24 September 2024
Metals One
Plc
("Metals
One" or the "Company")
Half-Year
Report
Metals One (AIM: MET1), which is
advancing strategic minerals projects in Finland and Norway, today
announces its unaudited results for the six months ended 30 June
2024 ("H1 2024"). These results are available to view on the
Company's website at:
https://metals-one.com/investors/#financial-reports-&-presentation.
Highlights
Finland - Black Schist
Project (nickel, copper, cobalt, zinc)
•
Reported results in February 2024 from the Company's 2023 diamond
drilling programme at the R1 Hook target within the Rauta 9-11
licence, which identified significant intersections of mineralised
black schists in all eight drillholes
•
Received positive re-assay results in May 2024 from the P5
JORC Exploration Target in the Paltamo area which enabled a JORC
Inferred Mineral Resource Estimate to be commissioned on
P5
•
Completed a £895,000 Placing in May 2024 to advance the Black
Schist Project independently and simultaneously terminated the
Gunsynd Plc ("Gunsynd") farm-in
o The
Company has a three-year option to regain 100% ownership by
re-acquiring the 6.25% currently held by Gunsynd for the same
price
Post
period-end
•
Announced in July 2024 a 29 Mt maiden JORC Inferred Mineral
Resource for P5, bringing the total Black Schist Project resource
to 57.1 Mt - more than double the previous estimate - with
contained metals of 105.8kt of nickel, 51.9kt of copper, 6.9kt of
cobalt, and 276kt of zinc
•
Commissioned in August 2024 a Preliminary Economic Assessment
("PEA") to establish an economic concept for the project
o Wardell Armstrong International ("WAI"), an independent
British engineering and environmental consultancy, has commenced
work on the PEA which is expected to be completed by around
November 2024 and underpin the application for EU Strategic Project
status
Norway - Råna Project
(nickel, copper, cobalt)
•
Announced results in February 2024 from partner and operator
Kingsrose Mining Limited's ("Kingrose") 2023 drill programme which
identified multiple high-priority targets as well as new zones of
nickel sulphide mineralisation further demonstrating the Råna
Intrusion's scale potential
Post
period-end
•
Kingsrose commenced a helicopter supported core drilling
programme at the Rånbogen prospect in August 2024
o Successfully completed the drilling programme, with a total of
706 metres drilled over three drillholes
o Drill core samples have been dispatched to the analysis
laboratory and will be announced by Kingsrose and the Company in
due course
•
In September 2024, Kingsrose satisfied the expenditure and drilling
conditions to earn a 51% interest in the project to date (Metals
One ownership now 39%)
Alastair Clayton, Chairman of Metals One,
commented:
"During the first half of the year, Metals One undertook a
low-cost, low-risk programme in Finland to move the Black Schist
Project into the economic assessment phase as a precursor to
project development. Completing our maiden Mineral Resource
Estimate for the P5 area brought the total value of in-situ metals
to $3 billion at today's prices1, and this project is
well on track to becoming the world-class asset we believe it could
be. The ongoing PEA work will also underpin Metals One's
application for EU Strategic Project status which, in turn, we
expect will open up development funding and permit fast-tracking
opportunities.
Kingsrose's 2023 drilling campaign in Norway produced positive
results and it has since completed another programme focused on key
targets identified last year, with core samples already at the
laboratory for evaluation. We were also delighted that Kingsrose
achieved its second completion milestone, a strong endorsement of
its commitment to the project.
Together, our projects represent an opportunity for Metals One
to become a key supplier of strategic minerals to European OEMs
which are in growing need of traceable, sustainable supplies and
are incentivised by supportive EU legislation to seek local sources
of critical metals."
1 Based on today's nickel prices on
the London Metal Exchange. This can in no way be regarded as a
guide to the Project's value or ultimate value of metal
extracted.
