REG - Metals One PLC - Conditional Acquisition of Nevada Gold Project

Metals OneAnnouncement

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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                                                       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

 

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).

 

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.

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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