Potential Acquisition of PGE-Au-Ni-Cu Project

Metals One (AIM: MET1), a minerals exploration and development company, is pleased to announce it has signed a binding term sheet for the conditional acquisition of Mjolner Minerals (Norway) AS ("Mjolner"), the sole owner of the Lillefjellklumpen Project in central Norway (the "Project"). The Project comprises a 20 km² exploration licence hosting high-grade platinum group elements ("PGE"), gold, nickel, and copper mineralisation, and will further the Company's commodity exposure.

Highlights

• Strategic Expansion into PGE: The acquisition introduces platinum and palladium into Metals One's portfolio, complementing existing nickel and copper assets and reinforcing the Company's critical minerals strategy
• Historic High-Grade Discovery: The Project hosts some of the highest-grade PGE assays published in Norway, with surface sampling from 2014 returning up to 17.5 g/t Pd+Pt, alongside significant gold, nickel, and copper grades
• Geological Similarity to Major Global Deposits: Mineralisation characteristics show parallels to world-class deposits such as Sudbury (Canada) and Bushveld (South Africa)
• Low-Cost Entry with Significant Upside: Metals One is acquiring, subject to the completion of the conditions, the Project for €90,000 and a 2% net smelter return royalty, securing a highly prospective and under-explored asset at an early stage
• Favourable Infrastructure and Access: Located in Nord Trøndelag County with proximity to roads, power infrastructure, and a historic mining community

Project Overview

The Project covers a historic test mine area containing massive sulphide veins and dykes with high platinum, palladium, gold, nickel, and copper values. The sulphide-rich mineralisation lies along a major untested electromagnetic ("EM") anomaly, which has not been modelled using modern techniques. The host rocks sit at the contact between greenstone and gabbroic units, a known favourable geological setting for PGE deposits. Notably, the Project features:

• A historic 18-metre trench and 5-metre adit exposing massive sulphide mineralisation
• Surface exposures of high-grade PGE veins up to 1.5 metres wide
• A strong EM signature with a corresponding magnetic anomaly, suggesting a larger subsurface system

Strategic Rationale

This acquisition expands Metals One's footprint in Norway, where it already holds an interest in the Råna Nickel Project, currently operated by Kingsrose Mining (ASX: KRM) under a joint venture agreement. The addition of the Project deepens Metals One's pipeline in northern Europe and offers a complementary opportunity to revisit a historically known high-grade zone with modern geophysics, geochemistry, and drilling.

Winton Willesee, the Company's Non-Executive Director, holds a 25% interest in Mjolner and accordingly, should the Company complete its due diligence and enter into a definitive sale and purchase agreement, the acquisition would be classified as an AIM Rule 13 transaction and, as such, would be considered and notified as required at that time.

Craig Moulton, Chairman of Metals One, commented:

"We are excited to be potentially expanding our presence in Norway with the acquisition of the Lillefjellklumpen Project, a high-potential asset showing exceptional PGE, nickel, and copper values. This deal aligns with our strategy of acquiring low-entry-cost critical minerals assets with historical pedigree and significant discovery potential."

Transaction Terms

Metals One has entered into a binding term sheet to acquire 100% of the issued share capital of Mjolner. The consideration comprises:

• €90,000 in cash
• A 2% net smelter return royalty over the licence area

The conditional transaction is subject to the completion of legal, technical, and financial due diligence, execution of a definitive sale and purchase agreement, and satisfaction of customary regulatory approvals in Norway.

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