REG - Metals One PLC - Final Results

Metals OneAnnouncement

30/06/2025 07:00

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RNS Number : 8928O  Metals One PLC  30 June 2025

30 June 2025

 

Metals One Plc

("Metals One", the "Company" or the "Group")

 

Final Results for the Year Ended 31 December 2024

 

Metals One Plc (AIM: MET1), a minerals exploration and development company,
announces its results for the year ended 31 December 2024. The full annual
report and accounts is available to view on the Company's website
at www.metals-one.com (http://www.metals-one.com/) and will soon be posted to
shareholders along with a Notice of Annual General Meeting ("AGM").

 

Highlights

Finland - Black Schist Project (nickel, copper, cobalt, zinc)

 

·    Expanded total Black Schist Project resource to 57.1Mt in July 2024 -
more than double the previous estimate - with contained metals of 105.8kt Ni,
51.9kt Cu, 6.9kt Co, and 276kt Zn

·    Instructed independent consultancy Wardell Armstrong International to
carry out a Preliminary Economic Assessment ("PEA") for the project

·    The PEA, published after year-end, in January 2025, demonstrated
that, although it was undertaken at a time of weak nickel prices and inflated
input costs, the project is highly leveraged to rising commodity prices

 

Norway - Råna Project (nickel, copper, cobalt)

 

·    Drilling in 2024 intercepted new zones of nickel-copper
mineralisation, further demonstrating the Råna Intrusion's scale potential

 

Post Period End Highlights

New Projects

 

·    Metals One is utilising new funding closed in April 2025 to rapidly
expand its project portfolio and commodity exposure, with a particular focus
on copper, nickel, cobalt, zinc, uranium, vanadium, gold, and platinum group
elements ("PGE")

 

Hammaslahti & Outokumpu Copper Projects, Finland

 

·    Announced in April 2025 the execution of a Share Purchase Agreement
in respect of the acquisition of the Hammaslahti Copper-Zinc Project and
Outokumpu Copper Project in Finland, which are both associated with former
operating copper mines

·    Put out a tender for a drilling contractor to provide services for a
2,000m, 10-hole diamond core drill programme at the Hammaslahti Project

 

Lillefjellklumpen PGE-Gold-Nickel-Copper Project, Norway

 

·    Announced in May 2025 the potential acquisition of the Norway
project, introducing platinum and palladium into Metals One's portfolio

 

Squaw Creek Uranium Project, Wyoming & Uravan Belt Uranium-Vanadium
Project, Colorado, USA

 

·    Executed a Share Purchase Agreement in May 2025 in respect of the
proposed acquisition of two U.S. uranium and vanadium exploration projects

·    Initiated Phase 1 exploration work at both projects in anticipation
of completion of the acquisition

 

Swales Gold Property, Nevada, USA

 

·    Announced in May 2025 an exclusive term sheet for the conditional
acquisition of an exploration lease over the Swales Gold Property in Nevada,
USA, which is located within the prolific Carlin Gold Trend

 

Craig Moulton, Chair of Metals One, commented:

 

"The Metals One of today is a markedly more diversified company than it was in
the year under review. The completion of an equity fundraise in April 2025 has
provided Metals One with the opportunity to diversify its portfolio and
leverage its technical expertise and financing to undertake near-term,
high-impact exploration programmes targeting an expanded range of critical and
precious metals.

 

We have wasted no time in pursuing the acquisitions in Finland, Norway and the
USA of copper projects, uranium projects, a gold project, and a platinum group
elements project. These potential acquisitions align with Metals One's
strategy to diversify and strengthen its asset portfolio, both in terms of
geography and type of mineral, enabling us to broaden our mix of commodities
to include more critical minerals essential to the energy transition, as well
as precious metals underpinned by record high commodity prices. I am very much
looking forward to advancing exploration on our new projects and to reporting
on progress as they develop."

 

Financial Statements and Notes to the Accounts

 

For access to the full Financial Statements and Notes to the Accounts for the
year ended 31 December 2023, please click on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/8928O_1-2025-6-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8928O_1-2025-6-29.pdf) .
Extracts follow below.

 

Chairman's Statement

 

I am pleased to present my first Metals One annual financial report since I
transitioned from Independent Non-Executive Director to Independent
Non-Executive Chair in April 2025.

 

This report is for the year ended 31 December 2024. The Metals One of today is
a markedly more diversified company than it was in the year under review. The
completion of an Equity Fundraise in April 2025 has provided Metals One with
the opportunity to diversify its portfolio and leverage its technical
expertise and financing to undertake near-term, high-impact exploration
programmes targeting an expanded range of critical and precious metals.

