REG - Metals One PLC - Half-Year Report
24/09/2024 07:00
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RNS Number : 3303F Metals One PLC 24 September 2024
24 September 2024
Metals One Plc
("Metals One" or the "Company")
Half-Year Report
Metals One (AIM: MET1), which is advancing strategic minerals projects in
Finland and Norway, today announces its unaudited results for the six months
ended 30 June 2024 ("H1 2024"). These results are available to view on the
Company's website at:
https://metals-one.com/investors/#financial-reports-&-presentation
(https://metals-one.com/investors/#financial-reports-&-presentation) .
Highlights
Finland - Black Schist Project (nickel, copper, cobalt, zinc)
• Reported results in February 2024 from the Company's 2023
diamond drilling programme at the R1 Hook target within the Rauta 9-11
licence, which identified significant intersections of mineralised black
schists in all eight drillholes
• Received positive re-assay results in May 2024 from the P5
JORC Exploration Target in the Paltamo area which enabled a JORC Inferred
Mineral Resource Estimate to be commissioned on P5
• Completed a £895,000 Placing in May 2024 to advance the Black
Schist Project independently and simultaneously terminated the Gunsynd Plc
("Gunsynd") farm-in
o The Company has a three-year option to regain 100% ownership by
re-acquiring the 6.25% currently held by Gunsynd for the same price
Post period-end
• Announced in July 2024 a 29 Mt maiden JORC Inferred Mineral
Resource for P5, bringing the total Black Schist Project resource to 57.1 Mt -
more than double the previous estimate - with contained metals of 105.8kt of
nickel, 51.9kt of copper, 6.9kt of cobalt, and 276kt of zinc
• Commissioned in August 2024 a Preliminary Economic
Assessment ("PEA") to establish an economic concept for the project
o Wardell Armstrong International ("WAI"), an independent British
engineering and environmental consultancy, has commenced work on the PEA which
is expected to be completed by around November 2024 and underpin the
application for EU Strategic Project status
Norway - Råna Project (nickel, copper, cobalt)
• Announced results in February 2024 from partner and operator
Kingsrose Mining Limited's ("Kingrose") 2023 drill programme which identified
multiple high-priority targets as well as new zones of nickel sulphide
mineralisation further demonstrating the Råna Intrusion's scale potential
Post period-end
• Kingsrose commenced a helicopter supported core drilling
programme at the Rånbogen prospect in August 2024
o Successfully completed the drilling programme, with a total of 706 metres
drilled over three drillholes
o Drill core samples have been dispatched to the analysis laboratory and
will be announced by Kingsrose and the Company in due course
• In September 2024, Kingsrose satisfied the
expenditure and drilling conditions to earn a 51% interest in the project to
date (Metals One ownership now 39%)
Alastair Clayton, Chairman of Metals One, commented:
"During the first half of the year, Metals One undertook a low-cost, low-risk
programme in Finland to move the Black Schist Project into the economic
assessment phase as a precursor to project development. Completing our maiden
Mineral Resource Estimate for the P5 area brought the total value of in-situ
metals to $3 billion at today's prices(1), and this project is well on track
to becoming the world-class asset we believe it could be. The ongoing PEA work
will also underpin Metals One's application for EU Strategic Project status
which, in turn, we expect will open up development funding and permit
fast-tracking opportunities.
Kingsrose's 2023 drilling campaign in Norway produced positive results and it
has since completed another programme focused on key targets identified last
year, with core samples already at the laboratory for evaluation. We were also
delighted that Kingsrose achieved its second completion milestone, a strong
endorsement of its commitment to the project.
Together, our projects represent an opportunity for Metals One to become a key
supplier of strategic minerals to European OEMs which are in growing need of
traceable, sustainable supplies and are incentivised by supportive EU
legislation to seek local sources of critical metals."
1 Based on today's nickel prices on the London Metal Exchange. This can in no
way be regarded as a guide to the Project's value or ultimate value of metal
extracted.
