Metals One (MET1) booked a loss of £774,000 during the six months to end June 2024. The company closed out the period with £600,000 cash in the bank.
It was a period of significant activity, according to chairman Alastair Clayton.
"During the first half of the year, Metals One undertook a low-cost, low-risk programme in Finland to move the Black Schist Project into the economic assessment phase as a precursor to project development,” he said.
“Completing our maiden mineral resource estimate for the P5 area brought the total value of in-situ metals to $3 billion at today's prices, and this project is well on track to becoming the world-class asset we believe it could be. The ongoing PEA work will also underpin Metals One's application for EU Strategic Project status which, in turn, we expect will open up development funding and permit fast-tracking opportunities.”
Meanwhile, in Norway, Kingsrose's 2023 drilling campaign produced positive results. Kingsrose has since completed another programme focused on key targets identified last year, with core samples already at the laboratory for evaluation.
Kingsrose also achieved its second completion milestone, a strong endorsement of its commitment to the project.
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The aim is for Metal’s One to become a key supplier of strategic minerals to European manufacturers, which are in growing need of traceable, sustainable supplies and are incentivised by supportive EU legislation to seek local sources of critical metals. There’s clearly plenty of value inside the company’s portfolio, and it will be interesting to see how that value gets unlocked going forward.