REG - Metals One PLC - Additional Investment in Uranium Venture, USA

Metals OneAnnouncement

06/08/2025 07:00

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RNS Number : 1207U  Metals One PLC  06 August 2025

6 August 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Additional Investment in Uranium Venture, USA,

Issue of Equity

&

TVR

 

Metals One Increases NovaCore Stake to 35% to Accelerate Maiden Drilling

at Red Basin Uranium Project, New Mexico

 

Further to the Company's investments announced on 18 and 29 July 2025, Metals
One (AIM: MET1), a minerals exploration and development company with key
interests in uranium and gold projects, is pleased to announce it has agreed
to increase its shareholding in NovaCore Exploration Inc. ("NovaCore"), a
private U.S.-based company advancing the large-scale Red Basin Uranium
Project, from its current 30% to 35% by way of cash subscription of
approximately US$297,000. This brings the Company's investment in NovaCore to
date to approximately US$1.45 million.

 

Metals One's additional investment is designed to enable NovaCore to
accelerate its plans to conduct a maiden drilling campaign at the large-scale
Red Basin Uranium Project in Catron County, New Mexico, anticipated to
commence in Q4 2025.

 

Project Overview

 

As previously announced, NovaCore holds approximately 15,000 acres in the Red
Basin Uranium District of New Mexico, where historical U.S. Department of
Energy assessments and recent radiometric surveys suggest there is potential
for 40 million pounds of U₃O₈. Recently, NovaCore's gamma spectrometry
surveys have identified multiple uranium-rich zones. The area has road access,
a known permitting regime, and favourable geology with structural and
geophysical targets that remain largely undrilled below 400 feet.

 

NovaCore has completed land staking, radiometric and geophysical surveys, and
is advancing permitting and environmental studies to support forthcoming
drilling.

 

NovaCore's board of directors includes Neil Herbert (Founder and Chairman) and
Douglas Christopherson (Founder and Technical Advisor) both of whom played key
roles in the management of AIM and TSX listed Uramin Inc. which was sold for
US$2.5 billion.

 

Further information on the drill programme will be announced in due course.

 

Craig Moulton, Chairman of Metals One, commented:

 

"This investment in NovaCore's Red Basin project will deliver Metals One's
first exposure to a high-impact uranium drilling campaign. We are gaining
access to one of the most prospective yet underexplored uranium districts in
the western U.S. with the potential to host future uranium deposits of
national importance."

 

Issue of Equity

 

Metals One announces it has received notice of the exercise of Cash Warrants,
issued pursuant to the Equity Fundraise announced on 31 January 2025, over a
total of 116,000,000 ordinary shares in the Company (the "Warrants") at 2
pence per share. Over 60% of the Cash Warrants have now been exercised
generating additional gross proceeds from the Equity Fundraise announced on 31
January 2025 of approximately £6 million to support the Company's portfolio
expansion.

 

Application will be made for the admission of the 116,000,000 new ordinary
shares to trading on AIM ("Admission") pursuant to the authorities approved by
shareholders at the General Meeting on 25 March 2025. The Shares will rank
pari passu with the existing ordinary shares and it is expected that Admission
will become effective at 8.00 a.m. on 8 August 2025.

 

Following Admission, the Company's issued share capital will consist of
634,341,709 ordinary shares with voting rights. Metals One does not hold any
ordinary shares in treasury. This figure of 634,341,709 may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they require to notify their interest in, or a change
to their interest in, the share capital of the Company under the UK Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.

 

Enquiries:

 

 Metals One Plc                                           info@metals-one.com (mailto:info@metals-one.com)

 Jonathan Owen, Chief Executive Officer                   +44 (0)20 7981 2576

 Craig Moulton, Chairman

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

 James Biddle / Roland Cornish

 Capital Plus Partners Limited (Joint Broker)             +44 (0)207 432 0501

 Jonathan Critchley

 Vigo Consulting (UK Investor Relations)                  IR.MetalsOne@vigoconsulting.com +44 (0)20 7390 0230

 Ben Simons / Kendall Hill / Anna Stacey

 Fairfax Partners Inc (North America Investor Relations)  connect@fairfaxpartners.ca (mailto:connect@fairfaxpartners.ca)

                                                          +1 604 366 6277

 

About Metals One

 

Metals One is pursuing a strategic portfolio of critical and precious metals
projects(*) in low-risk jurisdictions, underpinned by the Western World's
urgent need for reliably and responsibly sourced raw materials, and record
high gold prices.

 

Our commodity exposure(*) includes gold, uranium, vanadium, copper, nickel,
cobalt, zinc, and platinum group metals.

 

Our most advanced project is the Black Schist Project in Finland with a 57.1
Mt nickel-copper-cobalt-zinc JORC Inferred Resource adjacent to one of
Europe's largest nickel producers.

 

Our project portfolio(*) spans the USA, Finland and Norway.

 

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

 

(*)Includes projects for which acquisition terms have been agreed pending
completion.

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/metals-one-plc/
(https://www.linkedin.com/company/metals-one-plc/)

X: https://x.com/metals_one_PLC (https://x.com/metals_one_PLC)

 

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

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