Metals One

What Metals One does

Metals One plc is an early-stage project developer and investor in critical and precious metals, listed on the AIM market of the London Stock Exchange under ticker MET1 and on the US OTCQB under MTOPF. Founded in 2021 and headquartered in London, the company operates with a small team of 1–10 employees and maintains an engineering/R&D office in Helsinki for its Finnish operations. Its portfolio is structured around two complementary approaches: direct exploration interests in early-stage mining projects and strategic minority equity stakes in listed and private exploration companies across uranium, vanadium, gold, nickel, copper, cobalt, zinc, silver, graphite, and platinum group elements. Direct project interests include the Black Schist Ni-Zn-Cu-Co project in Finland (94% owned, 57.1 Mt JORC Inferred resource, potential 200 Mt scale), the Råna Ni-Cu-Co project in Norway (39%, under farm-in to Kingsrose), the Uravan Belt Uranium-Vanadium project in Colorado, the Swales gold project in Nevada, and the 100%-owned Lillefjellklumpen PGE project in Norway. Equity exposures include Lions Bay Resources (30%), Lions Bay Capital (19.1%), Evolution Energy Minerals (16.9%–19.6%), Fidelity Minerals (12.96%), NovaCore Uranium (35%), CleanTech Lithium (warrants + 2.88%), and Talon Resources (5.57%), spanning assets in South Africa, Tanzania, Peru, New Mexico, Chile, and Canada.

The business model is pre-revenue. Metals One generates returns through three mechanisms: (1) equity appreciation and exits from its portfolio of minority stakes; (2) project monetization through partnerships, farm-outs, or M&A with larger mining companies once resources are defined (e.g., Kingsrose fully carrying the Råna farm-in with A$15M staged spend to earn up to 75%); and (3) a 2.5%–4.0% gross revenue share on saleable uranium and critical mineral concentrates recovered from legacy mine waste via the DISA Technologies partnership at the Uravan Belt, with DISA covering all permitting, evaluation, and remediation costs. GTM activity is investor-relations focused, utilizing RNS regulatory announcements, investor conferences (e.g., Precious Metals & Critical Minerals Hybrid Investor Conference), a corporate LinkedIn presence, and outsourced IR via Vigo Consulting. Significant shareholders are primarily retail platforms (Hargreaves Lansdown 22.54%, Trading 212 15.52%, Interactive Investor 13.24%), an Employee Benefit Trust (10.44%), and HSDL stockbrokers (6.64%), reflecting broadly distributed retail ownership with no single controlling shareholder. The company is exposed to regulatory and counterparty risk, notably a public dispute with Vantage Goldfields over the validity of acquisition proposals concerning the Barberton gold assets.

Name

Metals One

Legal name

Metals One plc

Website

https://metals-one.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Metals One plc is a London-listed early-stage developer and investor in critical and precious metals, holding direct exploration projects (uranium, nickel, gold, PGE) in the USA, Finland, and Norway, plus minority equity stakes in eight listed and private junior miners across six continents. The company is pre-revenue, monetizing through portfolio exits, farm-outs, and a DISA Technologies revenue share on uranium waste recovery.

Ownership category

akta.pro rank

Product category

Mineral Exploration and Mining Investment

NAICS

Other Metal Ore Mining (212290), Gold Ore and Silver Ore Mining (212220)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Critical Minerals Recycling & Urban Mining (Li, Ni, Co, Graphite, REE) (IMAKAFAK), Precious Metals Recycling & Urban Mining (E-waste, Catalysts, Jewelry Scrap) (IMAKAEAG), Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)

Keywords

• Mineral exploration services
• Critical metals investing
• Uranium mining development
• Precious metals projects
• Mining investment portfolio

