REG - URU Metals Limited - Priority Drill Target within Zeb Nickel

URU MetalsAnnouncement

Mon 07:00

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RNS Number : 3071G  URU Metals Limited  01 June 2026

01 June 2026

URU Metals Limited

("URU" or the "Company")

 

Ground Surveys Confirm Priority Drill Target within Zeb Nickel Conduit System

URU Metals Limited is pleased to announce that final interpretation of the
recently completed ground geophysics programme has confirmed Target 1 as the
Company's priority drill target at the Zeb Nickel Project in Limpopo, South
Africa.

Target 1 was originally identified from the Company's airborne Spectrem
electromagnetic survey flown in 2025. The new ground survey work was designed
to check whether the airborne target could be seen clearly from surface and to
help define where future drill holes should be placed.

The results have now confirmed that Target 1 is a strong and coherent target.
Importantly, the target is supported by more than one type of geophysical
response, including an electrical response, a gravity response and an
associated magnetic feature. In simple terms, the surveys indicate a body
below surface that is conductive, relatively dense and geologically distinct.
These are features which may be consistent with sulphide-bearing ultramafic
rocks.

The Company considers Target 1 particularly important because it lies within
the broader interpreted magmatic conduit system at Zeb Nickel. This conduit
system, also described as a chonolith-style feeder system, is interpreted to
link the Uitloop I and Uitloop II ultramafic bodies and is considered highly
prospective for the accumulation of nickel-copper-PGE sulphides. The Company's
geological model identifies this plumbing system as a key exploration focus
because metal-rich sulphide liquids can collect where magma pathways narrow,
bend or interact with surrounding rocks. This conduit system is framed as an
ideal environment for long-lived magmatism, sulphide formation and sulphide
accumulation.

This exploration model is supported by previous drilling at the Zeb Nickel
Project, where hole Z017 intersected the Company's best reported Zone 3
semi-massive to massive sulphide nickel intersection of 2.25 m at 1.67% Ni,
with associated copper and PGE values. This intersection occurs in the part of
the system where the Company interprets the chonolith-style feeder to interact
with the Uitloop II body, supporting the view that the conduit margins and
interaction zones are priority areas for follow-up drilling.

Highlights

·    Target 1 confirmed as the Company's primary follow-up target from the
completed ground geophysics programme.

·    Ground electromagnetic survey results successfully confirmed the
airborne Spectrem anomaly from surface.

·    Ground gravity results indicate that the target area is relatively
dense, supporting the interpretation of a potentially significant body below
surface.

·    Target 1 lies within the Company's interpreted feeder-system model,
which is considered prospective for higher-grade nickel-copper-PGE sulphide
mineralisation.

·    Previous drilling at Zeb Nickel has already confirmed that
semi-massive to massive sulphide mineralisation occurs within the Project
area, including drill hole Z017, which intersected 2.25 m at 1.67% Ni.

·    The Company will now integrate the Target 1 data into its 3D
geological model before finalising drill-hole locations, depths and
sequencing.

·    The next drilling programme will remain flexible and will be designed
to test the best-ranked targets across the Project, including both
resource-growth targets and higher-grade sulphide targets.

Target 1 - Ground Surveys Strengthen Drill Case

The Company is exploring a large nickel-bearing intrusive system with several
different styles of mineralisation.

In simple terms, the Company is targeting three main opportunities:

1.  A large, lower-grade nickel sulphide body already identified by
historical drilling. This forms the existing historical nickel resource at Zeb
Nickel.

2.  Platreef-style nickel-copper-PGE mineralisation, which may occur in
deeper or less-tested rock units similar to those mined or being developed
elsewhere on the Northern Limb of the Bushveld Complex.

3.  Higher-grade semi-massive to massive sulphide mineralisation, which may
occur within the feeder system that brought metal-bearing magma into the Zeb
Nickel intrusive bodies.

The Company's current exploration focus is on the third opportunity. This is
the higher-grade sulphide target model. In the Company's geological model,
this target style is referred to as Zone 3.

The Company believes that a chonolith-style feeder system links the Uitloop I
and Uitloop II ultramafic bodies. A chonolith can be thought of as an
irregular underground magma pathway. These feeder systems are important in
nickel exploration because they can act as traps where dense, metal-rich
sulphide liquids may collect.

This model is supported by previous drilling at Zeb Nickel. Drill hole Z017
intersected 2.25 m at 1.67% Ni in semi-massive to massive sulphide
mineralisation, representing the Company's best reported high-grade sulphide
intersection to date. Importantly, this intersection occurs where the
interpreted feeder system interacts with the Uitloop II body, supporting the
Company's view that these contact and feeder positions are key areas for
future drilling. The Company Deck describes Zone 3 as semi-massive to massive
Ni-PGE sulphide mineralisation associated with the Bushveld ultramafic
plumbing system interacting with footwall rocks, and identifies Z017 as 2.25 m
at 1.67% Ni within this target style.

Target 1 is therefore significant because it provides a new geophysical target
within this broader feeder-system model. The ground surveys indicate that
Target 1 is conductive and relatively dense, which are the types of features
the Company is looking for when searching for sulphide-bearing bodies.

Way Forward

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.
We are currently busy with a process enabling us to select and finalise drill
contractors.

CEO Comment

John Zorbas, Chief Executive Officer of URU Metals, commented:

"The ground survey results have confirmed Target 1 as a clear priority for the
next stage of work at Zeb Nickel. The important point for shareholders is that
this is not just an isolated geophysical anomaly. Target 1 sits within our
broader feeder-system model, which we believe is one of the most prospective
settings on the Project for higher-grade nickel-copper-PGE sulphide
mineralisation.

Previous drilling has already shown that semi-massive to massive sulphides
occur at Zeb Nickel, including the Z017 intersection of 2.25 m at 1.67%
nickel. Our objective now is to use the new ground survey data, together with
our 3D geological model, to target the best parts of this system.

Target 1 is now a priority, but we will retain flexibility in the next drill
programme. The final programme will be designed to test the strongest
combination of geology, geophysics and historical drilling across the Project
in order to maximise value add to shareholders at the lowest risk."

Figure 1: 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.

Figure 2: Maps showing the Zeb Nickel Project area and the geophysical targets
adjacent to the Ivanplats "Platreef Mine," which is expected to become one of
the largest underground platinum mines globally once in full production.

 

About the Company

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

Competent Person Statement

The technical information contained in this announcement has been reviewed by
Richard Montjoie, Exploration Manager of URU Metals Limited. Mr Montjoie is a
registered member of the South African Council for Natural Scientific
Professions, membership number 400131/09. Mr Montjoie holds an M.Sc. in
Economic Geology from the University of the Witwatersrand, South Africa, and
is a Fellow of the Geological Society of South Africa. Mr Montjoie is not
independent of the Company.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United
Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018
("UK MAR"). Upon the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.

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 / Caroline Rowe         + 44 (0) 203 470 0470

Axis Capital Markets Limited (Joint Broker)

Richard Hutchison

+44 (0) 203 026 0320

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