Conditional Acquisition of Nevada Gold Project

Metals One

14/05/2025 07:00

RNS Number : 5397I

Metals One PLC

14 May 2025

 

14 May 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Conditional Acquisition of Swales Gold Property, Nevada, USA

 

Strategic entry into U.S. gold sector; Swales Property 13 miles from world's largest gold producing complex

Metals One (AIM: MET1), a critical minerals exploration and development company, is pleased to announce it has signed an exclusive term sheet for the conditional acquisition of an exploration lease over the Swales Gold Property ("Swales") in Nevada, USA, situated within the prolific Carlin Gold Trend, with an option to purchase Swales (the "Conditional Acquisition"). This strategic acquisition, if completed, will mark the Company's entry into the gold exploration sector and diversify Metals One's existing portfolio of critical minerals assets in Europe and North America.

Highlights:

·    Strategic Location: Located approximately 13 miles northeast of Nevada Gold Mines' Carlin Complex, the single largest gold-producing complex in the world (a joint venture between Barrick Gold Corp. (NYSE: GOLD) and Newmont Corp. (NYSE: NEM) (see Appendix, Figure 1)

·    Underexplored Opportunity: Comprises 40 unpatented mining claims (approximately 800 acres) (the "Claims") within the Carlin Trend, which are the subject of an exploration lease with an option to purchase agreement (the "Lease"), with minimal modern exploration

·    Expansion: An additional 99 mining claims on trend with Swales have been identified which can be staked and added to the Lease with no additional lease payment

·    Favourable Geology: Swales is located in close proximity to some of the largest gold mines in Nevada. A window to the lower plate rocks known to contain the gold deposits at the Nevada Gold Mines open pits and underground workings is exposed on the property. Some surrounding prospects contain anomalous gold. Metals One considers that an opportunity exists to discover a significant ore deposit

·    Infrastructure Advantage: Benefits from excellent local infrastructure and easy access, near the mining supportive communities of Elko County

Swales Gold Property

 

Swales consists of the Claims with a combined area of approximately 800 acres. Swales is located within the Carlin Trend, one of the richest mining trends in the world, and home to some of the largest gold mines in the U.S. Swales is approximately 13 miles northeast of Nevada Gold Mine's Gold Quarry Mine (see Appendix, Figure 1) and 16 miles east southeast of Nevada Gold Mines' Goldstrike Mine, all of which are located along the gold rich Carlin Trend. There are currently eight producing gold mines within the Carlin Trend. Collectively, these mines have to date produced over 100 million ounces of gold (Nevada Bureau of Mines, 2019) and still contain more than 21 million ounces of gold reserves (Nevada Gold Mines, LLC Carlin Complex, 2020). Swales has excellent year-round access and infrastructure within Elko County, one of the most pro-mining states and highest-grade gold trends of Nevada.

Nevada is globally recognised as a leading mining jurisdiction, consistently ranking as a top region for mining investment. It produces approximately 75% of U.S. gold output and is the world's fifth-largest gold producer.

Phase 1 Exploration Programme

 

Phase 1 of the Swales exploration programme is expected to consist of: reconnaissance prospecting; geological mapping; surface sampling of outcrops, old workings and mine dumps; and the mapping relocation of historical workings on the property.

 

The initial Phase 1 exploration programme will provide accurate modern data to assist in the planning of the Phase 2 exploration programme, which is expected to commence later in 2025. Phase 2 is expected to include a follow-up ground-based geophysical surveying programme based on the results from Phase 1.

Strategic Rationale

This Conditional Acquisition aligns with Metals One's strategy to diversify and strengthen its asset portfolio by entering the U.S. gold sector, underpinned by record high commodity prices. The Swales Gold Property's proximity to significant gold mines operated by industry leaders including Barrick and Newmont positions Metals One to capitalise on local geological expertise and established mining infrastructure, significantly enhancing exploration potential and operational feasibility.

Craig Moulton, Chairman of Metals One, commented:

"Through Metals One's networks, we have been able to potentially secure a low-cost entry into one of the world's most prolific gold mining districts. Held by private interests for most of its history, the Swales Gold Property remains very underexplored with minimal modern-day exploration. Several factors demonstrate the exceptional potential of this relatively unexplored project for new discoveries of significant mineralisation. Considering the analogous geology of Swales to nearby mines, the exploration opportunity combined with record high gold prices is incredibly exciting.

This acquisition would complement our existing critical minerals assets, including uranium, copper and nickel, and extend our footprint in North America."

Transaction Structure

Nevada Canyon Gold Corp. (the "Seller") has the rights to acquire a 100% undivided interest in 40 unpatented lode mining claims situated in Swales, pursuant to an exploration lease with option to purchase agreement between the Seller and the owner of Swales (the "Owner"). The Company has conditionally agreed to acquire the Seller's rights under such exploration Lease with option to purchase agreement in respect of Swales from the Seller for US$100,000 in cash on completion of the Conditional Acquisition and the grant of a 2% net smelter royalty over Swales. The Conditional Acquisition is subject to and conditional upon, amongst other things, definitive agreements being entered into by the Company and the Seller, as well as consent from the owner of Swales being obtained in respect of the assignment of the exploration Lease with option to purchase agreement to the Company. Subject to the satisfaction of these conditions and completion of the Conditional Acquisition, the Company shall hold mineral exploration rights over Swales and be entitled to exercise an option to purchase Swales from the Owner for US$750,000, payable in either cash and/or equity of the Company at the election of the Owner. The exercise period for the option is for 10 years commencing on 27 December 2021, with the right to extend for two further additional terms of 10 years each. Further details of Swales are set out in the appendix to this announcement.

