REG - Metals One PLC - Investee Company Update: NovaCore Uranium Inc.

Metals OneAnnouncement

Thu 07:00

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RNS Number : 1593F  Metals One PLC  21 May 2026

 

21 May 2026

 

Metals One Plc

("Metals One" or the "Company")

 

Investee Company Update: NovaCore Uranium Inc.

 

NovaCore undertaking a US$1.25 million (minimum) pre-IPO financing

Proceeds to be used to advance the Red Basin Ane Uranium Project in New
Mexico, USA

Fundraising valuation represents an uplift to Metals One's investment

 

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project
developer and investor with a key focus on gold and uranium, is pleased to
provide an update on its 35%-owned NovaCore Uranium Inc. ("NovaCore").

 

As announced on 18 July 2025, Metals One acquired an initial 10% interest in
NovaCore, a private US-based company advancing the large-scale Red Basin
Uranium Project in Catron County, New Mexico with historical assessments and
recent radiometric surveys indicating the potential for 45 million pounds 1 
(#_ftn1) of U₃O₈. Metals One subsequently increased the holding to 30% on
29 July 2025 and then to 35% on 6 August 2025.

 

NovaCore is conducting a pre-IPO fundraising round of US$1.25 million
(minimum) at US$1.00 per share, valuing NovaCore at US$6.7 million
(pre-money). This represents a clear valuation uplift relative to Metals One's
initial investment which was undertaken at US$0.587 per share (and a weighted
average price of US$0.623 per share).

 

Following this financing - which is expected to close by the end of the month
- Metals One will hold 2,335,962 shares in NovaCore, representing
approximately 29.5% of its issued share capital.

 

 

Highlights:

 

·    The US$1.25m (minimum) pre-IPO financing is being supported by lead
specialist sector investors to progress the pre-drilling activities across
2026 including, but not limited to, drill permitting, field mapping, rock chip
assaying and close grid radiometric mapping.

·    The financing is expected to be a precursor to an IPO, with NovaCore
expected to list in Q3 2026, with the maiden drilling programme to begin
shortly after.

·    NovaCore holds approximately 15,000 acres in the Red Basin Uranium
District of New Mexico, where historical U.S. Department of Energy assessments
and recent radiometric surveys suggest there is potential for 45 million
pounds of U₃O₈.

·    NovaCore has completed gamma spectrometry surveys and identified
multiple uranium-rich zones. The area has road access, a known permitting
regime, and favourable geology with structural and geophysical targets that
remain largely undrilled below 400 feet.

·    NovaCore has also previously completed land staking, radiometric and
geophysical surveys, and is advancing permitting and environmental studies to
support forthcoming drilling.

 

 

Daniel Maling, Managing Director of Metals One, commented:

 

"We are very pleased with our early-stage investment in NovaCore and the
progress the team have made at the Red Basin Ane project. The investment will
deliver Metals One's first exposure to a high-impact uranium drilling campaign
and has already been a profitable investment. NovaCore is a high probability
investment opportunity to gain 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."

 

Neil Herbert, Co-Founder and Chairman of NovaCore, commented:

 

"We are at a pivotal moment in energy history. The United States is committing
to quadrupling its nuclear capacity to 400 gigawatts by 2050, uranium has been
reinstated as a critical mineral, and the AI revolution is creating an
insatiable demand for always-on, low-carbon power. The Red Basin Ane Project
positions NovaCore at the very heart of this renaissance domestic, high-grade,
and permitted in a jurisdiction where the political will to rebuild America's
nuclear fuel chain has never been stronger. For investors, it is a well-timed
entry into a structural supply deficit that Washington is now racing to
resolve."

 

 

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
 Oak Securities (Joint Broker)                 +44 (0)20 3973 3678

 Jerry Keen / Calvin Man
 Capital Plus Partners Limited (Joint 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

 

About Metals One

 

Metals One is a metals exploration and project development company. We have a
global portfolio of operated and minority interests with a core focus on
uranium opportunities in North America and gold opportunities in South Africa.
Metals One's shares are listed on the London Stock Exchange's AIM Market
(MET1) and on the OTCQB Venture Market in the United States (MTOPF).

 

 

Map of Metals One's Portfolio

 

 

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/)

 

 

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.

 

 1  (#_ftnref1)
https://geoinfo.nmt.edu/publications/openfile/downloads/100-199/138/ofr_138.pdf
(https://geoinfo.nmt.edu/publications/openfile/downloads/100-199/138/ofr_138.pdf)

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