REG - Metals One PLC - Potential Acquisition of Uranium Projects, USA

Metals OneAnnouncement

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RNS Number : 4985S  Metals One PLC  25 July 2025

25 July 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Potential Acquisition of Additional Uranium Projects, USA,

Issue of Equity

&

TVR

 

Extends Metals One's position as a leading UK-listed uranium explorer with a
significant U.S. landholding

 

Metals One (AIM: MET1), a minerals exploration and development company with
key interests in uranium and gold projects, is pleased to announce it has
agreed terms for an exclusive right to acquire 75% of two U.S. companies with
mineral claims in Colorado and Utah from Thor Energy PLC (ASX/AIM: THR) (the
"Vendor"). The claims are Vanadium Kings, Radium Mountain and Wedding Bell
(the "Claims") which host uranium and vanadium mineralisation.

 

Highlights

 

·    Tier 1 Location: Situated in the highly prospective Uravan Mining
Belt on the border of Utah and Colorado.

 

·    Broadens Metals One's U.S. Uranium and Vanadium Portfolio: Aligned
with strategy to advance critical mineral assets in the U.S. which are
essential to the clean energy transition.

 

·    Potential to Acquire Remaining 25%: Exclusive 12-month option to
acquire the remaining 25%.

 

·    Operational Synergies: Claims are proximal to Metals One's Uravan
Uranium-Vanadium Project; and further consolidate the Company's growing
landholding in the Western United States.

 

·    Excellent Existing Infrastructure: Claims are proximal to the White
Mesa Mill, the only fully licensed and conventional uranium processing plant
in the U.S.

 

Wedding Bell & Radium Mountain Projects, Colorado

 

The Wedding Bell and Radium Mountain Projects are situated in the centre of
the Uravan Mineral Belt and comprise 199 mineral claims over areas of
historical high-grade uranium and vanadium production. This area and the
adjacent uranium-vanadium mining districts of the Colorado Plateau are
reported to have produced over 85 million lbs of U(3)O(8) and over 660 million
lbs of V(2)O(5) from the Salt Wash ores of the Plateau over the past 100
years.

 

These claims include historical mines which are reported to have operated
during the First World War and again in the second half of the 20(th) century.
Since acquiring the projects in 2020, the Vendor has completed detailed
geological reviews of the claims as well as an extensive field sampling
programme. During 2021-2022, the Vendor identified and successfully secured
permits to drill test the three highest priority targets, including Section
23, the highest priority drill target. Section 23 was previously held by the
U.S. Government and has no historic prospecting, drilling or mine production.

 

The Vendor completed two drill campaigns in 2024 at the Wedding Bell Project.
Drilling in February 2024 returned strong results, including Hole 23WBR020
which returned 4.9m at 1,199ppm (0.12%) U(3)O(8) and 6,306ppm (0.63%) V(2)O(5)
from 82m, including 0.6m at 6,250ppm (0.63%) U(3)O(8) and 30,348ppm (3.0%)
V(2)O(5) from 82.6m. Drilling in November 2024 was limited due to adverse
weather conditions and less than half the planned programme was completed.
Results of several step out holes were of excellent grade but narrow in extent
(<1m), demonstrating localised pinching and swelling of the mineralised
horizons.

 

Metals One intends to re-examine the historical and new drill data and
potentially complete the remainder of the November 2024 drill programme that
wasn't completed should the Metals One technical team choose those areas to
target.

 

Vanadium King Project, Utah

 

The Vanadium King Project includes 100 claims in southeast Utah, approximately
40km north of the town of Moab. There is no evidence of historical mining
activities; however, there is reporting of significant uranium and vanadium
mineralised bodies from drilling activities by Hunt Oil, Mineral Division, in
1980 and 1981, reported by Terra Ventures (TSXV: TAS) in 2007.

 

Although the Hunt Oil estimate does not comply with either the JORC or NI
43-101 for current mineral resource reporting, it does provide a strong
indication of widespread uranium and vanadium mineralisation on the project,
in a geological setting analogous to multiple deposits elsewhere in the
region.

