REG - Metals One PLC - Half-Year Report
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RNS Number : 3008B Metals One PLC 30 September 2025
30 September 2025
Metals One Plc
("Metals One" or the "Company")
Half-Year Report
Metals One (AIM: MET1), a critical and precious metals exploration and
development company, today announces its unaudited results for the six months
ended 30 June 2025 ("H1 2025"). Following a refinancing of the Company
announced at the outset of H1 2025 and a 35% boost in net assets as at the end
of H1 2025, Metals One's opportunity set has been transformed in the period
and the months that followed. The Interims are set out below and available on
the Company's website, https://metals-one.com (https://metals-one.com/) .
Recent Highlights
Financing paved the way for portfolio and commodity diversification
· Successfully completed an equity fundraise, delivering net proceeds
of £3.1 million to diversify the Company's project portfolio and support
exploration activities
· Warrants issued alongside the equity fundraise were exercised,
delivering further net proceeds of £8 million
Portfolio expansion highlights
· Emerging leader in U.S. uranium exploration: Acquired interests in
six projects including a significant footprint along the Uravan Mineral Belt -
a geological zone bordering Colorado/Utah containing uranium and vanadium
deposits - along with projects in the historic Shirley Basin mining area of
Wyoming and the prospective Red Basin uranium district of New Mexico
· Increased gold exposure: Acquired gold exploration claims in Nevada,
as well as minority interests in a South African gold processing plant
construction opportunity and a technology-led Canadian gold mine tailings
cleaning project
· Low-valuation entry into potentially Chile's next major lithium
project: acquired minority interest in lithium project developer with key
near-term value catalysts
· Investment in development-ready Tanzania graphite project: acquired
minority interest in a premium asset advancing towards development at an
attractive value entry point
· Low-cost entry into early-stage platinum project: Acquired a
high-grade Platinum Group Elements discovery in Norway - a high potential
asset underpinned by strong commodity prices
Exploration activities
· Exposure to future rising nickel prices: Completed Preliminary
Economic Assessment for Finland - Black Schist Ni-Cu-Co-Zn Project following
work programme - demonstrates the project provides excellent optionality for
development when nickel supply/demand rebalances
· Commenced Colorado/Wyoming uranium exploration: Phase I exploration
work at Squaw Creek and Uravan projects including geophysical surveys,
historical data integration and surface sampling
o Rock chip assays from Uravan Project (Colorado) confirmed ore-grade
uranium, vanadium and copper Assays in historical mining areas
Board Changes
· Craig Moulton was appointed Independent Non-Executive Chair
(subsequently Executive Chair)
· Alastair Clayton, Thomas Levin, Sara Minchin and Winton Willesee
stepped down as non-executive directors
· Alex King and Fungai Ndoro appointed as Non-Executive Directors
· Daniel Maling moved from Chief Financial Officer to Managing Director
Craig Moulton, Chair of Metals One, commented:
"2025 has already been a transformational year for Metals One. During the
reporting period, we have advanced a strategic portfolio of critical and
precious metals exploration projects, each supported by strong market
fundamentals. This deliberate focus ensures Metals One is well positioned to
deliver sustained value for shareholders. I look forward to updating
shareholders on portfolio progress through the remainder of 2025."
Enquiries:
Metals One Plc info@metals-one.com (mailto:info@metals-one.com)
Daniel Maling, Managing Director +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 (Broker) +44 (0)207 432 0501
Jonathan Critchley
Vigo Consulting (UK Investor Relations) IR.MetalsOne@vigoconsulting.com +44 (0)20 7390 0230
Ben Simons / Fiona Hetherington / 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 underpinned by the Western World's urgent need for reliably and
responsibly sourced raw materials, and record high gold prices.
Metals One's shares are listed on the London Stock Exchange's AIM Market
(MET1).
Map of Metals One projects/investments
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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.
Chair's Statement
Introduction
I am pleased to present the financial report for the six months ended 30 June
2025, a transformational period for the business. During these months, Metals
One began strategically expanding and diversifying its portfolio. This
ambition has been enabled by the successful financing approved by shareholders
in March which has netted in excess of £11 million in cash through the
exercise of warrantsboth during and after the reporting period. The financing
has provided the Company with the ability to pursue a range of opportunistic
acquisitions and investments transacted by the team.