 

Review of 2024 Operations

 

Black Schist Ni-Zn-Cu-Co Project, Finland (Metals One: 93.75% - Operator)

 

The Black Schist Project comprises several exploration licences and
reservations across the Kainuu Schist Belt which is the host geological
sequence to black schists extracted by Terrafame's nearby Talvivaara mine,
considered to be one of Europe's largest nickel-zinc-copper-cobalt producers.
The strategy for the Black Schist Project is for the Company to show a clear
path to the economic extraction of its assets. This includes a longer-term
ambition of potentially defining a 200 Mt resource, the scale of which could
underpin a significant supply of critical minerals to the European market from
within the continent.

 

Following exploration activities, including new drilling and the re-assaying
of historical core samples, Metals One was able to announce in July 2024 the
expansion of the total Black Schist Project resource to 57.1Mt - more than
double the previous estimate - with contained metals of 105.8kt of nickel,
51.9kt of copper, 6.9kt of cobalt, and 276kt of zinc. This was a catalyst for
the Company to instruct Wardell Armstrong International, part of Wardell
Armstrong LLP, a long-established, independent British engineering and
environmental consultancy, to carry out a Preliminary Economic Assessment
("PEA") for the project.

 

The PEA, published after the period under review, in January 2025,
demonstrated that, although it was undertaken at a time of weak nickel prices
and inflated input costs, the project is highly leveraged to rising commodity
prices. Considering demand for battery-grade nickel is forecast to triple by
2030 and that producing the metal domestically within the EU becomes an ever
more critical goal, I believe Metals One is sitting on valuable assets here,
in a quality mining jurisdiction. This offers excellent future optionality
against a realistic background of depressed nickel pricing and global cost
inflation.

 

Råna Nickel Project, Norway (Metals One: 39%)

 

The Råna Nickel Project sits within the Råna Intrusion and is considered
analogous to Voisey's Bay (Canada), a world-class Ni-Cu-PGE deposit. The
project encircles the previously producing underground Bruvann Mine and is
largely underexplored. It benefits from a deep-water port and low-cost green
power and is ideally located to supply to Europe's major EV car manufacturers.

 

Metals One's interest in the Råna Project is owned through a joint venture
agreement with Kingsrose Mining (ASX: KRM), the Operator of the project.
Kingsrose has a right to earn up to 75% over eight years through staged
expenditure of up to A$15 million (currently at 51% after completing 5,000m
drilling in accordance with the terms of the agreement). Metals One is fully
carried.

 

Drilling in 2023 identified multiple high-priority targets as well as new
zones of nickel sulphide mineralisation, while drilling in 2024 intercepted
new zones of nickel-copper mineralisation, further demonstrating the Råna
Intrusion's scale potential. Kingsrose is considering how best to advance the
Råna Project which, like the Black Schist Project, we believe offers
excellent optionality in the future as nickel supply rebalances and prices
recover.

 

New Projects

 

With the benefit of the new funding closed in April 2025, Metals One is
expanding its project portfolio and commodity exposure, with a particular
focus on copper, uranium, and defence minerals. The Board is also considering
opportunities, in light of record high prices, to acquire gold exploration
assets. The Company has since the start of 2025 entered into agreements to
potentially acquire the following projects.

 

Hammaslahti & Outokumpu Copper Projects, Finland

 

In April 2025, the Company announced the execution of a Share Purchase
Agreement in respect of the acquisition of the Hammaslahti Copper-Zinc Project
and Outokumpu Copper Project in Finland, which are both associated with former
operating copper mines. Upon completion of the acquisition, 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.

 

Squaw Creek Uranium Project, Wyoming & Uravan Belt Uranium-Vanadium
Project, Colorado

 

In May 2025, the Company announced the execution of a Share Purchase Agreement
in respect of the proposed acquisition of uranium and vanadium exploration
projects in the United States. Upon completion of the acquisition, Metals One
will obtain 100% ownership of both projects, securing a foothold in
commodities which are essential to U.S. clean energy generation, grid storage,
and energy security.

 

The Squaw Creek Project is in the Shirley Basin, a premier uranium district
known for in situ recovery-amenable uranium mineralisation. 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.

 

The Uravan Belt Project in Colorado is situated near the historic Buckhorn
Mine in the renowned Uravan Mineral Belt, formerly the U.S.'s leading
uranium-vanadium production area.

