REG - Metals One PLC - Admission to AIM & First Day of Dealings
31/07/2023 08:15
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RNS Number : 6417H Metals One PLC 31 July 2023
31 July 2023
Metals One Plc
("Metals One", the "Group", or the "Company")
Admission to Trading on AIM
&
First Day of Dealings
Metals One, which is advancing battery metal projects at brownfield sites in
Finland and Norway, is pleased to announce the admission of its entire issued
share capital of ordinary shares of £0.01 each to trading on AIM, a market
operated by London Stock Exchange plc, at 8.00 a.m. today under the ticker
'MET1' ("Admission"). Information required pursuant to AIM Rule 26 is
available on the Company's website at: www.metals-one.com
(http://www.metals-one.com) .
Admission follows a placing by Shard Capital Partners LLP ("Shard") and SI
Capital Limited ("SI"), as well as a Company Subscription, for a combined
total of 44,000,000 Ordinary Shares at 5p per Ordinary Share (the "Placing
Price"), raising gross proceeds of £2.2 million, before expenses (the
"Placing"). Shard and SI acted as Joint Brokers and Beaumont Cornish acted as
the Nominated Adviser in relation to the Admission.
Strategic Highlights
· European brownfield battery metals projects with approximately £9
million of exploration carry exposure through farm-in agreements
· Projects are either adjacent or analogous to other world-class
high-purity nickel sulphate deposits
· Projects are well-located to supply Europe's major electric vehicle
Original Equipment Manufacturers ("OEMs") and battery manufacturers
Finland - Black Schist Project (nickel, copper, cobalt, zinc)
Highlights
· Adjacent to Europe's largest operating nickel mine, Talvivaara
· Inferred Mineral Resource of 28.1 Mt of Talvivaara-type mineralised
material at a grade of 0.19% Ni (53,800t), 0.10% Cu (27,900t), 0.01% Co
(3,400t) and 0.38% Zn (180,000t) at Rautavaara
· Paltamo hosts a JORC exploration target of 16-24 Mt of
Talvivaara-type mineralised material, containing 0.18-0.27% Ni, 0.09-0.13% Cu,
0.01-0.02% Co and 0.33-0.50% Zn, as well as additional exploration targets, in
Kainuu Schist Belt, eastern Finland
· Compelling case for further exploration for Talvivaara-style
nickel-zinc-copper-cobalt deposits
· Skilled local workforce and mining/exploration service providers
· Metals One has operatorship and initially 100% ownership
Work Programme
· Proceeds of Placing to contribute to initial exploration and
development of Black Schist Project
o Mobilisation and equipment purchases
o Initial data compilation, modelling, and review
o Geophysical and geochemical surveys
o Diamond drilling - Rautavaara and Paltamo
o Additional licence applications and further in-fill and step-out
o Preliminary and upgraded resources
Farm-in
· Up to £1 million of initial exploration and development funded by
Gunsynd through farm-in for up to 25%
· Gunsynd will provide the £1 million funding and receive 25% of
FinnAust Mining Northern Oy (a wholly owned subsidiary of Metals One) over a
period of 18 months in four equal tranches
· Metals One is operator with 100% (75% after Gunsynd farm-in)
· Gunsynd will receive warrants to subscribe for ordinary shares in
Metals One valued at £75,000 at the Placing Price
Norway - Brownfield Råna Project (nickel, copper, cobalt)
Highlights
· Opportunity for brownfield exploration of Råna intrusion operated by
Kingsrose Mining (ASX: KRM) ("Kingsrose")
· Råna intrusion analogous to Voisey's Bay world-class
nickel-copper-platinum-group elements deposit
· Proven potential for massive sulphide nickel-copper-cobalt
mineralisation
· Disseminated and net textured/semi-massive to massive nickel and
copper sulphide mineralisation phases have been identified within Råna
intrusion
· Underexplored using modern methods, technology and deposit models -
no exploration or evaluation since 2007
· Project encircles previously producing underground Bruvann Mine
· 37 km by main road from Narvik deep-water port, which is ice-free all
year
· Metals One has 80% non-operating interest
· Fully carried on exploration programme via Kingsrose farm-in (see
below)
Work Programme
· Audio Magnetotelluric geophysical surveys, exploring conductive
bodies from surface to >600m deep - potentially hosting significant
sulphide mineralisation
· Airborne magnetic geophysical surveys for model intrusion morphology
