Metals One (MET1) booked a loss of £1.46 million in the six months to June 2025. The company closed out the period with £2.7million in cash, having boosted net assets by 35%.
The first half of 2025 was transformative for the company, following a major fundraising and the subsequent exercising of warrants against what was then a difficult market.
Metals One is now positioned as an emerging leader in US uranium exploration, having acquired interests in six projects, including a significant footprint along the Uravan mineral belt - a geological zone bordering Colorado and Utah containing uranium and vanadium deposits. The company also acquired projects in the historic Shirley Basin mining area of Wyoming and the prospective Red Basin uranium district of New Mexico
It also increased its gold exploration claims in Nevada, and took minority interests in a South African gold processing plant construction opportunity and a technology-led Canadian gold mine tailings cleaning project.
In addition, Metals One secured a low-valuation entry into a Chilean lithium project, an investment in a development-ready Tanzania graphite project, and acquired a high-grade platinum group elements discovery in Norway.
Exploration activity also continued in Finland, and a preliminary economic assessment completed for Black Schist.
Concurrently with the interims, Metals One also announced a board reshuffle, in which Dan Maling is moving to the role of managing director, while chief executive Jonathan Owen has resigned to pursue other business interests. In addition, Alex King and Fungai Ndoro have joined as non-executive directors, and Adam Monaco has joined as chief financial officer
"During the reporting period, we have advanced a strategic portfolio of critical and precious metals exploration projects, each supported by strong market fundamentals,” said Craig Moulton, chairman of Metals One.
“This deliberate focus ensures Metals One is well positioned to deliver sustained value for shareholders. I look forward to updating shareholders on portfolio progress through the remainder of 2025."
View from Vox
Metals One certainly came out swinging at the start of 2025, and in many ways acted as trailblazers for the subsequent recovery in sentiment in the junior mining sector. The expansion of the asst base has been impressive, as has the pace of exploration activity at the new uranium assets in the US. Newsflow is likely to come fast and frequently with so much going on, especially now that the mining market has picked up again, and it’s good to see Metals One positioning itself for that with the strengthening of the board.