natural progression following our strategic entry into the US critical minerals sector, broadening access for North American investors to Metals One's growing uranium and gold portfolio.

Team

Over the course of the year, we strengthened the leadership team, ensuring the Company is well-positioned to execute its expanded investment strategy. In April, Craig Moulton moved from a non-executive director to the Independent Executive Chair, bringing over 30 years of global mining experience including senior roles at Rio Tinto and Cleveland Cliffs, and Daniel Maling was appointed Chief Executive Officer in September (previously Chief Financial Officer), drawing on his extensive networks across the global metals and mining industry. Two new Non-Executive Directors were also appointed: Alex King, a geologist with 16 years' experience in mineral exploration and critical minerals; and Fungai Ndoro, an accomplished corporate finance professional with a strong track record advising growth-focused UK small-cap companies. Together, the Board boasts a breadth of technical, commercial, and financial expertise which is well aligned to support Metals One's ambitions as we continue to build our diversified portfolio. On behalf of the Board, I would like to reiterate my thanks to the directors who left during 2025, being Thomas Levin, Alastair Clayton, Sara Minchin, Winton Willesee and Jonathan Owen.

Financial Review

As an early stage project developer and investor, Metals One currently has no revenues. As at 31 December 2025, Metals One had net assets of £19.27 million (FY24: £8.66 million), including cash and cash equivalents of £8,304,317 (FY24: £33,640). The Group incurred significant losses during the year from the impairment of its nickel assets as well as business development costs related to new project identification and costs associated with its fundraisings which have been charged through the income statement. These were partially offset by a £2.521m fair value gain on the Group's portfolio of listed investments, which delivered a positive contribution during the year and provide a source of liquidity and balance-sheet flexibility that can be realised to help fund ongoing operations and project development without reliance on further equity issuance

Outlook

After a transformational year, the Company has significantly strengthened its balance sheet and exposure to a diversified portfolio of mineral opportunities. The outlook for critical and precious metals is strong and the Board are working diligently to derisk and advance projects to unlock value for shareholders.

Craig Moulton

Chairman

30 June 2026

Consolidated Statement of Profit or Loss

The accompanying notes on pages 44 to 82 of the ARA form an integral part of these consolidated financial statements.

Consolidated Statement of Financial Position

As at 31 December 2025

The accompanying notes on pages 44 to 82 of the ARA form an integral part of these consolidated financial statements.

The financial statements were approved by the board on 30 June 2026 and were signed on its behalf by:

Craig Moulton

Chairman