Increased Holding - Uranium Vntre; Issue of Equity

Metals One Exercises Right to Increase Shareholding in New Mexico Uranium Venture to 30%

Further to the 18 July 2025 announcement, Metals One (AIM: MET1), a minerals exploration and development company with key interests in uranium and gold projects, is pleased to announce it has exercised Warrant Tranche 1 and Warrant Tranche 2 (as detailed in the 18 July 2025 announcement) to increase its ownership of NovaCore Exploration Inc. ("NovaCore") from 10% to 30%. NovaCore is a private U.S.-based company advancing the large-scale Red Basin Uranium Project in Catron County, New Mexico.

Accordingly, Metals One has subscribed for an aggregate additional 1,461,653 shares in NovaCore at a price of US$0.587 per share for an aggregate consideration of US$856,000. The consideration payable by Metals One will be settled through the issue of 3,873,959 new ordinary shares of £0.001 each ("Shares") in Metals One at a price of 16.487p per Share, being the volume-weighted average price of the Company's Shares in the 30 days prior to the exercise of the warrants (the "Consideration Shares").

Project Overview

As previously announced, NovaCore holds approximately 15,000 acres in the Red Basin Uranium District of New Mexico, where historical U.S. Department of Energy assessments and recent radiometric surveys suggest there is potential for 40 million pounds of U₃O₈. Recently, NovaCore's gamma spectrometry surveys have identified multiple uranium-rich zones. The area has road access, a known permitting regime, and favourable geology with structural and geophysical targets that remain largely undrilled below 400 feet.

NovaCore has completed land staking, radiometric and geophysical surveys, and is advancing permitting and environmental studies to support drilling by year-end 2025.

NovaCore's board of directors includes Neil Herbert (Founder and Chairman) and Douglas Christopherson (Founder and Technical Advisor) both of whom played key roles in the management of AIM and TSX listed Uramin Inc. which was sold for US$2.5 billion.

Warrant Exercise

The Company announces it has received notice of the exercise of Cash Warrants, issued pursuant to the Equity Fundraise announced on 31 January 2025, over a total of 31,600,000 Shares at 2 pence per Share ("Cash Warrant Shares"). Metals One has also received notice of the exercise of Prepaid Warrants, issued pursuant to the Equity Fundraise announced on 31 January 2025, over a total of 50,000 Shares ("Prepaid Warrant Shares"). There are now no further Prepaid Warrants outstanding.

Admission and Total Voting Rights

Application will be made for the admission of 35,523,959 new Shares comprising the Consideration Shares, the Cash Warrant Shares and the Prepaid Warrant Shares to trading on AIM ("Admission"). The new Shares will rank pari passu with the existing Shares and it is expected that Admission will become effective at 8.00 a.m. on 4 August 2025.

Following Admission, the Company's issued share capital will consist of 518,341,709 ordinary shares of £0.001 each with voting rights. Metals One does not hold any Shares in treasury. This figure of 518,341,709 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they require to notify their interest in, or a change to their interest in, the share capital of the Company under the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

LinkedIn: https://www.linkedin.com/company/metals-one-plc/

X: https://x.com/metals_one_PLC

Subscribe to our news alert service on the Investors page of our website at: https://metals-one.com

Nominated Adviser