Review of Projects and Investments
Uranium
In the first half of 2025, Metals One established a strategic foothold in the
United States, in what has become a key jurisdiction for the Company. In
April, Metals One announced the acquisition of 100% of the Uravan and Squaw
Creek Uranium Projects in Colorado and Wyoming respectively (consideration
US$100,000 cash plus 1,000,000 Metals One shares). Both assets have compelling
historical data and strong geopolitical relevance as domestic uranium demand
in the U.S. rises. Phase 1 exploration commenced in May, with a field team
deploying geophysical surveys and surface sampling programmes across both
sites. After the period end, in September, assays returned from rock chip
samples taken from the Uravan Project in Colorado confirmed ore grade uranium,
vanadium and copper in historical mining areas. These results indicate the
exceptional grades historically mined from the project. While these results
are not from in-situ mineralisation and cannot be taken as indicative of
average grades, they provide strong validation of the scintillometer anomalies
identified in our survey and evidence of high value material mined
historically from many visible adits. Our next steps will involve surveying
the historical adits across the anticline to understand the extent and grade
of these occurrences and therefore determine the exploration potential of the
project.
Consolidating Metals One's footprint along the Uravan Mineral Belt - a
geological zone bordering Colorado/Utah containing uranium and vanadium
deposits - after the period end, in August, the Company acquired 75% of two
U.S. companies with mineral claims in Colorado and Utah. These claims are
Vanadium Kings, Radium Mountain and Wedding Bell (consideration £100,000 cash
and 14,224,751 Metals One shares) which host uranium and vanadium
mineralisation. The Company now owns or holds majority interests in four
projects in the prolific Uravan Mineral Belt characterised by significant
deposits of uranium and vanadium and a rich mining history.
Also after the period end, in September, less than a month after the
acquisitions, a Term Sheet was signed with DISA Technologies, Inc. to seek to
evaluate and, if successful, treat historically abandoned uranium mine waste
dumps and recover saleable uranium and other critical mineral concentrates at
Radium Mountain and Wedding Bell. At no cost to Metals One, this has created a
pathway to potentially generate revenue from these assets with DISA which is a
global leader in materials upgrading with a patented non-chemical technology
process.
The Company further expanded its U.S. uranium interests after the period end
with the acquisitions in July and August of a 35% stake in NovaCore
Exploration Inc. ("NovaCore") (consideration US$ 597,000 cash plus 3,873,959
Metals One shares), a private U.S.-based company advancing the
large-scale Red Basin Uranium Project in Catron County, New Mexico. Through
this investment, the Company has gained 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. Metals One's investment
is designed to enable NovaCore to accelerate its plans to conduct maiden
drilling in what is expected to be Metals One's first exposure to a
high-impact uranium drilling campaign in the near future.
Gold
Prices of gold, the ultimate safe haven asset, are surging. Through the
Board's networks, the Company was able to secure in May a low-cost entry via
an exploration lease and option to purchase agreement (initial consideration
US$100,000 cash) into one of the world's most prolific gold mining districts.
Located within the Carlin Trend, home to some of the largest gold mines in
the U.S. including the Carlin Complex mines, the Swales Gold Property
remains very underexplored with minimal modern-day exploration. Should Metals
One ultimately proceed to acquire the project, it will pay a further
US$750,000 in cash or equity to the underlying owner and grant a 2% net
smelter return royalty. Considering the analogous geology of Swales to nearby
mines, the exploration opportunity combined with record high gold prices is
incredibly exciting.
Furthering the Company's exposure to gold, after the period end, in July,
Metals One acquired a 5.9% stake in Fulcrum Metals Plc (AIM: FMET) ("Fulcrum")
(consideration £175,000 cash), a technology-led natural resources company
focused on the recovery of precious metals from mine tailings using innovative
cyanide-free extraction technology. The Company's investment in Fulcrum
represents a strategic move to benefit from the opportunity arising from
environmentally responsible innovation in mining. Fulcrum has a clear path to
low capex production and significant upside potential from over 70 historical
tailing sites in Timmins and Kirkland, Canada.