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
Keith Swann
https://www.capplus.co.uk/ (https://www.capplus.co.uk/)
Vigo Consulting (Investor Relations) +44 (0)20 7390 0234
Ben Simons / Kendall Hill / Anna Stacey
metalsone@vigoconsulting.com (mailto:metalsone@vigoconsulting.com)
About Metals One
Metals One is developing strategic metals projects in Finland (Black Schist
Project) and Norway (Råna Project), with approximately £9 million of
exploration carry exposure through a farm-in agreement. Metals One is aiming
to help meet the significant demand for strategic minerals by defining
resources on the doorstep of Europe's major electric vehicle OEMs and battery
manufacturers. Metals One's Black Schist Project in Finland, totalling 706 km2
across three licence areas, has a total Inferred Resource of 57.1 Mt
nickel-copper-cobalt-zinc and is located adjacent to one of Europe's largest
strategic minerals producers, Terrafame. Metals One's fully carried Råna
Project in Norway covers 18.14 km² across three contiguous exploration
licences, with significant opportunity for exploration of the Råna intrusion,
and proven potential for massive sulphide nickel-cobalt-copper mineralisation.
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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.
Chairman's Statement
Introduction
During the first half of the year, Metals One undertook a low-cost, low-risk
programme in Finland to move the Black Schist Project into the economic
assessment phase as a precursor to project development.
Metals One's main priority is to transition the Black Schist Project towards
commercialisation, and the Company is currently working on a PEA to evaluate
the economic viability of the Black Schist Project based on the R1 and P5
resources and establish an economic concept.
In parallel, our Råna Project partner Kingsrose continued to progress
exploration work in Norway after announcing positive results from its 2023
drilling programme.
The Company presents its interim results for the six-month period ended 30
June 2024.
Finland - Black Schist Ni-Zn-Cu-Co Project
Inferred Mineral Resource of 57.1 Mt Ni-Zn-Cu-Co
Metals One reported drilling assay results from the Company's 2023 diamond
drilling programme at the Black Schist Project during H1 2024. Significant
intersections of mineralised black schists were identified in all eight holes
drilled, whilst drilling also demonstrated geological continuity with the
Company's existing Resource at R1 which could support future resource
expansion there.
Significantly, hole RAU0002 intercepted 14.7m of mineralised black schists
from 50m (0.18% Ni, 0.01% Cu, 0.01% Co, 0.57% Zn) and Hole RAU0003 intercepted
11m of mineralised black schists from 199.5m (0.22% Ni, 0.01% Cu, 0.01% Co,
0.55% Zn). The results confirmed a synformal structure, indicating significant
potential to the east and prompting the Company to extend the current permit
area in that direction.
The Company's work programme in Finland in the period has, however, largely
centred on P5 in the Paltamo area of the project and, in May 2024, the Company
received positive re-assay results from the P5 JORC Exploration Target which
enabled a JORC Inferred Mineral Resource Estimate to be commissioned on P5.
In May 2024, Metals One raised £895,000 through a placing and subscription of
89,500,000 new ordinary shares of 1p each in the capital of the Company to
support the development of the project. This enabled the Company to terminate
the farm-in agreement with Gunsynd. Metals One has a three-year option to
regain 100% ownership by re-acquiring the 6.25% currently held by Gunsynd for
the same price.
Post-period end in July 2024, Metals One announced a maiden JORC Inferred
Mineral Resource for the P5 area. This was a key milestone for the Company as
it transitions to project development, having more than doubled the previous
Mineral Resource Estimate for the project and brought the total resource to
57.1 Mt, with contained metals of 105.8kt of nickel, 51.9kt of copper, 6.9kt
of cobalt, and 276kt of zinc.
The resource was calculated by independent global mining services provider,
Mining Plus. The orientation and proximity to surface of the resource lends
itself to cost-effective surface mining, while it is also conveniently
adjacent to major road and rail infrastructure.