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Investment returns from portfolio companies: Metals One generates returns through strategic investments in exploration companies and projects. The company holds minority stakes in various listed and private entities including Lions Bay Resources (30%), Evolution Energy Minerals (16.9%), Fidelity Minerals (12.96%), Talon Resources (5.57%), NovaCore Uranium (35%), and CleanTech Lithium (warrants). Returns are realized through equity appreciation, IPO events, and project milestones.
2. Project development and monetization: The company advances its own exploration projects (Black Schist in Finland, Uravan Belt in Colorado, Swales in Nevada, Lillefjellklumpen in Norway) with the strategy to define resources before partnering with larger companies to advance into development phase, then monetizing through M&A or commercial development.
3. Revenue share from uranium waste recovery: Through the DISA Technologies partnership, Metals One receives 2.5% to 4.0% gross revenue share on saleable uranium and critical mineral concentrates recovered from treatment of abandoned mine waste dumps using DISA's High-Pressure Slurry Ablation technology.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Metals One is an early-stage project developer and investor in critical and precious metals, building a diversified portfolio spanning uranium, vanadium, gold, nickel, copper, cobalt, zinc, silver, graphite, and platinum group elements. The company acquires and advances exploration assets across the USA, Finland, Norway, South Africa, Peru, Tanzania, and Chile, and monetizes them through farm-in partnerships, M&A, and revenue-share arrangements.

Product overview

Metals One is a mineral exploration and investment company with a global portfolio of interests in critical and precious metals projects. The company's core exploration focus is on uranium and gold, with a diversified commodity portfolio spanning nickel, copper, cobalt, zinc, silver, graphite, and platinum group elements. Direct project interests include Uranium & Vanadium Projects in the USA (Wyoming, Colorado, Utah, New Mexico), Nickel Projects in Finland and Norway (Black Schist and Råna), the Lillefjellklumpen Platinum Metals Project in Norway, and Gold Projects through Lions Bay entity investments (South Africa), the Swales Gold Project (Nevada), and Fidelity Minerals (Peru). Investment exposure is provided through stakes in Evolution Energy Minerals (Tanzania graphite) and CleanTech Lithium (Chile lithium).

Differentiator

Problem solved

Functional benefit

Products and services

• Uranium & Vanadium Projects Portfolio of uranium and vanadium exploration projects in the Western United States, including the Squaw Creek Uranium Project in Wyoming, Uravan Belt Uranium-Vanadium Project in Colorado, Wedding Bell & Radium Mountain Projects in Colorado, Vanadium King Project in Utah, and Red Basin Uranium Project in New Mexico.
• Gold Projects Gold exploration and development exposure through Lions Bay entities (19.1% in Lions Bay Capital and 30% in Lions Bay Resources), the Swales Gold Project in Nevada's Carlin Trend, and a 12.96% stake in Fidelity Minerals focused on the Las Huaquillas Project in Peru.
• Nickel Projects Nickel exploration projects including the Black Schist Projects in Finland (94% ownership, 706 km²) with a JORC Inferred resource of 57.1 Mt Ni-Zn-Cu-Co, and the Råna Project in Norway (39% ownership) with massive sulphide Ni-Cu-Co mineralisation.
• Lillefjellklumpen Platinum Metals Project A 100%-owned platinum group elements (PGE) project in Norway hosting some of the highest-grade PGE assays published in Norway, with surface sampling returning up to 17.5 g/t Pd+Pt, alongside gold, nickel, and copper grades.
• Chilalo Graphite Project A 19.6% stake in Evolution Energy Minerals' development-ready Chilalo Graphite Project in Tanzania, with a JORC resource of 67.3 Mt at 5.4% TGC, binding offtake agreements covering over 90% of production, targeting first ore production in October 2027.
• Laguna Verde Lithium Project Exposure through 20m warrants at 6p in CleanTech Lithium Plc, an exploration company advancing lithium projects in Chile including the Laguna Verde Project using Direct Lithium Extraction technology.

