WRAP Retail Offer for up to £100,000

Metals One (AIM: MET1), which is advancing strategic minerals projects in Finland and Norway, is pleased to confirm details of a retail offer as announced on 31 January 2025. The retail offer will be facilitated via the Winterflood Retail Access Platform ("WRAP") to raise up to £100,000 (the "WRAP Retail Offer") at 2 pence per share (the "Issue Price") through the issue of new ordinary shares of £0.001 each in the capital of the Company that will be in existence following the share capital reorganisation (being the equivalent of 0.2 pence per share prior to the share capital reorganisation), also referred to in the Company's announcement of 31 January 2025 ("New Ordinary Shares").

Under the WRAP Retail Offer, up to 5,000,000 New Ordinary Shares (the "WRAP Retail Offer Shares") will be made available at the same price as the equity fundraising that was announced on 31 January 2025 and completed earlier today following approval by Shareholders at the Company's General Meeting (the "Equity Fundraising"). The terms of and reasons for the Equity Fundraising and use of proceeds are detailed in the 31 January 2025 announcement and in the General Meeting circular. The proceeds of the WRAP Retail Offer will be utilised in the same way.

The WRAP Retail Offer is conditional on the New Ordinary Shares being admitted to trading on AIM ("Admission"). It is anticipated that Admission will become effective and that dealings in the New Ordinary Shares will commence on AIM, at 8 a.m. on 1 April 2025.

WRAP Retail Offer

The Company values its retail shareholder base and believes that it is appropriate to provide its existing retail shareholders in the United Kingdom the opportunity to participate in the WRAP Retail Offer at the same price as the syndicate of investors in the Equity Fundraising.

Therefore, the Company is making the WRAP Retail Offer open to eligible investors in the United Kingdom, being existing shareholders of Metal One, following release of this announcement and through certain financial intermediaries.

The WRAP Retail Offer is expected to close at 8 a.m. on 28 March 2025. Eligible shareholders should note that financial intermediaries may have earlier closing times.

To be eligible to participate in the WRAP Retail Offer, applicants must be a customer of a participating intermediary and, as at the date hereof or prior to placing an order for WRAP Retail Offer Shares, be shareholders in the Company which may include individuals aged 18 years or over, companies and other bodies corporate, partnerships, trusts, associations and other unincorporated organisations.

There is a minimum subscription of £1,000 per investor under the WRAP Retail Offer. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges.

It is a term of the WRAP Retail Offer that the total value of the WRAP Retail Offer Shares available for subscription at the Placing Price does not exceed £100,000, or such size as agreed by the Company.

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The Company's LEI number is: 213800WGPHJ5MC5QLJ19