Metals One (MET1) has completed its acquisition of the Squaw Creek claims in Carbon County, Wyoming, United States, collectively known as the Squaw Creek uranium project.
The deal was originally announced on 24 April 2025.
Squaw Creek is the second uranium project to come into Metals One, following the recently completed acquisition of the Uravan uranium-vanadium project in Colorado earlier this month.
Squaw Creek comprises 53 unpatented mining claims across around 430 hectares in Wyoming's Shirley Basin, one of the most historically productive uranium regions in the US. It is located near historical uranium operations and TerraPower's next-generation nuclear reactor project.
Initial geophysical surveys and surface sampling are ongoing as part of the company's phase 1 uranium exploration programme in the US, which includes both the Uravan and Squaw Creek projects.
The consideration for Squaw Creek comprises US$50,000 in cash, and the issuance of 500,000 Metals One shares at a price equivalent to a 5% discount to the five-day volume-weighted average price (VWAP) immediately prior to execution, being just over 19p per share.
"We are pleased to have completed our second outright US uranium acquisition in the Shirley Basin, Wyoming, following our successful acquisition in Colorado,” said Craig Moulton, chair of Metals One.
“This follows our entry into the Red Basin, New Mexico, via NovaCore Inc last week also. We continue to build momentum with our North American strategy and this positions us to advance exploration across three highly prospective districts with strong historic uranium pedigree and near-term exploration upside."
View from Vox
The acquisition of the SQ Claims further consolidates Metals One's position in the US uranium sector at a time when uranium bulls are beginning to come out in force. The deal fits in with Metals One’s broader strategy of advancing critical mineral assets essential to the clean energy transition. To that end, it’s also noteworthy that the Shirley Basin is recognised for its amenability to in-situ leach recovery, which has a very low environmental impact.