REG - Metals One PLC - Corporate & Strategic Updates

Metals OneAnnouncement

17/04/2025 07:00

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RNS Number : 3688F  Metals One PLC  17 April 2025

17 April 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Corporate & Strategic Updates

 

Metals One (AIM: MET1), which is advancing critical minerals projects, is
pleased to provide the following corporate and strategic updates.

 

Investor Presentation & Strategic Update

 

Metals One has today published an updated investor presentation on its website
at https://metals-one.com/investors/#financial-reports-&-presentation
(https://metals-one.com/investors/#financial-reports-&-presentation) . The
updated presentation highlights the critical minerals opportunity at the heart
of the Company's strategy, as the Western World faces an urgent need for
reliably and responsibly sourced critical metals such as copper, nickel,
cobalt, and zinc - all of which are vital to the clean energy transition.

 

Metals One is already developing high-impact projects in low-risk northern
European jurisdictions, ideally positioned to supply battery and energy
storage manufacturers within the continent and reduce dependence on China and
other countries. As highlighted in the presentation, the Company intends to
leverage its technical expertise and financing to undertake near-term,
high-impact exploration programmes within its existing copper projects while
targeting other project acquisitions (see 'New Ventures' below).

 

Portfolio

 

Finland - Copper

 

In Finland, Metals One is focussing near-term efforts on reviewing historical
data associated with the Hammaslahti Copper-Zinc Project and Outokumpu Copper
Project, which the Company has agreed to acquire (as announced on 19 March and
3 April 2025). This analysis is being undertaken in preparation for summer
2025 fieldwork which is expected to include a drilling campaign at
Hammaslahti.

 

Hammaslahti Copper-Zinc Project Summary

 

·    Highly prospective for volcanogenic massive sulphide (VMS)
mineralisation

·    Contains historical Hammaslahti Copper Mine

·    The Hammaslahti Mine produced >7Mt at an average grade of 1.16%
copper, 1.55% zinc, 0.59 g/t gold and 5.2 g/t silver (1973-1986)

·    Drilling has identified extensions to the Hammaslahti Mine
mineralisation with multiple intersections of high-grade massive sulphides

·    2023 diamond drilling intersected sulphide mineralisation in all
eight holes with one occurrence at only 75m depth

·    Reinterpretations of data show significant potential for new
mineralisation which Metals One intends to test with a follow-up drill
programme in 2025

·    £3.2 million was spent historically by the previous owner on
drilling and exploration

 

Outokumpu Copper Project Summary

 

·    Covers most of the northeast-southwest trending Outokumpu Copper Belt
which has produced numerous high-grade mines

·    Includes the world-famous Outokumpu Copper Mine

·    The Outokumpu Copper Mine produced 28.5Mt at 3.8% copper (1908-1988)

·    Six drill-ready targets have been identified which have good
potential for high-grade copper along strike from former operating mines

·    Metals One intends to undertake higher-resolution geophysical surveys
of targets in 2025 in preparation for a drill programme

·    £2.1 million was spent historically by the previous owner on
exploration

 

Finland - Nickel

 

Black Schist Nickel Copper Cobalt Zinc Project Summary

 

·    Situated on Kainuu Schist Belt - an economically important 200km
geological formation

·    Project already has a 57.1Mt JORC Inferred resource with an expansion
opportunity to 200Mt targeted by Metals One

·    The project is located adjacent to Europe's largest operating nickel
mine, Terrafame's Talvivaara

·    The project has been drill-tested to reveal significant
Talvivaara-style mineralisation

·    Targeting low-cost production of "class 1" high-purity nickel
sulphate from open pit mine through bio-heap leaching, like the Terrafame mine

·    Preliminary analysis shows project economics are highly leveraged to
the anticipated rising nickel price in a tier-1 jurisdiction with an NPV(5)
Upside Case of approximately US$333 million (as described in the 31 January
2025 announcement)

·    The project ideally located to supply to Europe's major EV car
manufacturers

·    Metals One intends to apply for Strategic Project Status under the EU
Critical Raw Materials Act which is expected to enable enhanced access to
project financing among other advantages

 

Norway - Nickel

 

In Norway, recent exploration undertaken by the project operator, Kingsrose
Mining (ASX: KRM), has demonstrated that nickel-copper-cobalt sulphide
mineralising processes have occurred in multiple 'stacked' zones throughout
the 10km diameter Råna Intrusion, indicating a large search-space for future
discovery. Two holes intercepted broad intervals of disseminated to
net-textured sulphide mineralisation demonstrating the presence of high nickel
tenors, returning a maximum grade of 1.6% nickel, 0.2% copper, and 0.15%
cobalt. The Company looks forward to further updates from the project operator
on the next phase of exploration based on encouraging results to date.

