Updated Competent Persons Report published

Atlas Metals (LON: AMG), the natural resources and energy company, is pleased to to announce, further to the Company's announcements on 17 June 2025 and 10 September 2025, regarding the Company's proposed acquisition of Universal Pozzolanic Silica Alumina Ltd ("UPSA") (the "Proposed Acquisition") that an updated Competent Person's Report ("CPR") has been published.

UPSA has the commercialisation rights to a substantial pozzolanic silica alumina sand resource ("PSA") located in the Yammacoona Sand Quarry (also known as the Warialda Quarry) in New South Wales, Australia, both as extracted and as off-take, for a period of 99 years from June 2023, having acquired those rights from Claystone International Pty Ltd ("Claystone International"), an Australian proprietary company owned by Mr William Clift. UPSA intends to market that resource worldwide.

SLR Consulting Australia Pty Ltd ("SLR") has prepared an updated CPR for the Company on the Yammacoona Sand Quarry, originally published on 10 September 2025, which may be accessed here: http://www.rns-pdf.londonstockexchange.com/rns/3563J_1-2025-11-27.pdf and will also be available on the Company's website. SLR are in the process of undertaking core drilling and analysis at the Yammacoona Sand Quarry in order to further update the CPR and with a view to upgrading the resource from the current Inferred category.

Highlights from the updated CPR

• The CPR now includes the extraction rights for 'Lot 5', which were obtained by UPSA on 24 November 2025 and the CPR covers Lots 5 to 8 at the Yammacoona Sand Quarry.
• Documentation from the study area was provided to prepare a desktop model to estimate volumes of Soil, Sand, and Pozzolanic Sandstone. Assessment and modelling estimates that there is an increase (from the previous CPR) of Inferred Resource totalling 208.09 million tonnes, comprising of 41.72 million tonnes of sand and 166.37 million tonnes of pozzolanic sandstone.
• A financial model has been developed to assess the financial viability of the quarry and its operation. A Net Present Value ("NPV") at a 15 per cent discount rate of A$3.312 billion (approximately £1.63 billion) was calculated using the discount cash flow method over a 25 year period including terminal value at year 25. The full assumptions used in the calculation of the NPV are contained in the CPR and the full CPR should be read in relation to the valuation.

It should be noted that references in the updated CPR to the "Prospectus" refer to the prospectus that will be produced in due course in relation to the Proposed Acquisition and admission of the enlarged group to listing on the 'equity shares (commercial companies)' segment of the FCA's Official List and to trading on the main market for listed securities of London Stock Exchange plc.

Chris Chadwick, Chief Executive Officer of Atlas Metals, commented:

"We are making good progress with the proposed acquisition of UPSA. The updated CPR demonstrates even more potential within the PSA resource at Warialda. In addition, UPSA already have work underway that is targeted on uplifting resources from the inferred category.

"As I have previously stated, UPSA provides an opportunity to access a world-class PSA reserve at an attractive valuation. Given the positive environmental impact UPSA provides the international construction industry, the UPSA resources are attracting growing interest from major cement and concrete players and will be targeted for use in private and government infrastructure development projects globally.

"We look forward to completing the transaction as soon as possible and further updates will be provided as we progress."

Christian Schaffalitzky, FIMMM, PGeo, CEng, a director of the Company, has reviewed this announcement and agrees that the inclusion of the exploration information and resource estimates in the form and context in which they appear is accurate and not misleading. He is a Competent Person for these purposes.

The use of pozzolanic volcanic ash as a super-binding additive in concrete-mixing process has been known for over two millennia, as evidenced by countless Roman structures that still stand today.

In a world increasingly committed to reduction of carbon emissions, the construction industry is actively seeking solutions to make the built environment more sustainable. 'Greening concrete' and the decarbonisation of concrete has emerged as a major goal.

Concrete manufacturing is estimated to contribute up to 8% of global annual CO₂ emissions. UPSA's PSA resource can replace approximately 40% of the cement in concrete production leading to significant carbon emissions savings. This enables governments and developers to construct strong, durable structures, deploying PSA, designed to last for centuries rather than decades, with the additional benefit of carbon credits once accredited and verified by a designated agency. UPSA will market its PSA resource to clients for sustainably constructing, designing, building, and operating projects to minimise environmental impacts while maximising long-term structural benefits.