After the period end, in August, Metals One also acquired 19.1% of Lions Bay
Capital Inc. (TSX-V: LBI) ("Lions Bay") (consideration C$750,000 cash) whose
primary objective is bringing a South African gold processing plant with
supporting energy infrastructure into production by Q4 2026, positioning it to
generate near-term cash flow. We believe the project offers exceptionally
attractive economics. The near-term cash flow opportunity complements Metals
One's earlier stage critical metals exploration projects, balancing the
Company's asset base. With a market capitalisation of under C$4 million and a
portfolio of other projects, we regard Lions Bay as a highly opportunistic
investment.
Graphite
After the period end, in September, Metals One acquired 16.9% of Evolution
Energy Minerals Ltd (ASX: EV1) ("Evolution") (consideration A$947,000 cash).
Evolution's primary asset is the Chilalo Graphite Project ("Chilalo") in
Tanzania, a development-ready, high-grade project with a JORC resource of 67.3
Mt at 5.4% TGC, underpinned by binding offtake agreements covering over 90% of
forecast production. With a post-DFS NPV(8) of A$518 million and IRR of 32%,
Chilalo offers compelling project economics and significant exploration
upside. Metals One views this investment as a timely and attractively priced
entry into the graphite sector, which is experiencing structural demand growth
driven by electric vehicles and energy storage markets. The project's
near-term development potential and alignment with global moves to diversify
graphite supply chains away from China make Evolution a strategic complement
to Metals One's existing minerals portfolio.
Platinum Group Elements
In May, Metals One announced the acquisition of 100% of the Lillefjellklumpen
Project in Norway (consideration €90,000 cash, 2% net smelter royalty),
marking the strategic expansion into platinum group elements at a time when
platinum prices are at an eleven-year high, driven by concerns over supply of
the metal which is essential in automotive catalytic converters, chemical
production (especially fertilisers), electronics, and medical applications.
Lillefjellklumpen hosts some of the highest-grade PGE assays published in
Norway from 2014 surface sampling, alongside significant gold, nickel, and
copper grades. The mineralisation characteristics show parallels to
world-class deposits such as Sudbury, Canada and Bushveld, South Africa and
has excellent local infrastructure. We believe this is another low cost entry
to a highly prospective and under-explored asset at an early stage, with
material upside potential. We look forward to announcing our initial
exploration plans in due course.
Lithium
Lithium is a key metal for the green transition with long-term fundamentals
that point to sustained demand growth into the next decade. After the period
end, in August, Metals One acquired a stake of approximately 10.7% in
CleanTech Lithium Plc (AIM: CTL, Frankfurt: T2N) ("CleanTech Lithium")
(consideration £1,000,000 cash). CleanTech Lithium's key assets are the
Laguna Verde and Viento Andino projects in Chile, located within the prolific
lithium triangle, with a combined JORC resource of 2.55 million tonnes of
lithium carbonate equivalent. The company is advancing its flagship Laguna
Verde project using a low-impact technology offering faster development
timelines and higher lithium recoveries, with a Preliminary Feasibility Study
nearing completion. We view this as a strategically timed investment into what
is expected to be Chile's next major lithium producer, with near-term value
catalysts.
Nickel
In January 2025, Metals One announced the outcome of a Preliminary Economic
Assessment for the Black Schist Ni-Cu-Co-Zn Project in Finland (Metals One
93.75%). The PEA was completed during a period marked by low nickel prices and
elevated operating costs. As such, the Black Schist Project exhibits very
strong sensitivity to improvements in nickel prices. With demand for
battery-grade nickel expected to triple by 2030 and increasing strategic
emphasis on domestic production within the EU, this asset is well-positioned
to benefit from future price appreciation. Nonetheless, current capital
markets remain challenging for nickel-focused projects, which has led to
Metals One's focus being more strongly applied to other assets.
