23 October 2023 

Metals One Plc

("Metals One" or the "Company")

Update re SRH Råna Project, Norway

Drilling Intercepts 9.3m at 1.0% Nickel and 0.3% Copper at Newly Discovered High Grade Sulphide Zone

Metals One (AIM: MET1), 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 at the Rånbogen prospect and a further hole at Bruvann as part of the 5,000m diamond drilling programme.

Drilling has delivered high-grade massive sulphide Ni-Cu-Co mineralisation in both holes over an interpreted strike length of 150m, within a previously undrilled area which is open along strike and down dip.

Highlights

Hole 23RAN002

·    High-grade massive and breccia sulphide zone returned 9.3m at 1.0% Ni, 0.3% Cu and 0.10% Co from 176.5m, within a broader upper mineralised zone which returned 26.2m at 0.7% Ni, 0.2% Cu and 0.06% Co from 169.0m (Hole 23RAN002, see Figure 4)

·    Lower mineralised zone returned 2.7m at 0.9% Ni, 0.1% Cu and 0.08% Co from 281.9m (Hole 23RAN002, see Figure 4)

Hole 23RAN001

·    Two semi-massive to massive sulphide zones were intercepted, 150m northwest along strike from 23RAN002 (see Figure 2)

·    Semi massive to massive sulphide zone returned 2.4m at 0.8% Ni, 0.2% Cu, 0.10% Co from 66.4m (Hole 23RAN001, Figure 3), within a broader mineralised interval of 10.2m at 0.4% Ni, 0.1% Cu, 0.05% Co from 63.7m (Hole 23RAN001, see Figure 4)

·    Semi-massive sulphide lens returned 1.3m at 0.6% Ni, 0.3% Cu and 0.09% Co from 167.9m (Hole 23RAN001)

Jonathan Owen, CEO of Metals One, commented:

"We are pleased to report that our SRH Råna Project partner Kingsrose has discovered a new high-grade, relatively shallow nickel-copper sulphide zone at the Rånbogen prospect, demonstrating that the wider Råna intrusion is host to significant mineralisation outside of the historical mine.

These results, including the interception of two stacked zones of sulphide mineralisation, confirm the scale potential of the Råna intrusion, with the exposed lower zone underexplored and highly prospective.

Diamond drilling has now identified high-grade massive sulphide nickel-copper-cobalt mineralisation at both the Rånbogen and Arnes prospects. The operator is continuing to make good progress with the exploration programme which includes drill testing several targets at Rånbogen with similar signatures."

Kingsrose's full announcement, which includes supporting JORC statements, is available at:

http://www.rns-pdf.londonstockexchange.com/rns/8835Q_1-2023-10-22.pdf

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

Rånbogen

Mineralisation in 23RAN001 and 23RAN002 has been intercepted in two main zones over a strike length of 150m and is broadly coincident with an ovoid, east-west trending MT conductor. Strongly conductive EM modelled plates striking northwest-southeast over 300m occur within the MT conductor, and mineralisation in holes 23RAN001 and 23RAN002 is broadly coincident with these plates.

·    Mineralisation is open along strike and down dip, as indicated by the MT and EM data (see Figure 2)

·    There are several other MT conductors with coincident EM plates and mineralised nickel rockchips at Rånbogen which remain untested (see Figure 2)

·    These targets will form the focus of the remaining drill campaign and will be subject to continued ground and borehole EM surveys to aid drill targeting

The upper zone of mineralisation in 23RAN002 is hosted by peridotite and comprises a broad, disseminated zone of sulphide which is cross cut by a 9m wide zone of sulphide veins, breccia and net, semi-massive and massive pyrrhotite-pentlandite-chalcopyrite (see Figures 5 to 7). The lower mineralised zone is located at the contact between norite and peridotite and is inferred to represent an intrusive sulphide breccia containing autoliths of peridotite.

·    The stacked and cross-cutting nature of mineralisation indicates that there is potential for multiple sulphide-generative events, therefore multiple mineralised zones of varying scale and nickel tenor

·    Sulphide grain size is variable and includes coarse-grained pentlandite which occurs as loop textures, and coarse-grained chalcopyrite which is often concentrated at the margins of sulphide veins and intrusions

·    It is interpreted that the vari-textured host rocks, cross-cutting injected sulphide, coarse-grained pentlandite loop textures and formation of a peridotite-norite sill complex are indicative of a dynamic and multiphase intrusive system, in support of a syn-orogenic chonolith model of emplacement. Such mineral systems are fertile settings for nickel sulphide deposits worldwide

Mineralisation in holes 23RAN001 and 23RAN002 is stratigraphically higher than mineralised outcrops in the north of the Rånbogen prospect area and the Bruvann Mine.

·    This suggests that mineralisation occurs in multiple horizons associated with sills of peridotite.

·    Similar, underexplored peridotite sills with elevated nickel in historical rockchips are observed along the lower zone of the intrusion including at Arnes, Storvatnet and Eiterdalen (see Figure 1)

·    It is inferred that the entire intrusion is prospective for the discovery of multiple mineralised lenses associated with peridotite sills and also as offset lenses of mineralisation in the wall rocks

·    Exploration will continue to define additional drill targets using the proven methodology applied by Kingsrose to date

Bruvann

Results from hole 23BRU004 have been received (see Figure 8). This hole was planned to test west down dip from open mineralisation in the southwest of the mined area and intercepted two low grade zones of disseminated sulphide, between 13.8m and 14.2m wide and 0.22 to 0.24% Ni, hosted in peridotite. Although below the threshold for reporting of a significant intercept, these results demonstrate that the intrusion and mineralisation is open to the west along strike and down plunge, where there is potential for discovery of additional massive sulphide zones at the intrusion sidewalls or as offset bodies within the footwall host rocks.

Table 1: Drill collars details for reported drill holes, Råna Project, Norway

Table 2: Significant intercepts, SRH Råna Project, Norway

Figure 1: Råna Project area and location of the Rånbogen prospect

Figure 2: Map showing reported drill holes, geology, MT conductive anomalies, modelled EM plates and rockchips at the Rånbogen prospect, Råna Project

Figure 3: Cross section (A-A') showing hole 23RAN001

Figure 4: Cross section (Section B-B') showing hole 23RAN002

Figure 5: Massive pyrrhotite-pentlandite-chalcopyrite with coarse grained pentlandite and rounded clasts of peridotite, from a 0.3m sample that returned 2.23% Ni, 0.15% Cu, 0.20% Co, 176.83m, 23RAN002. NQ diameter drill core

Figure 6: Massive and net-textured pyrrhotite-pentlandite-chalcopyrite with coarse pentlandite loop textures and rounded clasts of peridotite, from a 0.3m sample that returned 1.71% Ni, 0.26% Cu, 0.15% Co, 176.54m, 23RAN002. NQ diameter drill core

Figure 7: Massive pyrrhotite-pentlandite-chalcopyrite lens with sharp, cross-cutting contact to host peridotite unit. Note the fractionated chalcopyrite rich zone at the contact with host peridotite. From a 0.6m sample that returned 1.51% Ni, 0.37% Cu, 0.15% Co, 180.0m, 23RAN002. NQ diameter drill core

Figure 8: Map showing reported drill holes, geology, MT conductive anomalies, and modelled EM plates at the Bruvann Mine, Råna Project

Glossary