21st Jun 2022 11:11
Gunsynd PLC - London-based investment company focused on the natural resources, life sciences & alcohol sector - Provides GBP1 million to battery metals mining investor Metals One PLC. Investment is for Metals One's Black Schist project close to the Talvivaara mine in Finland. Metals One's project is a nickel-zinc-copper-cobalt deposit.
Following the investment, Gunsynd gains 25% of voting rights in Finnaust Mining Northern Oy, which holds the Black Schist projects. Gunsynd also will receive warrants to subscribe for ordinary shares in Metals One valued at GBP75,000.
"The projects are located in the Kainuu Schist Belt of eastern Finland and contain existing inferred resources of 28.1 million tonnes of nickel-zinc-copper-cobalt. The deposit is analogous to the nearby Talvivaara nickel-zinc-copper-cobalt deposit, one of the largest nickel mines in Europe, which has a supply agreement with Renault SA," explains Gunsynd.
While the projects have an 18-month exploration programme ahead, Gunsynd Chair Hamish Harris sees "market dynamics pointing to a continued upward trend in the prices of battery metals."
Current stock price: 0.56 pence, unchanged on Tuesday
12-month change: down 64%
By Tom Budszus; [email protected]
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