 

The Company has already begun exploration work in anticipation of completion
of the acquisition.

 

Swales Gold Property, Nevada

 

In May 2025, Metals One announced an exclusive term sheet for the conditional
acquisition of an exploration lease over the Swales Gold Property in Nevada,
USA, situated within the prolific Carlin Gold Trend, with an option to
purchase the project. The project is located approximately 13 miles northeast
of Nevada Gold Mines' Carlin Complex, the single largest gold-producing
complex in the world (a joint venture between Barrick Gold Corp. (NYSE: GOLD)
and Newmont Corp. (NYSE: NEM)).

 

This strategic acquisition, if completed, will mark the Company's entry into
the gold exploration sector, underpinned by record high gold prices, and
diversify Metals One's existing portfolio of critical minerals assets in
Europe and North America. Nevada is globally recognised as a leading mining
jurisdiction, consistently ranking as a top region for mining investment. It
produces approximately 75% of U.S. gold output and is the world's
fifth-largest gold producer. Metals One is planning a Phase 1 exploration
programme.

 

Lillefjellklumpen PGE-Au-Ni-Cu Project, Norway

 

Also in May 2025, Metals One announced the potential acquisition of a platinum
group elements project in Norway. The project comprises a 20 km² exploration
licence hosting high-grade platinum group elements, gold, nickel, and copper
mineralisation, and will further the Company's commodity exposure.

 

The acquisition introduces platinum and palladium into Metals One's portfolio,
complementing existing nickel and copper assets and reinforcing the Company's
critical minerals strategy. The project hosts some of the highest-grade PGE
assays published in Norway, with surface sampling from 2014 returning up to
17.5 g/t Pd+Pt, alongside significant gold, nickel, and copper grades.
Mineralisation characteristics show parallels to world-class deposits such as
Sudbury (Canada) and Bushveld (South Africa).

 

Located in Nord Trøndelag County, the project is well served by roads, power
infrastructure, and a historic mining community. It covers a historic test
mine area containing massive sulphide veins and dykes with high platinum,
palladium, gold, nickel, and copper values. The sulphide-rich mineralisation
lies along a major untested electromagnetic anomaly, which has not been
modelled using modern techniques. The host rocks sit at the contact between
greenstone and gabbroic units, a known favourable geological setting for PGE
deposits.

 

Corporate Developments

 

In May 2024, Metals One raised £895,000 through a placing and subscription to
support the development of the Black Schist Ni-Zn-Cu-Co Project in Finland.
The proceeds allowed for the termination of the farm-in agreement with Gunsynd
PLC and provided Metals One with the option to regain 100% ownership of its
Black Schist Project by funding its own work programme and retaining greater
ownership, as well as providing additional working capital.

 

After the year-end, in April 2025, I moved into the role of Independent
Non-Executive Chair, replacing Alastair Clayton as Non-Executive Chair, who
stepped down from the Board of Directors having chaired the Company since its
IPO in July 2023. At the same time, Thomas Levin stepped down as Non-Executive
Director, representing the vendors of the Company's Black Schist Ni-Zn-Cu-Co
Projectand Sarah Minchin stepped down as Non-Executive Director to pursue her
other business interests. On behalf of the Board, I extend our gratitude to
Alastair, Thomas, and Sarah for their contributions.

 

Financial Review

 

The Company's accounts for the year ended 31 December 2024 follow below. As an
exploration company, Metals One currently has no revenues. As at 31 December
2024, Metals One had net assets of £8,663,131 including cash and cash
equivalents of £33,640. The cash position was bolstered in April 2025
following a retail offer and equity fundraise delivering net proceeds of £3.1
million. In April 2025, the Company issued cash warrants to the investors in
the equity fundraise which are exercisable for a period of six months from the
date of grant and, if exercised, would bring in up to £10 million in
additional gross proceeds to the Company.

 

Conclusion

 

Capital for junior resource companies has been extremely tight over the last
couple of years and with the prolonged depressed nickel price, sourcing the
investment to continue to fund our Black Schist Project became challenging. We
have exceptional exposure to a future rebound in the nickel market with our
Black Schist Project but, faced with the inevitable prospect of heavy dilution
through hand-to-mouth fundraisings to keep the project moving forward, in
April 2025 we concluded a funding by way of a convertible loan note
instrument. While we recognise that this financing resulted in significant
dilution for shareholders, this financing package secures the future of the
Company's existing projects and is allowing Metals One to diversify its
exposure to a wider basket of commodities which we have been delivering on
with a number of strategic minerals project acquisition agreements described
above. Importantly, the fundraise also introduced a new source of future
capital and enthusiasm to our register.