At the Råna Nickel Project in Norway (Metals One 39%), following successful
drilling in 2024 which intercepted new zones of nickel-copper mineralisation,
the operator, Kingsrose Mining (ASX: KRM), is considering how best to advance
the Råna Project which, like the Black Schist Project, we believe offers
excellent optionality in the future as nickel supply rebalances and prices
recover.
Corporate Developments
In April, I was pleased to be appointed to the Board in the role of
Non-Executive Chair following the departure of Alastair Clayton, whose
leadership and strategic insight were instrumental in guiding Metals One
through its early public company stages. As a geologist and mineral economist
with over 30 years' experience across the mining value chain, including at Rio
Tinto and Cleveland Cliffs, I believe there's an opportunity for a
well-capitalised junior such as Metals One to opportunistically acquire
interests in quality projects which offer the opportunity for significant
returns. I'm delighted to be a part of the execution of that opportunity and
accordingly, after the period end, in September, I agreed to become Executive
Chair.
Alongside Alastair, Thomas Levin and Sara Minchin also stepped down as
non-executive directors, both of whom contributed valuable governance and
sector expertise. Post period end, in July, Winton Willesee also stepped down
from his role as a non-executive director for personal reasons. On behalf of
the Board, I would like to thank them all for their contributions.
After the period end, in September, we were pleased to appoint Alex King and
Fungai Ndoro as non-executive directors. Alex is a geologist, company
executive and non-executive director with 16 years' experience in mineral
exploration, natural resources, and renewable energy developments. Fungai is
an accomplished corporate finance professional with a strong track record of
advising and supporting growth-focused companies in the UK small-cap market.
Their respective skills will be valuable to the Board moving forward.
Also in September, Daniel Maling, our CFO, transferred to Managing Director.
With his considerable networks within the global metals and mining industry,
Daniel is well placed to lead the day-to-day operations and business
development of the Company, supported by Adam Monaco on the finance front, an
experienced finance executive who has been consulting for Metals One via Orana
since inception, who has become CFO, in a non-Board role.
I would also like to reiterate my thanks on behalf of the Board to Jonathan
Owen, who stepped down as a director and as CEO in September, for his
leadership and commitment throughout his tenure.
Financial Review
As an exploration company, Metals One does not yet generate revenue. For the
six months ended 30 June 2025, the Group recorded a loss of £1,460,333 (H1
2024: £773,505). Net assets stood at £13,373,228 as at 30 June 2025 (31
December 2024: £8,663,131), including cash and cash equivalents of
£2,731,743. Cash and cash equivalents as at the date of this report stood at
£6,400,000 following the exercise by investors of warrants.
Conclusion
2025 has already been a transformational year for Metals One. During the
reporting period, we have advanced a strategic portfolio of critical and
precious metals exploration projects, each supported by strong market
fundamentals. This deliberate focus ensures Metals One is well positioned to
deliver sustained value for shareholders. I look forward to updating
shareholders on portfolio progress through the remainder of 2025.
Craig Moulton
Executive Chair
30 September 2025
METALS ONE PLC
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2025
Notes Period ended 30 Period ended 30
June 2025 June 2024
£ £
Revenue
Revenue from continuing operations - -
Expenditure
Other income - -
Administrative expenses 3 (1,284,269) (700,064)
Exploration expenditure (61,182) -
Share of loss of associate accounted for using the equity method (12,600) (73,272)
(1,358,051) (773,336)
Finance costs
Finance expense (100,000)
Interest expense (2,282) (169)
(102,282) (169)
Loss on ordinary activities before taxation (1,460,333) (773,505)
Taxation on loss on ordinary activities - -
Loss on ordinary activities after taxation (1,460,333) (773,505)
Other comprehensive income
Exchange differences on translation of foreign operations 752 (1,453)
Loss and total comprehensive income for the year attributable to the owners of (1,459,581) (774,958)
the Group
Earnings per share (basic and diluted) attributable to the equity holders 4 (2.04) (2.4)
(pence)
Loss and total comprehensive income attributable to:
Owners of the parent (1,455,097) (769,872)
Non-controlling interest (5,232) (3,633)
(1,460,333) (773,505)
The accompanying notes form an integral part of the Interim Financial
Information.
