2 May 2023

URU Metals Limited

("URU")

Update from ZEB Nickel Corp

URU notifies that ZEB Nickel Corp. announced on 1 May 2023 post close, the filing of its audited Year-End Financial Statements and associated Management Discussion and Analysis. Copies of these can be obtained on SEDAR at: www.sedar.com and will be available on the Company's website at: www.zebnickel.com.

In addition, ZEB Nickel Corp. also issued a clarifying press release on 1 May 2023 post close.

URU successfully completed the disposal of the Zeb Project, located in Limpopo, South Africa (the "Project") to ZEB Nickel Corp. in August 2021 and the Project remains the primary focus of URU, through its 73.81% interest in ZEB Nickel Corp. and URU's continuing role as the technical adviser on the Project.

The ZEB Nickel Corp. announcements are as follows:

Zeb Nickel Corp. Files 2022 Year End Financial Statements and Management Discussion and Analysis

Vancouver, BC, May 1, 2023 - ZEB Nickel Corp. (ZBNI:TSX-V) (OTC:ZBNIF) ("Zeb" or the "Company") today announced that it has filed its audited Year-End Financial Statements and associated Management Discussion and Analysis for the year ended December 31, 2022.

Shareholders can obtain copies of the Company's audited Year-End Financial Statements and associated Management Discussion and Analysis on SEDAR at: www.sedar.com and on the Company's website at: www.zebnickel.com.

Zeb Nickel Issues Clarifying Press Release

Vancouver, BC, May 1, 2023 - ZEB Nickel Corp. (ZBNI:TSX-V) (OTC:ZBNIF) ("Zeb" or the "Company") announces that as a result of a review by the British Columbia Securities Commission of the Company's press release dated March 15, 2022 and certain other disclosures, the Company is issuing this press release to clarify and retract certain disclosures with respect to the Company's Zebediela nickel project (the "Project" or the "Zeb Project").

In the aforementioned press release it referred to an "existing" preliminary economic estimate on the Project. In addition, the Company has also made disclosures of a mineral resource estimate on nickel mineralization in the Lower Zone Uitloop II body at the Project (the "Historical Resource Estimate") that was completed by MSA Geoservices (Pty) Ltd (MSA) in March 2012 that did not fully comply with the requirements of National Instrument 43-101.

The Company clarifies that the press release was referring to the Historical PEA and not to any subsequent economic assessment. The Zeb Project property does not contain a current mineral resource estimate and there is no preliminary economic estimate. In addition, the following disclosure is provided with respect to the Historical Resource Estimate. The Historical Resource Estimate used categories that conformed to CIM Definition Standards on Mineral Resources and Mineral Reserves (CIM, 2010) at the time of completion of the Historical Resource Estimate. The Historical Resource Estimate has an effective date of March 31, 2012 and estimated an Indicated Resource of 485.4 million tonnes averaging 0.245% Ni, with an additional Inferred Resource of 1,115.1 million tonnes at 0.248% Ni, using a cut-off grade of 0.1% TNi (Total Nickel). The Historical Resource Estimate used a nickel price of US$8.50 per pound or US$18,739.00 per ton. The mineral resources were quoted as TNi and were restricted to mineralization in the "Sulphide Zone". They were stated as in-situ with no geological losses applied. The mineralization in the Uitloop II body was constrained by a TNi grade-derived envelope.  Although the intrusive body is largely coincident with this, there is no uniform geological control on the mineralization across the body.

Additional drilling was determined to be required to further investigate the morphology of the mineralized envelope and to in-fill sparsely-drilled areas.  The Company's drill program planned for 2023 is intended to determine a current estimate of mineral resources on the Zeb Project and the extent to which the Historical Resource Estimate may be considered current.  The Historical Resource Estimate is not supported by a compliant NI 43-101 technical report, and the Historical Resource Estimate should not be relied on until it has been verified and supported by a compliant NI 43-101 technical report.

No qualified person has done sufficient work to classify any of the Historical Resource Estimate as current mineral resources or mineral reserves and the Company is not treating the Historical Resource Estimate as current mineral resources or mineral reserves. Investors are cautioned that the Historical Resource Estimate does not mean or imply that economic deposits exist on the Zeb Project.

Richard Montjoie has supervised the preparation of the scientific and technical contained in this press release and has approved the disclosure herein. Mr. Montjoie is the CEO & VP Exploration of the Company and is not, therefore, independent of the Company. Mr. Montjoie is a registered member of the South African Council for Natural Scientific Professions (SACNASP) membership number 400131/09. Mr. Montjoie holds a M.Sc. Honors in Economic Geology from the University of Witwatersrand, South Africa, and is fellow of the Geological Society of South Africa (GSSA).

About the Company and Project

Zeb Nickel Corp is focused on exploring for and developing world-class mineral deposits, with a focus on metals that are critical in the production of rechargeable batteries, such as nickel, graphite, lithium, cobalt, manganese, copper and aluminum. The Company is currently focused on developing its flagship Zeb Nickel Project, located in Limpopo, South Africa. The Zeb Nickel Project is a developing Class 1 nickel sulfide project strategically located in the Bushveld Complex in South Africa.

ZBNI announcement ends

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with URU's obligations under Article 17 of MAR. 

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