Black Schist Ni-Zn-Cu-Co Project Update

Metals One (AIM: MET1), which is advancing strategic battery metals projects in Finland and Norway, announces that the second stage payment from Gunsynd Plc ("Gunsynd") pursuant to the subscription and shareholders agreement (the "Farm-in Agreement") between Metals One, Metals One Finland Oy (formerly named FinnAust Mining Northern Oy) and Gunsynd, as detailed in the Company's admission document, is now due. Discussions regarding various options in relation to the Farm-in Agreement are ongoing and the Company will make a further announcement once these are concluded.

The Farm-in Agreement relates to 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.

Further to its announcement of 17 April 2024, the Company confirms it has now received over 60% of the assay results from the previously un-assayed intersections at the P5 JORC Exploration Target at the Black Schist Project. The Company is on track to share its interpretation and updated resource in Q2 2024, as previously advised. It is expected that the updated resource will underpin a preliminary economic assessment of the project representing a key milestone in the Company's transition from exploration and discovery to project development.

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