METALS ONE PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Notes As at As at
30 June 2025 31 December 2024
£ £
NON-CURRENT ASSETS
Investment in associate 2,975,590 2,988,190
Exploration and evaluation 5 6,080,588 5,970,674
TOTAL NON-CURRENT ASSETS 9,056,178 8,958,864
CURRENT ASSETS
Trade and other receivables 1,830,699 117,092
Cash and cash equivalents 2,731,743 33,640
Other financial assets 17,521 17,521
TOTAL CURRENT ASSETS 4,579,963 168,253
TOTAL ASSETS 13,636,141 9,127,117
CURRENT LIABILITIES
Trade and other payables 184,154 373,986
Deferred consideration payable 78,750 90,000
TOTAL CURRENT LIABILITIES 262,904 463,986
TOTAL LIABILITIES 262,904 463,986
NET ASSETS 13,373,237 8,663,131
EQUITY
Called up share capital 6 3,577,326 3,333,425
Share premium account 6 12,587,763 7,931,710
Shares to issue 2,120,004 1,000,000
Treasury shares (159,497) (312,675)
Share based payment reserve 443,429 446,882
Foreign exchange reserve 3,225 2,473
Retained earnings (5,434,168) (3,979,071)
Equity attributable to equity holders of the parent 13,138,082 8,422,744
Non-controlling interest 235,155 240,387
TOTAL EQUITY 13,373,237 8,663,131
The accompanying notes form an integral part of the Interim Financial
Information
METALS ONE PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2025
Issued Share Capital Share Premium Treasury Shares Share Based Payments Reserve Share capital to issue Foreign Currency Translation Reserve Retained Earnings NCI Total Equity
£ £ £ £ £ £ £ £ £
As at 31 December 2023 2,084,500 7,775,715 7,775,715 337,673 1,000,000 1,662 (2,363,774) 247,171 9,082,947
Loss for the period - - - - - - (1,615,297) (6,784) (1,622,081)
Other comprehensive income - - - - - 811 - - 811
Total comprehensive loss for the period - - - - - 811 (1,615,297) (6,764) (1,621,270)
Shares issued during the period 1,248,925 258,750 (312,675) - - - - - 1,195,000
Share issue costs during the period - (102,755) - - - - - - (102,755)
Warrants & Options issued during the year - - - 109,209 - - - - 109,209
Total transactions with owners 1,248,925 155,995 (312,675) 109,209 - - - - 1,158,375
As at 31 December 2024 3,333,425 7,931,710 (159,497) 446,882 1,000,000 2,473 (3,979,071) 240,387 8,663,131
METALS ONE PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2025
Issued Share Capital Share Premium Treasury Shares Share Based Payments Reserve Share capital to issue Prepaid warrants Foreign Currency Translation Reserve Retained Earnings NCI Total Equity
£ £ £ £ £ £ £ £ £ £
As at 31 December 2024 3,333,425 7,931,710 (312,675) 446,882 1,000,000 - 2,473 (3,979,071) 240,387 8,663,131
Loss for the period - - - - - - - (1,455,097) (5,232) (1,460,333)
Other comprehensive income - - - - - - 752 - - 752
Total comprehensive loss for the period - - - - - - 752 (1,455,097) (5,232) (1,459,577)
Shares issued during the period 5,000 95,000 153,178 - - - - - - 253,178
Prepaid warrants issued - - - - - 5,100,000 - - - 5,100,000
Warrants & Options issued during the year 238,901 4,562,552 - (3,453) - (3,658,000) - - - 1,140,000
Share issue costs during the period - (1,499) - - - - - - - (1,499)
Deferred consideration payments - - - - (321,996) - - - - (321,996)
Total transactions with owners 243,901 4,656,053 153,178 (3,453) (321,996) 1,442,000 - - - 6,169,683
As at 30 June 2025 3,577,326 12,587,763 (159,497) 443,429 678,004 1,442,000 3,225 (5,434,168) 235,155 13,373,237
The accompanying notes form an integral part of the Interim Financial
Information.
