Metals One (MET1) H1 2024 earnings summary

Executive summary

• Advanced Black Schist Project in Finland to economic assessment phase, doubling total resource to 57.1 Mt with significant contained nickel, copper, cobalt, and zinc.

• Completed a £895,000 placing to fund project development and terminated the Gunsynd farm-in, retaining an option to regain full ownership.

• Partner Kingsrose Mining completed drilling at the Råna Project in Norway, earning a 51% stake after meeting expenditure and drilling milestones.

Financial highlights

• Loss for the six months ended 30 June 2024 was £773,505, compared to £118,893 for the same period in 2023.

• Administrative expenses increased to £700,064 from £118,893 year-over-year.

• Cash and cash equivalents at 30 June 2024 were £600,087, down from £751,095 at year-end 2023.

• Net assets increased to £9,466,364 as of 30 June 2024, up from £9,082,947 at 31 December 2023.

• Earnings per share (basic and diluted) was a loss of 0.24p, improved from a loss of 0.60p year-over-year.

Outlook and guidance

• Preliminary Economic Assessment (PEA) for Black Schist Project underway, expected completion by November 2024 to support EU Strategic Project status application.

• Kingsrose intends to increase its stake in the Råna Project to 65% by incurring further expenditure.

• Results from the 2024 Råna drilling programme are expected in the coming months.