Metals One (MET1) has executed a binding sale and purchase agreement for the acquisition of Mjolner Minerals, the sole owner of the Lillefjellklumpen project in central Norway, completing a deal that was previously announced in May. Finalisation of the acquisition remains subject to the transfer of shares in Mjolner and regulatory approvals in Norway which are expected to be completed during August 2025.
The project comprises a 20 square kilometre exploration licence hosting high-grade platinum group elements, gold, nickel, and copper mineralisation.
Some of the highest-grade PGE assays in Norway are hosted at the project, with surface sampling from 2014 returning up to 17.5 grams per tonne palladium plus platinum, as well as significant gold, nickel, and copper grades.
The project is geologically analogous to similar to world-class deposits, including the Bushveld Complex in South Africa and Sudbury in Canada.
Metals One is acquiring the project for €90,000, which has been paid already, and a 2% net smelter return royalty.
"We are pleased to have signed binding terms to acquire this highly prospective PGE project at a time when platinum prices are at an eleven-year high, driven by concerns over supply of the metal which is essential in automotive catalytic converters, chemical production (especially fertilisers), electronics, and medical applications,” said Craig Moulton, chairman of Metals One.
“The addition of the Lillefjellklumpen project to our asset set is directly in line with our ambitions to build a strategic portfolio of critical and precious metals projects in safe and dependable jurisdictions."
View from Vox
This transaction diversifies Metals One’s commodity mix by adding platinum group elements. It also enhances its exposure in Norway, where it already holds an interest in the Rana project. Overall, it’s been a busy year for Metals One so far. The share price has soared, the portfolio’s been transformed, and the pace of activity has increased immeasurably. It will be interesting to see what happens next.