Black Schist Ni-Cu-Co-Zn Project Update

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Black Schist Ni-Cu-Co-Zn project denied EU Strategic Project designation; board reviewing options.

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Further to the announcement on 15 January 2026, Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project developer and investor with a focus on gold and uranium, provides an update on its application for EU Strategic Project designation for the Black Schist Ni-Cu-Co-Zn Project ("Black Schist" or the "Project") in Finland.

The European Commission (the "Commission") recognised the positive attributes of the Project, including its alignment with the objectives of the EU Critical Raw Materials Act and potential to contribute to the EU's security of supply of strategic raw materials. It also acknowledged the benefits of commercially established bio-heap leaching technology at the nearby Terrafame mine, access to existing infrastructure and the quality of the Project's environmental and social planning, including the Environmental and Social Roadmap prepared by AFRY, an international engineering and environmental consultancy.

While recognising these strengths, the assessment concluded that the Project remains at an early stage of development and that further work is required to substantiate its technical and economic feasibility, advance environmental and permitting activities, and establish financing and offtake arrangements. Accordingly, the Project has not been granted Strategic Project designation in the Commission's current round under the EU Critical Raw Materials Act.

The Project is considered non-core to Metals One's gold and uranium focused portfolio and as such the Board is reviewing its options with regard to the Project, taking into consideration the further work required to advance the Project, the short-to-mid-term outlook for nickel prices, and its position within the Company's wider portfolio.

Daniel Maling, Managing Director of Metals One, commented:

"Though disappointing that Strategic Project designation has not been granted, we are encouraged by the positive acknowledgements within the assessment, particularly regarding its technical potential and the quality of the environmental planning undertaken to date.

"The Company's near-term focus remains the significant opportunity in South Africa and advancing and restarting the Barbrook acquisition as part of building a vertically integrated gold business."

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