Metals One PLC Update re Gunsynd Farm-In to Black Schist Project (6131T)

TIDMMET1

RNS Number : 6131T

Metals One PLC

16 November 2023

Metals One Plc

("Metals One" or the "Company")

Update re Gunsynd Farm-In to Finland - Black Schist Project

First stage farm-in payment received

Metals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, announces that the Company has received the first stage payment of GBP250,000 from Gunsynd Plc ("Gunsynd") pursuant to the subscription and shareholders agreement between Metals One, Metals One Finland Oy (formerly named FinnAust Mining Northern Oy) ("Metals One Finland") and Gunsynd, as detailed in the Company's admission document.

Accordingly, Gunsynd will be issued with such number of shares in Metals One Finland (a wholly owned subsidiary of Metals One) as is equivalent to 6.25% of the voting rights of Metals One Finland. This represents the first stage of Gunsynd's commitment to subscribe for 25% of the voting rights of Metals One Finland, at an aggregate subscription price of GBP1,000,000.

Metals One Finland holds Metals One's Finland - Black Schist Project, with an Inferred Mineral Resource of 28.1 Mt of Talvivaara-type mineralised material at a grade of 0.19% nickel (53,800t), 0.10% copper (27,900t), 0.01% cobalt (3,400t) and 0.38% zinc (180,000t) at the Rautavaara licence.

Metals One, as operator of the Black Schist Project in Finland, will use the proceeds received from Gunsynd to carry out an exploration work programme comprising an initial review and modelling of the existing data, geophysical surveys, and drilling programmes at the Rautavaara and Paltamo licences.

Alastair Clayton, Chairman of Metals One, commented:

"Metals One is in the advantageous position of being carried to a large extent on two work programmes on its assets in both Norway and Finland.

We are already in advanced negotiations with key contractors with a view to a rapid commencement of field activities at the Metals One operated Black Schist Project, targeting resource growth on this Finnish asset which sits adjacent to Europe's largest nickel mine - Talvivaara. We look forward to updating investors on the work programme in due course."

 
 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 (SRH 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 SRH 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.

LinkedIn: https://www.linkedin.com/company/metals-one-plc/

Twitter: https://twitter.com/metals_one

Subscribe to our news alert service on the Investors page of our website at: www.metals-one.com

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@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFFMFAIEDSEFF

(END) Dow Jones Newswires

November 16, 2023 02:00 ET (07:00 GMT)

Metals One (LSE:MET1)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024