Preferred Drilling Contractor Selected

URU Metals selects Zaaiman as preferred driller for Zeb Nickel’s Zone 2 programme.

What the company is saying

URU Metals Limited announces that its subsidiary, Lesego Platinum Uitloop (Pty) Ltd, has completed the tender process for the Zone 2 resource drilling programme at the Zeb Nickel Project in Limpopo, South Africa. Zaaiman Exploration Drilling has been chosen as the preferred drilling contractor, with contract terms now being finalised. The company emphasises Zaaiman’s prior experience at the Zeb Nickel Project, highlighting its familiarity with ground conditions, access, and site operating requirements. Safety is a core message, with Zaaiman having recorded no fatal accidents since its inception in 1992, including on previous Zeb work. The tender process, which ran from 8 September to 18 September 2026, evaluated bids on drilling capability, safety, cost, rig availability, schedule credibility, and Broad-Based Black Economic Empowerment credentials. CEO John Zorbas stresses confidence in Zaaiman’s ability to deliver high-quality core for a maiden Mineral Resource estimate and reiterates the focus on safety and operational readiness.

What the data suggests

The announcement confirms that the tender process for the Zone 2 resource drilling programme has concluded, with Zaaiman Exploration Drilling selected as the preferred contractor. The tender was open for ten days, from 8 to 18 September 2026, and included a multi-criteria evaluation. Zaaiman’s safety record is highlighted with zero fatal accidents since 1992, both generally and specifically at Zeb. The project is held under an executed Mining Right and is governed by the Mine Health and Safety Act, 1996. No financial figures, drilling metreage, or technical parameters are disclosed, nor is there a start date for drilling; contract terms are still being negotiated. The stated aim is to generate data for a maiden Mineral Resource estimate for Zone 2 Ni-Cu-PGE mineralisation, but no resource or economic data is yet available. The process is at a late pre-mobilisation stage, with operational progress but no quantifiable project advancement.

Analysis

The announcement is factual and process-oriented, describing the completion of a tender process and the selection of a preferred drilling contractor for the Zeb Nickel Project. The language is proportionate to the actual progress: the tender has closed, a contractor has been selected, and contract terms are being finalised. No exaggerated claims are made about project outcomes, and forward-looking statements are limited to procedural next steps (e.g., finalising contracts, future mobilisation, and updates on drilling commencement). There is no discussion of project economics, resource size, or financial impact, nor are there any aspirational projections about future value creation. The only reference to capital is 'total cost' as a bid evaluation criterion, with no disclosed amounts or commitments. The tone is positive but not promotional, and all claims are either realised or procedural. The gap between narrative and evidence is minimal.

Risk flags

• ●Execution risk remains as drilling cannot commence until contract terms are finalised; any delay in negotiations could push back the project timeline and defer data collection for the maiden Mineral Resource estimate.
• ●There is no disclosure of drilling scope, technical parameters, or budget, leaving uncertainty about the scale, duration, and capital requirements of the programme, which limits visibility on near-term project milestones and financial exposure.
• ●The announcement provides no detail on regulatory, community, or logistical risks beyond compliance with the Mine Health and Safety Act, so potential permitting or local engagement issues cannot be assessed from this release.

Bottom line

URU Metals has moved the Zeb Nickel Project forward by selecting Zaaiman Exploration Drilling as its preferred contractor for the Zone 2 resource drilling programme, following a competitive tender process. The contractor’s strong safety record and prior experience at Zeb reduce operational uncertainty, but actual drilling is still pending final contract agreement. No technical or financial specifics are disclosed, so investors cannot yet assess the scope, cost, or timeline for the drilling campaign. The next actionable milestone will be the announcement of contract execution and mobilisation, which will signal tangible progress toward a maiden Mineral Resource estimate. Until then, the update is a procedural step rather than a catalyst for re-rating. The key takeaway is that project advancement is incremental and still at the pre-drilling stage.

Announcement summary

(LSE:DI) URU Metals Limited announced that its subsidiary, Lesego Platinum Uitloop (Pty) Ltd (“LPU”), the project company for the Zeb Nickel Project in Limpopo, South Africa, has completed the tender process for the Zone 2 resource drilling programme. Zaaiman Exploration Drilling (“Zaaiman”) has been selected as the preferred drilling contractor, and contract terms are currently being finalised. The tender was issued on 8 September 2026 and closed on 18 September 2026. Bids were evaluated based on drilling capability, health and safety record and compliance history, total cost, rig availability and earliest achievable drill-ready date, credibility of the submitted schedule, and Broad-Based Black Economic Empowerment credentials. Zaaiman has previously conducted diamond drilling at the Zeb Nickel Project and is familiar with the ground conditions, access arrangements, and site operating requirements. Zaaiman has recorded no fatal accident since its inception in 1992, including during its previous work on the Zeb Nickel Project. The drilling programme is designed to support a maiden Mineral Resource estimate for the Zone 2 Ni-Cu-PGE mineralisation. Mobilisation will occur after contract terms are finalised. The Project is held under an executed Mining Right and is classified as a mine under the Mine Health and Safety Act, 1996. Before mobilisation, Zaaiman will enter into a written contractor health and safety agreement with LPU, make the statutory appointments required for its work, and ensure all personnel hold valid medical certificates of fitness. John Zorbas, Chief Executive Officer of URU Metals, stated that Zaaiman’s prior experience at Zeb Nickel Project gives confidence in the upcoming programme, with a focus on recovering high-quality core to support a Mineral Resource estimate and maintaining a strong safety record. The company will update the market on the commencement of drilling once contract terms are agreed.

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