Metals One has been granted a period of exclusivity for three months to conduct the due diligence and to decide whether to proceed with the Conditional Acquisition.

Enquiries:

 

Metals One Plc
Jonathan Owen, Chief Executive Officer
Craig Moulton, Chairman
via Vigo Consulting
+44 (0)20 7390 0234
Beaumont Cornish Limited (Nominated Adviser)
James Biddle / Roland Cornish
www.beaumontcornish.com
+44 (0)20 7628 3396
SI Capital Limited (Joint Broker)
Nick Emerson
+44 (0)14 8341 3500
Capital Plus Partners Limited (Joint Broker)
Jonathan Critchley
https://www.capplus.co.uk/
+44 (0)20 3821 6169
Vigo Consulting (UK Investor Relations)
Ben Simons / Kendall Hill / Anna Stacey
metalsone@vigoconsulting.com
+44 (0)20 7390 0234
Fairfax Partners Inc (North America Investor Relations)
connect@fairfaxpartners.ca
+1 604 366 6277

 

About Metals One

 

The race for critical minerals is on. Metals One is pursuing a critical minerals exploration and M&A strategy, underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials such as copper, nickel, cobalt, zinc, uranium and vanadium - all of which are vital to the clean energy transition.

 

Our Northern Europe portfolio comprises copper, nickel, cobalt and zinc projects in Finland and Norway, including a 57.1 Mt nickel-copper-cobalt-zinc Inferred Resource adjacent to one of Europe's largest nickel producers, aiming to help meet Europe's demand for strategic minerals sourced directly from within the continent.

 

Our North America portfolio comprises uranium and vanadium exploration projects in prolific and historical U.S. uranium mining regions, targeting critical minerals essential for U.S. clean energy generation, grid storage, and energy security.

 

The potential acquisition of gold mining claims within the prolific Carlin Gold Trend in Nevada, USA, if completed, would mark our entry into the gold exploration sector and diversification of our portfolio of critical minerals assets.

 

Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1).

 

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Subscribe to our news alert service on the Investors page of our website at: https://metals-one.com

 

Market Abuse Regulation (MAR) Disclosure

 

The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR').

 

Nominated Adviser

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Appendix

Table 1: The following 40 unpatented lode mining Claims are situated in T35N, R53E Section 16 located within Elko County, Nevada

Count
Claim Name
NMC Number
County Document No.
Location Date
1
TBJ 37
NMC1184872
750425
2018-10-16
2
TBJ 38
NMC1184873
750426
2018-10-16
3
TBJ 39
NMC1184874
750427
2018-10-16
4
TBJ 40
NMC1184875
750428
2018-10-16
5
TBJ 41
NMC1184876
750429
2018-10-16
6
TBJ 42
NMC1184877
750430
2018-10-16
7
TBJ 43
NMC1184878
750431
2018-10-16
8
TBJ 44
NMC1184879
750432
2018-10-16
9
TBJ 45
NMC1184880
750433
2018-10-16
10
TBJ 46
NMC1184881
750434
2018-10-16
11
TBJ 47
NMC1184882
750435
2018-10-16
12
TBJ 48
NMC1184883
750436
2018-10-16
13
TBJ 49
NMC1184884
750437
2018-10-16
14
TBJ 50
NMC1184885
750438
2018-10-16
15
TBJ 51
NMC1184886
750439
2018-10-16
16
TBJ 52
NMC1184887
750440
2018-10-16
17
TBJ 53
NMC1184888
750441
2018-10-16
18
TBJ 54
NMC1184889
750442
2018-10-16
19
TBJ 55
NMC1184890
750443
2018-10-16
20
TBJ 56
NMC1184891
750444
2018-10-16
21
TBJ 57
NMC1184892
750445
2018-10-16
22
TBJ 58
NMC1184893
750446
2018-10-16
23
TBJ 59
NMC1184894
750447
2018-10-16
24
TBJ 60
NMC1184895
750448
2018-10-16
25
TBJ 61
NMC1184896
750449
2018-10-16
26
TBJ 62
NMC1184897
750450
2018-10-16
27
TBJ 63
NMC1184898
750451
2018-10-16
28
TBJ 64
NMC1184899
750452
2018-10-16
29
TBJ 65
NMC1184900
750453
2018-10-16
30
TBJ 66
NMC1184901
750454
2018-10-16
31
TBJ 67
NMC1184902
750455
2018-10-16
32
TBJ 68
NMC1184903
750456
2018-10-16
33
TBJ 69
NMC1184904
750457
2018-10-16
34
TBJ 70
NMC1184905
750458
2018-10-16
35
TBJ 71
NMC1184906
750459
2018-10-16
36
TBJ 72
NMC1184907
750460
2018-10-16
37
TBJ 73
NMC1184908
750461
2018-10-16
38
TBJ 74
NMC1184909
750462
2018-10-16
39
TBJ 75
NMC1184910
750463
2018-10-16
40
TBJ 76
NMC1184911
750464
2018-10-16

Figure 1: Swales Gold Property Claims on Carlin Trend, proximal to Nevada Gold Mines properties

 

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