Update re Acquisition of Finland Copper Projects

Metals One

03/04/2025 07:00

RNS Number : 4363D

Metals One PLC

03 April 2025

 

3 April 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Update re Acquisition of Finland Copper Projects

&

Directorate Changes

 

Further to the announcement of 19 March 2025, Metals One (AIM: MET1), which is advancing strategic minerals projects in Finland and Norway, is pleased to announce it has executed a Share Purchase Agreement in respect of the acquisition of the entire issued share capital of FinnAust Mining Finland Oy (the "SPV") from 80 Mile Plc (AIM: 80M) (the "Transaction"). Completion of the Transaction remains subject to various conditions as outlined in the announcement of 19 March 2025.

 

As previously announced, the SPV holds certain licences comprising the Hammaslahti Copper-Zinc Project ("Hammaslahti") and Outokumpu Copper Project ("Outokumpu") in Finland (together, the "Licences"), which are both associated with former operating copper mines. Upon completion, Metals One will obtain 100% ownership of both projects, increasing its exposure to copper in a tier-1 jurisdiction. Accordingly, the Company is preparing to drill test Hammaslahti later this year, following the identification of significant sulphide mineralisation, and to advance geophysical surveys of targets at Outokumpu in preparation to drill.

 

Board Changes

 

Following completion and in connection with this Transaction, 80M shall have the right to appoint a director to the Board of Metals One for as long as 80M holds at least 10% of the voting rights of the Company ("Proposed Director"). Such appointment will be subject to approval by Metals One's AIM Nominated Adviser.

 

On appointment of the Proposed Director, Thomas Levin, who formerly acted as the representative of 80M on the Board of the Company will resign as a director.  In addition, Sara Minchin has tendered her resignation as a director of the Company with immediate effect in order to focus on her other business interests. The Board would like to thank both Thomas and Sara for their contributions to the Company since its IPO in July 2023.

 

Jonathan Owen, CEO of Metals One, commented:

 

"This is an exciting time for Metals One. With the backing of new investors, the Company is preparing to advance these two highly prospective copper exploration projects. Considering the historical expenditure on the Licences, we believe significant value appreciation can be achieved with relatively modest exploration spend."

 

Further details regarding the Transaction, including the issue of the Consideration Shares, can be found in the 19 March 2025 announcement. The Transaction remains subject to consent from the Net Smelter Royalty holders on the Licences, and regulatory approval in Finland (although the latter is not currently expected to be formally required).

 

Capitalised terms used in this announcement shall have the same meaning as those given to them in the 19 March 2025 announcement unless otherwise defined.

 

 

Figure 1: Metals One's Finland project portfolio post-Transaction

 

 

Enquiries:

 

Metals One Plc
Jonathan Owen, Chief Executive Officer
Alastair Clayton, Chairman
via Vigo Consulting
+44 (0)20 7390 0234
Beaumont Cornish Limited (Nominated Adviser)
James Biddle / Roland Cornish
www.beaumontcornish.com
+44 (0)20 7628 3396
SI Capital Limited (Joint Broker)
Nick Emerson
+44 (0)14 8341 3500
Capital Plus PartnersLimited(Joint Broker)
Jonathan Critchley
https://www.capplus.co.uk/
+44 (0)20 3821 6169
Vigo Consulting (Investor Relations)
Ben Simons / Kendall Hill / Anna Stacey
metalsone@vigoconsulting.com
+44 (0)20 7390 0234

 

About Metals One

 

Metals One is developing strategic metals projects in Finland and Norway, aiming to help meet Europe's demand for strategic minerals sourced within the continent.

 

Metals One's 93.75%-owned Black Schist Projects in Finland total 706 km2, with an Inferred Resource of 57.1 Mt nickel-copper-cobalt-zinc, adjacent to one of Europe's largest nickel producers.

 

Metals One's 39%-owned and fully carried Råna Project in Norway covers 18.14 km², with proven potential for massive sulphide nickel-cobalt-copper mineralisation.

 

In 2025, Metals One announced the conditional acquisition of 100% of the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project in Finland, both of which are associated with former operating mines. Subject to completion, Metals One intends to commence exploration programmes, including drilling, in 2025.

 

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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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