Metals One

Overview
Price performance
Financials
Research
Thematics

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

24.09.24

Metals One — First by name, first by nature

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Sector

Metals & Mining

Equity Analyst

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	(33.33)	(47.37)	(86.84)
Relative	(32.71)	(48.23)	(88.16)
52 week high/low	3.8p/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).