The Company achieved this significant expansion through a low-cost, low-risk
programme, and within only 12 months of listing, demonstrating the full
commitment of the Metals One team and its independent consultants to
delivering the resource estimate.
Underpinned by this increased resource base, the Company has since moved onto
the next step for the project: the PEA. Post-period end in August 2024, Metals
One awarded the contract to undertake a formal PEA to Wardell Armstrong
International, a long-established, independent British engineering and
environmental consultancy.
The primary aim of the PEA is to evaluate the economic viability of the Black
Schist Project based on the "R1" (28.1Mt at 0.19% Ni, 0.10% Cu, 0.01% Co, and
0.38% Zn) and "P5" (29 Mt at 0.18% Ni, 0.08% Cu, 0.01% Co, and 0.33% Zn)
resources, and to establish an economic concept.
WAI has now commenced work at the project and the PEA is expected to be
completed by November 2024 and underpin application for EU Strategic Project
status.
Norway - Råna Ni-Cu-Co Project
Exploration of Råna Intrusion - fully carried
The Company's interest in the Råna Project is owned through a JV with
Kingsrose, which is operator of the project and has a right to earn up to 75%
over eight years through staged expenditure of up to A$15 million. Metals One
announced in early February 2024 that Kingsrose had received all analytical
results from the 2023 core drilling programme, where a total of 4,318m were
drilled across 12 holes.
The identification of new zones of nickel sulphide mineralisation at the Råna
Project from this drilling programme further demonstrated the scale potential
of the largely underexplored Råna Intrusion. In addition to the discovery of
mineralised bodies at the Rånbogen and Malmhaugen prospects, the drill
programme identified multiple high‐priority targets, including areas of
outcropping massive sulphide nickel mineralisation associated with conductive
geophysical anomalies extending to depth.
Post-period end, Kingsrose started the 2024 field season with geological
mapping, building on its understanding of the geology of the area. In August
2024, Kingsrose commenced a helicopter supported core drilling programme at
the Rånbogen prospect focused on two compelling targets identified last year
through geophysics which comprise shallow, highly conductive electromagnetic
anomalies immediately down dip from mineralised nickel-copper-cobalt massive
sulphide at surface.
Kingsrose has now successfully completed the programme, drilling a total of
706 metres over three drillholes. Drill core samples have been dispatched to
the analysis laboratory and will be announced by Kingsrose and the Company in
due course.
In September 2024, Kingsrose satisfied the conditions precedent to the second
stage of the agreement between Metals One (via SRH), Kingsrose and Global
Energy Metals Corporation regarding its staged earn-in to the Råna Project.
Consequently, Kingsrose has to date earned a 51% interest in the Råna Project
by incurring A$3 million of expenditure, and drilling at least 5,000 metres,
on the project. Metals One's Råna Project ownership now stands at 39%, with
the balance being held by Global Energy Metals Corporation.
Kingsrose has also announced its intention to proceed to earn the third
milestone interest, which equates to a 65% interest in the Råna Project, by
incurring a further A$4 million of expenditure on the Råna Project.
Conclusion
Metals One is committed to rapidly advancing the Black Schist Project towards
commercialisation. Through the PEA, expected to be completed in November 2024,
we will seek EU Strategic Project status to support this goal.
Kingsrose, which has recently increased its interest in the Råna Project, has
continued to progress drilling activity to improve its understanding of the
Råna Intrusion's scale potential, and results from the 2024 programme are
expected in the coming months.
On behalf of the board, I would like to thank the Metals One team, as well as
our consultants, advisers and project partners, for their hard work and
dedication throughout the period. Metals One has an important 12 months ahead,
with the ultimate aim to significantly strengthen EU security of supply of
these metals to support its climate goals.
