Metals One reports progress on projects in Finland, Norway

17th Apr 2025 15:21

(Sharecast News) - Metals One updated the market on its strategy to advance a portfolio of critical minerals projects across northern Europe on Thursday, with a near-term focus on copper and nickel exploration in Finland and Norway.

The AIM-traded company also announced key board changes to support its exploration and merger and acquisition strategies.

In Finland, Metals One said it was preparing for summer fieldwork and drilling at the Hammaslahti Copper-Zinc Project, where past mining and recent drilling confirmed high-grade volcanogenic massive sulphide (VMS) mineralisation.

The firm said it was also progressing plans at the nearby Outokumpu Copper Project, with six drill-ready targets identified in one of Europe's most historically productive copper belts.

At the Black Schist Nickel-Copper-Cobalt-Zinc Project, also in Finland, Metals One said it was targeting a resource expansion from the current JORC Inferred resource of 57.1Mt to over 200Mt.

The project lies adjacent to Terrafame's Talvivaara mine, and was being positioned to supply high-purity nickel sulphate to the European electric vehicle market.

Metals One said it was planning to apply for Strategic Project Status under the EU Critical Raw Materials Act to enhance access to financing and regulatory support.

In Norway, the company said it was fully carried on the Råna Nickel Project, where project operator Kingsrose Mining was earning up to a 75% interest through staged investment.

Recent drilling confirmed nickel-copper-cobalt mineralisation across multiple stacked zones in the Råna Intrusion - a large, underexplored complex analogous to Canada's Voisey's Bay deposit.

Alongside its current portfolio, Metals One said it was reviewing acquisition opportunities in Europe, North America and Australasia focused on copper, uranium, and defence minerals.

The company was also considering underfunded gold assets in light of current high prices, with a view to acquiring interests through earn-in agreements or equity financing.

To support the next phase, Craig Moulton had been appointed independent non-executive chair, replacing Alastair Clayton, who was stepping down after leading the company since its July 2023 initial public offering.

Moulton was bringing over 30 years of global experience with previous leadership roles at Rio Tinto and Cleveland Cliffs, the board noted.

Additionally, Thomas Levin had stepped down as non-executive director, and was expected to be replaced by Olga Solovieva - a geologist with direct knowledge of the company's Finnish copper assets.

Her appointment remained subject to standard regulatory approvals.

"Recent global events show in no uncertain terms that the Western World can no longer be complacent about the sourcing of strategic and critical minerals that are essential for everyday life and electrification," said chief executive officer Jonathan Owen.

"The race for reliable and responsibly sourced minerals is on.

"With our funding, LSE listing, networks and exploration expertise, Metals One has a strong platform from which to aggressively pursue high-impact exploration projects in top tier jurisdictions."

Owen said the company had started developing its exploration programmes for both the Hammaslahti and Outokumpu copper projects in Finland, adding that it intended to drill Hammaslahti this year, following up on previous work which showed significant potential for new mineralisation, and to advance geophysics work at Outokumpu in preparation for drilling.

"We are also reviewing a number of other projects which we may bring into the company, with an immediate focus on copper, uranium, defence minerals and gold."

At 1512 BST, shares in Metals One were down 3.67% at 21p.

Reporting by Josh White for Sharecast.com.