REG - Metals One PLC - Update re. Acquisition of Thor Uranium Project

Metals OneAnnouncement

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RNS Number : 1454V  Metals One PLC  13 August 2025

13 August 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Update re. Acquisition of Thor Uranium Projects, USA,

Issue of Equity & TVR

 

Further to the 25 July 2025 announcement, Metals One (AIM: MET1), a minerals
exploration and development company with key interests in uranium and gold
projects, is pleased to announce it has now executed a binding Sale and
Purchase Agreement ("SPA") for the acquisition of 75% of two U.S. companies
with mineral claims in Colorado and Utah from Thor Energy PLC (ASX/AIM: THR)
(the "Vendor"). The claims are Vanadium Kings, Radium Mountain and Wedding
Bell (the "Claims") which host uranium and vanadium mineralisation.

 

Highlights

 

·    Tier 1 Location: Situated in the highly prospective Uravan Mining
Belt on the border of Utah and Colorado.

 

·    Broadens Metals One's U.S. Uranium and Vanadium Portfolio: Aligned
with strategy to advance critical mineral assets in the U.S. which are
essential to the clean energy transition.

 

·    Potential to Acquire Remaining 25%: Exclusive 12-month option to
acquire the remaining 25%.

 

·    Operational Synergies: Claims are proximal to Metals One's Uravan
Uranium-Vanadium Project; and further consolidate the Company's growing
landholding in the Western United States.

 

·    Excellent Existing Infrastructure: Claims are proximal to the White
Mesa Mill, the only fully licensed and conventional uranium processing plant
in the U.S.

 

Projects Overview

 

The Wedding Bell and Radium Mountain Projects comprise 199 mineral claims over
areas of historical high-grade uranium and vanadium production. The Vendor
completed two drill campaigns in 2024 at the Wedding Bell Project. Drilling in
February 2024 returned strong results, including Hole 23WBR020 which returned
4.9m at 1,199ppm (0.12%) U3O8 and 6,306ppm (0.63%) V2O5 from 82m, including
0.6m at 6,250ppm (0.63%) U3O8 and 30,348ppm (3.0%) V2O5 from 82.6m. Drilling
in November 2024 was limited due to adverse weather conditions and less than
half the planned programme was completed. Results of several step out holes
were of excellent grade but narrow in extent (<1m), demonstrating localised
pinching and swelling of the mineralised horizons. Metals One intends to
re-examine the historical and new drill data and potentially complete the
remainder of the November 2024 drill programme that wasn't completed should
the Metals One technical team choose those areas to target.

 

The Vanadium King Project includes 100 claims in southeast Utah, approximately
40km north of the town of Moab. There is no evidence of historical mining
activities; however, there is reporting of significant uranium and vanadium
mineralised bodies from drilling activities by Hunt Oil, Mineral Division, in
1980 and 1981, reported by Terra Ventures (TSXV: TAS) in 2007. Although the
Hunt Oil estimate does not comply with either the JORC or NI 43-101 for
current mineral resource reporting, it does provide a strong indication of
widespread uranium and vanadium mineralisation on the project, in a geological
setting analogous to multiple deposits elsewhere in the region.

 

The White Mesa Mill, the only fully licensed and operating conventional
uranium mill in the U.S., is located approximately 50km from the Wedding Bell
Project and 70km from Radium Mountain Project. This represents a possible
low-cost path to utilise existing infrastructure to develop projects in the
region.

 

Issue of Equity & TVR

 

Consideration Shares

 

As previously announced, the £1,000,000 consideration for the acquisition of
the interests in the two U.S. companies, being Standard Minerals Inc.
("Standard") and Cisco Minerals Inc. ("Cisco"), is payable to the Vendor in
Metals One shares at the volume weighted average price of Metals One's
ordinary shares in the 15 days prior to the parties entering into the SPA.
Accordingly, Metals One has issued the Vendor 14,224,751 new ordinary shares
at a price of 7.03 pence per share (the "Consideration Shares"). Application
will be made for the admission of the Consideration Shares to trading on AIM,
as set out below.

 

Metals One has an exclusive 12-month option to acquire the remaining 25% of
the issued share capitals of Standard and Cisco at a value to be determined by
the parties or an independent valuation.

 

Warrant Conversions

 

Metals One also announces it has received notice of the exercise of Cash
Warrants, issued pursuant to the Equity Fundraise announced on 31 January
2025, over a total of 98,000,000 ordinary shares in the Company (the
"Warrants") at 2 pence per share (the "Warrant Shares"). Application will be
made for the admission of the Warrant Shares to trading on AIM pursuant to the
authorities approved by shareholders at the General Meeting on 25 March 2025.

 

The Consideration Shares and the Warrant Shares will rank pari passu with the
existing ordinary shares and it is expected that admission of the Warrant
Shares to trading on AIM ("Admission") will become effective at 8.00 a.m. on
14 August 2025 with Admission of the Consideration Shares at 8.00 a.m. on 19
August 2025.

 

Following Admission, the Company's issued share capital will consist of
746,566,460 ordinary shares with voting rights. Metals One does not hold any
ordinary shares in treasury. This figure of 746,566,460 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 new Claims expand the Company's footprint in the Uravan Mineral Belt, a
geological area in southwestern Colorado and eastern Utah well known for
significant uranium and vanadium deposits. We look forward to developing our
exploration programmes for the Vanadium Kings, Radium Mountain and Wedding
Bell projects as we position Metals One, among other commodities, as a leading
AIM-listed play on early-stage uranium opportunities in the U.S."

 

Enquiries:

 

 Metals One Plc                                           info@metals-one.com (mailto:info@metals-one.com)

 Jonathan Owen, Chief Executive Officer                   +44 (0)20 7981 2576

 Craig Moulton, Chairman

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

 James Biddle / Roland Cornish

 Capital Plus Partners Limited (Joint Broker)             +44 (0)207 432 0501

 Jonathan Critchley

 Vigo Consulting (UK Investor Relations)                  IR.MetalsOne@vigoconsulting.com +44 (0)20 7390 0230

 Ben Simons / Kendall Hill / Anna Stacey

 Fairfax Partners Inc (North America Investor Relations)  connect@fairfaxpartners.ca (mailto:connect@fairfaxpartners.ca)

                                                          +1 604 366 6277

 

About Metals One

 

Metals One is pursuing a strategic portfolio of critical and precious metals
projects(*) in low-risk jurisdictions, underpinned by the Western World's
urgent need for reliably and responsibly sourced raw materials, and record
high gold prices.

 

Our commodity exposure(*) includes gold, uranium, vanadium, copper, nickel,
cobalt, zinc, and platinum group metals.

 

Our 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 the USA, Finland and Norway.

 

Metals One's shares are listed on the London Stock Exchange's AIM Market
(MET1).

 

(*)Includes projects for which acquisition terms have been agreed pending
completion.

 

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:
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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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