REG - Metals One PLC - Phase 1 Exploration Progress at Uranium Project

Metals OneAnnouncement

17/06/2025 07:00

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RNS Number : 0796N  Metals One PLC  17 June 2025

17 June 2025

 

 

Metals One Plc

("Metals One" or the "Company")

 

Phase 1 Exploration Progress at Squaw Creek Uranium Project, USA

 

Advancing early-stage exploration in a historically productive U.S. uranium
district

 

Metals One Plc (AIM: MET1), a minerals exploration and development company, is
pleased to provide an update on the ongoing Phase 1 exploration programme at
the Squaw Creek Uranium Project ("Squaw Creek", the "Project") in Wyoming,
United States. This update follows the Company's announcement on 22 May 2025,
which confirmed the initiation of uranium exploration programmes across its
North American portfolio.

 

Completion of the acquisition of the Squaw Creek Uranium Project in Wyoming
and the Uravan Vanadium Project ("Uravan") in Colorado (together, the
"Acquisition") remains subject to certain conditions as outlined in the 24
April 2025 announcement. The Company confirms that, further to the 24 April
2025 announcement, it has received all the respective County Claim numbers for
the Uravan and Squaw Creek claims, and all claim documents were sent to the
Bureau of Land Management ("BLM") in Wyoming and Colorado respectively in May
2025. The BLM claim documents for Colorado have now been processed and the
Company expects the Wyoming BLM process to conclude shortly, after which the
exploration leases can be granted. All other Acquisition documentation has
been drafted and agreed in preparation for formal closing of the Acquisition
per the above.

 

Highlights

 

·    Geophysical Surveys Underway: Grid-based geophysical surveying has
commenced using the Radiation Solutions RS-125 spectral scintillometer,
focusing on detecting radiation signatures across the Squaw Creek claim block.

 

·    Historical Data Integration: A detailed review of historic water well
and uranium exploration well data is in progress, identifying gamma ray
signatures indicative of uranium mineralisation within and near the project
area.

 

·    Field Exploration Activities: Phase 1 activities will include
geological mapping, reconnaissance prospecting, surface sampling of historic
mine dumps, and relocation mapping of adits and other workings, aimed at
validating and expanding historical exploration data.

 

·    Regional Expansion Strategy: A broader regional survey is planned to
assess potential claim expansion opportunities, which includes extending
geophysical survey lines and assessing adjacent target areas outside the
current claim boundary.

 

·    Strategic Location: Squaw Creek is situated within Wyoming's Shirley
Basin, a premier uranium district known for ISR-amenable uranium
mineralisation, and is located in proximity to TerraPower's Natrium advanced
reactor project.

 

Project Background - Squaw Creek Uranium Project

 

Squaw Creek comprises 53 unpatented mining claims (~430 hectares) in one of
Wyoming's most prolific uranium-producing regions. Historical gamma ray well
logs in the area report significant uranium values of 1,500 CPS at a depth of
330 feet, suggesting potential for ISR-compatible mineralisation. The
Project's location near historic production sites and emerging next-generation
nuclear infrastructure highlights its relevance to the U.S. clean energy
transition and domestic uranium supply objectives.

 

Next Steps

 

The Phase 1 programme is designed to generate accurate, modern data to inform
the design of a follow-on Phase 2 exploration campaign targeted for late 2025.
The Company looks forward to providing further technical updates as
exploration advances.

 

Craig Moulton, Chair of Metals One, commented:

 

"As we work towards completing this strategic acquisition, we remain
encouraged by progress made during Phase 1 exploration at Squaw Creek. We have
now commenced Phase 1 exploration work across our two uranium projects in
Colorado and Wyoming, representing key milestones as we develop our presence
in the U.S.

 

Uranium is crucial for the U.S. energy transition, and with growing energy
demands and climate targets, domestic uranium projects will be vital in
supporting the country's energy security. The initial exploration work being
undertaken will ensure that we are well positioned to contribute to the next
generation of domestic uranium supply in the U.S.

 

We believe that both our uranium projects offer substantial long-term value
propositions for Metals One and have the potential to help facilitate the
company to play a key role in supporting U.S. energy security in the future."

 

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/)

 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

 IR.MetalsOne@vigoconsulting.com (mailto:IR.MetalsOne@vigoconsulting.com)

 Fairfax Partners Inc (North America Investor Relations)                    +1 604 366 6277

 connect@fairfaxpartners.ca

 

About Metals One

 

The race for critical minerals is on. Metals One is pursuing a critical
minerals and gold exploration and M&A strategy, in low-risk jurisdictions,
underpinned by the Western World's urgent need for reliably and responsibly
sourced raw materials, and record high gold prices.

 

In addition to gold, our commodity exposure(*) includes copper, nickel,
cobalt, zinc, uranium, vanadium, and platinum group metals - all of which are
vital to the clean energy transition.

 

Metals One's most advanced project is the Black Schist Project in Finland with
a 57.1 Mt nickel-copper-cobalt-zinc JORC Inferred Resource adjacent to one of
Europe's largest nickel producers.

 

Our project portfolio(*) spans Finland, Norway, and the USA.

 

Metals One's shares are listed on the London Stock Exchange's AIM Market
(MET1).

 

(*)Includes projects for which acquisition terms have been agreed

 

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.

 

Glossary

 

 CPS  Counts per second
 ISR  In situ recovery

 

 

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