REG - Metals One PLC - Update re PEA for Finland - Black Schist Project

Metals OneAnnouncement

08/08/2024 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:20240808:nRSH6357Za&default-theme=true

RNS Number : 6357Z  Metals One PLC  08 August 2024

 

8 August 2024

 

Metals One Plc

("Metals One" or the "Company")

 

Update re PEA for Finland - Black Schist Ni-Cu-Co-Zn Project

 

Metals One (AIM: MET1), which is advancing strategic minerals projects in
Finland and Norway, announces it has awarded the contract to undertake a
formal Preliminary Economic Assessment ("PEA") for the Finland - Black Schist
Ni-Cu-Co-Zn Project ("Black Schist Project") to Wardell Armstrong
International ("WAI"), part of Wardell Armstrong LLP, a long-established,
independent British engineering and environmental consultancy.

 

WAI will commence work immediately and the PEA is expected to be completed by
November 2024.

 

The primary aim of the PEA is to evaluate the economic viability of the Black
Schist Project based on the "R1" (28.1Mt at 0.19% Ni, 0.10% Cu, 0.01% Co, and
0.38% Zn) and "P5" (29 Mt at 0.18% Ni, 0.08% Cu, 0.01% Co, and 0.33% Zn)
resources, and to establish an economic concept.

 

The PEA will deliver an early level study that includes an economic analysis
of the potential viability of mineral resources and the preliminary evaluation
of the Black Schist Project. The results of the PEA are expected to identify:

 

·    Probable mining and processing schemes

·    Technical parameters requiring additional examination or test work

·    General features and parameters

·    Capital and operating cost estimates

 

The PEA report is expected to form the basis of the Company's application for
Strategic Project status under the EU Critical Raw Materials Act and therefore
the project will be classified according to the United Nations Framework
Classification for Resources.

 

Jonathan Owen, Chief Executive Officer of Metals One, commented:

 

"Having delivered a doubling of the Black Schist Project resource earlier this
year, we have now moved into the economic assessment phase as a precursor to
project development. We are delighted to be working with Wardell Armstrong
International to deliver this hugely important milestone on our roadmap to
commercial production. Having considered a range of proposals, we determined
that WAI was best suited to the mandate, in particular due to its relevant
experience working on the Talvivaara project, operated by Terrafame, which
produces critical technology minerals from the same type of ore being pursued
by Metals One in the same region of Finland.

 

Crucially, this PEA work will also underpin Metals One's application for EU
Strategic Project status which, in turn, we expect will open up development
funding and permit fast-tracking opportunities."

 

 

Background to the Black Schist Project

 

The Black Schist Project includes the Rautavaara (R1) and Paltamo (P5)
deposits which are located in the Northern Savonia (Rautavaara) and Kainuu
(Paltamo) regions of eastern Finland. The regional mining and processing
centre at Sotkamo lies between the two project areas approximately 90 km north
of Rautavaara and 50 km south of Paltamo. The regional city centre of Kuopio
(population c. 120,000) lies approximately 100 km south of Rautavaara, while
Oulu (population c. 210,000) lies approximately 145 km northwest of Paltamo.

 

The Paleoproterozoic Kainuu Schist Belt, and the correlated North Karelia
Schist Belt to the southeast, are important economically as they are the host
sequences to the Terrafame and Outokumpu mines, respectively. The primary
exploration model that Metals One is pursuing at the Black Schist Project is
for Talvivaara-style shale-hosted nickel-zinc-copper-cobalt deposits. Metals
One is also open to exploration for Outokumpu-style copper-cobalt-zinc-nickel
volcanogenic massive sulphide (VMS) deposits. Both deposit styles, exemplified
by their namesake major mines, are somewhat unique to Finland.

 

Enquiries:

 

 Metals One Plc                                                       via Vigo Consulting

 Jonathan Owen, Chief Executive Officer                               +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)

 SI Capital Limited (Joint Broker)                                    +44 (0)14 8341 3500

 Nick Emerson

 Capital Plus Partners Limited (Joint Broker)                         +44 (0)20 3821 6169

 Keith Swann

 https://www.capplus.co.uk/ (https://www.capplus.co.uk/)

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

 Ben Simons / Kendall Hill

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

 

About Metals One

 

Metals One is developing strategic metals projects in Finland (Black Schist
Project) and Norway (Råna Project), with approximately £9 million of
exploration carry exposure through a farm-in agreement. Metals One is aiming
to help meet the significant demand for strategic minerals 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 a total Inferred Resource of 57.1 Mt
nickel-copper-cobalt-zinc and is located adjacent to one of Europe's largest
strategic minerals producers, Terrafame. Metals One's fully carried Råna
Project in Norway covers 18.14 km² across three contiguous exploration
licences, with significant opportunity for 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/

X (Twitter): https://twitter.com/metals_one_plc

 

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

 

About Wardell Armstrong International

 

WAI is part of Wardell Armstrong LLP, an independent British, partner-owned
engineering and environmental consultancy, established in 1837. The company
has 12 offices in the UK with around 500 staff. WAI provides the mineral
industry with specialised geological, mining, processing and environmental
expertise. WAI provides a wide range of services for minerals-related
projects; these range from preliminary exploration planning and execution,
through Mineral Resource and Reserve estimation to international reporting
standards, scoping studies, mine design and financial appraisal, to
pre-feasibility and feasibility studies.

 

WAI has a strong client list, including companies and organisations from the
private and public sectors, as well as many major financial institutions. In
addition, WAI has been involved in multiple LSE Main Board and AIM listings as
well as NI 43-101 Technical Reports in line with TSX and Competent Person's
Reports in line with ASX reporting standards.

 

WAI has professionally qualified and experienced specialists in exploration
and mining geology, mining engineering, processing, rock mechanics and
hydrogeology, mineral surveying, geological modelling and mineral resource
estimation, financial evaluation, environmental and social assessments and
mineral economics.

 

Website:

 

https://www.wardell-armstrong.com/ (https://www.wardell-armstrong.com/)

 

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.

 

 

 

 

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  UPDQKOBPKBKBKFK