Phase 1 Uranium Exploration Programme Updates

Further to the 22 May 2025 announcement of the initiation of Phase 1 uranium exploration in the USA, Metals One (AIM: MET1), a minerals exploration and development company, is pleased to provide updates from the Uravan Uranium-Vanadium Project in Colorado ("Uravan").

As previously announced, the Company has agreed to begin exploration work in anticipation of completion of the acquisition of Uravan, including award of the 10-year exploration leases, and will make a further announcement at that point. Completion of the acquisition remains subject to various conditions as outlined in the 24 April 2025 announcement.

The first stage of field activity, which is being led by a contract geologist, followed the collection of digital data that is available online for the property and surrounding area within a one-mile radius, including visiting the US Geological Survey Library in Colorado. The Morrison Formation hosts the uranium and vanadium in the Uravan area. The geologist has started with mapping the basal layer of the Salt Wash Member of the Morrison Formation. The mapping will include faults, joint-sets, historic drill holes, adits, pits, prospects and roads. There is a potential for an additional deposit of uranium in the Chinle Formation which is located approximately 1,200 feet below the Morrison Formation. Historical data collected from the USGS Library may indicate such a deposit at depth. The Chinle formation is famous for holding some of the largest uranium deposits in the Colorado Plateau.

A geophysical survey was initiated with a set line and interval spacing using a radiation solution spectral scintillometer. Grab samples were then collected based on the mineralogy and scintillometer readings and are expected in due course to be sent for analysis with American Assay located in Nevada.

Additional work on a regional survey for potential expansion of the current claim block would include extending geophysical lines, onsite exploration for potential ground, and research outside of the current claim block.

Uravan consists of 59 claims (~490 ha) near the historic Buckhorn Mine, in the renowned Uravan Mineral Belt, historically the most productive uranium-vanadium mining district in the U.S. Previous surface sampling returned exceptionally high uranium grades, including assays up to 22,280 ppm uranium (2.23% U₃O₈) and significant vanadium values.

The Company is pleased to provide a selection of images from the first stage of fieldwork.

Figure 1: A selection of photographs from the first stage of fieldwork at Uravan, Colorado

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