 

Råna Nickel Project Summary

 

·    Situated within the Råna Intrusion, analogous to Voisey's Bay
(Canada) - a world-class deposit

·    Proven potential for massive nickel-copper-cobalt sulphide
mineralisation

·    Encircles the previously producing underground Bruvann Mine

·    Close to a deep-water port and low-cost green power - ideally located
to supply to Europe's major EV car manufacturers

·    Kingsrose Mining is farming in for up to 75% over 8 years, through
staged expenditure of up to A$15 million (currently at 51% after 5,000m of
drilling) - Metals One is fully carried

·    2023/4 drilling discovered nickel-copper-cobalt mineralisation, open
along strike and down dip - confirming scale potential

·    The project remains largely underexplored

 

New Ventures

 

Metals One intends to leverage its platform to undertake other project
acquisitions and is currently reviewing projects within Europe, North America
and Australasia with a particular focus on copper, uranium and defence
minerals. The Board is reviewing projects that are generally close to existing
infrastructure and are being operated in partnership with experienced
in-country teams. The Board is also considering opportunities, in light of
record high prices, to acquire gold exploration assets which are currently
underfunded. These new acquisitions will likely take the form of a project
earn-in arrangement or direct equity financing. The Board looks forward to
providing further updates as it completes due diligence and negotiation on
future potential projects.

 

Directorate Changes

 

Metals One is pleased to announce that Craig Moulton has today moved into the
role of Independent Non-Executive Chair. Mr Moulton is a highly accomplished
geologist and mineral economist with over 30 years' global experience across
the mining value chain including at Rio Tinto and Cleveland Cliffs. He has
previously served as Managing Director of ASX-listed NickelSearch and
LSE-listed Cobra Resources. Mr Moulton will have high level oversight of the
exploration and M&A strategy and replaces Alastair Clayton as
Non-Executive Chair, who has stepped down from the Board of Directors having
chaired the Company since its IPO in July 2023.

 

Metals One also announces that Thomas Levin has stepped down as Non-Executive
Director, representing the vendors of the Company's Finland nickel and copper
projects. It is anticipated that Mr Levin will shortly be replaced by a new
director representative, Olga Solovieva, BSc (Geoscience), subject to
satisfactory completion of customary due diligence and Nominated Adviser
checks, at which time a further announcement will be made. Ms Solovieva is an
experienced geologist with significant project analysis experience and direct
knowledge of the Finland copper assets given her role as Senior Geologist with
the vendor of the projects.

 

Jonathan Owen, CEO of Metals One, commented:

 

"Recent global events show in no uncertain terms that the Western World can no
longer be complacent about the sourcing of strategic and critical minerals
that are essential for everyday life and electrification. The race for
reliable and responsibly sourced minerals is on.

 

With our funding, LSE listing, networks and exploration expertise, Metals One
has a strong platform from which to aggressively pursue high-impact
exploration projects in top tier jurisdictions. We have begun developing our
exploration programmes for both the Hammaslahti and Outokumpu copper projects
in Finland. We intend to drill Hammaslahti this year, following up on previous
work which showed significant potential for new mineralisation, and to advance
geophysics work at Outokumpu in preparation for drilling.

 

We are also reviewing a number of other projects which we may bring into the
Company, with an immediate focus on copper, uranium, defence minerals and
gold.

 

I would like to welcome Craig Moulton into the role of Chair. Craig is an
experienced mining executive whose Board leadership will be valuable as we
pursue our strategy. On behalf of the Board, we also extend our gratitude to
Alastair Clayton and Thomas Levin for their contributions since the Company
listed in 2023."

 

Enquiries:

 

 Metals One Plc                                                       via Vigo Consulting

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

 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

 

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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