Announcement • Sep 07

Uru Metals Limited Completes Leapfrog 3D Geological Model and Defines Resource Drill Programme for Zeb Nickel Project

URU Metals Limited announced that the updated Leapfrog three-dimensional geological model for the Zeb Nickel Project in Limpopo, South Africa has been completed, and that the model has been used to define, position and rank the Company's next drill programme. The modelling was carried out by Atticus Geoscience Consulting and builds on the geological and geophysical interpretation announced on 11 August 2026 and the first-stage Zone 2 mineralisation modelling announced on 26 August 2026. The completed model integrates the Project's drill hole database and geological interpretation with the airborne magnetic, gravity and SpectremPlus electromagnetic datasets, together with the recently completed ground frequency-domain electromagnetic and gravity surveys. It now also includes a three-dimensional mineralised envelope constructed through the Zone 2 Ni-Cu-PGE mineralisation from the existing drill hole assay data. The drill programme arising from this work has two primary objectives: to define a maiden Mineral Resource on the Zone 2 Ni-Cu-PGE mineralisation, and to drill test Target 1, the most prominent coincident geophysical anomaly on the Project. The holes drilled for the Zone 2 resource have also been designed to test the down-dip extension of the Ni-Cu-PGE mineralisation. The updated Leapfrog 3D model has been completed and used to position, orientate and rank the holes in the next drill programme. The model supports the interpretation of Zone 2 as a coherent, laterally continuous Ni-Cu-PGE horizon hosted in rocks interpreted to belong to the Critical Zone of the Bushveld Complex, rather than a series of isolated intersections. The Zone 2 mineralised envelope built from the existing assay data is spatially consistent with the modelled Critical Zone geology and remains open down dip. The model indicates that a number of apparent gaps in the Zone 2 horizon correspond to positions where historical holes terminated above the target lithologies, rather than to an absence of mineralisation. The primary objective of the programme is to define a maiden Mineral Resource on the Zone 2 Ni-Cu-PGE mineralisation. Resource holes are collared in pairs, one shallower, one steeper, from shared drill pads at a nominal spacing of approximately 150-200 m apart, so that each pad tests both the sub-crop position and the down-dip extension of the mineralisation. The second objective is to drill test Target 1, a discrete EM conductor coincident with a gravity and magnetic anomaly, located at the interpreted transition where the chonolith opens into a substantially larger intrusive body, a setting considered favourable for the accumulation of magmatic sulphides. Target 1 lies within the same geological corridor as the Project's known semi-massive sulphide intersections in drill holes Z017, Z024 and Z031. The completed model resolves the Project's geology, drilling and geophysics into a single three-dimensional framework. The model supports the chonolith interpretation. The intrusive system linking the Uitloop I and Uitloop II ultramafic bodies is modelled as a coherent body whose geometry is controlled by two intersecting fault sets. The model defines the host of the Zone 2 mineralisation. The Ni-Cu-PGE mineralisation sits within rocks interpreted to belong to the Critical Zone, and those rocks are modelled as a continuous package that can be followed between drill holes and projected down dip. The mineralised envelope constructed from the assay data follows that package closely. The model offers an explanation for the patchy representation of Zone 2 in the historical drill hole database. Several apparent gaps in the Critical Zone correspond to positions where historical holes terminated above the target lithologies. A structural or basement control on some of these gaps cannot be excluded on the data currently available, and the drill programme has been designed to test this directly. The practical implication is that Zone 2 is under-drilled rather than discontinuous. The model places Target 1 in geological context. The strongest airborne and ground EM responses fall within the same corridor as the semi-massive sulphide intersections in drill holes Z017, Z024 and Z031, and the modelled conductor plate sits adjacent to the interpreted conduit at the point where it opens into a larger intrusive body. The primary objective of the drill programme is to define a maiden Mineral Resource on the Zone 2 Ni-Cu-PGE mineralisation. Zone 2 is the higher-grade Ni-Cu-PGE horizon hosted in pyroxenitic lithologies and is interpreted to represent the same stratigraphic interval being developed at Ivanhoe Mines' Platreef Project and mined at Valterra Platinum's Mogalakwena operations. Zone 2 has been intersected in drilling over more than 3.5 km of strike and lies largely in a sub-crop position beneath the Transvaal sediments and the Lower Zone rocks that host the Zone 1 nickel mineralisation. The resource holes have been laid out on the modelled mineralised envelope at a nominal spacing of approximately 150-200 m. Collar positions, azimuths, dips and target depths have been set against the modelled geometry of the horizon rather than against a nominal grid, with the objective of producing a drill hole database of sufficient density and confidence to support an Inferred Mineral Resource estimate. Sampling and QAQC protocols, density determinations and independent laboratory analysis have been built into the programme from the outset so that the data collected is fit for resource estimation. The Company intends to appoint an appropriately qualified independent consultant to prepare and sign off the Mineral Resource estimate. Zone 2 is open down dip. The mineralised envelope in the completed model terminates at the limit of the existing drilling, not at a geological boundary. The resource holes have therefore been collared in pairs from shared drill pads. From each pad, a shallower hole tests the sub-crop position of the horizon, and a steeper hole is drilled through the same position and extended to test the down-dip continuation. This configuration delivers two intersections from each pad, reduces pad establishment and land access requirements, and allows the Company to build the resource and test the depth extension of the system in a single pass.

