Update re Gunsynd Farm-In to Black Schist Project

Metals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, announces that the Company has received the first stage payment of £250,000 from Gunsynd Plc ("Gunsynd") pursuant to the subscription and shareholders agreement between Metals One, Metals One Finland Oy (formerly named FinnAust Mining Northern Oy) ("Metals One Finland") and Gunsynd, as detailed in the Company's admission document.

Accordingly, Gunsynd will be issued with such number of shares in Metals One Finland (a wholly owned subsidiary of Metals One) as is equivalent to 6.25% of the voting rights of Metals One Finland. This represents the first stage of Gunsynd's commitment to subscribe for 25% of the voting rights of Metals One Finland, at an aggregate subscription price of £1,000,000.

Metals One Finland holds Metals One's Finland - Black Schist Project, with an Inferred Mineral Resource of 28.1 Mt of Talvivaara-type mineralised material at a grade of 0.19% nickel (53,800t), 0.10% copper (27,900t), 0.01% cobalt (3,400t) and 0.38% zinc (180,000t) at the Rautavaara licence.

Metals One, as operator of the Black Schist Project in Finland, will use the proceeds received from Gunsynd to carry out an exploration work programme comprising an initial review and modelling of the existing data, geophysical surveys, and drilling programmes at the Rautavaara and Paltamo licences.

Alastair Clayton, Chairman of Metals One, commented:

"Metals One is in the advantageous position of being carried to a large extent on two work programmes on its assets in both Norway and Finland.

We are already in advanced negotiations with key contractors with a view to a rapid commencement of field activities at the Metals One operated Black Schist Project, targeting resource growth on this Finnish asset which sits adjacent to Europe's largest nickel mine - Talvivaara. We look forward to updating investors on the work programme in due course."

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