TIDMMET1
RNS Number : 6417H
Metals One PLC
31 July 2023
31 July 2023
Metals One Plc
("Metals One", the "Group", or the "Company")
Admission to Trading on AIM
&
First Day of Dealings
Metals One, which is advancing battery metal projects at
brownfield sites in Finland and Norway, is pleased to announce the
admission of its entire issued share capital of ordinary shares of
GBP0.01 each to trading on AIM, a market operated by London Stock
Exchange plc, at 8.00 a.m. today under the ticker 'MET1'
("Admission"). Information required pursuant to AIM Rule 26 is
available on the Company's website at: www.metals-one.com .
Admission follows a placing by Shard Capital Partners LLP
("Shard") and SI Capital Limited ("SI"), as well as a Company
Subscription, for a combined total of 44,000,000 Ordinary Shares at
5p per Ordinary Share (the "Placing Price"), raising gross proceeds
of GBP2.2 million, before expenses (the "Placing"). Shard and SI
acted as Joint Brokers and Beaumont Cornish acted as the Nominated
Adviser in relation to the Admission.
Strategic Highlights
-- European brownfield battery metals projects with
approximately GBP9 million of exploration carry exposure through
farm-in agreements
-- Projects are either adjacent or analogous to other
world-class high-purity nickel sulphate deposits
-- Projects are well-located to supply Europe's major electric
vehicle Original Equipment Manufacturers ("OEMs") and battery
manufacturers
Finland - Black Schist Project (nickel, copper, cobalt,
zinc)
Highlights
-- Adjacent to Europe's largest operating nickel mine, Talvivaara
-- Inferred Mineral Resource of 28.1 Mt of Talvivaara-type
mineralised material at a grade of 0.19% Ni (53,800t), 0.10% Cu
(27,900t), 0.01% Co (3,400t) and 0.38% Zn (180,000t) at
Rautavaara
-- Paltamo hosts a JORC exploration target of 16-24 Mt of
Talvivaara-type mineralised material, containing 0.18-0.27% Ni,
0.09-0.13% Cu, 0.01-0.02% Co and 0.33-0.50% Zn, as well as
additional exploration targets, in Kainuu Schist Belt, eastern
Finland
-- Compelling case for further exploration for Talvivaara-style
nickel-zinc-copper-cobalt deposits
-- Skilled local workforce and mining/exploration service providers
-- Metals One has operatorship and initially 100% ownership
Work Programme
-- Proceeds of Placing to contribute to initial exploration and
development of Black Schist Project
o Mobilisation and equipment purchases
o Initial data compilation, modelling, and review
o Geophysical and geochemical surveys
o Diamond drilling - Rautavaara and Paltamo
o Additional licence applications and further in-fill and
step-out
o Preliminary and upgraded resources
Farm-in
-- Up to GBP1 million of initial exploration and development
funded by Gunsynd through farm-in for up to 25%
-- Gunsynd will provide the GBP1 million funding and receive 25%
of FinnAust Mining Northern Oy (a wholly owned subsidiary of Metals
One) over a period of 18 months in four equal tranches
-- Metals One is operator with 100% (75% after Gunsynd farm-in)
-- Gunsynd will receive warrants to subscribe for ordinary
shares in Metals One valued at GBP75,000 at the Placing Price
Norway - Brownfield Råna Project (nickel, copper, cobalt)
Highlights
-- Opportunity for brownfield exploration of Råna intrusion
operated by Kingsrose Mining (ASX: KRM) ("Kingsrose")
-- Råna intrusion analogous to Voisey's Bay world-class
nickel-copper-platinum-group elements deposit
-- Proven potential for massive sulphide nickel-copper-cobalt mineralisation
-- Disseminated and net textured/semi-massive to massive nickel
and copper sulphide mineralisation phases have been identified
within Råna intrusion
-- Underexplored using modern methods, technology and deposit
models - no exploration or evaluation since 2007
-- Project encircles previously producing underground Bruvann Mine
-- 37 km by main road from Narvik deep-water port, which is ice-free all year
-- Metals One has 80% non-operating interest
-- Fully carried on exploration programme via Kingsrose farm-in (see below)
Work Programme
-- Audio Magnetotelluric geophysical surveys, exploring
conductive bodies from surface to >600m deep - potentially
hosting significant sulphide mineralisation
-- Airborne magnetic geophysical surveys for model intrusion morphology
-- Mapping, core logging and XRF measurements to develop 3D
