Metals One announced thatthe Finnish Safety and Chemicals Agency ("Tukes") hasgranted the Company an extension to its Rauta 9-11 licence at the Black Schist Project (nickel, copper, cobalt, zinc). Metals One now has the right to prospect on all land within the licence for an additional three years untilNovember 2026, and the Company will next week commence a ~1,600m diamond drilling programme at anextension to the Rautavaara S "R1" target in the Rauta 9-11 licence area (referred to by the Company as the "R1 Hook"). The licence extension was granted following extensivelandowner and community consultation, as well as an inspection of the Company's proposed exploration programme, and will enable Metals One to focus on significantly increasing the Black Schist Project's existing Inferred Mineral Resource of28.1 Mt of Talvivaara-type mineralised material at a grade of 0.19% Ni (53,800t), 0.10% Cu (27,900t), 0.01% Co (3,400t) and 0.38% Zn (180,000t).

Identified following an in-depth review of historical data, the R1 Hook is considered a highly prospective anomaly, and diamond drilling is aimed at confirming the structure and potential for Ni-Cu-Co-Zn mineralisation, with assays and interpretations expected to be announced in early 2024. Metals One has formally submitted six new licence applications and reservations in both the Rautavaara and Paltamo project areas which constitute the Black Schist Project. Informed by analysis of historical assays and geophysical data from across the Kainuu Schist Belt, the applications and reservations are in line with the Company's resource growth strategy and, subject to approval, will enable it to also explore for Outokumpu-style Ni-Cu-Co-Zn volcanogenic massive sulphide deposits.

The Company will provide an update on further licence applications and extensions at the project in due course.