CEO salary percentage	100.00%
CEO tenure	12.3yrs
CEO ownership	n/a
Management average tenure	no data
Board average tenure	7.2yrs

Date	Total Compensation	Salary	Company Earnings
Sep 30 2025	n/a	n/a	-US$1m
Jun 30 2025	n/a	n/a	-US$963k
Mar 31 2025	US$173k	US$173k	-US$753k
Dec 31 2024	n/a	n/a	-US$3m
Sep 30 2024	n/a	n/a	-US$5m
Jun 30 2024	n/a	n/a	-US$5m
Mar 31 2024	US$178k	US$178k	-US$5m
Dec 31 2023	n/a	n/a	-US$3m
Sep 30 2023	n/a	n/a	-US$936k
Jun 30 2023	n/a	n/a	-US$972k
Mar 31 2023	US$181k	US$181k	-US$1m
Dec 31 2022	n/a	n/a	-US$926k
Sep 30 2022	n/a	n/a	-US$843k
Jun 30 2022	n/a	n/a	-US$1m
Mar 31 2022	US$191k	US$191k	-US$1m
Dec 31 2021	n/a	n/a	-US$450k
Sep 30 2021	n/a	n/a	US$365k
Jun 30 2021	n/a	n/a	-US$143k
Mar 31 2021	US$180k	US$180k	-US$651k
Dec 31 2020	n/a	n/a	-US$1m
Sep 30 2020	n/a	n/a	-US$2m
Jun 30 2020	n/a	n/a	-US$2m
Mar 31 2020	US$183k	US$183k	-US$732k

Name	Position	Tenure	Compensation	Ownership
John Zorbas	CEO & Executive Director	9.8yrs	US$173.00k	no data
Kyle Appleby	Non-Executive Chairman	8.5yrs	US$30.00k	no data
Justin Cochrane	Member of Advisory Board	5.8yrs	no data	no data
Avi Robinson	Independent Non-Executive Director	2.9yrs	US$40.00k	no data

Data	Last Updated (UTC time)
Company Analysis	2026/09/18 21:02
End of Day Share Price	2026/09/18 00:00
Earnings	2025/09/30
Annual Earnings	2025/03/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

URU Metals Management

Management criteria checks 3/4

Key information

Recent management updates

URU Metals Limited, Annual General Meeting, Dec 18, 2025

URU Metals Limited, Annual General Meeting, Mar 22, 2024

URU Appoints Avi Robinson as A Non-Executive Director, Effective from 1 October 2023

Less than half of directors are independent

Less than half of directors are independent

Less than half of directors are independent

Recent updates

URU Metals Limited Advances Drilling Contractor Selection for Zeb Nickel Project

Uru Metals Limited Completes Leapfrog 3D Geological Model and Defines Resource Drill Programme for Zeb Nickel Project

URU Metals Limited Provides Update On 3D Geological Modelling Programme At Zeb Nickel Project

URU Metals Limited Provides Update On 3D Geological And Geophysical Modelling Programme At Zeb Nickel Project

New minor risk - Financial data availability

URU Metals Limited Publishes Zeb Nickel Project Investor Graphics

URU Metals Limited Provides Update on Ground Geophysics Programme At Zeb Nickel Project

URU Metals Limited Completes Ground-Based Electromagnetic Survey at Zeb Nickel Project

Uru Metals Limited Announces Completion of Gravity Survey and Positive Correlation with Airborne Targets

Uru Metals Limited Commences Ground-Based Geophysical Survey At Zeb Nickel Project

URU Metals Limited Announces Commencement of Ground-Based Geophysical Programme at the Zeb Nickel Project

URU Metals Limited, Annual General Meeting, Dec 18, 2025

URU Metals Limited has completed a Follow-on Equity Offering in the amount of £1.1 million.

URU Metals Limited Announces Zeb Nickel Project Successfully Completes SpectremPlustm AEM Survey

URU Metals Limited Reports Assay Results and Geological Interpretations from A Two-Hole Drilling Programme At the Zeb Nickel Project in Limpopo, South Africa

New minor risk - Financial data availability

New major risk - Shareholder dilution

URU Metals Limited Announces Launch of Zeb Nickel Project

URU Metals Limited has completed a Follow-on Equity Offering in the amount of £0.42 million.

URU Metals Limited Reports the Results of an Independent 3-D Inversion of High-Resolution Aeromagnetic and Falcontm Airborne Gravity Data over the Zeb Nickel Project in Limpopo Province, South Africa

URU Metals Limited Announces the Results of an Advanced Geophysical Interpretation over its Project in South Africa

New minor risk - Shareholder dilution

URU Metals Limited has completed a Follow-on Equity Offering in the amount of £0.3 million.

New major risk - Negative shareholders equity

New minor risk - Financial data availability

URU Metals Limited, Annual General Meeting, Mar 22, 2024

New minor risk - Share price stability

URU Appoints Avi Robinson as A Non-Executive Director, Effective from 1 October 2023

New minor risk - Financial data availability

Less than half of directors are independent

Investor sentiment deteriorated over the past week

Less than half of directors are independent

Investor sentiment deteriorated over the past week

Investor sentiment improved over the past week

Less than half of directors are independent

Investor sentiment improved over the past week

Investor sentiment improved over the past week

Investor sentiment deteriorated over the past week

Investor sentiment improved over the past week

Director Jacinto Victor Da Vieira has joined 3rd company board

New 90-day high: UK£3.20

New 90-day low: UK£2.05

New 90-day high: UK£3.05

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