METALS ONE PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
AS AT 30 JUNE 2025
Notes 30 June 2025 30 June 2024
£ £
Cash from operating activities
Loss for the year (1,460,333) (773,505)
Adjustments for:
Share of loss of an associate 12,600 73,272
Foreign exchange 2,126 1,299
Finance charge 100,000 -
Share-based payments 153,178 -
Operating cashflow before working capital movements (1,192,429) (698,934)
Decrease in trade and other receivables (1,713,397) 109,295
(Decrease)/Increase in trade and other payables (190,831) (292,614)
Net cash outflow from operating activities (3,096,657) (882,253)
Cash from investing activities
Exploration and Evaluation expenditure (109,914) (131,370)
Payment of deferred consideration (331,995) (80,000)
Net cash outflow from investing activities (441,909) (211,370)
Cash from financing activities
Proceeds on the issue of shares, net of issue costs 6,238,500 939,875
Interest costs (2,282) -
Net cash from financing activities 6,236,218 939,875
Net increase in cash and cash equivalents 2,697,652 (153,748)
Cash and cash equivalents at beginning of year 33,640 751,095
Foreign exchange 451 2,740
Cash and cash equivalents at end of period 2,731,743 600,087
The following non-cash items were recorded in the current year:
· £100,000 finance charge recognised on the conversion of the
convertible loan note.
The accompanying notes form an integral part of the Interim Financial
Information
METALS ONE PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
AS AT 30 JUNE 2025
1 General information
Metals One plc, a public limited Company was incorporated on 26 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 2024, 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 2025 the Company had cash reserves of £2,731,743 (31 December
2024: £33,640).
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 2025
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 2024.
3 Administrative expenses
30 June 2025 30 June 2024
£ £
Directors remuneration (237,743) (264,555)
Directors remuneration - Share based payments (1) (153,177) -
Business development (417,239) -
Employment costs (47,178) (46,560)
Consulting and advisory fees (251,109) (222,613)
Insurance (9,707) (12,111)
Legal Fees (6,272) (9,550)
Accounting and audit fees (70,160) (42,778)
Foreign exchange 431 (28,095)
Other expenditure (92,115) (73,802)
Closing balance (1,284,269) (700,064)
( )
(1 During the year 1,531,776 shares were issued to a Director of the Company,
Alastair Clayton, as a distribution from the employee benefit trust (EBT).)
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 2025 30 June 2024
(Loss)/ Profit attributable to equity holdings of Metals One (1,455,097) (769,872)
Weighted number of ordinary shares in issue 71,324,561 31,792,223
Basic & dilutive earnings per share from continuing operations - pence (2.04) (2.4)
Earnings per share has been recalculated to consider the 10:1 share
consolidation that occurred 6 March 2025.
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 2025
31 Dec
2024
£ £
Exploration and evaluation assets 6,080,588 5,970,674
Opening balance 5,970,986 5,706,986
Additions 109,914 294,625
Foreign exchange (312) (30,937)
Closing balance 6,080,588 5,970,674
During the period the Group acquired the rights to 100% of the Uravan and
Squaw Creek Uranium Projects in Colorado and Wyoming respectively as well as
option to purchase (initial consideration US$100,000 cash) into the Swales
Gold Property in Nevada, United States of America.
