URU Metals Ltd Interim Results September 2021 31st December 2021

URU Metals Limited

(“URU Metals” or “the Company”)

Interim Results

URU Metals is pleased to announce its interim results for the period ended 30 September 2021.

Chairman’s Statement
For the Period Ended 30 September 2021

I am pleased to present to our shareholders and stakeholders the consolidated financial statements of the Group for the six months ended 30 September 2021.

In August 2021, URU successfully completed the disposal of the Zebediela Nickel Project (“Project”) to Zeb Nickel Corp. (TSX-V: ZBNI) and the Project remains the primary focus of URU, through its 74.82% interest in Zeb Nickel Corp. and URU’s continuing role as the technical operator of the Project.

The long-term fundamentals for nickel sourced from Class I nickel sulphide deposits remains good, based on the surging demand for nickel for batteries in electric vehicles and other energy storage applications. On the back of these excellent fundamentals, the Company looks forward to commencing with the 3,600 m diamond exploration drilling program, which is scheduled to commence in H2 2021. The aim of this program is to improve the confidence in the historical NI43-101 compliant resource, as well as explore for higher grade nickel sulphide mineralisation found in Critical Zone rocks which are located in the footwall to the existing resource. The presence of Critical Zone rocks on the Zebediela Project area is exciting; these Critical Zone rocks host the Platinum Group Element and Nickel Copper mineralisation that is being exploited at Anglo American’s flagship Mogalakwena Mine, as well as Ivanhoe Mines’ Platreef Project, located immediately west of the Zebediela Project.

Good progress has been made on advancing the  Mining Right application, and all required documentation has been submitted to the South African Department of Mineral Resources (DMRE). Consultation with Interested and Affected Parties (I&AP’s) continues, as the Company continues to build on its good relationship with host communities and its “social license to operate”.

Additionally, during the period ending 30 September 2021, the South African Department of Mineral Resources (“DMRE”) has accepted an application for a Prospecting Right over ten portions of the farm Piet Potgietersrust Town and Townlands 44 KS, totalling 246 hectares. The Prospecting Right under application is immediately south of the Zebediela Project, and located approximately 4 km east of Ivanhoe Mines Platreef Project, and approximately 20 km south of Anglo American Platinum’s Mogalakwena Mine. A brief Environmental Impact Assessment and a Final Environmental Report were submitted and the Company is now awaiting for the DMRE to award the Prospecting Right.

The Company looks forward to updating the market with news flow emanating from the drilling program on Zebediela, as well as receiving a granted Mining Right from the DMRE.

Jay Vieira

Non-executive Chairman

31 December 2021

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 

+ 44 (0) 203 470 0470

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