2 May 2024
Metals One Plc
("Metals One" or the "Company")
Black Schist Ni-Zn-Cu-Co Project Update
Metals One (AIM: MET1), which is advancing strategic battery metals projects in Finland and Norway, announces that the second stage payment from Gunsynd Plc ("Gunsynd") pursuant to the subscription and shareholders agreement (the "Farm-in Agreement") between Metals One, Metals One Finland Oy (formerly named FinnAust Mining Northern Oy) and Gunsynd, as detailed in the Company's admission document, is now due. Discussions regarding various options in relation to the Farm-in Agreement are ongoing and the Company will make a further announcement once these are concluded.
The Farm-in Agreement relates to 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.
Further to its announcement of 17 April 2024, the Company confirms it has now received over 60% of the assay results from the previously un-assayed intersections at the P5 JORC Exploration Target at the Black Schist Project. The Company is on track to share its interpretation and updated resource in Q2 2024, as previously advised. It is expected that the updated resource will underpin a preliminary economic assessment of the project representing a key milestone in the Company's transition from exploration and discovery to project development.
Enquiries:
| Metals One Plc Jonathan Owen, Chief Executive Officer | via Vigo Consulting +44 (0)20 7390 0234 |
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| Beaumont Cornish Limited (Nominated Adviser) James Biddle / Roland Cornish | +44 (0)20 7628 3396 |
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| Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar | +44 (0)20 7186 9952
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| SI Capital Limited (Joint Broker) Nick Emerson | +44 (0)14 8341 3500 |
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| Fortified Securities (Joint Broker) Guy Wheatley, CFA | +44 (0)20 3411 7773 |
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| Vigo Consulting (Investor Relations) Ben Simons / Kendall Hill metalsone@vigoconsulting.com | +44 (0)20 7390 0234
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About Metals One
Metals One is developing strategic battery metals projects in Finland (Black Schist Project) and Norway (SRH Råna Project), with approximately £9 million of exploration carry exposure through farm-in agreements. Metals One is aiming to help meet the significant critical minerals 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 km2 across three licence areas, has an Inferred Resource of 28.1 Mt nickel-zinc-copper-cobalt 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 km² 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.
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