· Mapping, core logging and XRF measurements to develop 3D geological
model and identify prospective intrusive units
· Kingsrose commenced drilling in July 2023
Farm-in
· Farm-in agreement between Kingsrose and Brownfield Råna Project
project-holder Scandinavian Resource Holdings ("SRH") (a wholly owned
subsidiary of Metals One)
· Kingsrose is operator and earns up to 75% over 8 years, through
staged expenditure of up to A$15 million
· In addition to expenditure commitments, Kingsrose will issue 4.5
million Kingsrose shares and pay A$1 million in cash to SRH in stages
· Metals One will hold 15% of the project assuming full Kingsrose
farm-in with the remaining 10% held by Global Energy Metals Corporation (TSXV:
GEMC)
Market Drivers
Battery metals are underpinning decarbonisation, particularly of
transportation. Europe is leading the way in electric vehicle adoption with
2.5 million new electric vehicles registered in 2022 alone, whilst OEMs are
exploring opportunities to secure a sustainable supply of battery metals from
ethically mined sources. In its 2023 Critical Raw Materials Act, the EU set
targets to mine at least 10% of the critical raw materials it consumes by
2030, including for the first-time nickel and copper.
Globally, these metals are anticipated to be needed at scales far beyond
current supply and that is driving up their value. It is estimated that nickel
demand from the electric vehicle sector in the EU alone will increase from
17,000 tonnes in 2020 to 550,000 tonnes in 2040, a thirty-fold increase. The
EU can meet this demand until 2025 with domestic sourcing before a structural
deficit emerges.
Board of Directors
Alastair Clayton - Non-Executive Chairman
Alastair is a corporate financier and geologist with over 30 years' experience
in mining and exploration. He has identified, financed, and developed minerals
and materials projects across Europe, Australia, and Africa, and has a
significant nickel investment track record with strong in-country Finnish
expertise.
Jonathan Owen - Chief Executive Officer
Jonathan is a mining engineer with over 10 years' experience in developing and
managing exploration and mining operations. He has senior operational
leadership experience in gold, diamond, industrial minerals, and gas projects.
Jonathan is an Associate of Camborne School of Mines.
Daniel Maling - Chief Financial Officer
Daniel is a corporate financier with over 25 years' experience in senior
corporate and commercial management, specialising in the natural resources and
technology sectors. He is a Fellow and member of the Chartered Accountants of
Australia and New Zealand, and partner of London-based accounting and
corporate advisory boutique, Orana Corporate LLP.
Sara Minchin - Independent Non-Executive Director
Sara is a sustainable finance, sustainability and ESG expert with over 17
years' experience within the finance sector, including 3i plc, KPMG, and
Deloitte. She formerly led sustainable finance policy advocacy, regulatory and
standards work for the World Wildlife Fund, and is a Chartered Accountant and
Fellow of ICAEW.
Craig Moulton - Independent Non-Executive Director
Craig is a geologist and mineral economist with over 30 years' experience in
the mining industry, including Rio Tinto, Cliffs, and Wood MacKenzie. He is
Managing Director of NickelSearch, an ASX-listed Australian nickel sulphide
explorer, and was formerly Managing Director of LSE-listed South Australia
gold exploration company, Cobra Resources, which he took public.
Thomas Levin - Non-Executive Director
Thomas is a Finnish geologist with over 14 years' experience in exploration
and project management. He is COO of FinnAust Mining Finland, part of Bluejay
Mining (AIM: JAY), where he manages its Finnish assets. Thomas was formerly
Project Manager of geo-consulting company, AB Scandinavian Geopool, and is the
vendor-representative of the Finland - Black Schist Project on Metals One's
Board.
Winton Willesee - Non-Executive Director
Winton has over 20 years' experience in leadership roles for ASX-listed
companies, including as Chairman, Non-Executive Director, and Company
Secretary. He is Principal of Azalea Consulting, providing corporate
administration and compliance services to Australian companies, and is the
vendor-representative of the Norway - Brownfield Råna Project on Metals One's
Board.
