REG - Metals One PLC - Update re Acquisition of Uranium Projects, USA

Metals OneAnnouncement

01/05/2025 07:00

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RNS Number : 9365G  Metals One PLC  01 May 2025

1 May 2025

 

 

Metals One Plc

("Metals One" or the "Company")

 

Update re Acquisition of Uranium Projects, USA

&

Issue of Equity

 

Metals One outlines Phase 1 exploration programmes targeting essential
minerals for U.S. energy security

 

Further to the announcement of 24 April 2025, Metals One (AIM: MET1), which is
advancing critical minerals projects, is pleased to announce it has executed a
Share Purchase Agreement ("SPA") in respect of the acquisition of uranium and
vanadium exploration projects in the United States (the "Acquisition"). The
terms included in the SPA materially remain as announced on 24 April 2025
whilst Completion of the Acquisition remains subject to various conditions as
outlined in the announcement.

 

Following the execution of the SPA, Metals One is also pleased to outline its
proposed Phase 1 exploration programmes at the Squaw Creek Uranium Project,
Wyoming and the Uravan Belt Uranium-Vanadium Project, Colorado targeting
critical minerals essential for U.S. clean energy generation, grid storage,
and energy security.

 

Phase 1 Uranium Exploration Programmes

 

Squaw Creek Uranium Project, Wyoming ("Squaw Creek")

 

Following Completion of the Acquisition, the proposed Phase 1 exploration
programme at Squaw Creek will commence following approval of the relevant
permitting and will consist of an assessment of the available historical
regional data on water wells and uranium exploration wells drilled within the
claim package and adjacent areas to identify additional drill log data
containing gamma signatures indicating uranium. This will be followed up by a
ground-based grid geophysical programme, including the use of a Radiation
Solution Spectral Scintillometer (RS125) which will take radiation readings at
regular spaced intervals and line intervals. The Phase 1 programme will
provide accurate modern data to assist in the planning of a Phase 2 potential
drill programme.

 

Squaw Creek comprises 53 claims (~430 ha) in the Shirley Basin, a premier
uranium district known for ISR-amenable uranium mineralisation. Historical
gamma ray well logs indicate highly elevated uranium potential with readings
of 1,500 CPS at a depth of 330 ft. The project is strategically located near
past-producing mines and within Wyoming, which hosts TerraPower's
next-generation nuclear reactor project, underscoring its importance to U.S.
nuclear energy development.

 

Uravan Belt Uranium-Vanadium Project, Colorado ("Uravan")

 

Following Completion of the Acquisition, the proposed Phase 1 exploration
programme at Uravan will commence following approval of the relevant
permitting and will consist of reconnaissance prospecting of historical
workings, geological mapping, surface sampling and relocating of historical
workings. This includes compiling and assessing available historical regional
data from past producers within the project area and adjacent land. Lastly,
there will be a ground-based grid geophysical programme, including the use of
a Radiation Solution Spectral Scintillometer (RS125) which will take readings
at regular spaced intervals and line intervals. This initial reconnaissance
programme will provide accurate modern data to assist in the planning of a
Phase 2 potential drill programme.

 

Uravan comprises 59 claims (~490 ha) situated near the historic Buckhorn Mine
in the renowned Uravan Mineral Belt, formerly the United States' leading
uranium-vanadium production area. Initial sampling at Uravan confirmed
exceptionally high uranium grades at surface, with assays returning up to
22,280 ppm uranium (2.23% U₃O₈) alongside significant vanadium values in
carnotite ore.

 

Issue of Equity

 

Metals One has received notice of the exercise of Cash Warrants, issued
pursuant to the Equity Fundraise announced on 31 January 2025, over a total of
4,400,000 ordinary shares in the Company at 2 pence per share thereby
receiving cash proceeds of £88,000. In addition, the Company has also
received notices for the exercise of pre-paid warrants over a total of
8,500,000 ordinary shares in the capital of the Company.

 

Application has been made for the admission of the 12,900,000 new ordinary
shares to trading on AIM ("Admission") pursuant to the exercise of warrants.
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 6 May 2025.

 

Following Admission, the Company's issued share capital will consist of
63,954,750 ordinary shares with voting rights. Metals One does not hold any
ordinary shares in treasury. This figure of 63,954,750 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.

 

Craig Moulton, Chair of Metals One, commented:

 

"These uranium and vanadium project acquisitions are directly in line with
Metals One's strategic objective to acquire high-potential critical minerals
assets to support the global energy transition and grow the Company's value.

 

Uranium demand is rising amid global supply deficits. These two highly
prospective exploration projects are centred in prolific and historical U.S.
uranium mining regions. We're looking forward to commencing initial
exploration activities on these projects which aim to support U.S. domestic
mineral sourcing and energy transition initiatives.

 

We also welcome the first exercise of cash warrants, which provides additional
working capital for us to invest in new critical minerals projects."

 

Further details regarding the Acquisition can be found in the 24 April 2025
announcement. Capitalised terms used in this announcement shall have the same
meaning as those given to them in the 24 April 2025 announcement unless
otherwise defined.

 

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 comprises uranium and vanadium exploration
projects in prolific and historical U.S. uranium mining regions, targeting
critical minerals essential for U.S. clean energy generation, grid storage,
and energy security.

 

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)

 

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.

 

Appendix

 

Background Information

 

Uranium - Addressing U.S. Supply Deficits: Uranium is experiencing renewed
interest globally due to its role as a carbon-free energy source, driven by
increased nuclear reactor builds and extensions. The global uranium market
faces a structural supply deficit, with annual reactor requirements
significantly outpacing primary mine supply. Notably, the U.S. imports over
90% of its uranium, making domestic supply development a strategic imperative.
Projects like Squaw Creek are ideally positioned to help fill this gap,
particularly given Wyoming's strategic significance as the site of
TerraPower's Natrium advanced nuclear reactor-a next-generation nuclear energy
project backed by Bill Gates (see TerraPower.com (http://terrapower.com) ).

 

Vanadium - Essential for Energy Storage and Infrastructure: Vanadium demand is
rapidly growing, primarily driven by its use in vanadium redox flow batteries
("VRFBs") for large-scale, long-duration energy storage solutions and in
high-strength steel alloys. The global VRFB market, valued at approximately
$394.7 million in 2023, is projected to grow significantly through 2030(1).
Recognised as a U.S. Critical Mineral, vanadium is crucial for national
security, energy storage, and infrastructure modernisation. The Uravan Belt
project in Colorado positions Metals One within a historically productive
uranium-vanadium region, offering potential domestic supply critical for both
grid-scale storage and defence industries.

 

(1 Source :)
(https://www.grandviewresearch.com/industry-analysis/vanadium-redox-flow-battery-market-report
(https://www.grandviewresearch.com/industry-analysis/vanadium-redox-flow-battery-market-report)
)

 

Claims Maps

 

Squaw Creek Uranium Project (Wyoming):

 

 

Uravan Belt Uranium-Vanadium Project (Colorado):

 

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