Enquiries:
|
Metals One Plc
Jonathan Owen, Chief Executive
Officer
|
via Vigo Consulting
+44 (0)20 7390 0234
|
|
|
|
|
Beaumont Cornish Limited (Nominated Adviser)
James Biddle / Roland
Cornish
www.beaumontcornish.com
|
+44 (0)20 7628 3396
|
|
|
|
|
SI
Capital Limited (Joint Broker)
Nick Emerson
|
+44 (0)14 8341 3500
|
|
|
|
|
Capital Plus Partners Limited
(Joint
Broker)
Keith Swann
https://www.capplus.co.uk/
|
+44 (0)20 3821 6169
|
|
|
|
|
Vigo Consulting (Investor Relations)
Ben Simons / Kendall Hill / Anna
Stacey
metalsone@vigoconsulting.com
|
+44 (0)20 7390 0234
|
About Metals One
Metals One is developing strategic
metals projects in Finland (Black Schist Project) and Norway (Råna
Project), with approximately £9 million of exploration carry
exposure through a farm-in agreement. Metals One is aiming to help
meet the significant demand for strategic minerals by defining
resources on the doorstep of Europe's major electric vehicle OEMs
and battery manufacturers. Metals One's Black Schist Project in
Finland, totalling 706 km2 across three licence areas, has a total
Inferred Resource of 57.1 Mt nickel-copper-cobalt-zinc and is
located adjacent to one of Europe's largest strategic minerals
producers, Terrafame. Metals One's fully carried Råna Project in
Norway covers 18.14 km² across three contiguous exploration
licences, with significant opportunity for exploration of the Råna
intrusion, and proven potential for massive sulphide
nickel-cobalt-copper mineralisation.
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Market Abuse Regulation (MAR) Disclosure
The information set out below is
provided in accordance with the requirements of Article 19(3) of
the Market Abuse Regulations (EU) No. 596/2014 which forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR').
Nominated Adviser
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
Chairman's Statement
Introduction
During the first half of the year,
Metals One undertook a low-cost, low-risk programme in Finland to
move the Black Schist Project into the economic assessment phase as
a precursor to project development.
Metals One's main priority is to
transition the Black Schist Project towards commercialisation, and
the Company is currently working on a PEA to evaluate the economic
viability of the Black Schist Project based on the R1 and P5
resources and establish an economic concept.
In parallel, our Råna Project
partner Kingsrose continued to progress exploration work in Norway
after announcing positive results from its 2023 drilling
programme.
The Company presents its interim
results for the six-month period ended 30 June 2024.
Finland - Black Schist Ni-Zn-Cu-Co Project
Inferred Mineral Resource of
57.1 Mt Ni-Zn-Cu-Co
Metals One reported drilling assay
results from the Company's 2023 diamond drilling programme at the
Black Schist Project during H1 2024. Significant intersections of
mineralised black schists were identified in all eight holes
drilled, whilst drilling also demonstrated geological continuity
with the Company's existing Resource at R1 which could support
future resource expansion there.
Significantly, hole RAU0002
intercepted 14.7m of mineralised black schists from 50m (0.18% Ni,
0.01% Cu, 0.01% Co, 0.57% Zn) and Hole RAU0003 intercepted 11m of
mineralised black schists from 199.5m (0.22% Ni, 0.01% Cu, 0.01%
Co, 0.55% Zn). The results confirmed a synformal structure,
indicating significant potential to the east and prompting the
Company to extend the current permit area in that
direction.
The Company's work programme in
Finland in the period has, however, largely centred on P5 in the
Paltamo area of the project and, in May 2024, the Company received
positive re-assay results from the P5 JORC Exploration Target which
enabled a JORC Inferred Mineral Resource Estimate to be
commissioned on P5.
In May 2024, Metals One raised
£895,000 through a placing and subscription of 89,500,000 new
ordinary shares of 1p each in the capital of the Company to support
the development of the project. This enabled the Company to
terminate the farm-in agreement with Gunsynd. Metals One has a
three-year option to regain 100% ownership by re-acquiring the
6.25% currently held by Gunsynd for the same price.
