REG - Metals One PLC - Potential Acquisition of PGE-Au-Ni-Cu Project

Metals OneAnnouncement

29/05/2025 07:00

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RNS Number : 5766K  Metals One PLC  29 May 2025

29 May 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Potential Acquisition of PGE-Au-Ni-Cu Project, Norway

Strategic expansion into platinum group elements alongside gold, nickel, and
copper

 

Metals One (AIM: MET1), a minerals exploration and development company, is
pleased to announce it has signed a binding term sheet for the conditional
acquisition of Mjolner Minerals (Norway) AS ("Mjolner"), the sole owner of the
Lillefjellklumpen Project in central Norway (the "Project"). The Project
comprises a 20 km² exploration licence hosting high-grade platinum group
elements ("PGE"), gold, nickel, and copper mineralisation, and will further
the Company's commodity exposure.

 

Highlights

 

·    Strategic Expansion into PGE: The acquisition introduces platinum and
palladium into Metals One's portfolio, complementing existing nickel and
copper assets and reinforcing the Company's critical minerals strategy

 

·    Historic High-Grade Discovery: The Project hosts some of the
highest-grade PGE assays published in Norway, with surface sampling from 2014
returning up to 17.5 g/t Pd+Pt, alongside significant gold, nickel, and copper
grades

 

·    Geological Similarity to Major Global Deposits: Mineralisation
characteristics show parallels to world-class deposits such as Sudbury
(Canada) and Bushveld (South Africa)

 

·    Low-Cost Entry with Significant Upside: Metals One is acquiring,
subject to the completion of the conditions, the Project for €90,000 and a
2% net smelter return royalty, securing a highly prospective and
under-explored asset at an early stage

 

·    Favourable Infrastructure and Access: Located in Nord Trøndelag
County with proximity to roads, power infrastructure, and a historic mining
community

 

Project Overview

 

The Project covers a historic test mine area containing massive sulphide veins
and dykes with high platinum, palladium, gold, nickel, and copper values. The
sulphide-rich mineralisation lies along a major untested electromagnetic
("EM") anomaly, which has not been modelled using modern techniques. The host
rocks sit at the contact between greenstone and gabbroic units, a known
favourable geological setting for PGE deposits. Notably, the Project features:

 

·    A historic 18-metre trench and 5-metre adit exposing massive sulphide
mineralisation

·    Surface exposures of high-grade PGE veins up to 1.5 metres wide

·    A strong EM signature with a corresponding magnetic anomaly,
suggesting a larger subsurface system

 

Strategic Rationale

 

This acquisition expands Metals One's footprint in Norway, where it already
holds an interest in the Råna Nickel Project, currently operated by Kingsrose
Mining (ASX: KRM) under a joint venture agreement. The addition of the Project
deepens Metals One's pipeline in northern Europe and offers a complementary
opportunity to revisit a historically known high-grade zone with modern
geophysics, geochemistry, and drilling.

 

Winton Willesee, the Company's Non-Executive Director, holds a 25% interest in
Mjolner and accordingly, should the Company complete its due diligence and
enter into a definitive sale and purchase agreement, the acquisition would be
classified as an AIM Rule 13 transaction and, as such, would be considered and
notified as required at that time.

 

Craig Moulton, Chairman of Metals One, commented:

 

"We are excited to be potentially expanding our presence in Norway with the
acquisition of the Lillefjellklumpen Project, a high-potential asset showing
exceptional PGE, nickel, and copper values. This deal aligns with our strategy
of acquiring low-entry-cost critical minerals assets with historical pedigree
and significant discovery potential."

 

Transaction Terms

 

Metals One has entered into a binding term sheet to acquire 100% of the issued
share capital of Mjolner. The consideration comprises:

 

·    €90,000 in cash

·    A 2% net smelter return royalty over the licence area

 

The conditional transaction is subject to the completion of legal, technical,
and financial due diligence, execution of a definitive sale and purchase
agreement, and satisfaction of customary regulatory approvals in Norway.

 

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)

 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

 

The race for critical minerals is on. Metals One 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, zinc, uranium and vanadium - all of which are vital to the
clean energy transition.

 

Our Northern Europe portfolio comprises copper, nickel, cobalt and zinc
projects in Finland and Norway, including a 57.1 Mt nickel-copper-cobalt-zinc
Inferred Resource adjacent to one of Europe's largest nickel producers, aiming
to help meet Europe's demand for strategic minerals sourced directly from
within the continent.

 

Our North America portfolio is expected to comprise uranium and vanadium
exploration projects (subject to completion of acquisition) in prolific and
historical U.S. uranium mining regions, targeting critical minerals essential
for U.S. clean energy generation, grid storage, and energy security.

 

The potential acquisition of gold mining claims within the prolific Carlin
Gold Trend in Nevada, USA, if completed, would mark our entry into the gold
exploration sector and diversification of our portfolio of critical minerals
assets.

 

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

 

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)

 

Qualified Person Statement

 

Craig Moulton is an Independent Non-Executive Director of the Company and the
Qualified Person who reviewed and approved the technical disclosures in this
news release. Mr Moulton has over 30 years' experience in the mining
industry, having worked for Rio Tinto, Cliffs and Wood Mackenzie, and is a
trained Geologist and Mineral Economist. Mr Moulton holds a BSc (Hons) in
Geology and a MSc in Mineral Economics and is a qualified person under the AIM
Rules. Mr Moulton consents to the inclusion of the technical information in
this release and context in which it appears.

 

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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