29th May 2025 07:00
29 May 2025
Metals One Plc
("Metals One" or the "Company")
Potential Acquisition of PGE-Au-Ni-Cu Project, Norway
Strategic expansion into platinum group elements alongside gold, nickel, and copper
Metals One (AIM: MET1), a minerals exploration and development company, is pleased to announce it has signed a binding term sheet for the conditional acquisition of Mjolner Minerals (Norway) AS ("Mjolner"), the sole owner of the Lillefjellklumpen Project in central Norway (the "Project"). The Project comprises a 20 km² exploration licence hosting high-grade platinum group elements ("PGE"), gold, nickel, and copper mineralisation, and will further the Company's commodity exposure.
Highlights
· Strategic Expansion into PGE: 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
· Historic High-Grade Discovery: 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
· Geological Similarity to Major Global Deposits: Mineralisation characteristics show parallels to world-class deposits such as Sudbury (Canada) and Bushveld (South Africa)
· Low-Cost Entry with Significant Upside: Metals One is acquiring, subject to the completion of the conditions, the Project for €90,000 and a 2% net smelter return royalty, securing a highly prospective and under-explored asset at an early stage
· Favourable Infrastructure and Access: Located in Nord Trøndelag County with proximity to roads, power infrastructure, and a historic mining community
Project Overview
The Project 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 ("EM") 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. Notably, the Project features:
· A historic 18-metre trench and 5-metre adit exposing massive sulphide mineralisation
· Surface exposures of high-grade PGE veins up to 1.5 metres wide
· A strong EM signature with a corresponding magnetic anomaly, suggesting a larger subsurface system
Strategic Rationale
This acquisition expands Metals One's footprint in Norway, where it already holds an interest in the Råna Nickel Project, currently operated by Kingsrose Mining (ASX: KRM) under a joint venture agreement. The addition of the Project deepens Metals One's pipeline in northern Europe and offers a complementary opportunity to revisit a historically known high-grade zone with modern geophysics, geochemistry, and drilling.
Winton Willesee, the Company's Non-Executive Director, holds a 25% interest in Mjolner and accordingly, should the Company complete its due diligence and enter into a definitive sale and purchase agreement, the acquisition would be classified as an AIM Rule 13 transaction and, as such, would be considered and notified as required at that time.
Craig Moulton, Chairman of Metals One, commented:
"We are excited to be potentially expanding our presence in Norway with the acquisition of the Lillefjellklumpen Project, a high-potential asset showing exceptional PGE, nickel, and copper values. This deal aligns with our strategy of acquiring low-entry-cost critical minerals assets with historical pedigree and significant discovery potential."
Transaction Terms
Metals One has entered into a binding term sheet to acquire 100% of the issued share capital of Mjolner. The consideration comprises:
· €90,000 in cash
· A 2% net smelter return royalty over the licence area
The conditional transaction is subject to the completion of legal, technical, and financial due diligence, execution of a definitive sale and purchase agreement, and satisfaction of customary regulatory approvals in Norway.
Enquiries:
Metals One Plc Jonathan Owen, Chief Executive Officer Craig Moulton, Chairman | 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 |
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SI Capital Limited (Joint Broker) Nick Emerson | +44 (0)14 8341 3500 |
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Capital Plus Partners Limited (Joint Broker) Jonathan Critchley https://www.capplus.co.uk/ | +44 (0)20 3821 6169 |
Vigo Consulting (UK Investor Relations) Ben Simons / Kendall Hill / Anna Stacey | +44 (0)20 7390 0234
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Fairfax Partners Inc (North America Investor Relations)
| +1 604 366 6277
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About Metals One
The race for critical minerals is on. Metals One is pursuing a critical minerals exploration and M&A strategy, underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials such as copper, nickel, cobalt, zinc, uranium and vanadium - all of which are vital to the clean energy transition.
Our Northern Europe portfolio comprises copper, nickel, cobalt and zinc projects in Finland and Norway, including a 57.1 Mt nickel-copper-cobalt-zinc Inferred Resource adjacent to one of Europe's largest nickel producers, aiming to help meet Europe's demand for strategic minerals sourced directly from within the continent.
Our North America portfolio is expected to comprise uranium and vanadium exploration projects (subject to completion of acquisition) in prolific and historical U.S. uranium mining regions, targeting critical minerals essential for U.S. clean energy generation, grid storage, and energy security.
The potential acquisition of gold mining claims within the prolific Carlin Gold Trend in Nevada, USA, if completed, would mark our entry into the gold exploration sector and diversification of our portfolio of critical minerals assets.
Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1).
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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.
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.
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