Post-period end in July 2024, Metals
One announced a maiden JORC Inferred Mineral Resource for the P5
area. This was a key milestone for the Company as it transitions to
project development, having more than doubled the previous Mineral
Resource Estimate for the project and brought the total resource to
57.1 Mt, with contained metals of 105.8kt of nickel, 51.9kt of
copper, 6.9kt of cobalt, and 276kt of zinc.
The resource was calculated by
independent global mining services provider, Mining Plus. The
orientation and proximity to surface of the resource lends itself
to cost-effective surface mining, while it is also conveniently
adjacent to major road and rail infrastructure.
The Company achieved this
significant expansion through a low-cost, low-risk programme, and
within only 12 months of listing, demonstrating the full commitment
of the Metals One team and its independent consultants to
delivering the resource estimate.
Underpinned by this increased
resource base, the Company has since moved onto the next step for
the project: the PEA. Post-period end in August 2024, Metals One
awarded the contract to undertake a formal PEA to Wardell Armstrong
International, a long-established, independent British engineering
and environmental consultancy.
The primary aim of the PEA is to
evaluate the economic viability of the Black Schist Project based
on the "R1" (28.1Mt at 0.19% Ni, 0.10% Cu, 0.01% Co, and 0.38% Zn)
and "P5" (29 Mt at 0.18% Ni, 0.08% Cu, 0.01% Co, and 0.33% Zn)
resources, and to establish an economic concept.
WAI has now commenced work at the
project and the PEA is expected to be completed by November 2024
and underpin application for EU Strategic Project
status.
Norway - Råna Ni-Cu-Co Project
Exploration of Råna Intrusion
- fully carried
The Company's interest in the Råna
Project is owned through a JV with Kingsrose, which is operator of
the project and has a right to earn up to 75% over eight years
through staged expenditure of up to A$15 million. Metals One
announced in early February 2024 that Kingsrose had received all
analytical results from the 2023 core drilling programme, where a
total of 4,318m were drilled across 12 holes.
The identification of new zones of
nickel sulphide mineralisation at the Råna Project from this
drilling programme further demonstrated the scale potential of the
largely underexplored Råna Intrusion. In addition to the discovery
of mineralised bodies at the Rånbogen and Malmhaugen prospects, the
drill programme identified multiple high‐priority targets,
including areas of outcropping massive sulphide nickel
mineralisation associated with conductive geophysical anomalies
extending to depth.
Post-period end, Kingsrose started
the 2024 field season with geological mapping, building on its
understanding of the geology of the area. In August 2024, Kingsrose
commenced a helicopter supported core drilling programme at the
Rånbogen prospect focused on two compelling targets identified last
year through geophysics which comprise shallow, highly conductive
electromagnetic anomalies immediately down dip from mineralised
nickel-copper-cobalt massive sulphide at surface.
Kingsrose has now successfully
completed the programme, drilling a total of 706 metres over three
drillholes. Drill core samples have been dispatched to the analysis
laboratory and will be announced by Kingsrose and the Company in
due course.
In September 2024, Kingsrose
satisfied the conditions precedent to the second stage of the
agreement between Metals One (via SRH), Kingsrose and Global Energy
Metals Corporation regarding its staged earn-in to the Råna
Project. Consequently, Kingsrose has to date earned a 51% interest
in the Råna Project by incurring A$3 million of expenditure, and
drilling at least 5,000 metres, on the project. Metals One's Råna
Project ownership now stands at 39%, with the balance being held by
Global Energy Metals Corporation.
Kingsrose has also announced its
intention to proceed to earn the third milestone interest, which
equates to a 65% interest in the Råna Project, by incurring a
further A$4 million of expenditure on the Råna Project.