Alastair Clayton
Chairman
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR 6 MONTH PERIOD ENDED 30 JUNE
2024
Notes Period ended 30 Period ended 30
June 2024 June 2023
£ £
Revenue
Revenue from continuing operations - -
Expenditure
Other income - -
Administrative expenses 3 (700,064) (118,893)
Share of loss of associate accounted for using the equity method 8 (73,272) -
(773,336) (118,893)
Finance costs
Finance expense -
Interest expense (169) -
(169) -
Loss on ordinary activities before taxation (773,505) (118,893)
Taxation on loss on ordinary activities - -
Loss on ordinary activities after taxation (773,505) (118,893)
Other comprehensive income
Exchange differences on translation of foreign operations (1,453) -
Loss and total comprehensive income for the year attributable to the owners of (774,958) (118,893)
the Group
Earnings per share (basic and diluted) attributable to the equity holders 4 (0.24) (0.6)
(pence)
Loss and total comprehensive income attributable to:
Owners of the parent (769,872) (118,893)
Non-controlling interest (3,633) -
(773,505) (118,893)
The accompanying notes form an integral part of the Interim Financial
Information.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024
Notes As at As at
30 June 2024 31 December 2023
£ £
NON-CURRENT ASSETS
Investment in associate 8 3,230,869 3,304,141
Exploration and evaluation 5 5,830,129 5,706,986
TOTAL NON-CURRENT ASSETS 9,060,998 9,011,127
CURRENT ASSETS
Trade and other receivables 444,252 238,048
Cash and cash equivalents 600,087 751,095
TOTAL CURRENT ASSETS 1,044,339 989,143
TOTAL ASSETS 10,105,337 10,000,270
NON-CURRENT LIABILITIES
Deferred consideration payable - 85,000
TOTAL NON-CURRENT LIABILITIES - 85,000
CURRENT LIABILITIES
Trade and other payables 233,973 432,323
Deferred consideration payable 155,000 150,000
Contingent consideration 250,000 250,000
TOTAL CURRENT LIABILITIES 638,973 832,323
TOTAL LIABILITIES 638,973 917,323
NET ASSETS 9,466,364 9,082,947
EQUITY
Called up share capital 6 3,302,175 2,084,500
Share premium account 6 7,716,415 7,775,715
Shares to issue 1,000,000 1,000,000
Share based payment reserve 337,673 337,673
Foreign exchange reserve 209 1,662
Retained earnings (3,133,646) (2,363,774)
Equity attributable to equity holders of the parent 9,222,826 8,835,776
Non-controlling interest 243,538 247,171
TOTAL EQUITY 9,466,364 9,082,947
The accompanying notes form an integral part of the Interim Financial
Information.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2024
Issued Share Capital Share Premium Share Based Payments Reserve Share capital to issue Foreign Currency Translation Reserve Retained Earnings NCI Total Equity
£ £ £ £ £ £ £ £
As at 31 December 2022 197,500 374,259 - - - (612,041) - (40,282)
Loss for the year - - - - - (1,751,733) (2,829) (1,754,562)
Other comprehensive income - - - 1,662 - - 1,662
Total comprehensive loss for the year - - - - 1,662 (1,751,733) (2,829) (1,752,900)
Issue of shares on acquisition of subsidiary 1,400,000 5,600,000 - 1,000,000 - - - 8,000,000
Shares issued during the year 487,000 1,948,000 - - - - 250,000 2,685,000
Share issue costs during the year - (146,544) - - - - - (146,544)
Warrants issued during the year - - 337,673 - - - - 337,673
Total transactions with owners 1,887,000 7,401,456 337,673 1,000,000 - - 250,000 10,876,129
As at 31 December 2023 2,084,500 7,775,715 337,673 1,000,000 1,662 (2,363,774) 247,171 9,082,947
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2024
Issued Share Capital Share Premium Share Based Payments Reserve Share capital to issue Foreign Currency Translation Reserve Retained Earnings NCI Total Equity
£ £ £ £ £ £ £ £
As at 31 December 2022 2,084,500 7,775,715 337,673 1,000,000 1,662 (2,363,774) 247,171 9,082,947
Loss for the period - - - - - (769,872) (3,633) (773,505)
Other comprehensive income - - - - (1,453) - - (1,453)
Total comprehensive loss for the period - - - - (1,453) (769,872) (3,633) (774,958)
Shares issued during the period 1,217,675 40,000 - - - - - 1,257,675
Share issue costs during the period - (99,300) - - - - - (99,300)
Total transactions with owners 1,217,675 (59,300) - - - - - 1,158,375
As at 30 June 2024 3,302,175 7,716,415 337,673 1,000,000 209 (3,133,646) 243,538 9,466,364
CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 30 JUNE 2024
Notes 30 June 2024 30 June 2023
£ £
Cash from operating activities
Loss for the year (773,505) (118,893)
Adjustments for:
Share of loss of an associate 73,272 -
Foreign exchange 1,299 -
Share-based payments - -
Operating cashflow before working capital movements (698,934) (118,893)
Decrease in trade and other receivables 109,295
56,144
(Decrease)/Increase in trade and other payables (292,614)
38,137
Net cash outflow from operating activities (882,253) (24,612)
Cash from investing activities
Exploration and Evaluation expenditure (131,370) -
Payment of deferred consideration (80,000) -
Net cash outflow from investing activities (211,370) -
Cash from financing activities
Proceeds on the issue of shares, net of issue costs 939,875 -
Net cash from financing activities 939,875 -
Net increase in cash and cash equivalents (153,748) (24,612)
Cash and cash equivalents at beginning of year 751,095 39,875
Foreign exchange 2,740 -
Cash and cash equivalents at end of period 600,087 15,236
The accompanying notes form an integral part of the Interim Financial
Information.
NOTES TO THE INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2024
1. General information
Metals One plc, a public limited Company was incorporated on 26th January 2021
in England and Wales with Registered Number 13158079 under the Companies Act
2006. The address of its registered office is Eccleston Yards, 25 Eccleston
Place, London SW1W 9NF, United Kingdom.
The principal activity of the Group is to develop its existing assets and
identify other potential companies, business or asset (s) that have operations
in the natural resources exploration, development and production sectors.
2. Basis of preparation and accounting Policies
IAS 8 requires that management shall use its judgement in developing and
applying accounting policies that result in information which is relevant to
the economic decision-making needs of users, that are reliable, free from
bias, prudent, complete and represent faithfully the financial position,
financial performance and cash flows of the entity.
The same accounting policies, presentation and methods of computation have
been followed in these Condensed Interim Financial Information as were applied
in the preparation of Metal Ones PLC Annual report for the period ended 31
December 2023, except for the impact of the adoption of the Standards and
interpretations described below and new accounting policies adopted as a
result of changes in the Company.
2.1 Going concern
The interim financial statements have been prepared under the going concern
assumption, which presumes that the Group will be able to meet its obligations
as they fall due for the foreseeable future.
At 30 June 2024 the Company had cash reserves of £600,087 (31 December 2023:
£751,095).
The Directors have made an assessment of the Company's ability to continue as
a going concern and are satisfied that the Company has adequate resources to
continue in operational existence for the foreseeable future. The Company,
therefore, continues to adopt the going concern basis in preparing its
consolidated financial statements.
The financial information of the Group is presented in British Pounds Sterling
(£)
2.2 New standards, amendments and interpretations
Standards and interpretations issued and not yet effective:
New and revised accounting standards adopted for the period ended 30 June 2024
did not have any material impact on the Group's accounting policies. There are
a number of standards, amendments to standards, and interpretations which have
been issued by the IASB that are effective in future accounting periods that
the Group has decided not to adopt early.
The Group is currently assessing the impact of these new accounting standards
and amendments. The Group does not expect any other standards issued by the
IASB, but not yet effective, to have a material impact on the Group.
2.3 Critical accounting estimates and judgements
The preparation of interim consolidated financial information requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and
liabilities and the reported amounts of income and expenses during the
reporting period. Although these estimates are based on management's best
knowledge of current events and actions, the resulting accounting estimates
will, by definition, seldom equal related actual results.
In preparing the interim financial information, the significant judgements
made by management in applying the Company's accounting policies and the key
sources of estimation uncertainty were the same as those that applied to the
financial statements for the year ended 31 December 2023.
3. Administrative expenses
30 June 2024 30 June 2023
£
£
Directors remuneration (264,555) (6,400)
Employment costs (46,560)
Consulting and advisory fees (222,613) (32,167)
Insurance (12,111) -
Legal Fees (9,550) -
Accounting fees (42,778) (77,500)
Foreign exchange (28,095) -
Other expenditure (73,802) (2,826)
Closing balance (700,064) (118,893)
4. Earnings per share
The calculation of the basic and diluted earnings per share is calculated by
dividing the loss attributable to equity holdings of Metals One by the
weighted average number of ordinary shares in issue during the period.
Period end Period end
30 June 2024 30 June 2023
(Loss)/ Profit attributable to equity holdings of Metals One (769,872) (118,893)
Weighted number of ordinary shares in issue 317,922,238 19,750,000
Basic & dilutive earnings per share from continuing operations - pounds (0.24) (0.60)
There is no difference between the diluted loss per share and the basic loss
per share presented as there are no dilutive financial instruments.
5. Exploration and Evaluation
As at As at
30 June 2024
31 December 2023
£ £
Exploration and evaluation assets 5,830,129 5,706,986
Opening balance 5,706,924 -
Acquisition FAMN - 5,408,924
Additions 131,370 287,000
Foreign exchange (8,165) 11,062
Closing balance 5,830,129 5,706,986
Exploration and evaluation assets relate specifically to mining licenses and
commercial interests held by Metals One PLC and its subsidiaries. The Group
currently operates in 2 areas of interest via its subsidiaries or joint
ventures. They are:
Brownfield Råna Project
License name Number Interest Granted Expiry Holder
Arnes 0066/2019 100% 7(th) March 2019 6(th) March 2026 Narvik Nikkel AS
Rånbogen 0069/2019 100% 7(th) March 2019 7(th) March 2026
Bruavatnet 0067/2019 100% 7(th) March 2019 8(th) March 2026
Kainuu Schist Belt Project
License name Number Interest Granted Expiry Holder
Finland, Rautavaara S ML2020:0026 100% 28(th) November 2023 27(th) November 2027 Metals One Finland
Finland, Rauta 9-11 ML2012:0169 100% 15(th) November 2023 14(th) November 2026
Haapaselka ML2014:0002 100% 19(th) December 2023 18(th) December 2026
The Group will review the areas of interest for impairment if any of the below
are present:
a) The period for which the entity has the right to explore in the
specific area has expired during the period or will expire in the near future,
and is not expected to be renewed;
b) Substantive expenditure on further exploration for and evaluation of
mineral resources in the specific area is neither budgeted nor planned;
c) Exploration for and evaluation of mineral resources in the specific
area have not led to the discovery of commercially viable quantities of
mineral resources and the entity has decided to discontinue such activities in
the specific area; and
d) Sufficient data exist to indicate that, although a development in the
specific area is likely to proceed, the carrying amount of the exploration and
evaluation asset is unlikely to be recovered in full from successful
development or by sale.
