Latest news with #MetalsOne
The Independent
5 days ago
- Business
- The Independent
Stocks climb as market is buoyed by Trump's decision not to fire Powell
Stock prices in London closed higher on Friday, with markets maintaining the optimism that prevailed after US President Donald Trump said on Wednesday that it was 'highly unlikely' that he would fire Federal Reserve chair Jerome Powell. Meanwhile, also in the US, preliminary data from the University of Michigan showed that consumer sentiment improved marginally in July. However, overall confidence remains well below recent highs and historical norms. The FTSE 100 index closed up 19.48 points, 0.2%, at 8,992.12. The FTSE 250 ended up 131.83 points, 0.6%, at 21,898.26, and the AIM All-Share closed up 3.85 points, 0.5%, at 772.78. On AIM, Metals One closed up 3.3%. The mineral developer with projects in Norway and Finland has completed the acquisition of a 10% interest in NovaCore Exploration Inc, which is advancing the Red Basin uranium project in New Mexico. Metals One has acquired the stake with a share subscription worth 300,000 US dollars (£223,000), and said it has also been granted warrants to increase its ownership to 30%. PHSC fell 9.3%. The provider of health, safety, hygiene and environmental consultancy and security solutions reported a pretax loss of £127,419 for the year to the end of March, swinging from a profit of £332,317 in the prior year. Sales revenue fell 15% to £3.2 million from £3.8 million. PHSC also declared no dividend, down from a total dividend of 2p last year. Small-cap Sure Ventures closed 3.0% higher. The venture capital fund, backing early-stage AI, AR and VR, and IoT companies, said net asset value per share at March 31 was 175.79 pence, more than doubled from 82.53p a year earlier. NAV total return was 113% against a negative 31.25% a year prior. Also, Sure swung to pretax profit of £7.4 million from a £2.5 million loss the year before, as total net income increased to £8.0 million from a £2.1 million loss. It said this was primarily driven by 'two key exits' from the Fund I portfolio. In European equities on Friday, the CAC 40 in Paris closed up 0.1%, while the DAX 40 in Frankfurt ended down 0.4%. The eurozone's current account surplus grew by less than anticipated in May, data from the European Central Bank showed. The single-currency area's surplus grew to 32.31 billion euros (£28 billion) in May from 18.64 billion euros (£16.16 billion) in April, less than the increase to 34.8 billion euros (£30.2 billion) expected by market consensus cited by FXStreet. In the 12 months to the end of May, the current account surplus fell to 333 billion euros (£288.7 billion), or 2.1% of eurozone GDP, from 364 billion euros (£315.6 billion) and 2.5% of GDP a year prior. The decline was mostly driven by a shift from a surplus of 34 billion euros (£29.5 billion) to a deficit of 5.0 billion euros (£4.33 billion) for primary income. Separately, Eurostat reported that annual growth in construction output slowed to 2.9% in May from 4.7% in April. On a monthly basis, eurozone construction output declined by 1.7% in May, after 4.3% growth in April from March. The pound was quoted higher at 1.3444 dollars at the time of the London equities close on Friday, compared to 1.3414 dollars on Thursday. The euro stood at 1.1656 dollars, higher against 1.1594 dollars. Against the Japanese yen, the dollar was trading slightly lower at 148.44 yen compared to 148.48 yen. Stocks in New York were mixed. The Dow Jones Industrial Average was down 0.3%, the S&P 500 index up marginally, and the Nasdaq Composite up 0.1%. The yield on the US 10-year Treasury was quoted at 4.42%, narrowing from 4.45%. The yield on the US 30-year Treasury was quoted unchanged at 4.99%. The University of Michigan's index of US consumer sentiment rose to 61.8 in July from 60.7 in June, up 1.8% on the month but still 6.9% lower than the level recorded in July 2024. The reading marked a five-month high but remained 16% below December 2024. The current economic conditions index climbed to 66.8 from 64.8 in June, a 3.1% monthly gain and a 6.5% increase from a year earlier. However, the index of consumer expectations edged up just 0.9% to 58.6, down 15% on the year. ' Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen,' said Joanne Hsu, director of the survey. She noted that the recent tax and spending bill had little impact on sentiment, while concerns over trade policy continue to weigh on consumer confidence. Also, US housing starts rose modestly in June, rebounding from the previous month, but completions slumped to their lowest level since early 2023, according to data released on Friday by the US Census Bureau and the Department of Housing & Urban Development. Privately-owned housing starts increased to a seasonally adjusted annual rate of 1.32 million in June, up 4.6% from May's