13 January 2026

Metals One Plc

("Metals One" or the "Company")

Notice of General Meeting

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals exploration and development company, announces it has today posted to shareholders a Notice of General Meeting in connection with the proposed issue of Ordinary Shares to the Metals One Plc Employee Benefit Trust established in January 2024 as well as resolutions approving the Director's authority to issue shares including on a non-pre-emptive basis. The General Meeting will be held on 30 January 2026 at 10.00 a.m. at the offices of Hill Dickinson LLP, 8th Floor, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW.

The Notice of General Meeting contains, inter alia, a letter from the Chairman an extract of which follows below:

As we begin 2026, I would like to reflect on what has been a truly transformational year for Metals One and to outline the opportunities that lie ahead as we enter the new year in a position of unique strength among juniors in our sector.

During 2025, Metals One completed transformational financings that delivered net proceeds of over £15 million. This funding fundamentally reshaped the Company's opportunity set at a time when high-quality mineral assets and projects have become available at attractive valuations for those with ready access to capital. Supported by strong commodity prices, Metals One has been able to act decisively, making highly opportunistic investments and acquisitions that have materially enhanced the Company's portfolio and future growth potential.

These financings paved the way for Metals One to secure key projects and diversify its exposure through targeted business development. Today, the Company's risk is spread across an expanded geographical footprint, with a clear strategic focus on precious metals and metals to support the energy transition. Our emphasis on gold and uranium is underpinned by robust pricing dynamics and strong long-term demand fundamentals, while we also retain exposure to a potential nickel price recovery through our original projects.

Our investment approach throughout the year has predominantly been a blend of direct project acquisitions and investments in publicly listed holding structures. This strategy provides flexibility, liquidity, and, where appropriate, mark-to-market valuation transparency as the mining sector moves toward what many believe could be a new demand-driven supercycle. This potential supercycle is expected to be fuelled by unprecedented demand for metals such as copper, lithium, and nickel, driven by electrification, renewable energy, electric vehicles, and AI-enabled infrastructure. Metals One has exposure to all these commodities and more.

The most significant development within the Metals One portfolio, and our greatest source of exposure to potential near-term value creation, lies in the opportunity to rapidly establish a vertically integrated gold company in South Africa alongside an exceptionally experienced management team, including the former CEO of a major South African gold miner. Our investments in the two Lions Bay entities, through a combination of equity and loans, place Metals One at the centre of this compelling strategy. The opportunity is anchored by Lions Bay Resources' option over a cogeneration plant in South Africa capable of producing power and steam while roasting refractory gold concentrates. In parallel, Lions Bay Resources is actively identifying suitable - in some cases stranded - mining assets that align with the intended roasting configuration and, to that end, has made an offer for all the assets of the Vantage Goldfields Group.

From a governance perspective, 2025 also marked a period of significant change. Alastair Clayton, Thomas Levin, Sara Minchin and Winton Willesee stepped down as Non-Executive Directors. I was appointed Chair, and Alex King and Fungai Ndoro joined the Board as Non-Executive Directors. In addition, Daniel Maling transitioned from Chief Financial Officer to Managing Director, assuming responsibility for the Company's day-to-day operations, project oversight, and business development.

The reconfigured Board has been instrumental in transforming Metals One's opportunities. We have refreshed the Company's governance framework to ensure best practice, including the renewal and strengthening of Board committees, positioning Metals One for disciplined growth, robust oversight, and long-term value creation.

In January 2024, the Company established an Employee Benefit Trust to retain and incentivise management and key personnel. As projects move toward development and as we expect to make key hires during the year, this structure will enable Metals One to align equity and cash incentives with clearly defined milestones. To support this strategy, and to recruit, retain, and motivate the people required to maximise the value of our opportunities for shareholders, the Board is seeking shareholder approval for the issue of Ordinary Shares to the Employee Benefit Trust.

The Company begins 2026 in a position of considerable financial and strategic strength. The Company had an investments valuation at 31 December 2025 (unaudited) of approximately £16 million, and cash of £8.15 million giving a total sum-of-the-parts valuation of £24.15 million. This balance sheet strength is rare for a junior mineral resource company and provides the flexibility to act decisively as opportunities arise with optionality over how we fund project advancement.

Looking ahead, our forward strategy remains clear and focused. We will continue to prioritise gold and uranium projects that offer the strongest leverage to current market conditions, while maintaining exposure to longer-term upside across the broader energy transition metals complex. Metals One is well positioned to capitalise on an expected rerating across the mining sector as the early stages of a new, demand-driven supercycle begin to emerge.

I would like to thank our shareholders for their continued support and confidence. The year ahead offers substantial opportunity, and the Board and management team are committed to delivering sustainable growth and long-term value for all stakeholders.

A copy of the Notice of General Meeting is available to view on the Company's website at: https://metals-one.com/investors/.  

Enquiries:

About Metals One

Metals One is pursuing a strategic portfolio of critical and precious metals projects and investments underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials - and record high gold prices. Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1) and on the OTCQB Venture Market in the United States (MTOPF).

Map of Metals One projects/investments

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Market Abuse Regulation (MAR) Disclosure

The information set out herein is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR').

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.