Conclusion
Metals One is committed to rapidly
advancing the Black Schist Project towards commercialisation.
Through the PEA, expected to be completed in November 2024, we will
seek EU Strategic Project status to support this
goal.
Kingsrose, which has recently
increased its interest in the Råna Project, has continued to
progress drilling activity to improve its understanding of the Råna
Intrusion's scale potential, and results from the 2024 programme
are expected in the coming months.
On behalf of the board, I would like
to thank the Metals One team, as well as our consultants, advisers
and project partners, for their hard work and dedication throughout
the period. Metals One has an important 12 months ahead, with the
ultimate aim to significantly strengthen EU security of supply of
these metals to support its climate goals.
Alastair Clayton
Chairman
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR 6 MONTH PERIOD
ENDED 30 JUNE 2024
|
|
Notes
|
Period ended
30
June 2024
|
Period ended
30
June 2023
|
|
|
|
£
|
£
|
|
Revenue
|
|
|
|
|
Revenue from continuing
operations
|
|
-
|
-
|
|
|
|
|
|
|
Expenditure
|
|
|
|
|
Other income
|
|
-
|
-
|
|
Administrative expenses
|
3
|
(700,064)
|
(118,893)
|
|
Share of loss of associate accounted
for using the equity method
|
8
|
(73,272)
|
-
|
|
|
|
(773,336)
|
(118,893)
|
|
Finance costs
|
|
|
|
|
Finance expense
|
|
|
-
|
|
Interest expense
|
|
(169)
|
-
|
|
|
|
(169)
|
-
|
|
|
|
|
|
|
Loss on ordinary activities before taxation
|
|
(773,505)
|
(118,893)
|
|
Taxation on loss on ordinary
activities
|
|
-
|
-
|
|
Loss on ordinary activities after taxation
|
|
(773,505)
|
(118,893)
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
Exchange differences on
translation of foreign operations
|
|
(1,453)
|
-
|
|
Loss and total comprehensive income for the year attributable
to the owners of the Group
|
|
(774,958)
|
(118,893)
|
|
|
|
|
|
|
Earnings per share (basic and
diluted) attributable to the equity holders (pence)
|
4
|
(0.24)
|
(0.6)
|
|
|
|
|
|
|
Loss and total comprehensive income attributable
to:
|
|
|
|
|
Owners of the parent
|
|
(769,872)
|
(118,893)
|
|
Non-controlling interest
|
|
(3,633)
|
-
|
|
|
|
(773,505)
|
(118,893)
|
The accompanying notes form an
integral part of the Interim Financial Information.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE
2024
|
|
Notes
|
As at
30 June
2024
£
|
As at
31 December
2023
£
|
|
NON-CURRENT ASSETS
|
|
|
|
|
Investment in associate
|
8
|
3,230,869
|
3,304,141
|
|
Exploration and
evaluation
|
5
|
5,830,129
|
5,706,986
|
|
TOTAL NON-CURRENT ASSETS
|
|
9,060,998
|
9,011,127
|
|
CURRENT ASSETS
|
|
|
|
|
Trade and other
receivables
|
|
444,252
|
238,048
|
|
Cash and cash equivalents
|
|
600,087
|
751,095
|
|
TOTAL CURRENT ASSETS
|
|
1,044,339
|
989,143
|
|
TOTAL ASSETS
|
|
10,105,337
|
10,000,270
|
|
NON-CURRENT LIABILITIES
|
|
|
|
|
Deferred consideration
payable
|
|
-
|
85,000
|
|
TOTAL NON-CURRENT LIABILITIES
|
|
-
|
85,000
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade and other payables
|
|
233,973
|
432,323
|
|
Deferred consideration
payable
|
|
155,000
|
150,000
|
|
Contingent consideration
|
|
250,000
|
250,000
|
|
TOTAL CURRENT LIABILITIES
|
|
638,973
|
832,323
|
|
TOTAL LIABILITIES
|
|
638,973
|
917,323
|
|
|
|
|
|
|
NET
ASSETS
|
|
9,466,364
|
9,082,947
|
|
EQUITY
|
|
|
|
|
Called up share
capital
|
6
|
3,302,175
|
2,084,500
|
|
Share premium account
|
6
|
7,716,415
|
7,775,715
|
|
Shares to issue
|
|
1,000,000
|
1,000,000
|
|
Share based payment
reserve
|
|
337,673
|
337,673
|
|
Foreign exchange reserve
|
|
209
|
1,662
|
|
Retained earnings
|
|
(3,133,646)
|
(2,363,774)
|
|
Equity attributable to equity holders of the
parent
|
|
9,222,826
|
8,835,776
|
|
Non-controlling interest
|
|
243,538
|
247,171
|
|
TOTAL EQUITY
|
|
9,466,364
|
9,082,947
|
The accompanying notes form an
integral part of the Interim Financial Information.
CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 30 JUNE
2024
|
|
Notes
|
30 June
2024
£
|
30 June
2023
£
|
|
Cash from operating activities
|
|
|
|
|
Loss for the year
|
|
(773,505)
|
(118,893)
|
|
Adjustments for:
|
|
|
|
|
Share of loss of an
associate
|
|
73,272
|
-
|
|
Foreign exchange
|
|
1,299
|
-
|
|
Share-based payments
|
|
-
|
-
|
|
Operating cashflow before working
capital movements
|
|
(698,934)
|
(118,893)
|
|
Decrease in trade and other
receivables
|
|
109,295
|
56,144
|
|
(Decrease)/Increase in trade and
other payables
|
|
(292,614)
|
38,137
|
|
Net
cash outflow from operating activities
|
|
(882,253)
|
(24,612)
|
|
|
|
|
|
|
Cash from investing activities
|
|
|
|
|
Exploration and
Evaluation expenditure
|
|
(131,370)
|
-
|
|
Payment of deferred
consideration
|
|
(80,000)
|
-
|
|
Net
cash outflow from investing activities
|
|
(211,370)
|
-
|
|
|
|
|
|
|
Cash from financing activities
|
|
|
|
|
Proceeds on the issue of shares, net
of issue costs
|
|
939,875
|
-
|
|
Net
cash from financing activities
|
|
939,875
|
-
|
|
|
|
|
|
|
Net increase in cash and cash
equivalents
|
|
(153,748)
|
(24,612)
|
|
Cash and cash equivalents at
beginning of year
|
|
751,095
|
39,875
|
|
Foreign exchange
|
|
2,740
|
-
|
|
Cash and cash equivalents at end of period
|
|
600,087
|
15,236
|
|
|
|
|
|
The accompanying notes form an
integral part of the Interim Financial Information.
NOTES TO THE INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE
2024
1. General
information
Metals One plc, a public limited
Company was incorporated on 26th January 2021 in England and Wales
with Registered Number 13158079 under the Companies Act 2006. The
address of its registered office is Eccleston Yards, 25 Eccleston
Place, London SW1W 9NF, United Kingdom.
The principal activity of the Group
is to develop its existing assets and identify other potential
companies, business or asset (s) that have operations in the
natural resources exploration, development and production
sectors.
2. Basis of preparation and
accounting Policies
IAS 8 requires that management shall
use its judgement in developing and applying accounting policies
that result in information which is relevant to the economic
decision-making needs of users, that are reliable, free from bias,
prudent, complete and represent faithfully the financial position,
financial performance and cash flows of the entity.
The same accounting policies,
presentation and methods of computation have been followed in these
Condensed Interim Financial Information as were applied in the
preparation of Metal Ones PLC Annual report for the period ended 31
December 2023, except for the impact of the adoption of the
Standards and interpretations described below and new accounting
policies adopted as a result of changes in the Company.
