REG - Metals One PLC - Acquisition of Uranium Projects, USA

Metals OneAnnouncement

24/04/2025 08:00

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RNS Number : 0261G  Metals One PLC  24 April 2025

24 April 2025

 

 

Metals One Plc

("Metals One" or the "Company")

 

Acquisition of Uranium Projects, USA

 

Acquisitions support U.S. domestic mineral sourcing and energy transition
initiatives

 

Metals One (AIM: MET1), which is advancing critical minerals projects, is
pleased to announce it has signed a binding term sheet for the conditional
acquisition of uranium and vanadium exploration projects in the United States
("Conditional Acquisition"). The Squaw Creek Uranium Project in Wyoming and
the Uravan Belt Uranium-Vanadium Project in Colorado will represent the
Company's first North American assets, securing a foothold in commodities
which are essential to U.S. clean energy generation, grid storage, and energy
security.

 

Highlights

 

●     Strategic U.S. Entry: Acquisition of 112 claims (the "Claims") in
historic uranium-producing regions, targeting critical minerals essential for
U.S. energy security

 

●     Squaw Creek Uranium Project (Wyoming): 53 claims (~430 ha) in the
Shirley Basin, near historic uranium mines and TerraPower's next-generation
nuclear reactor project. Past drilling indicates uranium mineralisation (1,500
CPS at 330 ft) amenable to low-cost, low disturbance in situ recovery ("ISR")
mining

 

●     Uravan Belt Uranium-Vanadium Project (Colorado): 59 claims (~490
ha) in the prolific Uravan Mineral Belt, historically the leading uranium
district in the U.S., with high-grade uranium (up to 2.23% U₃O₈) and
vanadium mineralisation confirmed by surface sampling

 

●     Aligned with U.S. Clean Energy Goals: Uranium demand rising amid
global supply deficits; vanadium increasingly crucial for grid-scale batteries
and steel alloys. These acquisitions support U.S. domestic mineral sourcing
and energy transition initiatives

Project Summaries

Squaw Creek Project, Wyoming

53 claims (~430 hectares) in the Shirley Basin, a premier uranium district
known for ISR-amenable uranium mineralisation. Historical gamma ray well logs
indicate high-grade uranium potential with readings of 1,500 CPS at a depth of
330 ft. The project is strategically located near past-producing mines and
within Wyoming, which hosts TerraPower's next-generation nuclear reactor
project, underscoring its importance to U.S. nuclear energy development.

Uravan Belt Project, Colorado

59 claims (~490 hectares) situated near the historic Buckhorn Mine in the
renowned Uravan Mineral Belt, formerly the United States' leading
uranium-vanadium production area. Initial sampling at Uravan confirmed
exceptionally high-grade uranium mineralisation, with assays from surface
samples returning up to 22,280 ppm uranium (2.23% U₃O₈) alongside
significant vanadium content in carnotite ore. This acquisition offers
dual-commodity potential, providing exposure to two critical minerals
essential for clean energy and advanced steel alloy production.

Transaction Structure

The Company has agreed to acquire 100% of the Claims from 1491434 B.C. Ltd., a
company incorporated in British Columbia (the "Vendor"), through staking.
Long-term access to conduct exploration will be secured via two 10-year
exploration leases, renewable for up to 30 years, which the Vendor estimates
will be granted in approximately 30 days. The consideration payable to the
Vendor on completion of the Conditional Acquisition is US$100,000 in cash and
the issue of 1,000,000 new ordinary shares in Metals One at a value per share
equivalent to a 5% discount to the five-day volume weighted average price per
ordinary share in the Company for the five days immediately preceding the
entering into of this term sheet, conditional on the Claims shown in Schedule
1 having converted into exploration leases as described above. The Vendor has
agreed to a 30-day exclusivity period in respect of the Conditional
Acquisition and will be subject to a one month lock-in in respect of the
Consideration Shares.

The Conditional Acquisition will also be subject to and conditional upon:

1)    Metals One having conducted, and being reasonably satisfied with,
legal, technical and financial due diligence on the Claims

2)    Metals One and the Vendor entering into a sale and purchase agreement
in respect of the Conditional Acquisition

3)    The execution by the Vendor of a one-month lock-in agreement in
respect of the Consideration Shares

4)    All and any applicable and necessary consents, authorities or
approvals required from any applicable statutory or quasi statutory body
regulating the mining industry in Wyoming and Colorado consenting to the
change of control of the Claims

Strategic Rationale

These acquisitions broaden Metals One's portfolio to include uranium and
vanadium - critical minerals essential to the U.S. energy transition.

Uranium - Addressing U.S. Supply Deficits: Uranium is experiencing renewed
interest globally due to its role as a carbon-free energy source, driven by
increased nuclear reactor builds and extensions. The global uranium market
faces a structural supply deficit, with annual reactor requirements
significantly outpacing primary mine supply. Notably, the U.S. imports over
90% of its uranium, making domestic supply development a strategic imperative.
Projects like Squaw Creek are ideally positioned to help fill this gap,
particularly given Wyoming's strategic significance as the site of
TerraPower's Natrium advanced nuclear reactor-a next-generation nuclear energy
project backed by Bill Gates (see TerraPower.com (http://terrapower.com) ).

