Notice of GM, Capital Reorg. & Consolidation

Metals One (AIM: MET1), which is advancing strategic minerals projects in Finland and Norway, has posted a notice of General Meeting in connection with the matters announced on 31 January 2025 (the "Notice"). The General Meeting will be held on 25 March 2025 at 11.00 a.m. at the offices of Hill Dickinson LLP, 8th Floor, The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW. The Notice is available to view on the Company's website at: https://metals-one.com/investors/.

The Notice includes a resolution for a Capital Reorganisation. Following the Equity Fundraise, the Company would have a high number of issued shares and therefore the purpose of the Capital Reorganisation is to reduce the number of issued shares to a more manageable amount.

Capital Reorganisation and Consolidation

The Company currently has 361,467,500 Ordinary Shares of £0.001 each in issue ("Existing Ordinary Shares"). The proposal is that each Existing Ordinary Share is to be subdivided into 1 New Ordinary Share of £0.0001 and 9 B Deferred Shares of £0.0001. The New £0.0001 Ordinary Shares will be consolidated on a 1 for 10 basis into 1 New Ordinary Share of £0.001 and the B Deferred Shares will be consolidated on a 1 for 10 basis into 325,320,750 B Deferred Shares.

The B Deferred Shares will have no right to vote or participate in the capital of the Company and the Company will not issue any certificates or credit CREST accounts in respect of them. The B Deferred Shares will not be admitted to trading on any exchange. The rights of the New Ordinary Shares and the B Deferred Shares will be set out in the new articles of association proposed to be adopted by the Company.

Share Certificates in respect of the New Ordinary Shares will be issued following the Capital Reorganisation or, in the case of uncertificated holders, Euroclear UK and International Limited will be instructed to credit the CREST participant's account with the New Ordinary Shares. The ISIN for the New Ordinary Shares will be GB00BSY1D385.

Expected Timetable of Events

Application will be made to the London Stock Exchange for admission of the 36,146,750 New Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence at 8.00 a.m. on or around 26 March 2025.

Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 36,146,750 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to (i) the Company's Articles, (ii) the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and/or (iii) the AIM Rules for Companies issued by the London Stock Exchange plc as amended from time to time.

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