Metals One (MET1) , a battery metals explorer with projects in Northern Europe, said it has received a first-stage payment of £250,000 from Gunsynd in exchange for a 6.25% interest in Metals One Finland, a wholly-owned subsidiary of Metals One.
The payment represents the first stage of Gunsynd's commitment to subscribe for 25% of the voting rights of Metals One Finland at an aggregate price of £1,000,000, pursuant to the agreement between the two companies detailed in Metals One's admission document.
Metals One Finland will use the proceeds from Gunsynd to carry out exploration work at its flagship Black Schist Project, with an Inferred resource of 28.1 Mt at 0.19% nickel (53,800t), 0.10% copper (27,900t), 0.01% cobalt (3,400t) and 0.38% zinc (180,000t) at the Rautavaara licence.
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Metals One's 100%-owned Metals One Finland has received a first stage farm-in payment from Gunsynd for £250k, part of a £1m commitment from the former to subscribe for 25% of the voting rights of Metals One Finland. The proceeds will accelerate the development of the highly prospective Black Schist Project where the Rautavaara licence hosts a range of critical metals.
The planned exploration programme comprises an initial review and modelling of existing data, geophysical surveys, and drilling programmes at the Rautavaara and Paltamo licences. Metals One said it has advanced negotiations with contractors with a view to a rapid commencement of field activities. The goal is to expand the resource of the Finnish asset, which sits adjacent to Europe's largest nickel mine at Talvivaara.
Work at Black Schist will add to Metals One's existing exploration programme at Råna, Norway where recent results have indicated high-grade sulphide nickel/copper/cobalt mineralisation, with operator Kingsrose advancing rapidly through a 5,000m exploration programme. Both assets are shaping up to be significant deposits of critical battery metals.
On July 31 2023, Metals One successfully listed on AIM. Admission followed a placing and subscription for a total of 44m shares at 5p, raising £2.2m. Metals One's European brownfield battery metals projects in Norway and Finland with approximately £9m of exploration carry exposure through farm-in agreements.
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