2.1 Going
concern
The interim financial statements
have been prepared under the going concern assumption, which
presumes that the Group will be able to meet its obligations as
they fall due for the foreseeable future.
At 30 June 2024 the Company had cash
reserves of £600,087 (31 December 2023: £751,095).
The Directors have made an
assessment of the Company's ability to continue as a going concern
and are satisfied that the Company has adequate resources to
continue in operational existence for the foreseeable future. The
Company, therefore, continues to adopt the going concern basis in
preparing its consolidated financial statements.
The financial information of the
Group is presented in British Pounds Sterling (£)
2.2 New standards, amendments and
interpretations
Standards and interpretations issued and not yet
effective:
New and revised accounting standards
adopted for the period ended 30 June 2024 did not have any material
impact on the Group's accounting policies. There are a number of
standards, amendments to standards, and interpretations which have
been issued by the IASB that are effective in future accounting
periods that the Group has decided not to adopt early.
The Group is currently assessing the
impact of these new accounting standards and amendments. The Group
does not expect any other standards issued by the IASB, but not yet
effective, to have a material impact on the Group.
2.3 Critical accounting estimates
and judgements
The preparation of interim
consolidated financial information requires management to make
judgements, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets and
liabilities and the reported amounts of income and expenses during
the reporting period. Although these estimates are based on
management's best knowledge of current events and actions, the
resulting accounting estimates will, by definition, seldom equal
related actual results.
In preparing the interim financial
information, the significant judgements made by management in
applying the Company's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
financial statements for the year ended 31 December
2023.
3. Administrative
expenses
|
|
|
30 June
2024
£
|
30 June 2023
£
|
|
Directors remuneration
|
|
(264,555)
|
(6,400)
|
|
Employment costs
|
|
(46,560)
|
|
|
Consulting and advisory
fees
|
|
(222,613)
|
(32,167)
|
|
Insurance
|
|
(12,111)
|
-
|
|
Legal Fees
|
|
(9,550)
|
-
|
|
Accounting fees
|
|
(42,778)
|
(77,500)
|
|
Foreign exchange
|
|
(28,095)
|
-
|
|
Other expenditure
|
|
(73,802)
|
(2,826)
|
|
Closing balance
|
|
(700,064)
|
(118,893)
|
4. Earnings per
share
The calculation of the basic and
diluted earnings per share is calculated by dividing the loss
attributable to equity holdings of Metals One by the weighted
average number of ordinary shares in issue during the
period.
|
|
|
Period end
30
June 2024
|
Period end
30
June 2023
|
|
(Loss)/ Profit attributable to
equity holdings of Metals One
|
|
(769,872)
|
(118,893)
|
|
Weighted number of ordinary shares
in issue
|
|
317,922,238
|
19,750,000
|
|
Basic & dilutive earnings per
share from continuing operations - pounds
|
|
(0.24)
|
(0.60)
|
There is no difference between the
diluted loss per share and the basic loss per share presented as
there are no dilutive financial instruments.
