Metals One (MET1) booked a loss of £1.6 million in the year to 31 December 2025, as it looked to move forward with its Black Schist nickel project in Finland.
The company closed out the period with £33,000 in cash, although it subsequently undertook a transformative £3.1 million refinancing.
“While we recognise that this financing resulted in significant dilution for shareholders, this financing package secures the future of the company's existing projects and is allowing Metals One to diversify its exposure to a wider basket of commodities which we have been delivering on with a number of strategic minerals project acquisition agreements,” said Metals One chairman Craig Moulton.
“We have wasted no time in pursuing the acquisitions in Finland, Norway and the USA of copper projects, uranium projects, a gold project, and a platinum group elements project. These potential acquisitions align with Metals One's strategy to diversify and strengthen its asset portfolio, both in terms of geography and type of mineral, enabling us to broaden our mix of commodities to include more critical minerals essential to the energy transition, as well as precious metals underpinned by record high commodity prices.”
View from Vox
Results are largely a retrospective affair, and these from Metals One are no different. It is notable, though, what a change there’s been in the company’s fortunes since the period under review. New money has come in, new assets have come in, and the share price has surged. All that was achieved when the mining sector was still moribund, and no one was predicting any kind of meaningful recovery. Such a recovery might well be underway now, and Metals One has built the momentum to steer into it strongly.