REG - Metals One PLC - Update re. Acquisition of PGE-Au-Ni-Cu Project

Metals OneAnnouncement

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RNS Number : 9724Q  Metals One PLC  14 July 2025

14 July 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Update re. Acquisition of PGE-Au-Ni-Cu Project, Norway,

Issue of Equity

&

TVR

 

Further to the announcement on 29 May 2025, Metals One Plc (AIM: MET1), a
minerals exploration and development company, is pleased to announce it has
now executed a binding Sale & Purchase Agreement ("SPA") for the
acquisition of Mjolner Minerals (Norway) AS ("Mjolner"), the sole owner of the
Lillefjellklumpen Project in central Norway (the "Project") (together the
"Transaction"). Completion of the acquisition remains subject to the transfer
of shares in Mjolner and regulatory approvals in Norway which are expected to
be completed during August 2025.

 

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

 

·    Diversifies Commodity Mix with PGE: Completion of the acquisition
would add platinum and palladium to Metals One's strategic portfolio of
critical and precious metals projects

 

·    Historical High-Grade Discovery: Some of the highest-grade PGE assays
published in Norway are hosted at the Project, with surface sampling from 2014
returning up to 17.5 g/t Pd+Pt, as well as significant gold, nickel, and
copper grades

 

·    Geologically Analogous to Significant Global Deposits: Mineralisation
characteristics are similar to world-class deposits including Bushveld (South
Africa) and Sudbury (Canada)

 

·    Low-Cost Entry with Potential for Material Upside: Metals One is
acquiring the Project for €90,000 (which has now been paid) and a 2% net
smelter return royalty, securing a highly prospective and under-explored asset
at an early stage

 

·    Excellent Local Infrastructure and Easy Access: The Project is
located near roads, power infrastructure, and a historic mining community in
Nord Trøndelag County

 

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

 

The Project 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. Alongside
strengthening the Company's project portfolio in northern Europe, a key
low-risk region for Metals One, the acquisition provides a strategic
opportunity to assess a historically known high-grade zone using modern
geophysics, geochemistry, and drilling practices.

 

Winton Willesee, a former Non-Executive Director of the Company, holds a 25%
interest in Mjolner and, whilst Mr Willesee remains a related party for AIM
purposes, noting the quantum of the Transaction consideration, the Transaction
does not now fall within the requirements of AIM Rule 13.

 

Craig Moulton, Chairman of Metals One, commented:

 

"We are pleased to have signed binding terms to acquire this highly
prospective PGE project at a time when platinum prices are at an eleven-year
high, driven by concerns over supply of the metal which is essential in
automotive catalytic converters, chemical production (especially fertilisers),
electronics, and medical applications.

 

The addition of the Lillefjellklumpen Project to our asset set is directly in
line with our ambitions to build a strategic portfolio of critical and
precious metals projects in safe and dependable jurisdictions."

 

Warrants Exercise

 

Metals One also 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 15,900,000 ordinary shares in the Company at 2 pence per
share, and notice of the exercise of Prepaid Warrants, issued pursuant to the
Equity Fundraise announced on 31 January 2025, over a total of 2,000,000
ordinary shares in the Company.

 

Application has been made for the admission of the 17,900,000 new ordinary
shares (the "Shares") to trading on AIM ("Admission") pursuant to the
authorities approved by shareholders at the General Meeting on 25 March 2025.
The 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 15 July 2025.

 

Following Admission, the Company's issued share capital will consist of
299,447,750 ordinary shares with voting rights. Metals One does not hold any
ordinary shares in treasury. This figure of 299,447,750 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 (mailto:ir.metalsone@vigoconsulting.com)

 Ben Simons / Kendall Hill / Anna Stacey                  +44 (0)20 7390 0230

 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.

 

Follow us on social media:

 

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(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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