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Metals One (LSE: MET1)

Last close As at 26/09/2024

GBP0.01

— 0.00 (0.00%)

Market capitalisation

GBP2m

Metals One is developing the Black-Schist project in Finland and the Råna project in Norway, with the aim of becoming a key source of strategic metals to the EU. Both projects have the potential to produce ‘class 1’ high-purity nickel and are either adjacent or analogous to other world-class deposits.

Latest Insights

Metals & Mining | Initiation

Metals One — First by name, first by nature
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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director of Content, Mining

Key Management

  • Daniel Maling

    Chairman

  • Jonathan Owen

    Chairman

Balance Sheet

Forecast net cash (£m)

0.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (32.3) (44.7) (87.7)
Relative (31.8) (44.8) (88.6)
52 week high/low 4.2p/0.5p

Financials

Metals One is a junior metals explorer with assets in Finland and Norway. After listing on the London Stock Exchange last year, it has moved quickly to double the resource at its Black-Schist project in Finland, on which it is now completing a preliminary economic assessment (PEA) by the year’s end. We calculate that the existing resource is currently capable of supporting a low capex, low opex bio-heap leach mine (akin to its neighbour Terrafame) to produce c 14,000tpa nickel sulphate for the EV battery market over c 20 years and could be in production as early as 2030 at a carbon intensity of 1.75t CO2 equivalent per tonne of nickel sulphate (cf c 40–90t/t Ni for nickel pig iron, c 40t/t Ni for HPAL and <10t/t Ni for traditional nickel sulphide processing routes).

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A N/A N/A N/A N/A N/A N/A
2023A 0.0 (1.6) (1.6) (1.09) N/A N/A
2024E 0.0 (1.0) (1.0) (0.29) N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Metals & Mining

Initiation

Metals One — First by name, first by nature

Initiation

Metals & Mining

Metals One — First by name, first by nature

Thematics

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Shades of the 1970s

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Metals & Mining

Lithium’s adolescence

thematic

Metals & Mining

Lepidico: Offer closes, oversubscribed
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