REG - Metals One PLC - Update re Acquisition of Swales Gold Property

Metals OneAnnouncement

Tue 07:00

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RNS Number : 1663M  Metals One PLC  10 June 2025

10 June 2025

 

 

Metals One Plc

("Metals One" or the "Company")

 

Update re Acquisition of Swales Gold Property, Nevada, USA

&

Incorporation of Subsidiary "Metals One Nevada Inc."

 

Strategic gold property in Nevada's premier gold mining district formally
secured

 

Metals One (AIM: MET1), a minerals exploration and development company, is
pleased to announce the execution of the Asset Purchase Agreement ("APA")
relating to the previously announced conditional acquisition of the Swales
Gold Property (the "Swales Property" or the "Project"), located proximal to
Nevada Gold Mines' Carlin Complex, the largest gold mining operation in the
U.S.

 

Further to the initial announcement dated 14 May 2025, Metals One Plc has
incorporated a new wholly owned subsidiary, Metals One Nevada Inc. ("Metals
One Nevada"). Metals One Nevada will now lodge execution copies of the APA
with the Office of the Elko County Recorder, Nevada, after which it will be
registered on the exploration lease (the "Lease") and thereby have 100% of the
exploration rights on the Lease. The Lease, which is for a 10-year period,
expires in December 2031 and is renewable for an additional 20 years. Metals
One also retains the option to acquire the property outright.

 

Highlights

 

·    Strategic Acquisition Nears Completion: Metals One has now agreed all
transaction documentation related to the Swales Gold Property, significantly
expanding its portfolio with a strategic asset in Nevada's premier gold mining
district

 

·    Proven Mining Region: Located just 13 miles from Nevada Gold Mines'
Carlin Complex, the largest gold mining operation in the U.S.

 

·    Underexplored Potential: The Swales Property encompasses 139
contiguous unpatented mining claims (~2,780 acres), including the recently
staked additional 99 claims announced on 20 May 2025, with minimal modern
exploration completed to date

 

·    Robust Geological Setting: The Project is underlain by both the upper
and lower plates of the Roberts Mountains thrust. The geological conditions
are ideal for hosting Carlin-type gold deposits and are analogous to major
gold mines along the Carlin Trend

 

·    Planned Exploration Programme: Immediate commencement of Phase 1
exploration activities, including geological mapping, surface sampling,
relocation of historical workings, and geophysical surveys, aimed at defining
drill-ready targets for Phase 2

 

Strategic Rationale

 

The Swales Gold Property is strategically located proximal to Nevada's Carlin
Trend, one of the most prolific gold-producing regions globally. Positioned
just 13 miles northeast of Nevada Gold Mines' Gold Quarry Mine and 16 miles
southeast of the Goldstrike Mine, the Swales Property lies in close proximity
to some of the largest and most productive gold operations in the U.S. The
Carlin Trend has produced over 100 million ounces of gold to date and still
hosts more than 21 million ounces in reserves, according to Nevada Gold Mines
and the Nevada Bureau of Mines. With excellent year-round access and
established mining infrastructure in Elko County - one of the most
mining-supportive jurisdictions in the U.S. - the Swales Property offers a
compelling exploration opportunity in a world-class gold district. Nevada
itself is a top-tier mining jurisdiction, producing approximately 75% of U.S.
gold output and ranking as the fifth-largest gold producer globally.

 

Transaction Completion Details

 

Pursuant to the APA between Nevada Canyon Gold Corp. (the "Seller") and the
Company, the Company has acquired the lease agreement over the 40 unpatented
mining claims, to which the 99 additional staked claims (as announced on 20
May 2025) will be added, which will then allow the Company to carry out
exploration work. Under the terms of the lease agreement with the Seller,
Metals One has secured a 10-year exploration lease with 6.5 years remaining,
with renewal rights for two additional 10-year periods. The Company also holds
an option to acquire 100% ownership of the Swales Property for US$750,000,
payable in cash or equity with the underlying owner. Total consideration for
the APA of the Lease comprised a US$100,000 cash payment and the grant of a 2%
net smelter return royalty to the Seller. There have been very minimal costs
incurred on the claims to date and therefore there is no AIM Schedule Four
information to include.

 

Craig Moulton, Chairman of Metals One, commented:

 

"We are delighted to confirm the first stage in formally closing the Swales
Gold Property acquisition, which marks a pivotal step in our strategic
expansion into the U.S. gold sector. Securing this highly prospective project
within this prolific Nevada gold mining district significantly enhances our
exploration portfolio. With the acquisition nearing completion, we are excited
to move ahead with the planned Phase 1 exploration programme, which will
capture modern, systematic exploration data at the Project for the first time.
The primary objective is to identify a large world-class mineralised system,
like those found along the Carlin Trend."

 

Next Steps

 

Metals One will shortly commence its Phase 1 exploration programme at Swales,
with field activities to include surface mapping, sampling, and geophysical
surveys to define drill targets. Further updates will be provided as
exploration progresses.

 

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

 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.

 

Figure 1: Illustrative regional map showing Project in relation to nearby gold
mines

 

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