 

Local Infrastructure

 

Operated by Energy Fuels Inc., the White Mesa Mill is the only fully licensed
and conventional processing plant in the U.S. It is reported to be the largest
producer of uranium in the U.S. and has historically accepted toll milling
agreements as well as purchase programmes for processing ores from third party
mines. Located approximately 50km from the Wedding Bell Project and 70km from
Radium Mountain Project, this represents a possible low-cost path to utilise
existing infrastructure in order to develop projects in the region.

 

Craig Moulton, Chair of Metals One, commented:

 

"It's encouraging to see Metals One's strategy gaining momentum, positioning
itself as a leading AIM-listed play on early-stage uranium opportunities in
the U.S. Uranium and vanadium are both central to the global energy
transition: uranium fuels zero-carbon nuclear power, while vanadium is
increasingly vital for grid-scale battery storage. These new projects
significantly strengthen Metals One's Western U.S. exploration portfolio -
across uranium, vanadium, and gold - at a time when securing domestic supply
of critical minerals is rapidly becoming a national priority."

 

Transaction

 

Metals One will pay the Vendor £100,000 within 7 days to secure exclusive
rights to proceed with the potential acquisition of the interest in the two
U.S. companies, being Standard Minerals Inc. ("Standard") and Cisco Minerals
Inc. ("Cisco") (the "Potential Acquisition").

 

The consideration payable by Metals One to the Vendor for the Potential
Acquisition shall be £1,000,000 to be satisfied by the issue of new ordinary
shares in Metals One at a price which is equal to the 15-day volume weighted
average price of Metals One's ordinary shares prior to the parties entering
into a sale and purchase agreement in relation to the Potential Acquisition.

 

The Vendor has also agreed to grant Metals One an exclusive 12-month option to
acquire the remaining 25% of the issued share capital of Standard and Cisco,
at a value to be determined by the parties or an independent valuation.

 

The Vendor is primarily focussing on hydrogen and helium exploration.

 

The Potential Acquisition is subject to and conditional upon:

 

(a)  Metals One having conducted and being satisfied with legal, technical
and financial due diligence on Standard, Cisco and the Claims

(b)  Metals One and the Vendor entering into a sale and purchase agreement in
respect of the Potential Acquisition

(c)   All and any applicable and necessary consents, authorities or
approvals required from any applicable statutory or quasi-statutory body
regulating the mining industry in the USA consenting to the change of control
of the Claims.

 

Unless otherwise agreed by the parties, the above conditions precedent must be
satisfied by 31 August 2025 failing which the agreement for the Potential
Acquisition will automatically terminate.

 

In the last 12 months, the Vendor has spent approximately A$600,000 on the
Claims and as at 30 June 2024 they were carried in the Balance Sheet at
A$2.8million.

 

Warrant Exercise and Issue of Equity

 

The Company announces it has received notice of the exercise of Cash
Warrants, issued pursuant to the Equity Fundraise announced on 31 January
2025, over a total of 78,370,000 ordinary shares in the Company at 2 pence
per share and the exercise of 35,800,000 pre-paid warrants (together the
"Warrant Shares").

 

Admissions of Shares

 

Application has been made for the admission of the Warrant Shares to trading
on AIM. The Warrant Shares will rank pari passu with the existing ordinary
shares and it is expected that Admission will become effective at 8.00 a.m. on
28 July 2025.

 

Following the issue of the Warrant Shares, the Company's issued share capital
will consist of 482,817,750 ordinary shares with voting rights. Metals One
does not hold any ordinary shares in treasury. This figure of 482,817,750 may
be used by shareholders in the Company as the denominator for the calculations
by which they will determine if they require to notify their interest in, or a
change to their interest in, the share capital of the Company under the UK
Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

Enquiries:

 

 Metals One Plc                                           info@metals-one.com (mailto:info@metals-one.com)

 Jonathan Owen, Chief Executive Officer                   +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 (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 / Kendall Hill / 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(*) in low-risk jurisdictions, underpinned by the Western World's
urgent need for reliably and responsibly sourced raw materials, and record
high gold prices.

 

Our commodity exposure(*) includes gold, uranium, vanadium, copper, nickel,
cobalt, zinc, and platinum group metals.

 

Our 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 the USA, Finland and Norway.

 

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

 

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

 

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(https://www.linkedin.com/company/metals-one-plc/)

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Subscribe to our news alert service on the Investors page of our website at:
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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.

 

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