New Risk • Jul 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$3.4m). Earnings have declined by 23% per year over the past 5 years. Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£4.99m market cap, or US$6.69m). Minor Risk Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Announcement • Jun 15
URU Metals Limited Publishes Zeb Nickel Project Investor Graphics URU Metals Limited had published a new set of investor graphics on its website to assist shareholders and prospective investors in understanding the regional setting, geological context, size and recently announced ground geophysics results at the Company's Zeb Nickel Project in Limpopo, South Africa. The graphics are intended to illustrate, in visual form, information previously announced by the Company in relation to the Zeb Nickel Project, including the recently completed ground gravity and frequency-domain electromagnetic survey work over Targets 1 and 2. No new assay results, drilling results or mineral resource estimates are being reported in this announcement. The newly published graphics comprise: Regional satellite image showing the Zeb Nickel mining right in relation to the Northern Limb of the Bushveld Complex, including the location of nearby major PGM-nickel-copper operations and projects, including Valterra Platinum's Mogalakwena operations and Ivanhoe Mines' Platreef Project. This image is produced to illustrate the asset size and proximity in comparison to more established major operators in the area. Regional geological image over the same area, showing the interpreted geological setting, the Platreef /reef outcrop position and the broader feeder-system context relevant to the Company's exploration model at Zeb Nickel. The image has been produced to document the scale of the anomaly that we are working to prove up. Detailed ground geophysics image showing the recently completed ground gravity and electromagnetic results over Target 1 and Target 2, highlighting the priority areas being integrated into the Company's 3D geological model for drill targeting. Image 3 produced to evidence the scale at which the electromagnetic work has produced positive results and its favourable location with respect to the magmatic plumbing system, supporting the geological model. The Company believes that these graphics will assist investors in understanding the scale, location and geological significance of the Zeb Nickel Project, particularly the relationship between the interpreted feeder system, the recently refined geophysical targets and the broader Northern Limb setting alongside the existing majors that already operate in the area. As previously announced, Target 1 remains the Company's priority follow-up target following the completed ground geophysics programme. The ground survey work has helped confirm and refine areas where conductive and dense geophysical responses occur in close proximity to the interpreted feeder system - a setting which the Company considers prospective for nickel-copper-PGE sulphide mineralisation. Target 2 remains of geological interest, but is currently ranked as a secondary follow-up area behind Target 1. The purpose of the completed ground survey programme was to reduce uncertainty, improve target definition and assist the Company in ranking targets before finalising the next phase of drilling. The Company will continue to integrate the ground geophysics results into its 3D geological model and refine the ranking, positioning and sequencing of drill targets across the Project. Once a drilling programme is finalised and a drilling contractor chosen the Company will update the market with anticipated drill dates. Geophysical anomalies are not, in themselves, evidence of economic mineralisation. The presence, grade, continuity and economic significance of any mineralisation can only be confirmed through drilling, sampling, assay and appropriate technical evaluation. Announcement • Jun 05
URU Metals Limited Provides Update on Ground Geophysics Programme At Zeb Nickel Project URU Metals Limited provided a further update from the recently completed ground geophysics programme at the Zeb Nickel Project in Limpopo, South Africa. Following the confirmation of Target 1 as the Company's priority follow-up target, the final interpretation of the ground survey data over Target 2 has refined additional targets within the broader Zeb Nickel feeder system. Target 2 was selected as one of the priority airborne electromagnetic targets for ground follow-up. The objective of the ground programme was to determine whether the airborne targets could be confirmed from surface, to improve target definition, and to assist the Company in ranking targets ahead of the next phase of drilling. The Target 2 results show a more complex picture than Target 1 with the ground surveys also confirming underlying magnetic bodies associated with both the northern and southern Target 2 areas. The Company considers Target 2 to remain of geological interest, but as a secondary follow-up area behind Target 1. The results will now be incorporated into the Company's 3D geological model and ranked against the wider target pipeline at Zeb Nickel. Target 2 was originally identified from the airborne Spectrem electromagnetic survey flown in 2025. The ground survey work has now provided a clearer understanding of the target area. The airborne magnetic data indicates that there are still distinct magnetic bodies below surface in both the northern and southern Target 2 areas. These features may represent ultramafic rocks or related geological bodies within the broader feeder system. The Company will therefore treat Target 2 as a follow-up area rather than a primary target. Further work may include refined modelling, ground checking and possible scout drilling, depending on how Target 2 ranks against Target 1 and other targets across the Project. The Company will now integrate the Target 1 results into the Zeb Nickel 3D geological model and use the updated model to rank drill targets across the Project. The next phase of drilling will remain flexible and will be designed to test the best-ranked targets across the Project. This may include both Platreef-style nickel-copper-PGE targets and higher-grade massive sulphide targets associated with the interpreted feeder system. Final drill-hole locations, depths and sequencing will be determined after the new ground geophysical data has been integrated into the Company's 3D geological model. This approach is consistent with the Company's stated work programme, which includes updating the Leapfrog 3D model, defining the number and position of drill holes, planning Ni-Cu-PGE resource drilling in Zone 2, testing high-grade nickel targets in Zone 3 and drilling overlapping conductor and density anomalies. Final drill-hole locations, depths and sequencing will be determined after completion of target ranking, land access planning and contractor engagement. The Company is in the process of sourcing and finalising drill contractors and looks forward to updating the market in due course once the contractor has been finalised. Maps showing the ground-based frequency-domain electromagnetic results for the two target areas overlaid on the interpreted geological map. The results align well with the results from the airborne data and provide higher resolution compared to the airborne Spectrem electromagnetic survey. 