 

We have wasted no time in pursuing the acquisitions in Finland, Norway and the
USA of copper projects, uranium projects, a gold project, and a platinum group
elements project. These potential acquisitions align with Metals One's
strategy to diversify and strengthen its asset portfolio, both in terms of
geography and type of mineral, enabling us to broaden our mix of commodities
to include more critical minerals essential to the energy transition, as well
as precious metals underpinned by record high commodity prices. I am very much
looking forward to advancing exploration on our new projects and to reporting
on progress as they develop.

 

Craig Moulton

Independent Non-Executive Chair

28 June 2025

 

Consolidated Statement of Financial Position

As at 31 December 2024

 

                                                                            Notes  Year ended 31   Year ended 31

                                                                                   December 2024   December 2023
                                                                                   £               £
 Revenue
 Revenue from continuing operations                                                -               -

 Expenditure
 Other income                                                                      25,816          -
 Costs associated with the listing                                                 -               (598,094)
 Administrative expenses                                                    3      (1,331,771)     (1,005,709)
 Share of loss of associate accounted for using the equity method           24     (315,951)       (150,744)
                                                                                   (1,621,906)     (1,754,547)
 Finance costs
 Finance costs                                                                     (175)           (15)
                                                                                   (175)           (15)

 Loss on ordinary activities before taxation                                       (1,622,081)     (1,754,562)
 Taxation on loss on ordinary activities                                    7      -               -
 Loss on ordinary activities after taxation                                        (1,622,081)     (1,754,562)
 Other comprehensive income

  Exchange differences on translation of foreign operations                 4      811             1,662
 Total comprehensive income for the year attributable to the owners of the         (1,621,270)     (1,752,900)
 Group

 Earnings per share (basic and diluted) attributable to the equity holders  8      (5.3)           (17.7)
 (pence)

 Total comprehensive income attributable to:
 Owners of the parent                                                              (1,614,486)     (1,751,733)
 Non-controlling interest                                                          (6,784)         (2,829)
                                                                                   (1,621,270)     (1,754,562)

 

The accompanying notes on pages 42 to 76 of the full annual report and
accounts form an integral part of these consolidated financial statements. The
financial statements were approved by the board on 30 June 2025 and were
signed on its behalf by Craig Moulton, Chairman.

 

Going concern

The Group and Company's financial statements have been prepared on the going
concern basis, which contemplates that the Group and Company will be able to
realize its assets and discharge liabilities in the normal course of business.
Despite this, there can be no assurance that the Group or the Company will
either achieve or maintain profitability in the future and financial returns
arising therefrom, or may be adversely affected by factors outside the control
of the Group and the Company.

The group and parent company have incurred losses since incorporation, and
there is a reliance on obtaining further financing through equity or debt
instruments in order to continue to meet working capital requirements and to
fund exploration activities. These events or conditions indicate that a
material uncertainty exists that may cast significant doubt on the group's and
company's ability to continue as a going concern.

Whilst acknowledging this material uncertainty, the directors consider it
appropriate to prepare the financial statements on a going concern basis for
the following reasons:

·    As disclosed in the post balance sheet events note 28, the group
completed a fundraising of  £3,100,000 to fund the planned development
scoping and exploration activities in Finland along with working capital
commitments for the year ahead;

·    The Group has no committed exploration expenditure on its granted
mining licenses and has the ability to reduce all spend in the event that it
needs to conserve cash balances;

·    The Group can reduce most discretionary administrative expenditure if
needed including deferral of Director fees; and

·    The Group's Board of Directors have significant experience in the
debt and equity capital markets and specifically have a successful track
record in funding mining operations, new mine development and exploration
activities and are further considered capable of securing ongoing debt and
equity capital financing for the Group.

 

The consolidated financial statements do not include the adjustments that
would result if the Group and Company were unable to continue as a going
concern.

The auditors have made reference to going concern by way of a material
uncertainty within the financial statements.

 

Enquiries:

 

 Metals One Plc                                              via Vigo Consulting

 Jonathan Owen, Chief Executive Officer

 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 0230

 Ben Simons / Kendall Hill / Anna Stacey                      IR.MetalsOne@vigoconsulting.com (mailto:IR.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.

 

 

 

 

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