5. Exploration and
Evaluation
|
|
As at
30 June 2024
|
As at
31 December 2023
|
|
|
£
|
£
|
|
Exploration and evaluation
assets
|
5,830,129
|
5,706,986
|
|
|
|
|
|
Opening balance
|
5,706,924
|
-
|
|
Acquisition FAMN
|
-
|
5,408,924
|
|
Additions
|
131,370
|
287,000
|
|
Foreign exchange
|
(8,165)
|
11,062
|
|
Closing balance
|
5,830,129
|
5,706,986
|
Exploration and evaluation assets
relate specifically to mining licenses and commercial interests
held by Metals One PLC and its subsidiaries. The Group currently
operates in 2 areas of interest via its subsidiaries or joint
ventures. They are:
Brownfield Råna Project
|
License name
|
Number
|
Interest
|
Granted
|
Expiry
|
Holder
|
|
Arnes
|
0066/2019
|
100%
|
7th March 2019
|
6th March 2026
|
Narvik
Nikkel AS
|
|
Rånbogen
|
0069/2019
|
100%
|
7th March 2019
|
7th March 2026
|
|
Bruavatnet
|
0067/2019
|
100%
|
7th March 2019
|
8th March 2026
|
Kainuu Schist Belt Project
|
License name
|
Number
|
Interest
|
Granted
|
Expiry
|
Holder
|
|
Finland, Rautavaara S
|
ML2020:0026
|
100%
|
28th November
2023
|
27th November
2027
|
Metals
One Finland
|
|
Finland, Rauta 9-11
|
ML2012:0169
|
100%
|
15th November
2023
|
14th November
2026
|
|
Haapaselka
|
ML2014:0002
|
100%
|
19th December
2023
|
18th December
2026
|
The Group will review the areas of
interest for impairment if any of the below are present:
a) The period for
which the entity has the right to explore in the specific area has
expired during the period or will expire in the near future, and is
not expected to be renewed;
b) Substantive
expenditure on further exploration for and evaluation of mineral
resources in the specific area is neither budgeted nor
planned;
c) Exploration for
and evaluation of mineral resources in the specific area have not
led to the discovery of commercially viable quantities of mineral
resources and the entity has decided to discontinue such activities
in the specific area; and
d) Sufficient data
exist to indicate that, although a development in the specific area
is likely to proceed, the carrying amount of the exploration and
evaluation asset is unlikely to be recovered in full from
successful development or by sale.
6. Share
capital
|
|
Number of Shares on
Issue
|
Share
Capital
£
|
Share
Premium
£
|
Total
£
|
|
Balance at 31 December 2022
|
19,750,000
|
197,500
|
374,259
|
571,759
|
|
|
|
|
|
|
|
IPO shares
|
44,000,000
|
440,000
|
1,760,000
|
2,200,000
|
|
Fee shares
|
4,700,000
|
47,000
|
188,000
|
235,000
|
|
Consideration shares
|
140,000,000
|
1,400,000
|
5,600,000
|
7,000,000
|
|
Cost of share issue
|
-
|
-
|
(146,544)
|
(146,544)
|
|
Balance at 31 December 2023
|
208,450,000
|
2,084,500
|
7,775,715
|
9,860,215
|
|
Investment in EBT
|
31,267,500
|
322,675
|
40,000
|
362,675
|
|
May Placing
|
89,500,000
|
895,000
|
-
|
895,000
|
|
Cost of share issue
|
-
|
-
|
(99,300)
|
(99,300)
|
|
Balance at 30 June 2024
|
329,217,500
|
3,302,175
|
7,716,415
|
11,018,590
|
7. Warrants
|
|
30 June
2024
|
|
31 December
2023
|
|
|
Weighted average exercise
price
|
Number of
warrants
|
|
Weighted average exercise
price
|
Number of
warrants
|
|
Opening balance
|
8p
|
52,837,800
|
|
-
|
-
|
|
Founder warrants
|
-
|
-
|
|
5p
|
7,000,000
|
|
Loyalty warrants
|
-
|
-
|
|
9p
|
22,000,000
|
|
SI Capital warrants
|
-
|
-
|
|
5p
|
293,000
|
|
Shard Capital warrants
|
-
|
-
|
|
5p
|
610,300
|
|
Beaumont Cornish warrants
|
-
|
-
|
|
5p
|
2,000,000
|
|
Orana warrants
|
-
|
-
|
|
5p
|
2,084,500
|
|
Gunsynd Warrants
1
|
5p
|
(1,500,000)
|
|
5p
|
1,500,000
|
|
SRH Warrants
|
-
|
-
|
|
9p
|
7,500,000
|
|
Finaust Warants
|
-
|
-
|
|
9p
|
7,500,000
|
|
Fee Warrants
|
-
|
-
|
|
9p
|
2,350,000
|
|
Outstanding at the end of the year
|
8p
|
51,337,800
|
|
8p
|
52,837,800
|
|
Exercisable at the end of the year
|
8p
|
51,337,800
|
|
8p
|
52,837,800
|
1 - As part of the Gunsynd Farm-In,
Gunsynd was also granted warrants to subscribe for 1,500,000
Ordinary Shares in the Company. These warrants have been cancelled
as part of the termination agreement.