6. Share capital
Number of Shares on Issue Share Capital £ Share Premium
Total £
£
Balance at 31 December 2022 19,750,000 197,500 374,259 571,759
IPO shares 44,000,000 440,000 1,760,000 2,200,000
Fee shares 4,700,000 47,000 188,000 235,000
Consideration shares 140,000,000 1,400,000 5,600,000 7,000,000
Cost of share issue - - (146,544) (146,544)
Balance at 31 December 2023 208,450,000 2,084,500 7,775,715 9,860,215
Investment in EBT 31,267,500 322,675 40,000 362,675
May Placing 89,500,000 895,000 - 895,000
Cost of share issue - - (99,300) (99,300)
Balance at 30 June 2024 329,217,500 3,302,175 7,716,415 11,018,590
7. Warrants
30 June 2024 31 December 2023
Weighted average exercise price Number of warrants Weighted average exercise price Number of warrants
Opening balance 8p 52,837,800 - -
Founder warrants - - 5p 7,000,000
Loyalty warrants - - 9p 22,000,000
SI Capital warrants - - 5p 293,000
Shard Capital warrants - - 5p 610,300
Beaumont Cornish warrants - - 5p 2,000,000
Orana warrants - - 5p 2,084,500
Gunsynd Warrants (1) 5p (1,500,000) 5p 1,500,000
SRH Warrants - - 9p 7,500,000
Finaust Warants - - 9p 7,500,000
Fee Warrants - - 9p 2,350,000
Outstanding at the end of the year 8p 51,337,800 8p 52,837,800
Exercisable at the end of the year 8p 51,337,800 8p 52,837,800
1 - As part of the Gunsynd Farm-In, Gunsynd was also granted warrants to
subscribe for 1,500,000 Ordinary Shares in the Company. These warrants have
been cancelled as part of the termination agreement.
8. Investment in Associate
Name Incorporation date Date acquired Holding Holding type Business activity Country of incorporation Registered address
Narvik Nikkel AS 1(st) November 2022 31(st) July 2023 80% Indirect Mineral exploration Norway Søndre Tollbodgate 6a, NO-9008 Tromsø, Norway
Narvik Nikkel
Summarised financial information
30 June 2024
£
Summarised statement of financial position
Cash and cash equivalents -
Other current assets -
Non-current assets 2,268,890
Total assets 2,268,890
Current financial liabilities
Other current liabilities 3,410
Non-current liabilities 2,786,738
Total liabilities 2,790,148
Net liabilities (521,258)
Summarised statement of profit or loss and other comprehensive income
Direct costs
Loss before income tax 91,590
Income tax expense -
Loss after income tax 91,590
Other comprehensive income -
Total comprehensive loss for the period 91,590
Reconciliation of the consolidated entity's carrying amount
Opening carrying amount -
Opening balance at 1 January 2024 3,304,141
Share of loss of an associate(1) (73,272)
Share of loss not brought to account -
Closing carrying amount 3,230,869
The associate had no contingent liabilities or capital commitments as at 30
June 2024.
9. Related party transactions
Issue of equity
As part of the May equity raise certain directors subscribed to an aggregate
of 9,000,000 placing shares which are detailed below:
Name Number of Placing Shares
Jonathan Owen 2,500,000
Daniel Maling 2,500,000
Alastair Clayton 1,000,000
Craig Moulton 1,000,000
Thomas Levin 1,000,000
Winton Willesee 1,000,000
10. Capital Commitments
There were no commitments under operating leases at 30 June 2024.
11. Subsequent events
On 4(th) September 2024 the Group announced that it has met the conditions for
the second stage of their Transaction Implementation Agreement (TIA) for the
Råna nickel, copper, and cobalt project. Where the Group's joint venture
Partner, Kingsrose Mining has earned a 51% stake in the project by investing
A$3 million and completing 5,000 meters of drilling, with Metals One retaining
39% ownership. In recognition for completing the expenditure milestone
Kingsrose issued Metals One 1,000,000 fully paid Kingsrose shares and Metals
One will issue 31,250,000 ordinary shares at 0.8p per share to the SRH
Vendors, with a 12-month lock-in.
There have been no other subsequent events.
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