revised figure of 1.26 million. However, the total remained slightly below the June 2024 rate of 1.33 million. Housing completions tumbled 14.7% from May to 1.31 million, down 24.1% compared to a year earlier. Single-family completions dropped 12.5% to 908,000, and multifamily completions fell to 383,000. The sharp decline in completions signals continued supply constraints in the housing market, despite a slight pickup in new starts. Brent oil was quoted at 69.41 dollars (£60.17) a barrel at the time of the London equities close on Friday, up from 68.94 dollars (£59.77) late Thursday. Gold was quoted higher at 3,352.48 dollars (£2,496.36) an ounce against 3,338.20 dollars (£2485.72). The biggest risers on the FTSE 100 were: Rentokil, up 10.3p at 357.3p; Antofagasta, up 47p at 1,868.5p; Intermediate Capital, up 50p at 2,156p; 3i, up 96p at 4,340p; and Whitbread, up 61p at 3,182p. The biggest fallers on the FTSE 100 were: GSK, down 65p at 1,348p; Mondi, down 23.3p at 1,144.2p; ConvaTec, down 3.6p at 238p; Informa, down 9.2p at 836.6p; and Croda International, down 31p at 2,846p. On Monday's economic calendar, there is an interest rate call from China, consumer inflation from Hong Kong, and Canada's producer inflation. Japanese markets will be closed for Marine Day. On Monday's UK corporate calendar, Mony Group releases half-year results and Ryanair has its first-quarter report.
Yahoo
02-07-2025
- Business
- Yahoo
Metals One PLC Announces Completion of Uravan Uranium Project Acquisition
Completion of Acquisition - Uravan Uranium-Vanadium Project, Colorado & Directorate Change Strategic U.S. uranium-vanadium project in the prolific Uravan Mineral Belt formally acquired LONDON, GB / / July 2, 2025 / Metals One Plc (AIM:MET1), a minerals exploration and development company, is pleased to announce the completion of its acquisition of the Uravan Uranium-Vanadium Project ("Uravan" or the "Project") located in Montrose County, Colorado, United States. The acquisition of the 59 unpatented claims with a 10-year exploration lease (as originally announced on 24 April 2025) secures a foothold in one of America's most historically productive uranium-vanadium districts and supports the Company's expanding critical minerals portfolio. Highlights Strategic U.S. Asset Secured: Metals One has completed the acquisition of 59 unpatented claims (the "UV 1-59" claim block) and corresponding 10-year exploration lease having been issued, securing a significant land position in Colorado's Uravan Mineral Belt - a premier U.S. uranium-vanadium mining district Transaction Terms: Total consideration for the acquisition is US$50,000 in cash and the issuance of 500,000 new ordinary shares in Metals One Uranium-Vanadium Potential: Historical surface sampling returned high-grade results of up to 2.23% U₃O₈ (22,280 ppm uranium) and strong vanadium content in carnotite mineralisation Exploration Underway: Phase 1 exploration, including geophysical surveys, mapping, and sampling, is ongoing to validate historical data and provide a modern geologic and geophysical baseline ahead of a potential Phase 2 drilling programme later in 2025; rock samples have already been sent for analysis to certified labs in Nevada Project Overview The Uravan Project consists of 59 unpatented mining claims (~490 hectares) situated near the historic Buckhorn Mine within the renowned Uravan Mineral Belt, a district responsible for more than 60 million pounds of uranium and 330 million pounds of vanadium production during the 20th century. The Project targets high-grade carnotite-style mineralisation within the Morrison and Chinle Formations - both recognised hosts of uranium across the Colorado Plateau. The Uravan acquisition enhances Metals One's North American critical minerals portfolio by providing direct exposure to uranium and vanadium - commodities central to the global clean energy transition. Uranium is gaining increased attention amid growing nuclear reactor buildouts and global supply deficits, while vanadium is a key component in long-duration grid energy storage and high-strength steel. The Uravan Mineral Belt offers a dual-commodity advantage in a jurisdiction with legacy infrastructure, an experienced labour base, and growing national focus on domestic uranium sourcing. Consideration Payments The total consideration for the acquisition is US$50,000 in cash and the issuance of 500,000 new ordinary shares in Metals One ("Consideration Shares"), representing half of the aggregate consideration due for the acquisitions of both Uravan and the Squaw Creek Uranium Project, Wyoming, with the latter also expected to complete soon. As announced on 24 April 2025, the Consideration Shares are being issued at a value per share equivalent to a 5% discount to the five-day volume weighted average price per ordinary share in the Company for the five days immediately preceding