geological model and identify prospective intrusive units
-- Kingsrose commenced drilling in July 2023
Farm-in
-- Farm-in agreement between Kingsrose and Brownfield Råna
Project project-holder Scandinavian Resource Holdings ("SRH") (a
wholly owned subsidiary of Metals One)
-- Kingsrose is operator and earns up to 75% over 8 years,
through staged expenditure of up to A$15 million
-- In addition to expenditure commitments, Kingsrose will issue
4.5 million Kingsrose shares and pay A$1 million in cash to SRH in
stages
-- Metals One will hold 15% of the project assuming full
Kingsrose farm-in with the remaining 10% held by Global Energy
Metals Corporation (TSXV: GEMC)
Market Drivers
Battery metals are underpinning decarbonisation, particularly of
transportation. Europe is leading the way in electric vehicle
adoption with 2.5 million new electric vehicles registered in 2022
alone, whilst OEMs are exploring opportunities to secure a
sustainable supply of battery metals from ethically mined sources.
In its 2023 Critical Raw Materials Act, the EU set targets to mine
at least 10% of the critical raw materials it consumes by 2030,
including for the first-time nickel and copper.
Globally, these metals are anticipated to be needed at scales
far beyond current supply and that is driving up their value. It is
estimated that nickel demand from the electric vehicle sector in
the EU alone will increase from 17,000 tonnes in 2020 to 550,000
tonnes in 2040, a thirty-fold increase. The EU can meet this demand
until 2025 with domestic sourcing before a structural deficit
emerges.
Board of Directors
Alastair Clayton - Non-Executive Chairman
Alastair is a corporate financier and geologist with over 30
years' experience in mining and exploration. He has identified,
financed, and developed minerals and materials projects across
Europe, Australia, and Africa, and has a significant nickel
investment track record with strong in-country Finnish
expertise.
Jonathan Owen - Chief Executive Officer
Jonathan is a mining engineer with over 10 years' experience in
developing and managing exploration and mining operations. He has
senior operational leadership experience in gold, diamond,
industrial minerals, and gas projects. Jonathan is an Associate of
Camborne School of Mines.
Daniel Maling - Chief Financial Officer
Daniel is a corporate financier with over 25 years' experience
in senior corporate and commercial management, specialising in the
natural resources and technology sectors. He is a Fellow and member
of the Chartered Accountants of Australia and New Zealand, and
partner of London-based accounting and corporate advisory boutique,
Orana Corporate LLP.
Sara Minchin - Independent Non-Executive Director
Sara is a sustainable finance, sustainability and ESG expert
with over 17 years' experience within the finance sector, including
3i plc, KPMG, and Deloitte. She formerly led sustainable finance
policy advocacy, regulatory and standards work for the World
Wildlife Fund, and is a Chartered Accountant and Fellow of
ICAEW.
Craig Moulton - Independent Non-Executive Director
Craig is a geologist and mineral economist with over 30 years'
experience in the mining industry, including Rio Tinto, Cliffs, and
Wood MacKenzie. He is Managing Director of NickelSearch, an
ASX-listed Australian nickel sulphide explorer, and was formerly
Managing Director of LSE-listed South Australia gold exploration
company, Cobra Resources, which he took public.
Thomas Levin - Non-Executive Director
Thomas is a Finnish geologist with over 14 years' experience in
exploration and project management. He is COO of FinnAust Mining
Finland, part of Bluejay Mining (AIM: JAY), where he manages its
Finnish assets. Thomas was formerly Project Manager of
geo-consulting company, AB Scandinavian Geopool, and is the
vendor-representative of the Finland - Black Schist Project on
Metals One's Board.
Winton Willesee - Non-Executive Director
Winton has over 20 years' experience in leadership roles for
ASX-listed companies, including as Chairman, Non-Executive
Director, and Company Secretary. He is Principal of Azalea
Consulting, providing corporate administration and compliance
services to Australian companies, and is the vendor-representative
of the Norway - Brownfield Råna Project on Metals One's Board.