8. Investment in
Associate
|
Name
|
Incorporation
date
|
Date
acquired
|
Holding
|
Holding
type
|
Business
activity
|
Country of
incorporation
|
Registered
address
|
|
|
Narvik
Nikkel AS
|
1st November 2022
|
31st July 2023
|
80%
|
Indirect
|
Mineral
exploration
|
Norway
|
Søndre
Tollbodgate 6a, NO-9008 Tromsø, Norway
|
|
|
Summarised financial
information
|
|
Narvik
Nikkel
|
|
|
|
|
|
30 June
2024
|
|
|
|
|
|
£
|
|
Summarised statement of financial position
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
-
|
|
Other current assets
|
|
|
|
-
|
|
Non-current assets
|
|
|
|
2,268,890
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
2,268,890
|
|
|
|
|
|
|
|
Current financial
liabilities
|
|
|
|
|
|
Other current liabilities
|
|
|
|
3,410
|
|
Non-current liabilities
|
|
|
|
2,786,738
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
2,790,148
|
|
|
|
|
|
|
|
Net
liabilities
|
|
|
|
(521,258)
|
|
|
|
|
|
|
|
Summarised statement of profit or loss and other comprehensive
income
|
|
|
|
|
|
Direct costs
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income tax
|
|
|
|
91,590
|
|
Income tax expense
|
|
|
|
-
|
|
|
|
|
|
|
|
Loss after income tax
|
|
|
|
91,590
|
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
-
|
|
|
|
|
|
|
|
Total comprehensive loss for the
period
|
|
|
|
91,590
|
|
|
|
|
|
|
|
Reconciliation of the consolidated
entity's carrying amount
|
|
|
|
|
|
Opening carrying amount
|
|
|
|
-
|
|
Opening balance at 1 January
2024
|
|
|
|
3,304,141
|
|
Share of loss of an
associate1
|
|
|
|
(73,272)
|
|
Share of loss not brought to
account
|
|
|
|
-
|
|
|
|
|
|
|
|
Closing carrying amount
|
|
|
|
3,230,869
|
|
|
|
|
|
|
|
|
|
|
|
The
associate had no contingent liabilities or capital commitments as
at 30 June 2024.
9. Related party
transactions
Issue of equity
As part of the May equity raise
certain directors subscribed to an aggregate of 9,000,000 placing
shares which are detailed below:
|
Name
|
Number of Placing
Shares
|
|
Jonathan Owen
|
2,500,000
|
|
Daniel Maling
|
2,500,000
|
|
Alastair Clayton
|
1,000,000
|
|
Craig Moulton
|
1,000,000
|
|
Thomas Levin
|
1,000,000
|
|
Winton Willesee
|
1,000,000
|
10. Capital
Commitments
There were no commitments under
operating leases at 30 June 2024.
11. Subsequent
events
On 4th September 2024 the
Group announced that it has met the conditions for the second stage
of their Transaction Implementation Agreement (TIA) for the Råna
nickel, copper, and cobalt project. Where the Group's joint venture
Partner, Kingsrose Mining has earned a 51% stake in the project by
investing A$3 million and completing 5,000 meters of drilling, with
Metals One retaining 39% ownership. In recognition for completing
the expenditure milestone Kingsrose issued Metals One 1,000,000
fully paid Kingsrose shares and Metals One will issue 31,250,000
ordinary shares at 0.8p per share to the SRH Vendors, with a
12-month lock-in.
There have been no other subsequent
events.