the signing of the term sheet. Accordingly, application will shortly be made for admission of the Consideration Shares to trading on AIM and a further announcement will be made confirming this in due course. Ongoing Exploration Programme As previously announced in updates released on 22 May, 4 June and 25 June 2025, the Company's Phase 1 exploration programme at Uravan is advancing, with the following key workstreams in progress: Geophysical Surveys: Over 30 km of ground-based radiometric surveys completed using RS-125 scintillometers Structural Mapping and Sampling: Systematic mapping of adits, faults, and historic workings alongside surface sampling of mineralised exposures Geochemical Analysis: Rock samples submitted to American Assay Laboratories in Nevada to determine uranium and vanadium concentrations The Company also continues to assess the potential of a deeper mineralised horizon within the Chinle Formation, located ~1,200 feet below surface, which will be evaluated in Phase 2 exploration planning. Next Steps The results from Phase 1 will be used to define potential drill targets and advance the Company's understanding of the Project's mineral systems. A Phase 2 programme is anticipated for late 2025, subject to ongoing results. Directorate Change Metals One also announces that Winton Willesee, Non-Executive Director, has stepped down from the Board with immediate effect due to personal reasons. The Company has begun searching for an additional independent Non-Executive Director with the appropriate skillset and experience to join the Board. Craig Moulton, Chairman of Metals One, commented: "The formal acquisition of the Uravan claim block marks a key step in Metals One's expansion into the U.S. critical minerals sector. This Project positions us in one of the most historically productive uranium-vanadium regions in the United States, with evidence of high grades and a geological setting ideally suited to modern exploration. With Phase 1 fieldwork already underway, we look forward to advancing Uravan alongside our broader portfolio of energy transition assets, with the ultimate goal of contributing to U.S. domestic mineral sourcing and energy transition initiatives. "On behalf of the Board, I would like to thank Winton Willesee for his efforts over the last two years during which he provided strong support and wise counsel from our 2023 IPO through to our recent portfolio expansion." Enquiries: Metals One Plc Jonathan Owen, Chief Executive Officer Craig Moulton, Chairman via Vigo Consulting Beaumont Cornish Limited (Nominated Adviser) James Biddle / Roland Cornish +44 (0)20 7628 3396 Capital Plus Partners Limited (Joint Broker) Jonathan Critchley +44 (0)20 3821 6169 Vigo Consulting (UK Investor Relations) Ben Simons / Kendall Hill / Anna Stacey +44 (0)20 7390 0230 Fairfax Partners Inc (North America Investor Relations) connect@ +1 604 366 6277 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: X: Subscribe to our news alert service on the Investors page of our website at: 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. 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@ or visit SOURCE: Metals One PLC View the original press release on ACCESS Newswire 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Yahoo
30-06-2025
- Business
- Yahoo
Metals One PLC Announces Final Results
Metals One Plc("Metals One", the "Company" or the "Group") Final Results for the Year Ended 31 December 2024 LONDON, UNITED KINGDOM / / June 30, 2025 / 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 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: Extracts follow below. SOURCE: Metals One PLC 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 MoultonIndependent Non-Executive Chair28 June 2025 Consolidated Statement of Financial Position As at 31 December 2024 Notes Year ended 31 December 2024 Year ended 31 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 Group (1,621,270 ) (1,752,900 ) Earnings per share (basic and diluted) attributable to the equity holders (pence) 8 (5.3 ) (17.7 ) 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 PlcJonathan Owen, Chief Executive OfficerCraig Moulton, Chairman via Vigo Consulting Beaumont Cornish Limited (Nominated Adviser)James Biddle / Roland +44 (0)20 7628 3396 Capital Plus Partners Limited (Joint Broker)Jonathan Critchleyhttps:// +44 (0)20 3821 6169 Vigo Consulting (UK Investor Relations)Ben Simons / Kendall Hill / Anna Stacey +44 (0)20 7390 Fairfax Partners Inc (North America Investor Relations)connect@ +1 604 366 6277 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: X: Subscribe to our news alert service on the Investors page of our website at: 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. 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@ or visit SOURCE: Metals One PLC View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
