Further to its announcement of 19 March 2025, Metals One (MET1) has executed a Share Purchase Agreement in respect of the acquisition of the entire issued share capital of FinnAust Mining Finland Oy from 80 Mile PLC (80M).
Completion of the transaction remains subject to certain conditions.
The deal brings significant new licences in Finland into the company, the Hammaslahti copper-zinc project and the Outokumpu copper project. Both are associated with former operating copper mines.
Upon completion, Metals One will obtain 100% ownership of both projects, increasing its exposure to copper in a tier-1 jurisdiction. Accordingly, the company is preparing to drill test Hammaslahti later this year, following the identification of significant sulphide mineralisation, and to advance geophysical surveys of targets at Outokumpu in preparation to drill.
Following completion and in connection with this transaction, 80M has the right to appoint a director to the board of Metals One for as long as 80M holds at least 10% of the voting rights of the company.
On appointment of the proposed director, Thomas Levin, who formerly acted as the representative of 80M on the Board of the company will resign as a director. In addition, Sara Minchin has tendered her resignation as a director of the company with immediate effect in order to focus on her other business interests.
"This is an exciting time for Metals One,” said Jonathan Owen, the company’s chief executive.
“With the backing of new investors, the company is preparing to advance these two highly prospective copper exploration projects. Considering the historical expenditure on the Licences, we believe significant value appreciation can be achieved with relatively modest exploration spend."
View from Vox
Copper has been much in demand in recent weeks, and the price has surged. It’s good to see Metals One being proactive in a tough market and cutting deals. The opportunity to add value here looks enticing, and it will be interesting to see what happens next