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Company Profile: Metals One

01/08/2023

Company Profile: Metals One

Metals One (AIM: MET1)

  1. Metals One listed on AIM on 31 July 2023, raising gross proceeds of £2.2 million to advance its critical battery metals projects in northern Europe
  2. The company provides investors exposure to multiple European brownfield nickel projects in Norway and Finland at a time when European EV and battery makers are hungry for raw materials from nearby sources
  3. Metals One has approximately £9 million of exploration carry exposure through farm-in agreements secured on its projects, with significant work programmes being funded by third parties
  4. Drilling has already commenced at the Norway project in July, and the company expects to begin drilling operations in Finland as well shortly

Decarbonisation

Battery metals are underpinning decarbonisation globally, particularly in the transportation sector, with demand for nickel forecast to significantly outstrip supply over the coming decade. European OEMs are exploring opportunities to secure supply of nickel from ethically mined sources which are close to their plants.

Significant Demand

Metals One aims to help meet the significant European demand for battery metals by identifying and developing mineral resources at brownfield projects in Finland and Norway, ideally situated on the doorstep of Europe’s major electric vehicle Original Equipment Manufacturers (OEMs) and battery manufacturers.

Black Schist Project

The company’s Black Schist Project (nickel, copper, zinc) in Finland is adjacent to Europe’s only operating nickel mine at Talvivaara. The project includes a JORC compliant Inferred Mineral Resource of 28.1Mt at 0.19% Nickel, 0.10% Copper, 0.01% Cobalt and 0.38% Zinc, as well as an Exploration Target of 16–24 Mt with a grade range of 0.18–0.27% Nickel, 0.09–0.13% Copper, 0.01–0.015% Cobalt, and 0.33–0.50% Zinc.

Metals One, whilst remaining Operator of the project, has agreed to farm out a 25% interest to AIM-listed Gunsynd in return for £1 million of exploration funding into the project.

Råna Project

The company’s Brownfield Råna Project (nickel, copper, cobalt) in Norway is located around the formerly producing Bruvann deposit that operated for 12 years (1989-2001) and has proven potential for nickel mineralisation. Metals One currently holds 80% in a joint venture company that holds the four Norwegian licences over the project and has farmed out an initial 10% interest (rising up to 75%) to ASX listed Kingsrose Limited for up to A$15 million of capital injected into the project. Kingsrose is the Operator and has already commenced a drilling programme in July.

“We anticipate that over the coming decade minerals including nickel will be needed at scales significantly beyond current production levels. With legislative pressure within the EU to source these strategic metals, at least in part, from within the EU, our Finland and Norway projects are ideally located to play a role in secure and sustainable supply chains,” says Metals One Chairman Alastair Clayton, a corporate financier and geologist with over 28 years’ experience in mining and exploration.

Board Experience

He is joined on the board by other experienced directors including Jonathan Owen, CEO, a mining engineer for over a decade, Daniel Maling, CFO, a seasoned natural resource corporate financier, Craig Moulton, Non-Executive Director, a geologist and mineral economist with over 25 years’ experience including with Rio Tinto and Wood Mackenzie, Sara Minchin, Non-Executive Director, an ESG expert with experience at KPMG and Deloitte, Thomas Levin, Non-Executive Director, an experienced Finnish geologist, and Winton Willesee, Non-Executive Director, with over 20 years’ listed company experience.

European Markets

Metals One’s projects in Norway and Finland look to represent significant opportunities to develop deposits of scale, in stable jurisdictions, well situated to supply the fast-growing European electric vehicle and battery manufacturing markets.

Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.

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