Exploration and evaluation assets relate specifically to mining licenses and
commercial interests held by Metals One PLC and its subsidiaries. As at 30
June 2025 Group currently operates in 4 areas of interest via its subsidiaries
or joint ventures. They are:
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 2023 208,450,000 2,084,500 7,775,715 9,860,215
Investment in EBT 31,267,500 312,675 - 312,675
Service provider in lieu of fees 1,000,000 10,000 40,000 50,000
May Placing 89,500,000 895,000 - 895,000
SRH Deferred consideration shares 31,250,000 31,250 218,750 250,000
Cost of share issue - - (102,755) (102,755)
Balance at 31 Dec 2024 361,467,500 3,333,425 7,931,710 11,265,135
Share consolidation (10:1) (1) 36,146,750 - - -
WRAP Offer (2) 5,000,000 5,000 95,000 100,000
Prepaid warrants exercised (3) 182,900,000 182,900 3,475,100 3,658,000
Cash warrants exercised (4) 55,830,000 55,830 1,060,770 1,116,600
Broker warrants (5) 108,000 108 13,661 13,769
Broker warrants (6) 63,000 63 13,021 13,084
Share issue costs - - (1,499) (1,499)
Balance at 30 June 2025 280,047,750 3,577,326 12,587,763 16,165,089
1) On 25 March 2025 after approval at the general meeting each Existing
Ordinary Share was subdivided into 1 New Ordinary Share of £0.0001 and 9 B
Deferred Shares of £0.0001. The New £0.0001 Ordinary Shares will be
consolidated on a 1 for 10 basis into 1 New Ordinary Share of £0.001 and the
B Deferred Shares will be consolidated on a 1 for 10 basis into 325,320,750 B
Deferred Shares. At the date of consolidation the Company had 361,467,500
Ordinary shares.
2) On 31 March 2025 the Company raised £100,000 in gross fees via the
issue of 5,000,000 ordinary shares at 2p per share.
3) During the period the Company issued 255,000,000 cash warrants
exercisable for 2p per share. During the interim period 182,900,000 of the
warrants were exercised for total proceeds of £3,658,000.
4) 55,830,000 2p cash warrants were exercised in the current interim
period resulting in gross proceeds of £1,116,600.
5) 108,000 10p warrants were exercised during the period for total
proceeds of £10,800.
6) 63,000 20p warrants were exercised for total proceeds of £12,600.
7 Warrants and EBT
30 June 2025 31 December 2024
Weighted average exercise price Number of warrants Weighted average exercise price Number of warrants
Opening balance 5,342,280 80p 5,283,780
Gunsynd Warrants - - 50p (112,500)
Adviser Warrants - - 10p 108,000
Adviser Warrants - - 20P 63,000
Prepaid warrants (1) 2p 255,000,000 - -
Cash warrants (1) 2p 510,000,000 - -
Exercised during the year 2p (238,901,000) - -
Outstanding at the end of the year 2p 531,441,280 78p 5,342,280
Exercisable at the end of the year 2p 531,441,280 78p 5,342,280
1) On 31 January 2025 Metals One entered into an interest-free CLN with
a principal amount of £600,000 to provide working capital to the Company. At
the general meeting on 25(th) March 2025, the CLN converted on the same terms
to prepaid warrants detailed below.
On 25 March 2025 after approval by the share holders of the Company at a
General Meeting, Metals One entered into a warrant instrument to subscribe to
up to £4.4 million. Each subscriber under the Equity Fundraise was entitled
to receive prepaid warrants ("Prepaid Warrants") in the Company exercisable at
a fixed price of 2p per warrant along with two attaching cash warrants ("Cash
Warrants"), also exercisable at 2p per warrant. In total the Company issued
255,000,000 and 510,000,000 prepaid and cash warrants respectively. On
initial recognition the prepaid warrants were classified as share capital to
issue in equity as they passed the fixed for fixed test when classifying
financial instruments. The cash warrants were issued for nil consideration as
part of the equity fundraise and do not represent a separately identifiable
transaction. They are therefore treated as an equity instrument issued at nil
fair value and no amount has been recognised in the financial statements on
initial grant. Any proceeds will be recognised in share capital and share
premium if and when the warrants are exercised.
As the date of this report only 850,000 of the cash warrants remain
unexercised.
All warrants on issue on 6 March 2025 have been adjusted for the 10:1 share
consolidation.
As announced on 5 January 2024, the Company established an EBT. 15,932,050
shares are currently held by the EBT following the issue of 1,531,776 shares
to Alastair Clayton during the period. The remaining shares held by the EBT,
subject to agreement by the Remuneration Committee, may be awarded to
Directors and Management.
8 Related party transactions
During the period 1,531,776 shares were issued to Alastair Clayton from the
Company's Employee Benefit Trust (EBT) scheme. The Company used the share
price at the date of the issue (10p) and an expense of £153,178 was recorded
the profit and loss statement.