Jonathan Owen, CEO of Metals One, commented:
"Metals One has listed with interests in nickel projects with substantial
exploration carry exposure through farm-ins at a critical time for battery
metals driven by the continued rise in electric vehicle adoption globally.
With European brownfield projects, experienced partners, and funded work
programmes in place, our projects are well positioned for rapid advancement as
we seek to establish ethically mined sources of critical minerals, including
nickel, in Europe, close to future customers."
Placing Statistics:
Placing Price per Ordinary Share 5 pence
Gross proceeds of Placing £2.2m
Percentage of share capital subject to lock-in 76.68%
Net proceeds of the Placing received by MET1 £1.71m
Number of Ordinary Shares in issue following Admission 208,450,000
Market capitalisation at the Placing Price £10.4m
See Appendix below for more information.
Enquiries:
Metals One Plc
Jonathan Owen, Chief Executive Officer via Vigo Consulting
+44 (0)20 7390 0234
Beaumont Cornish Limited (Nominated Adviser) +44 (0)20 7628 3396
James Biddle / Roland Cornish
www.beaumontcornish.com (http://www.beaumontcornish.com)
Shard Capital Partners LLP (Joint Broker) +44 (0)20 7186 9952
Damon Heath / Erik Woolgar
SI Capital Limited (Joint Broker) +44 (0)14 83413 500
Nick Emerson
Vigo Consulting (Investor Relations) +44 (0)20 7390 0234
Ben Simons / Kendall Hill
metalsone@vigoconsulting.com
About Metals One
Metals One is developing brownfield battery metals projects in Finland (Black
Schist Project) and Norway (Brownfield Råna Project), with approximately £9
million of exploration carry exposure through farm-in agreements. Metals One
is aiming to help meet the significant demand for battery metals by defining
resources on the doorstep of Europe's major electric vehicle OEMs and battery
manufacturers. Metals One's Black Schist Project in Finland, totalling 706
km(2) across three licence areas, has an Inferred Resource of 28.1 Mt
nickel-zinc-cobalt-copper and is located adjacent to Talvivaara, Europe's
largest operating nickel mine. Metals One's fully carried Brownfield Råna
Project in Norway covers 18.14 km² across three contiguous exploration
licences, with significant opportunity for brownfield exploration of the Råna
intrusion, and proven potential for massive sulphide nickel-cobalt-copper
mineralisation.
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Qualified Person Statement
Craig Moulton is an Independent Non-Executive Director of the Company and the
Qualified Person who reviewed and approved the technical disclosures in this
news release. Mr Moulton has over 30 years' experience in the mining industry,
having worked for Rio Tinto, Cliffs and Wood Mackenzie, and is a trained
Geologist and Mineral Economist. Mr Moulton holds a BSc (Hons) in Geology and
a MSc in Mineral Economics and is a qualified person under the AIM Rules. Mr
Moulton consents to the inclusion of the technical information in this release
and context in which it appears.
Glossary
Co cobalt
Cu copper
diamond drilling core drilling which uses a rotary drill with a diamond drill bit attached in
order to create precisely measured holes
intrusion process when magma penetrates existing rock, crystallises, and solidifies
underground to form intrusions, such as batholiths, dykes, or sills
magnetic survey geophysical survey method which identifies magnetic minerals
massive sulphide metal sulphide ore deposit which consists almost entirely of sulphides
Mt million tonnes
Ni nickel
schist a medium-grade metamorphic rock formed from mudstone or shale
t tonnes
Zn zinc
APPENDIX 1
AIM Admission Document
Available at: www.metals-one.com (http://www.metals-one.com)
The dealing codes for the Ordinary Shares are as follows:
ISIN number GB00BMH3KM70
SEDOL number BMH3KM7
TIDM MET1
LEI number 213800WGPHJ5MC5QLJ19
Total Voting Rights
For the purposes of the Disclosure Guidance and Transparency Rules ("DTRs") of
the Financial Conduct Authority ("FCA"), the total number of Ordinary Shares
with voting rights in the Company as at the date of this announcement is
208,450,000. This figure may be used by shareholders as the denominator for
the calculations by which they determine if they are required to notify their
interest in, or a change of their interest in, the Company under the FCA's
DTRs.
-ENDS-
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