05 June 2026
URU Metals Limited
(“URU” or the “Company”)
Ground Surveys Refine Additional Zeb Nickel Follow-Up Targets
URU Metals Limited is pleased to provide a further update from the recently completed ground geophysics programme at the Zeb Nickel Project in Limpopo, South Africa.
Following the confirmation of Target 1 as the Company’s priority follow-up target, the final interpretation of the ground survey data over Target 2 has refined additional targets within the broader Zeb Nickel feeder system.
Target 2 was selected as one of the priority airborne electromagnetic targets for ground follow-up. The objective of the ground programme was to determine whether the airborne targets could be confirmed from surface, to improve target definition, and to assist the Company in ranking targets ahead of the next phase of drilling.
The Target 2 results show a more complex picture that target 1 with the ground surveys also confirming underlying magnetic bodies associated with both the northern and southern Target 2 areas.
The Company considers Target 2 to remain of geological interest, but as a secondary follow-up area behind Target 1. The results will now be incorporated into the Company’s 3D geological model and ranked against the wider target pipeline at Zeb Nickel.
Highlights
· Target 2 remains prospective, but is now considered a secondary follow-up target behind Target 1.
· Independent magnetic bodies are present in both the northern and southern Target 2 areas.
· The southern Target 2 anomaly is weaker, but remains of interest due to its magnetic response and weak ground electromagnetic response.
· Target 2 lies within the broader interpreted feeder system at Zeb Nickel, which the Company considers prospective for higher-grade nickel-copper-PGE sulphide mineralisation.
· The results help the Company separate the cleanest drill targets from more complex targets, improving the discipline and focus of future drill planning.
· The next phase of drilling will remain flexible and will be designed to test the best-ranked targets across the Project.
Target 2 – Additional Follow-Up Targets Refined
Target 2 was originally identified from the airborne Spectrem electromagnetic survey flown in 2025. The ground survey work has now provided a clearer understanding of the target area.
The airborne magnetic data indicates that there are still distinct magnetic bodies below surface in both the northern and southern Target 2 areas. These features may represent ultramafic rocks or related geological bodies within the broader feeder system.
The Company will therefore treat Target 2 as a follow-up area rather than a primary target. Further work may include refined modelling, ground checking and possible scout drilling, depending on how Target 2 ranks against Target 1 and other targets across the Project.
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.
The Company is in the process of sourcing and finalising drill contractors and looks forward to updating the market in due course once the contractor has been finalised.
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.
Exploration Manager Comment
Richard Montjoie, Exploration Manager of URU Metals, commented:
“The Target 2 results are important because they help us better understand and rank the wider target pipeline at Zeb Nickel. This target is more complex than Target 1 however, the presence of underlying magnetic bodies means the area remains geologically interesting and will warrant follow-up testing.
This is why the Company carried out the ground survey programme before drilling. The work has helped us reduce uncertainty, rank the targets and focus future capital on the strongest opportunities.
Our broader exploration model remains unchanged. Zeb Nickel contains a large, underexplored feeder system, and previous drilling has already confirmed higher-grade sulphide mineralisation within this setting. The next step is to integrate the new data into our 3D model and design a flexible, staged drill programme focused on the best-ranked targets across the Project.”
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
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