There were no other related party transactions during the period.
9 Capital Commitments
There were no commitments under operating leases at 30 June 2025.
10 Subsequent events
Settlement with 80 Mile and warrant exercise (8 July 2025)
The Group reached a settlement with 80 Mile PLC, terminating the conditional
acquisition of the Hammaslahti and Outokumpu projects in Finland and removing
the obligation to issue 2,000,000 deferred consideration shares. In addition,
500,000 new shares were issued in connection with the Uravan Uranium-Vanadium
Project acquisition and 1,000,000 new shares were issued from warrant
exercises.
Acquisition of Lillefjellklumpen Project, Norway (14 July 2025)
The Group entered into a binding agreement to acquire Mjolner Minerals AS,
owner of the Lillefjellklumpen PGE-Au-Ni-Cu project in Norway, for
consideration of approximately €90,000 and a 2% net smelter return royalty.
Completion remains subject to regulatory approvals.
Acquisition of Squaw Creek Uranium Claims, USA (16 July 2025)
The Group acquired 100% of the Squaw Creek Uranium Claims in Emery County,
Utah, comprising 169 claims over 1,500 hectares in a historic uranium
district. Consideration was satisfied by the issue of 6,500,000 new ordinary
shares.
Strategic Investment in Fulcrum Metals Plc (18 July 2025)
The Group subscribed for 7,500,000 new ordinary shares in Fulcrum Metals Plc
at 8 pence per share, for a total consideration of £600,000. Following the
subscription, the Group holds approximately 15.9% of Fulcrum's enlarged share
capital..
Potential Acquisition of U.S. Uranium Projects (25 July 2025)
The Group agreed terms for an exclusive right to acquire 75% of two companies
holding the Vanadium Kings and Radium Mountain & Wedding Bell
uranium-vanadium projects in Colorado and Utah from Thor Energy Plc, with an
option to acquire the remaining 25% within 12 months.
Increased Investment in NovaCore (6 August 2025)
The Group increased its holding in NovaCore Exploration Inc. (Red Basin
Uranium Project, New Mexico) from 30% to 35% through a cash subscription of
approximately US$297,000, bringing the total investment to US$1.45 million.
Investment in CleanTech Lithium Plc (11 August 2025)
The Group invested £1 million in CleanTech Lithium Plc's placing, resulting
in a holding of approximately 10.7% of the enlarged share capital.
Exercise of Warrants and Issue of Equity (19 August 2025)
The Group received notices for the exercise of 93,000,000 cash warrants at 2
pence per share and issued 380,000 shares to settle deferred consideration
under the Råna Nickel Project acquisition. Following admission, the issued
share capital increased to 839,946,460 shares.
Strategic Investment in Lions Bay Capital (29 August 2025)
The Group invested C$750,000 in Lions Bay Capital Inc., acquiring 7,500,000
shares and resulting in a 19.1% stake. Lions Bay is developing a gold
processing facility and cogeneration plant in South Africa.
Agreement with DISA Technologies (4 September 2025)
The Group's 75%-owned subsidiary, Standard Minerals Inc., signed a term sheet
with DISA Technologies to treat historic uranium waste dumps at the Radium
Mountain and Wedding Bell projects in Colorado. The Group will receive a gross
revenue share of 2.5% to 4.0%, with DISA responsible for treatment and
remediation costs.
Investment in Evolution Energy Minerals Ltd (5 September 2025)
The Group acquired 37.9 million shares in Evolution Energy Minerals Ltd (ASX:
EV1), representing a 10.45% interest, and underwrote part of Evolution's
A$1.45 million rights issue. Evolution owns the Chilalo Graphite Project in
Tanzania.
Increased Stake in Evolution Energy Minerals (12 September 2025)
The Group subscribed for 52.985 million shares in Evolution Energy Minerals'
rights issue, increasing its holding to 90.885 million shares (16.9%
interest). The Group was also granted 26.49 million options exercisable at
A$0.02 until September 2028.
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