Vanadium - Essential for Energy Storage and Infrastructure: Vanadium demand is
rapidly growing, primarily driven by its use in vanadium redox flow batteries
("VRFBs") for large-scale, long-duration energy storage solutions and in
high-strength steel alloys. The global VRFB market, valued at approximately
$394.7 million in 2023, is projected to grow significantly through 2030(1).
Recognised as a U.S. Critical Mineral, vanadium is crucial for national
security, energy storage, and infrastructure modernisation. The Uravan Belt
project in Colorado positions Metals One within a historically productive
uranium-vanadium region, offering potential domestic supply critical for both
grid-scale storage and defence industries.

Overall, these strategic acquisitions complement Metals One's existing
European critical metals portfolio, providing exposure to multiple commodities
vital to global clean energy and security initiatives.

Craig Moulton, Chair of Metals One, commented:

 

"Building on our core assets in northern Europe, this move into two of
America's historic mining districts is a logical step that broadens our
commodity exposure and positions us at the heart of the clean energy supply
chain. Uranium and vanadium are critical to enabling the energy transition -
uranium fuels the zero-carbon nuclear power that is seeing a renaissance to
meet climate targets, and vanadium is an emerging battery metal poised to play
a major role in grid-scale energy storage. These acquisitions give Metals One
a strategic foothold in the U.S. at a time when domestic sourcing of these
minerals has become a national priority.

 

The Shirley Basin claims in Wyoming put us in a prolific uranium region that
not only has produced significant volumes historically but is also benefitting
from renewed investment and interest, as evidenced by initiatives like
TerraPower's advanced reactor project in the state. Meanwhile, the Uravan Belt
ground in Colorado contains exceptional grades of uranium and vanadium that
underscore the quality of asset we've secured.

 

We see considerable upside in these projects and view them as timely additions
that could significantly enhance Metals One's value and contribute
meaningfully to U.S. energy security in the years ahead."

 

(1 Source :)
(https://www.grandviewresearch.com/industry-analysis/vanadium-redox-flow-battery-market-report
(https://www.grandviewresearch.com/industry-analysis/vanadium-redox-flow-battery-market-report)
)

 

Glossary of Terms

 

 CPS       Counts per second
 ft        Feet
 ha        Hectares
 lbs       Pounds
 ppm       Parts per million
 U₃O₈      Triuranium octoxide (U3O8) is a compound of uranium

 

Enquiries:

 

 Metals One Plc                                                       via Vigo Consulting

 Jonathan Owen, Chief Executive Officer                               +44 (0)20 7390 0234

 Craig Moulton, Chairman

 Beaumont Cornish Limited (Nominated Adviser)                         +44 (0)20 7628 3396

 James Biddle / Roland Cornish

 www.beaumontcornish.com (http://www.beaumontcornish.com)

 SI Capital Limited (Joint Broker)                                    +44 (0)14 8341 3500

 Nick Emerson

 Capital Plus Partners Limited (Joint Broker)                         +44 (0)20 3821 6169

 Jonathan Critchley

 https://www.capplus.co.uk/ (https://www.capplus.co.uk/)

 Vigo Consulting (UK Investor Relations)                              +44 (0)20 7390 0234

 Ben Simons / Kendall Hill / Anna Stacey

 metalsone@vigoconsulting.com (mailto:metalsone@vigoconsulting.com)

 Fairfax Partners Inc (North America Investor Relations)              +1 604 366 6277

 connect@fairfaxpartners.ca (mailto:connect@fairfaxpartners.ca)

 

 

 

 

About Metals One

 

Metals One (AIM: MET1) 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, and zinc -
all of which are vital to the clean energy transition.

 

Metals One's current projects include strategic metals projects in Finland and
Norway, aiming to help meet Europe's demand for strategic minerals sourced
from within the continent.

 

Metals One's 93.75%-owned Black Schist Projects in Finland total 706 km(2),
with an Inferred Resource of 57.1 Mt nickel-copper-cobalt-zinc, adjacent to
one of Europe's largest nickel producers.

 

Metals One's 39%-owned and fully carried Råna Project in Norway covers 18.14
km², with proven potential for massive sulphide nickel-cobalt-copper
mineralisation.

 

In 2025, Metals One announced the conditional acquisition of 100% of the
Hammaslahti Copper-Zinc Project and Outokumpu Copper Project in Finland, both
of which are associated with former operating mines. Subject to completion,
Metals One intends to commence exploration programmes, including drilling of
high-impact copper targets, in 2025.

 

 Metals One European projects

 

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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

 

Schedule 1: Claims Maps

 

Squaw Creek Uranium Project (Wyoming):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Uravan Belt Uranium-Vanadium Project (Colorado):

 

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