Zeb Nickel Identifies High-Priority Drill Targets

Zeb Nickel ("Zeb Nickel Project") Identifies High-Priority Drill Targets with Strong Potential for High-Grade Nickel Sulphide Mineralisation

URU Metals Limited ("URU" or the "Company") is pleased to announce the results of an advanced geophysical interpretation over its flagship project in South Africa. The work, conducted by GeoFocus Geophysical Solutions (Pty) Ltd, has identified a series of high-priority drill targets with strong potential to host high-grade nickel-copper-PGE sulphide mineralisation.

The results confirm key elements of Zeb Nickel's exploration model, pointing toward a conduit-style magmatic sulphide system with striking similarities to the well-known Uitkomst Complex, which is a nickel-producing deposit in South Africa associated with the Bushveld Complex, and formed through the accumulation of dense sulphide minerals at the base of an ultramafic intrusion.

Richard Montjoie, VP Exploration at Zeb Nickel, commented:

"This interpretation marks a significant milestone in the development of the Zeb Project as announced 11 April 2025. The newly identified targets validate our model of a dynamic magmatic plumbing system with potential for sulphide accumulation along feeder conduits and in reactive footwall lithologies. These are precisely the kinds of structural and lithological settings associated with high-grade mineralisation at analogous deposits such as Uitkomst and Platreef. The results provide a clear framework to drill both the known nickel-PGE mineralisation in Zone 2 and test new, high-impact massive sulphide targets in what we define as Zone 3."

Key Highlights

• Multiple Drill-Ready Targets: Several strong gravity and magnetic anomalies identified beneath and adjacent to the Uitloop I and II intrusions.
• Feeder Zone Confirmed: New data supports a vertically stacked system with a potential conduit linking Uitloop I and II - a key focus for future drilling.
• Target Zones Extend Below Known Mineralisation: Gravity modelling has identified dense zones ~100 to 800 metres below surface, suggesting untested high-grade sulphide potential at depth.
• Untested Offshoots: Magnetic-gravity anomalies up to 1 km from known intrusions suggest additional feeder zones or apophyses - enhancing the district-scale potential.

What is Uitkomst-Style Mineralisation?

The Uitkomst Complex, located in South Africa, is a known nickel-copper-PGE deposit with massive sulphide mineralisation hosted in a tubular ultramafic intrusion emplaced into dolomite and shale. These intrusions act as magma conduits, where heavy sulphide liquids sink and accumulate along the base of the intrusion or at structural traps. This style of mineralisation typically produces high-grade sulphide accumulations containing nickel, copper, cobalt, and platinum group elements (PGEs).

Before mining ceased, the Uitkomst Complex hosted a resource of approximately 3.7 million tonnes grading 2.0-2.5% nickel and 1% copper, with minor cobalt and PGE credits. The overlying disseminated sulphide deposit, known as the Main Mineralised Zone ("MMZ"), was significantly larger, with an estimated resource of ~140 million tonnes at 0.3% nickel and 0.15% copper, also containing minor cobalt and PGM credits.

The Zeb Project exhibits many of these same geological hallmarks:

• A vertically stacked intrusion system
• Reactive footwall rocks (dolomite, shale)
• Evidence of feeder conduits
• Historic intercepts of PGE-Ni-Cu in the footwall

Zeb Nickel's Zone 2, possibly analogous to the MMZ, has already returned intersections of up to 2 g/t 3E+Au, 0.4% Ni and 0.2% Cu, and the new interpretation adds multiple deeper, denser bodies to test.

The Zone 2 mineralisation is hosted within pyroxenite and ultramafic sills, and appears geologically similar to the Flatreef orebody at Ivanhoe Mines' Platreef Project, located adjacent to - and down-dip from - the Zeb Project. Flatreef is a flat-lying, high-grade polymetallic deposit formed through sulphide accumulation in broad, reactive sedimentary traps. Like Flatreef, Zeb's mineralisation appears to be laterally extensive, PGE-rich, and vertically continuous.

As of 2025, Platreef hosts 59 million ounces of precious metals in Indicated Resources and 94 million ounces in Inferred Resources. Once fully developed, Platreef is positioned to become one of the world's largest and lowest-cost producers of PGEs, delivering over 1 million ounces of 3PGE+Au annually, with major by-product credits from nickel and copper.

Next Steps

These newly defined targets not only confirm the presence of Platreef-style mineralisation in Zone 2, but also highlight the potential for high-grade, conduit-hosted sulphide bodies in Zone 3, analogous to the Uitkomst Complex. This dual geological model enhances Zeb's prospectivity and will directly inform the upcoming drill strategy, which is designed to test both disseminated and massive sulphide zones.

Immediate next steps include:

• 3D Integration: GeoFocus is providing full 3D magnetic and gravity models for integration into Zeb's geological database.
• Drill Planning: A list of top-priority targets is being finalised, focused initially on zones with overlapping gravity and magnetic signatures.