Conditional Acquisition of Nevada Gold Project

Metals One (AIM: MET1), a critical minerals exploration and development company, is pleased to announce it has signed an exclusive term sheet for the conditional acquisition of an exploration lease over the Swales Gold Property ("Swales") in Nevada, USA, situated within the prolific Carlin Gold Trend, with an option to purchase Swales (the "Conditional Acquisition"). This strategic acquisition, if completed, will mark the Company's entry into the gold exploration sector and diversify Metals One's existing portfolio of critical minerals assets in Europe and North America.

Highlights:

• Strategic Location: Located approximately 13 miles northeast of Nevada Gold Mines' Carlin Complex, the single largest gold-producing complex in the world (a joint venture between Barrick Gold Corp. (NYSE: GOLD) and Newmont Corp. (NYSE: NEM) (see Appendix, Figure 1)
• Underexplored Opportunity: Comprises 40 unpatented mining claims (approximately 800 acres) (the "Claims") within the Carlin Trend, which are the subject of an exploration lease with an option to purchase agreement (the "Lease"), with minimal modern exploration
• Expansion: An additional 99 mining claims on trend with Swales have been identified which can be staked and added to the Lease with no additional lease payment
• Favourable Geology: Swales is located in close proximity to some of the largest gold mines in Nevada. A window to the lower plate rocks known to contain the gold deposits at the Nevada Gold Mines open pits and underground workings is exposed on the property. Some surrounding prospects contain anomalous gold. Metals One considers that an opportunity exists to discover a significant ore deposit
• Infrastructure Advantage: Benefits from excellent local infrastructure and easy access, near the mining supportive communities of Elko County

Swales Gold Property

Swales consists of the Claims with a combined area of approximately 800 acres. Swales is located within the Carlin Trend, one of the richest mining trends in the world, and home to some of the largest gold mines in the U.S. Swales is approximately 13 miles northeast of Nevada Gold Mine's Gold Quarry Mine (see Appendix, Figure 1) and 16 miles east southeast of Nevada Gold Mines' Goldstrike Mine, all of which are located along the gold rich Carlin Trend. There are currently eight producing gold mines within the Carlin Trend. Collectively, these mines have to date produced over 100 million ounces of gold (Nevada Bureau of Mines, 2019) and still contain more than 21 million ounces of gold reserves (Nevada Gold Mines, LLC Carlin Complex, 2020). Swales has excellent year-round access and infrastructure within Elko County, one of the most pro-mining states and highest-grade gold trends of Nevada.

Nevada is globally recognised as a leading mining jurisdiction, consistently ranking as a top region for mining investment. It produces approximately 75% of U.S. gold output and is the world's fifth-largest gold producer.

Phase 1 Exploration Programme

Phase 1 of the Swales exploration programme is expected to consist of: reconnaissance prospecting; geological mapping; surface sampling of outcrops, old workings and mine dumps; and the mapping relocation of historical workings on the property.

The initial Phase 1 exploration programme will provide accurate modern data to assist in the planning of the Phase 2 exploration programme, which is expected to commence later in 2025. Phase 2 is expected to include a follow-up ground-based geophysical surveying programme based on the results from Phase 1.

Strategic Rationale

This Conditional Acquisition aligns with Metals One's strategy to diversify and strengthen its asset portfolio by entering the U.S. gold sector, underpinned by record high commodity prices. The Swales Gold Property's proximity to significant gold mines operated by industry leaders including Barrick and Newmont positions Metals One to capitalise on local geological expertise and established mining infrastructure, significantly enhancing exploration potential and operational feasibility.

Craig Moulton, Chairman of Metals One, commented:

"Through Metals One's networks, we have been able to potentially secure a low-cost entry into one of the world's most prolific gold mining districts. Held by private interests for most of its history, the Swales Gold Property remains very underexplored with minimal modern-day exploration. Several factors demonstrate the exceptional potential of this relatively unexplored project for new discoveries of significant mineralisation. Considering the analogous geology of Swales to nearby mines, the exploration opportunity combined with record high gold prices is incredibly exciting.

This acquisition would complement our existing critical minerals assets, including uranium, copper and nickel, and extend our footprint in North America."

Transaction Structure

Nevada Canyon Gold Corp. (the "Seller") has the rights to acquire a 100% undivided interest in 40 unpatented lode mining claims situated in Swales, pursuant to an exploration lease with option to purchase agreement between the Seller and the owner of Swales (the "Owner"). The Company has conditionally agreed to acquire the Seller's rights under such exploration Lease with option to purchase agreement in respect of Swales from the Seller for US$100,000 in cash on completion of the Conditional Acquisition and the grant of a 2% net smelter royalty over Swales. The Conditional Acquisition is subject to and conditional upon, amongst other things, definitive agreements being entered into by the Company and the Seller, as well as consent from the owner of Swales being obtained in respect of the assignment of the exploration Lease with option to purchase agreement to the Company. Subject to the satisfaction of these conditions and completion of the Conditional Acquisition, the Company shall hold mineral exploration rights over Swales and be entitled to exercise an option to purchase Swales from the Owner for US$750,000, payable in either cash and/or equity of the Company at the election of the Owner. The exercise period for the option is for 10 years commencing on 27 December 2021, with the right to extend for two further additional terms of 10 years each. Further details of Swales are set out in the appendix to this announcement.

Metals One has been granted a period of exclusivity for three months to conduct the due diligence and to decide whether to proceed with the Conditional Acquisition.

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Nominated Adviser

Appendix

Table 1: The following 40 unpatented lode mining Claims are situated in T35N, R53E Section 16 located within Elko County, Nevada

Figure 1: Swales Gold Property Claims on Carlin Trend, proximal to Nevada Gold Mines properties