REG - Metals One PLC - Update re Gunsynd Farm-In to Black Schist Project

Metals OneAnnouncement

16/11/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231116:nRSP6131Ta&default-theme=true

RNS Number : 6131T  Metals One PLC  16 November 2023

 

16 November 2023

 

Metals One Plc

("Metals One" or the "Company")

 

Update re Gunsynd Farm-In to Finland - Black Schist Project

 

First stage farm-in payment received

 

Metals One (https://metals-one.com/) (AIM: MET1), which is advancing battery
metal projects at brownfield sites in Finland and Norway, announces that the
Company has received the first stage payment of £250,000 from Gunsynd Plc
("Gunsynd") pursuant to the subscription and shareholders agreement between
Metals One, Metals One Finland Oy (formerly named FinnAust Mining Northern Oy)
("Metals One Finland") and Gunsynd, as detailed in the Company's admission
document.

 

Accordingly, Gunsynd will be issued with such number of shares in Metals One
Finland (a wholly owned subsidiary of Metals One) as is equivalent to 6.25% of
the voting rights of Metals One Finland. This represents the first stage of
Gunsynd's commitment to subscribe for 25% of the voting rights of Metals One
Finland, at an aggregate subscription price of £1,000,000.

 

Metals One Finland holds Metals One's Finland - Black Schist Project, with an
Inferred Mineral Resource of 28.1 Mt of Talvivaara-type mineralised material
at a grade of 0.19% nickel (53,800t), 0.10% copper (27,900t), 0.01% cobalt
(3,400t) and 0.38% zinc (180,000t) at the Rautavaara licence.

 

Metals One, as operator of the Black Schist Project in Finland, will use the
proceeds received from Gunsynd to carry out an exploration work programme
comprising an initial review and modelling of the existing data, geophysical
surveys, and drilling programmes at the Rautavaara and Paltamo licences.

 

Alastair Clayton, Chairman of Metals One, commented:

 

"Metals One is in the advantageous position of being carried to a large extent
on two work programmes on its assets in both Norway and Finland.

 

We are already in advanced negotiations with key contractors with a view to a
rapid commencement of field activities at the Metals One operated Black Schist
Project, targeting resource growth on this Finnish asset which sits adjacent
to Europe's largest nickel mine - Talvivaara. We look forward to updating
investors on the work programme in due course."

 

 

 Enquiries:

 Metals One Plc
 Jonathan Owen, Chief Executive Officer                     via Vigo Consulting

                                                            +44 (0)20 7390 0234

 Beaumont Cornish Limited (Nominated Adviser)               +44 (0)20 7628 3396

 James Biddle / Roland Cornish

 www.beaumontcornish.com (http://www.beaumontcornish.com)

 Shard Capital Partners LLP (Joint Broker)                  +44 (0)20 7186 9952

 Damon Heath / Erik Woolgar

 SI Capital Limited (Joint Broker)                          +44 (0)14 83413 500
 Nick Emerson

 Vigo Consulting (Investor Relations)                       +44 (0)20 7390 0234

 Ben Simons / Kendall Hill

 metalsone@vigoconsulting.com

 

About Metals One

 

Metals One is developing brownfield battery metals projects in Finland (Black
Schist Project) and Norway (SRH Råna Project), with approximately £9 million
of exploration carry exposure through farm-in agreements. Metals One is aiming
to help meet the significant demand for battery metals by defining resources
on the doorstep of Europe's major electric vehicle OEMs and battery
manufacturers. Metals One's Black Schist Project in Finland, totalling 706
km(2) across three licence areas, has an Inferred Resource of 28.1 Mt
nickel-zinc-cobalt-copper and is located adjacent to Talvivaara, Europe's
largest operating nickel mine. Metals One's fully carried SRH Råna Project in
Norway covers 18.14 km² across three contiguous exploration licences, with
significant opportunity for brownfield exploration of the Råna intrusion, and
proven potential for massive sulphide nickel-cobalt-copper mineralisation.

 

Follow us on social media:

 

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

Twitter: https://twitter.com/metals_one (https://twitter.com/metals_one)

 

Subscribe to our news alert service on the Investors page of our website at:
www.metals-one.com (http://www.metals-one.com)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFFMFAIEDSEFF