Metals One Plc announced an update to its Black Schist Ni-Zn-Cu-Co Project strategy. Increase volumes and geological and grade confidence in the R1 and P5 targets through a programme of infill and step-out drilling, as well as further assaying of existing cores Rapidly secure additional targets across the Kainuu Schist Belt using the Company's innovative new prospectivity model for mineralised black schists. The model aims to speed up and de-risk the identification and development of critical minerals in this mineralised system.

Metals One holds several exploration licences and reservations across the Kainu Schist Belt (the "Belt"), including Talvivaara-style mineralisation targets with an existing JORC Inferred Resource (at the R1 target) of 28.1 Mt 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), and a JORC Exploration Target (at the P5 target) of 16-24 Mt. Metals One's objective, through its Black Schist Project, is to identify and define economic resources of Talvivaara- style mineralisation that the Company may take into production directly, through a joint-venture, or sell to an existing mine operator. Prospectivity model The Company's prospectivity model integrates the discrete geophysical, lithological, and petrological characteristics recently identified at the Rautavaara and Paltamo areas and is a living model that will evolve as it receives new information and insights.

The insights provided by the model subsequently fed into the regional new target acquisition exercise, explained below. Thanks to advances in exploration technology in the decade since R1 and P5 were last drilled, Metals One has recognised the opportunity to further refine the model with new data. Subsequently, in December 2023, Metals One completed a diamond core drill programme on the R1-Hook target which intercepted mineralised black schists in all eight drill holes and showed geological continuity with the Company's existing resource at R1, supporting possible future expansion of that resource.

The Company applied its new geological and geophysical insights to the prospectivity model, which has helped the Company refine its work programme with an expected reduction in discovery risk on new targets, such as K1 in the Korpimaki area. Eight drill locations superimposed on the EM survey of the R1-Hook anomaly and its proximity to the existing mineral resource at the Rauta 9-11 licence area. Mineralised black schist intersection for drill hole RAU001 K1 target As Metals One continues to develop the prospectivity model, it is already helping to identify additional targets to support the Company's resource expansion in both the Rauta and Paltamo areas.

Metals One is currently 3D-modelling the historical drill data with a view to further defining the resource with an initial drill programme. The Company has secured landowner consent to drill, allowing it to drill ahead of the licence application being granted. With a modest drill campaign of around 3,000m to confirm grade continuity, it may be possible to define a Mineral Resource.

The Company has completed petrological measurements of the historical cores and is currently preparing and sending samples of un-assayed intersections for assay at a nearby laboratory. It expects to receive the assay results in late March 2024, after which it expects to receive the assay results.