Jonathan Owen, CEO of Metals One, commented:
" Metals One has listed with interests in nickel projects with
substantial exploration carry exposure through farm-ins at a
critical time for battery metals driven by the continued rise in
electric vehicle adoption globally .
With European brownfield projects, experienced partners, and
funded work programmes in place, our projects are well positioned
for rapid advancement as we seek to establish ethically mined
sources of critical minerals, including nickel, in Europe, close to
future customers."
Placing Statistics:
Placing Price per Ordinary Share 5 pence
Gross proceeds of Placing GBP2.2m
Percentage of share capital subject
to lock-in 76.68%
Net proceeds of the Placing received GBP1.71m
by MET1
Number of Ordinary Shares in issue
following Admission 208,450,000
Market capitalisation at the Placing GBP10.4m
Price
See Appendix below for more information.
Enquiries:
Metals One Plc
Jonathan Owen, Chief Executive Officer 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
Shard Capital Partners LLP (Joint
Broker)
Damon Heath / Erik Woolgar +44 (0)20 7186 9952
SI Capital Limited (Joint Broker) +44 (0)14 83413 500
Nick Emerson
Vigo Consulting (Investor Relations)
Ben Simons / Kendall Hill
metalsone@vigoconsulting.com +44 (0)20 7390 0234
About Metals One
Metals One is developing brownfield battery metals projects in
Finland (Black Schist Project) and Norway (Brownfield Råna
Project), with approximately GBP9 million of exploration carry
exposure through farm-in agreements. Metals One is aiming to help
meet the significant demand for battery metals 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 km(2) across three licence areas, has an
Inferred Resource of 28.1 Mt nickel-zinc-cobalt-copper and is
located adjacent to Talvivaara, Europe's largest operating nickel
mine. Metals One's fully carried Brownfield Råna Project in Norway
covers 18.14 km(2) across three contiguous exploration licences,
with significant opportunity for brownfield exploration of the Råna
intrusion, and proven potential for massive sulphide
nickel-cobalt-copper mineralisation.
Follow us on social media:
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Twitter: https://twitter.com/metals_one
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website at: www.metals-one.com
Qualified Person Statement
Craig Moulton is an Independent Non-Executive Director of the
Company and the Qualified Person who reviewed and approved the
technical disclosures in this news release. Mr Moulton has over 30
years' experience in the mining industry, having worked for Rio
Tinto, Cliffs and Wood Mackenzie, and is a trained Geologist and
Mineral Economist. Mr Moulton holds a BSc (Hons) in Geology and a
MSc in Mineral Economics and is a qualified person under the AIM
Rules. Mr Moulton consents to the inclusion of the technical
information in this release and context in which it appears.
Glossary
Co cobalt
Cu copper
diamond drilling core drilling which uses a rotary drill
with a diamond drill bit attached in order
to create precisely measured holes
intrusion process when magma penetrates existing
rock, crystallises, and solidifies underground
to form intrusions, such as batholiths,
dykes, or sills
magnetic survey geophysical survey method which identifies
magnetic minerals
massive sulphide metal sulphide ore deposit which consists
almost entirely of sulphides
Mt million tonnes
Ni nickel
schist a medium-grade metamorphic rock formed
from mudstone or shale
t tonnes
Zn zinc
APPENDIX 1
AIM Admission Document
Available at: www.metals-one.com
The dealing codes for the Ordinary Shares are as follows:
ISIN number GB00BMH3KM70
SEDOL number BMH3KM7
TIDM MET1
LEI number 213800WGPHJ5MC5QLJ19
Total Voting Rights
For the purposes of the Disclosure Guidance and Transparency
Rules ("DTRs") of the Financial Conduct Authority ("FCA"), the
total number of Ordinary Shares with voting rights in the Company
as at the date of this announcement is 208,450,000. This figure may
be used by shareholders as the denominator for the calculations by
which they determine if they are required to notify their interest
in, or a change of their interest in, the Company under the FCA's
DTRs.
-ENDS-
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END
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