REG - Metals One PLC - Completion of Uravan Uranium Project Acquisition

Metals OneAnnouncement

02/07/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250702:nRSB3103Pa&default-theme=true

RNS Number : 3103P  Metals One PLC  02 July 2025

2 July 2025

 

Metals One Plc

("Metals One" or the "Company")

Completion of Acquisition - Uravan Uranium-Vanadium Project, Colorado

&

Directorate Change

Strategic U.S. uranium-vanadium project in the prolific Uravan Mineral Belt
formally acquired

Metals One Plc (AIM: MET1), a minerals exploration and development company, is
pleased to announce the completion of its acquisition of the Uravan
Uranium-Vanadium Project ("Uravan" or the "Project") located in Montrose
County, Colorado, United States. The acquisition of the 59 unpatented claims
with a 10-year exploration lease (as originally announced on 24 April 2025)
secures a foothold in one of America's most historically productive
uranium-vanadium districts and supports the Company's expanding critical
minerals portfolio.

Highlights

●     Strategic U.S. Asset Secured: Metals One has completed the
acquisition of 59 unpatented claims (the "UV 1-59" claim block) and
corresponding 10-year exploration lease having been issued, securing a
significant land position in Colorado's Uravan Mineral Belt - a premier U.S.
uranium-vanadium mining district

●     Transaction Terms: Total consideration for the acquisition is
US$50,000 in cash and the issuance of 500,000 new ordinary shares in Metals
One

●     Uranium-Vanadium Potential: Historical surface sampling returned
high-grade results of up to 2.23% U₃O₈ (22,280 ppm uranium) and strong
vanadium content in carnotite mineralisation

●     Exploration Underway: Phase 1 exploration, including geophysical
surveys, mapping, and sampling, is ongoing to validate historical data and
provide a modern geologic and geophysical baseline ahead of a potential Phase
2 drilling programme later in 2025; rock samples have already been sent for
analysis to certified labs in Nevada

Project Overview

The Uravan Project consists of 59 unpatented mining claims (~490 hectares)
situated near the historic Buckhorn Mine within the renowned Uravan Mineral
Belt, a district responsible for more than 60 million pounds of uranium and
330 million pounds of vanadium production during the 20th century. The Project
targets high-grade carnotite-style mineralisation within the Morrison and
Chinle Formations - both recognised hosts of uranium across the Colorado
Plateau.

The Uravan acquisition enhances Metals One's North American critical minerals
portfolio by providing direct exposure to uranium and vanadium - commodities
central to the global clean energy transition. Uranium is gaining increased
attention amid growing nuclear reactor buildouts and global supply deficits,
while vanadium is a key component in long-duration grid energy storage and
high-strength steel.

The Uravan Mineral Belt offers a dual-commodity advantage in a jurisdiction
with legacy infrastructure, an experienced labour base, and growing national
focus on domestic uranium sourcing.

Consideration Payments

The total consideration for the acquisition is US$50,000 in cash and the
issuance of 500,000 new ordinary shares in Metals One ("Consideration
Shares"), representing half of the aggregate consideration due for the
acquisitions of both Uravan and the Squaw Creek Uranium Project, Wyoming, with
the latter also expected to complete soon. As announced on 24 April 2025, the
Consideration Shares are being issued 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 signing of the term
sheet. Accordingly, application will shortly be made for admission of the
Consideration Shares to trading on AIM and a further announcement will be made
confirming this in due course.

Ongoing Exploration Programme

As previously announced in updates released on 22 May, 4 June and 25 June
2025, the Company's Phase 1 exploration programme at Uravan is advancing, with
the following key workstreams in progress:

●     Geophysical Surveys: Over 30 km of ground-based radiometric
surveys completed using RS-125 scintillometers

●     Structural Mapping and Sampling: Systematic mapping of adits,
faults, and historic workings alongside surface sampling of mineralised
exposures

●     Geochemical Analysis: Rock samples submitted to American Assay
Laboratories in Nevada to determine uranium and vanadium concentrations

The Company also continues to assess the potential of a deeper mineralised
horizon within the Chinle Formation, located ~1,200 feet below surface, which
will be evaluated in Phase 2 exploration planning.

Next Steps

The results from Phase 1 will be used to define potential drill targets and
advance the Company's understanding of the Project's mineral systems. A Phase
2 programme is anticipated for late 2025, subject to ongoing results.

 

Directorate Change

 

Metals One also announces that Winton Willesee, Non-Executive Director, has
stepped down from the Board with immediate effect due to personal reasons. The
Company has begun searching for an additional independent Non-Executive
Director with the appropriate skillset and experience to join the Board.

 

Craig Moulton, Chairman of Metals One, commented:

 

"The formal acquisition of the Uravan claim block marks a key step in Metals
One's expansion into the U.S. critical minerals sector. This Project positions
us in one of the most historically productive uranium-vanadium regions in the
United States, with evidence of high grades and a geological setting ideally
suited to modern exploration. With Phase 1 fieldwork already underway, we look
forward to advancing Uravan alongside our broader portfolio of energy
transition assets, with the ultimate goal of contributing to U.S. domestic
mineral sourcing and energy transition initiatives.

 

"On behalf of the Board, I would like to thank Winton Willesee for his efforts
over the last two years during which he provided strong support and wise
counsel from our 2023 IPO through to our recent portfolio expansion."

 

 

Enquiries:

 

 Metals One Plc                                              via Vigo Consulting

 Jonathan Owen, Chief Executive Officer

 Craig Moulton, Chairman

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

 James Biddle / Roland Cornish

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

 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 0230

 Ben Simons / Kendall Hill / Anna Stacey                      IR.MetalsOne@vigoconsulting.com (mailto:IR.MetalsOne@vigoconsulting.com)

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

 connect@fairfaxpartners.ca

 

About Metals One

 

The race for critical minerals is on. Metals One is pursuing a critical
minerals and gold exploration and M&A strategy, in low-risk jurisdictions,
underpinned by the Western World's urgent need for reliably and responsibly
sourced raw materials, and record high gold prices.

 

In addition to gold, our commodity exposure(*) includes copper, nickel,
cobalt, zinc, uranium, vanadium, and platinum group metals - all of which are
vital to the clean energy transition.

 

Metals One's 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 Finland, Norway, and the USA.

 

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

 

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

 

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.

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQPKDBPKBKBKOK