5 February 2024

Metals One Plc

("Metals One" or the "Company")

Update re SRH Råna Project, Norway

Drilling Intercepts New Zones of Nickel Sulphide Mineralisation

&

2024 Exploration Programme

Metals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, is pleased to announce that the Company's SRH Råna Project (nickel, copper, cobalt) partner and operator, Kingsrose Mining Limited (ASX: KRM) ("Kingsrose"), has received all analytical results from the 2023 core drilling programme, where a total of 4,318m were drilled across 12 holes.

Highlights

Rånbogen Prospect

·    Holes 23RAN004 and 23RAN005 intercepted mineralisation 60m up-dip and 40m east of the massive sulphide zone intercepted in 23RAN002 (26.2m at 0.7% Ni, 0.2% Cu and 0.06% Co from 169.0m, see Kingsrose's ASX announcement dated 23 October 2023)

o  This zone of mineralisation has been drill proven over 200m of strike and remains open in all directions, within a 1.6km trend of mineralisation and conductive anomalies (*see Figure 2 )

o  Hole 23RAN004 intercepted 1.4m at 1.8% Ni, 0.2% Cu, 0.19% Co from 233.9m (*see Figure 3)

o  Hole 23RAN005 intercepted three zones of mineralisation, including 13.3m at 0.4% Ni, 0.1% Cu, 0.02% Co from 151.1m; 0.3m at 1.3% Ni, 0.3% Cu, 0.12% Co from 215.3m; and 0.6m at 0.8% Ni, 0.1% Cu, 0.09% Co from 228.2m

·    Several priority areas of outcropping massive sulphide nickel mineralisation associated with conductive geophysical anomalies extending to depth remain to be to be drilled in 2024 (*see Figures 2, 4 and 5)

Malmhaugen Prospect

·    Hole 23RAN006 intercepted a new zone of massive sulphide mineralisation named 'Malmhaugen', located 1.1km east-northeast of Rånbogen (*see Figure 2)

o  23RAN006 was drilled to test a 750m long, east-west striking elongate Magnetotelluric conductor with a coincident Electromagnetic plate (*see Figure 2)

o  Three zones of sulphide breccia were intercepted including 5.2m at 0.4% Ni, 0.2% Cu, 0.11% Co from 63.0m, and 11.5m at 0.3% Ni, 0.1% Cu, 0.07% Co from 126.8m

o  Further EM surveys and drilling are planned to test this large conductive and mineralised anomaly

Bruvann Prospect

·    Hole 23BRU005 extended mineralisation by 200m to the west along strike from the Bruvann mine with a blind, narrow high-grade nickel sulphide intercept (*see Figures 6 and 7):

o  2.6m at 1.0% Ni, 0.1% Cu, 0.03% Co from 414.9m, including 0.6m at 3.2% Ni, 0.3% Cu, 0.07% Co from 416.9m

o  The hole was collared in gneiss targeting an EM plate in a zone previously considered closed and unprospective

2024 Exploration Plans

·    High-priority targets remain to be tested including shallow, strongly conductive anomalies at Rånbogen, down dip and along strike from holes 23RAN001 to 23RAN005, and strongly conductive EM plates and MT anomaly located at the contact between peridotite and graphitic gneiss at Arnesfjellet

·    Kingsrose intends to commence mapping and geophysical surveys in Q2 CY2024 (as the weather conditions allow) to generate a pipeline of drill targets and plans to conduct additional core drilling in Q3 CY2024

Jonathan Owen, Chief Executive Officer of Metals One, commented:

"The identification of new zones of nickel sulphide mineralisation at our SRH Råna Project further demonstrates the scale potential of the largely underexplored Råna intrusion.

In addition to the discovery of mineralised bodies at the Rånbogen and Malmhaugen prospects, this drill programme has identified multiple high-priority targets, including areas of outcropping massive sulphide nickel mineralisation associated with conductive geophysical anomalies extending to depth.

The operator is aiming to drill these key targets as part of its 2024 exploration programme alongside further geophysical surveying across the broader intrusion. They continue to test the true potential of the Råna intrusion to host one, if not more, nickel-copper-cobalt-PGM deposits of economic tenor. We look forward to updating shareholders on the next phase of exploration work in due course."

*Kingsrose's full announcement, which includes supporting JORC statements and referenced figures, is available at: https://www.kingsrose.com/news.

Enquiries:

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. Mr Moulton consents to the inclusion of the technical information in this release and context in which it appears.

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.

Glossary

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

Table 2: Significant Intercepts, Råna Project, Norway