Metals One (AIM: MET1), which is advancing strategic minerals projects in Finland and Norway, today announces its unaudited results for the six months ended 30 June 2024 (“H1 2024”). These results are available to view on the Company’s website at: https://metals-one.com/investors/#financial-reports-&-presentation.
Highlights
Finland – Black Schist Project (nickel, copper, cobalt, zinc)
• Reported results in February 2024 from the Company’s 2023 diamond drilling programme at the R1 Hook target within the Rauta 9-11 licence, which identified significant intersections of mineralised black schists in all eight drillholes
• Received positive re-assay results in May 2024 from the P5 JORC Exploration Target in the Paltamo area which enabled a JORC Inferred Mineral Resource Estimate to be commissioned on P5
• Completed a £895,000 Placing in May 2024 to advance the Black Schist Project independently and simultaneously terminated the Gunsynd Plc (“Gunsynd”) farm-in
o The Company has a three-year option to regain 100% ownership by re-acquiring the 6.25% currently held by Gunsynd for the same price
Post period-end
• Announced in July 2024 a 29 Mt maiden JORC Inferred Mineral Resource for P5, bringing the total Black Schist Project resource to 57.1 Mt – 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
• Commissioned in August 2024 a Preliminary Economic Assessment (“PEA”) to establish an economic concept for the project
o Wardell Armstrong International (“WAI”), an independent British engineering and environmental consultancy, has commenced work on the PEA which is expected to be completed by around November 2024 and underpin the application for EU Strategic Project status
Norway – Råna Project (nickel, copper, cobalt)
• Announced results in February 2024 from partner and operator Kingsrose Mining Limited’s (“Kingrose”) 2023 drill programme which identified multiple high-priority targets as well as new zones of nickel sulphide mineralisation further demonstrating the Råna Intrusion’s scale potential
Post period-end
• Kingsrose commenced a helicopter supported core drilling programme at the Rånbogen prospect in August 2024
o Successfully completed the drilling programme, with a total of 706 metres drilled over three drillholes
o Drill core samples have been dispatched to the analysis laboratory and will be announced by Kingsrose and the Company in due course
• In September 2024, Kingsrose satisfied the expenditure and drilling conditions to earn a 51% interest in the project to date (Metals One ownership now 39%)
Alastair Clayton, Chairman of Metals One, commented:
“During the first half of the year, Metals One undertook a low-cost, low-risk programme in Finland to move the Black Schist Project into the economic assessment phase as a precursor to project development. Completing our maiden Mineral Resource Estimate for the P5 area brought the total value of in-situ metals to $3 billion at today’s prices1, and this project is well on track to becoming the world-class asset we believe it could be. The ongoing 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.
Kingsrose’s 2023 drilling campaign in Norway produced positive results and it has since completed another programme focused on key targets identified last year, with core samples already at the laboratory for evaluation. We were also delighted that Kingsrose achieved its second completion milestone, a strong endorsement of its commitment to the project.
Together, our projects represent an opportunity for Metals One to become a key supplier of strategic minerals to European OEMs which are in growing need of traceable, sustainable supplies and are incentivised by supportive EU legislation to seek local sources of critical metals.”
1 Based on today’s nickel prices on the London Metal Exchange. This can in no way be regarded as a guide to the Project’s value or ultimate value of metal extracted.
Enquiries:
|
Metals One Plc Jonathan Owen, Chief Executive Officer |
via Vigo Consulting +44 (0)20 7390 0234 |
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 km2 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
Instagram: https://www.instagram.com/metalsoneplc/?igsh=NDU1NHluMGpqeWdl
Subscribe to our news alert service on the Investors page of our website at: https://metals-one.com
