REG - Metals One PLC - Update re Acquisition of Finland Copper Projects

Metals OneAnnouncement

03/04/2025 07:00

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RNS Number : 4363D  Metals One PLC  03 April 2025

3 April 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Update re Acquisition of Finland Copper Projects

&

Directorate Changes

 

Further to the announcement of 19 March 2025, Metals One (AIM: MET1), which is
advancing strategic minerals projects in Finland and Norway, is pleased to
announce it has executed a Share Purchase Agreement in respect of the
acquisition of the entire issued share capital of FinnAust Mining Finland Oy
(the "SPV") from 80 Mile Plc (AIM: 80M) (the "Transaction"). Completion of the
Transaction remains subject to various conditions as outlined in the
announcement of 19 March 2025.

 

As previously announced, the SPV holds certain licences comprising the
Hammaslahti Copper-Zinc Project ("Hammaslahti") and Outokumpu Copper Project
("Outokumpu") in Finland (together, the "Licences"), which are both associated
with former operating copper mines. Upon completion, Metals One will obtain
100% ownership of both projects, increasing its exposure to copper in a tier-1
jurisdiction. Accordingly, the Company is preparing to drill test Hammaslahti
later this year, following the identification of significant sulphide
mineralisation, and to advance geophysical surveys of targets at Outokumpu in
preparation to drill.

 

Board Changes

 

Following completion and in connection with this Transaction, 80M shall have
the right to appoint a director to the Board of Metals One for as long as 80M
holds at least 10% of the voting rights of the Company ("Proposed Director").
Such appointment will be subject to approval by Metals One's AIM Nominated
Adviser.

 

On appointment of the Proposed Director, Thomas Levin, who formerly acted as
the representative of 80M on the Board of the Company will resign as a
director.  In addition, Sara Minchin has tendered her resignation as a
director of the Company with immediate effect in order to focus on her other
business interests. The Board would like to thank both Thomas and Sara for
their contributions to the Company since its IPO in July 2023.

 

Jonathan Owen, CEO of Metals One, commented:

 

"This is an exciting time for Metals One. With the backing of new investors,
the Company is preparing to advance these two highly prospective copper
exploration projects. Considering the historical expenditure on the Licences,
we believe significant value appreciation can be achieved with relatively
modest exploration spend."

 

Further details regarding the Transaction, including the issue of the
Consideration Shares, can be found in the 19 March 2025 announcement. The
Transaction remains subject to consent from the Net Smelter Royalty holders on
the Licences, and regulatory approval in Finland (although the latter is not
currently expected to be formally required).

 

Capitalised terms used in this announcement shall have the same meaning as
those given to them in the 19 March 2025 announcement unless otherwise
defined.

 

 

Figure 1: Metals One's Finland project portfolio post-Transaction

 

 

Enquiries:

 

 Metals One Plc                                                       via Vigo Consulting

 Jonathan Owen, Chief Executive Officer                               +44 (0)20 7390 0234

 Alastair Clayton, 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 (Investor Relations)                                 +44 (0)20 7390 0234

 Ben Simons / Kendall Hill / Anna Stacey

 metalsone@vigoconsulting.com (mailto:metalsone@vigoconsulting.com)

 

About Metals One

 

Metals One is developing strategic metals projects in Finland and Norway,
aiming to help meet Europe's demand for strategic minerals sourced within the
continent.

 

Metals One's 93.75%-owned Black Schist Projects in Finland total 706 km2, with
an Inferred Resource of 57.1 Mt nickel-copper-cobalt-zinc, adjacent to one of
Europe's largest nickel producers.

 

Metals One's 39%-owned and fully carried Råna Project in Norway covers 18.14
km², with proven potential for massive sulphide nickel-cobalt-copper
mineralisation.

 

In 2025, Metals One announced the conditional acquisition of 100% of the
Hammaslahti Copper-Zinc Project and Outokumpu Copper Project in Finland, both
of which are associated with former operating mines. Subject to completion,
Metals One intends to commence exploration programmes, including drilling, in
2025.

 

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.

 

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