Metals One (MET1) has exercised a series of warrants to increase its ownership of NovaCore Exploration from 10% to 30%.
NovaCore is a private US-based company advancing the large-scale Red Basin uranium project in Catron County, New Mexico.
Accordingly, Metals One has subscribed for an aggregate additional 1,461,653 shares in NovaCore at a price of US$0.587 each for an aggregate consideration of US$856,000.
This will be settled through the issue of just under 3.9 million shares in Metals One at a price of 16.487p per share, being the volume-weighted average price in the 30 days prior to the exercise of the warrants.
NovaCore holds approximately 15,000 acres in Red Basin, where historical US Department of Energy assessments and recent radiometric surveys suggest there is potential for 40 million pounds of U₃O₈.
Recently, NovaCore's gamma spectrometry surveys identified multiple uranium-rich zones. The area has road access and favourable geology, with structural and geophysical targets that remain largely undrilled below 400 feet.
NovaCore has completed land staking, radiometric and geophysical surveys, and is advancing permitting and environmental studies to support drilling by year-end 2025.
NovaCore's board of directors includes Neil Herbert and Douglas Christopherson, both of whom played key roles in the management of Aim and TSX listed Uramin Inc., which was sold for US$2.5 billion.
Meanwhile, Metals One also continues to receive influxes of cash from the exercising of warrants issued as part of its January fundraise.
View from Vox
No doubt about it, Metals One is placing a big bet on uranium. And it’s not alone. Uranium bulls are out in force these days, and the drums are beating ever louder for the US to focus on its U-reserves in the name of power self-sufficiency. The Metals One uranium portfolio is beginning to gather some heft, with projects in various parts of the USA now the subject of varying levels of activity. Watch out for a video update on Vox shortly.