New Risk • May 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 51% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 11x increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (UK£17.9m market cap, or US$24.0m). New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Earnings have declined by 51% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 24x increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.4% average weekly change). Market cap is less than US$100m (UK£18.6m market cap, or US$25.2m). Announcement • Jan 15
Metals One plc Announces Application for EU Strategic Project Designation for Black Schist Ni-Cu-Co-Zn Project, Finland Metals One announced it has formally applied to the EU for Strategic Project designation for the Company's Black Schist Ni-Cu-Co-Zn Project in Finland. The application has been made pursuant to the Critical Raw Materials Act, which seeks to establish a framework for ensuring a secure and sustainable supply of critical raw materials. The Black Schist Project comprises the Rautavaara ("R1") and Paltamo ("P5") deposits in eastern Finland, near the regional mining centre of Sotkamo and supported by excellent transport and power infrastructure. Metals One holds 100% of the licences through its wholly owned subsidiary and acquired the project in 2023, commissioning CSA Global to prepare a Competent Persons Report, including a Mineral Resource Estimate for R1. The project is located within the economically significant Kainuu Schist Belt, which hosts Talvivaara-style black schist mineralisation - one of Europe's lowest-cost and most environmentally attractive sources of Ni-Zn-Co-Cu battery metals. On listing, Metals One secured low-risk exploration licences across the belt, including an existing JORC Inferred Resource of 28.1 Mt at R1 and a JORC Exploration Target of 16-25 Mt at P5. The Company's strategy focuses on rapidly growing resources by refining a geological and geophysical prospectivity model, expanding and upgrading R1 and P5 through drilling, and identifying new targets. In late 2023, an eight-hole, 1,548 m drill programme at the R1 Hook anomaly refined the model and highlighted potential resource extensions, with early results already guiding further target generation, including the K1 prospect at Korpimaki. For the purposes of designation under the Critical Raw Materials Act, the R1 deposit constitutes the Strategic Project core asset of the Black Schist Project. The designation is sought to support the advancement of R1 from Preliminary Economic Assessment ("PEA") to Pre-Feasibility Study ("PFS") and subsequent permitting, enabling near-term de-risking of EU-based extraction capacity for strategic raw materials, notably cobalt and copper, with nickel produced as a strategically relevant co-product. Basis for Prioritisation R1 has been prioritised based on the following PEA-supported factors: Demonstrated positive economics at PEA level, including a post-tax NPV at both 5% and 8% discount rates as announced on 31 January 2025; Established JORC-compliant Inferred Mineral Resource constrained by reasonable prospects for eventual economic extraction; Proximity to established Finnish processing infrastructure and technical precedent; Manageable environmental and permitting risks that are identifiable and capable of early mitigation; P5 is excluded from the initial Strategic Project scope and is considered a contingent, medium-term optional expansion subject to future optimisation and market conditions. Strategic Intent: Strategic Project designation is intended to: Support structured and coordinated permitting for the Rautavaara deposit; Facilitate engagement with EU institutions, Member State authorities and potential downstream counterparties; Enable access to EU-aligned de-risking, financing and technical assistance mechanisms; Preserve optionality for future expansion without diluting near-term strategic focus; Project Relevance; In 2023, global nickel production was reported to be over 3.3 Mt, an increase of over 10% from 2022, of which Indonesia and the Philippines account for over 60%. Given these relatively recent developments in the nickel market, producing the metal domestically within the EU becomes an ever more critical goal. The PEA highlights the opportunity for the Company's BlackSchist Project to make a meaningful contribution to the security of the EU's supply of this strategic material. 
