URU Metals Limited is pleased to announce that the South African Department of Mineral and Petroleum Resources (“DMPR”) has granted and executed Mining Right LP30/5/1/2/2/10174MR in favour of Lesego Platinum Uitloop (Pty) Ltd (“LPU”), the project company for the Zeb Nickel Project, located on the Northern Limb of the Bushveld Complex, South Africa.

The Mining Right has a 30-year term to 2055, and covers an area of 4,703.70 ha across certain portions of the Bloemhof 4KS, Uitloop 3KS, Amatava 41KS, and Piet Potgietersrust Town & Townlands 44KS farms, in the Mogalakwena Local Municipality, Limpopo Province, South Africa.

Post-execution formalities are underway, and the Mining Right is in the process of being submitted for registration at the Mineral and Petroleum Titles Registration Office, in Pretoria. URU will update the market once registration is confirmed.

Operations

As announced on 16 October 2025, ground gravity and frequency-domain electromagnetic (EM) surveys are scheduled to commence shortly, over two priority targets at the Zeb Nickel Project. The objective of these surveys is to refine the geometry of the identified conductors and generate decision-ready drill targets. The Company will provide a further update to the market on modelling outputs, drill parameters and timing following receipt of the contractor’s report.

Fundraising

URU Metals Limited is pleased to announce that it has raised £1.1 million, before expenses, through a placing of 15,714,285 new ordinary shares of no nominal value each in the capital of the Company (the ‘Placing Shares’) at a price of 7p per share. The Placing was arranged by the Company’s broker, Axis Capital Markets Limited.

The funds raised will allow URU to begin critical, on the groundwork, such as ground geophysics, which will give a clearer picture of the geological site and form a crucial part of the preparation for a drilling programme that will commence on completion of the geophysics. Following receipt of the placing proceeds, the Company will begin a tender process to find a drilling contractor for work that is expected to start in Q1 2026.

Admission and Dealing of the Shares

The Placing Shares will be issued as fully paid and rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive dividends and other distributions declared on or after the date on which they are issued.

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading at 8:00 a.m. on or around 7 November 2025.

Total Voting Rights

Following admission of the Placing Shares, the Company’s issued share capital will be 96,963,703 Ordinary Shares. This figure of 96,963,703 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company.

John Zorbas, Chief Executive Officer, commented: “The granting and execution of the Mining Right materially de-risks Zeb Nickel by securing the right for 30 years and positions the project to engage quality partners as we advance. Our immediate priority is to complete the ground EM and gravity survey and associated modelling and present a clear, efficient drill plan focused on the highest ranked targets; registration formalities are in progress.”

“After the successful granting of the long awaited mining licence by the DMPR, we are pleased to have secured the funding requirements for the immediate future of the on the ground operations at our flagship Zeb Nickel Project. The amount available to the Company is significantly above what the Company has previously raised, reflecting increased investor interest at this critical time in URU’s development.”

About the Company

URU Metals is a mineral exploration and development company focused on advancing its high-potential critical metals projects in South Africa. The Company is committed to creating sustainable value through responsible mining practices, regulatory compliance, and engagement with stakeholders. For more information, visit www.urumetals.com.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR. 

For further information, please contact:

URU Metals Limited

John Zorbas

(Chief Executive Officer)

+1 416 504 3978

SP Angel Corporate Finance LLP

(Nominated Adviser and Broker)

Ewan Leggat / Jen Clarke     + 44 (0) 203 470 0470