URU Metals Limited
30 September 2026
30 September 2026
URU Metals Limited
(“URU” or the “Company”)
Zeb Nickel Project –
URU CLOSES OVERSUBSCRIBED PLACING
Planned Drilling Programme and Mobilisation Update
URU Metals Limited (“URU” or the “Company”) is pleased to announce the Company has raised £1.25 million before expenses, through a placing of50,000,000 new ordinary shares of no nominal value each in the capital of the Company (the ‘Placing Shares’) at a price of 2.5 pence per share. The Placing was arranged by the Company’s broker, Axis Capital Markets Limited. In addition the Company is pleased to provide an update on preparations for the next phase of drilling at the Zeb Nickel Project (“Zeb” or the “Project”) in Limpopo, South Africa.
The Company intends to apply the proceeds of the placing primarily towards the mobilisation and execution of an initial eight-hole diamond drilling programme at Zone 2, together with the associated geological, analytical and technical work required to advance Zone 2 towards a maiden Mineral Resource Estimate (“MRE”).
Preparatory work for mobilisation is underway following the selection of Zaaiman Exploration Drilling (“Zaaiman”) as the preferred drilling contractor.
The programme will be undertaken through Lesego Platinum Uitloop (Pty) Ltd (“LPU”), the holder of the Mining Right covering the Zeb Nickel Project.
Highlights
- Proceeds will be applied to the mobilisation and execution of the next phase of drilling at the Zeb Nickel Project.
- The initial programme comprises eight Priority 1 diamond drill holes totalling approximately 3,850 metres across Zone 2.
- The eight holes will be drilled from four drill pads, with paired holes designed to test both the shallower and down-dip continuation of the Zone 2 mineralised system.
- The drill positions and orientations have been selected directly from the completed Leapfrog 3D geological and mineralisation model.
- The programme is designed to increase drilling density across Zone 2 and provide the geological and assay data required to support preparation of a maiden MRE.
- Pre-mobilisation activities are underway, including final contractor arrangements, mine health and safety requirements, land access, water supply, drill-pad preparation and establishment of the core-processing and assay workflow.
- Zaaiman intends to deploy two diamond drill rigs, with the first rig expected to commence drilling following completion of mobilisation and site-readiness activities and the second rig to follow as the programme ramps up.
- Drilling is expected to begin in the coming weeks and take place over several months with core processing, sampling and laboratory analysis carried out progressively as drilling advances.
- The Company therefore expects to provide progressive operational and assay updates during the programme, rather than waiting for completion of all eight holes.
Use of Proceeds
The Company intends to apply the proceeds of the placing towards the following principal activities:
- mobilisation and establishment of the drilling contractor and drill rigs at site;
- completion of the initial eight-hole Zone 2 diamond drilling programme;
- drill-pad preparation, access, water supply, site establishment and security;
- geological supervision, core logging, cutting, sampling and core management;
- independent laboratory assays and QAQC;
- metallurgical testwork;
- land-access and community-engagement activities;
- three-dimensional geological and mineralisation modelling; and
- MRE and associated technical reporting.
- General working capital.
The drilling programme forms the principal component of the planned expenditure.
Zone 2 Drilling Programme
The initial programme comprises approximately 3,850 metres of NQ diamond drilling across eight holes.
The holes will be drilled from four shared drill pads, with each pad comprising a pair of holes at different inclinations.
This configuration has been selected to provide improved geological control through the Zone 2 mineralised package while also testing its continuation down dip.
The programme follows completion of the Company's updated Leapfrog geological model, which defined multiple coherent mineralised envelopes within Zone 2 and identified the higher-grade southeastern portion of the system as the priority for drilling.
The objective of the programme is to provide additional drilling density and geological confidence across this part of Zone 2, with the intention of generating sufficient information to support preparation of a maiden Mineral Resource estimate.
Mobilisation
The Company has commenced the preparatory work required ahead of mobilisation.
This includes:
- mine health and safety documentation and contractor onboarding;
- completion of site-specific safety and statutory requirements;
- finalisation of access to the planned drill sites;
- confirmation of water-supply and water-haulage arrangements;
- preparation of drill pads, sumps and access routes;
- establishment of core-handling facilities; and
- finalisation of laboratory and QAQC arrangements.
Zaaiman has proposed the deployment of two NQ drill rigs to the programme. The first rig is expected to commence drilling following completion of the above mobilisation and site-readiness activities, with the second rig introduced as the programme progresses.
Core will be processed progressively as drilling advances.
Completed holes will be geologically logged, photographed, measured, sampled and submitted for independent laboratory analysis as the program progresses.
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 6 October 2026.
Total Voting Rights
Following admission of the Placing Shares, the Company's issued share capital will be 146,963,703 Ordinary Shares. This figure of 146,963,703 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 of URU Metals, commented:
“Preparatory work for mobilisation is underway and our immediate focus is on getting the drilling contractor established on site and the first rig turning as soon as the required safety, access and site-readiness work has been completed.
Importantly, the programme has been designed so that geological information and assay results can be generated progressively. We therefore expect shareholders to see a series of operational and technical updates as drilling advances.”
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
ENDS
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
Jen Clarke / Ewan Leggat / Devik Mehta
+44 (0) 203 470 0470
Axis Capital Markets Limited
Joint Broker
Richard Hutchison
+44 (0) 203 026 0320
Market Abuse Regulation (MAR) Disclosure
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