Quantifiable outcome

• Chilalo Graphite Project: post-DFS NPV8 of A$518 million with 32% IRR and first ore production targeted October 2027
• +4 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• DISA TechnologiescoreTechnology or Integration · 26 October 2025Metals One has partnered with DISA Technologies to assess and process eight abandoned uranium mine waste dumps at its Uravan Belt Uranium-Vanadium Project in Colorado. DISA deploys its patented High-Pressure Slurry Ablation technology through modular mobile processing plants, covering all permitting, evaluation, and remediation costs. Metals One receives a 2.5% to 4.0% gross revenue share on saleable concentrates recovered with no capital or operating expenditure obligations. Initial rock chip sampling returned uranium grades up to 4.17%.
• Kingsrose Mining LtdcoreStrategic or Co-development PartnerKingsrose (ASX:KRM) is farming in for up to 75% of the Råna Project in Norway over 8 years through staged spend of up to A$15 million. Currently at 51% after 5,000m drilling. Metals One is fully carried during the farm-in period. 2023/24 drilling discovered Ni-Cu-Co mineralisation open along strike and down dip.
• Vantage Goldfields GroupcoreOthersLions Bay Resources (30%-owned by Metals One) is acquiring assets of Vantage Goldfields Group including mining leases in South Africa's Barberton region with historical resource inventory of 4.5 million ounces of gold. The acquisition involves global offer of USD $40 million with $6 million deposited and remaining funds in escrow pending regulatory approval. Note: Vantage Goldfields has disputed the validity of the acquisition proposals.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• CleanTech Lithium: AIM-listed lithium developer with Chilean assets including Laguna Verde. Metals One holds a 2.88% stake and warrants in CleanTech, and both companies share the AIM-listed junior-miner model targeting energy-transition commodities.
• DISA Technologies: Technology partner deploying High-Pressure Slurry Ablation to recover critical minerals from abandoned mine waste. Comparable through Metals One's revenue-share arrangement and shared focus on legacy mine-waste reprocessing as a non-traditional mining pathway.
• Talon Resources: AIM-listed gold explorer focused on the Eagle Lake Project in Ontario. Metals One holds a 5.57% stake following Talon's AIM admission, and both companies target tier-1 jurisdiction gold exposure through small-cap listings.

Direct peers

• Energy Fuels: US-focused uranium and rare-earth producer operating the White Mesa Mill — the only fully licensed conventional uranium mill in the US, adjacent to Metals One's Uravan Belt projects. A natural off-take and processing partner for Metals One's Colorado uranium resources.
• Black Rock Mining: ASX-listed graphite developer advancing the Mahenge Project in Tanzania with binding offtakes and DFS-stage economics. Closely comparable to Evolution Energy Minerals/Chilalo, which Metals One is exposed to, and operates the same single-asset critical-mineral model.
• Fidelity Minerals: TSX-V listed explorer advancing the Las Huaquillas gold-copper-silver project in Peru. Metals One holds a 12.96% stake, and Fidelity operates the same junior-explorer model Metals One uses for its non-controlled assets.
• Evolution Energy Minerals: ASX-listed developer of the Chilalo Graphite Project in Tanzania. Metals One holds a 16.9% stake, and Evolution is the most direct comparable as a single-asset, pre-production critical-minerals developer reliant on offtakes and project-level financing.

Broad incumbents

• Kazatomprom: World's largest uranium producer. Provides the upstream uranium benchmark against which Metals One's Uravan Belt uranium-vanadium projects are evaluated for development optionality.
• Rio Tinto: Global diversified miner with operating exposure across copper, lithium, nickel, and other critical minerals. Comparable as the major-mining end of the value chain where Metals One's projects could ultimately be farmed in to or acquired by.

Regional players

• Kingsrose Mining: ASX-listed mining company farming in to Metals One's Råna nickel-copper-cobalt project in Norway. Operates as a base-metals exploration and development peer with comparable critical-mineral focus and farm-in deal structuring.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/metals-one-plc
• Xx.com/metals_one

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Metals One