Drilling Contractor Selection Advanced

URU Metals Limited (“URU” or the “Company”) is pleased to provide an update on preparations for the next drilling programme at the Zeb Nickel Project in Limpopo, South Africa.

Following completion of the 3D Leapfrog geological model and drill planning, the Company has advanced the drilling contractor selection process and is now completing the final commercial stage ahead of appointment.

Final proposals have been requested from qualified diamond drilling contractors, with the preferred contractor to be selected following review of commercial terms, rig availability, mobilisation timing, technical capability and health and safety performance.

Highlights

Drilling contractor selection has advanced to the final commercial evaluation stage.

The drilling programme has been designed directly from the completed Leapfrog model.

Initial drilling will focus on the higher-grade Zone 2 mineralisation, with the objective of building towards a maiden mineral resource estimate.

Ground FDEM Target 1 will also be tested early in the programme as a priority target for semi-massive to massive Ni-Cu-PGE sulphides.

Contractor evaluation is focused on technical capability, health and safety performance, commercial terms, rig availability and mobilisation timing.

The Company intends to move to mobilisation as soon as practical following contractor appointment.

Drilling Programme

The planned drilling programme follows directly from the recently completed Leapfrog modelling, which provided the geological framework required to rank and position the next drill holes.

The first phase will focus on the better-defined higher-grade Zone 2 mineralisation in the southeastern part of the Project, with the objective of improving geological confidence and building sufficient drilling density to support a maiden mineral resource estimate.

Drilling will then progressively test continuity and extensions of Zone 2 into less-defined areas of the Project.

Ground FDEM Target 1 remains an important exploration target and is expected to be tested early in the programme. Target 1 comprises a discrete EM conductor associated with a coincident gravity anomaly within the interpreted intrusive plumbing system and will be tested for a possible concentration of semi-massive to massive Ni-Cu-PGE sulphides.

The programme will be phased and prioritised so that drilling with the greatest potential to advance the Project is undertaken first.

Contractor Appointment

The Company is now completing the final commercial stage of the contractor selection process.

The Company expects the next operational update to confirm the appointment of the drilling contractor and the anticipated commencement date for drilling.

Richard Montjoie, Exploration Manager at URU Metals, commented:

“We have now converted the drill plan into a contractor-ready programme, and are in the final commercial stage of selecting the drilling team, with particular focus on capability, rig availability and mobilisation. We are excited to mobilise to site and start turning the geological model into new data.”