Business
Update re Acquisition of Finland Copper Projects
Update re Acquisition of Finland Copper Projects.
About this update from Metals One Plc
[{"type":"text","content":"\n\n3 April 2025\n \nMetals One Plc\n(\"Metals One\" or the \"Company\")\n \nUpdate re Acquisition of Finland Copper Projects\n&\nDirectorate Changes\n \nFurther to the announcement of 19 March 2025, Metals One (AIM: MET1), which is advancing strategic minerals projects in Finland and Norway, is pleased to announce it has executed a Share Purchase Agreement in respect of the acquisition of the entire issued share capital of FinnAust Mining Finland Oy (the \"SPV\") from 80 Mile Plc (AIM: 80M) (the \"Transaction\"). Completion of the Transaction remains subject to various conditions as outlined in the announcement of 19 March 2025.\n \nAs previously announced, the SPV holds certain licences comprising the Hammaslahti Copper-Zinc Project (\"Hammaslahti\") and Outokumpu Copper Project (\"Outokumpu\") in Finland (together, the \"Licences\"), which are both associated with former operating copper mines. Upon completion, Metals One will obtain 100% ownership of both projects, increasing its exposure to copper in a tier-1 jurisdiction. Accordingly, the Company is preparing to drill test Hammaslahti later this year, following the identification of significant sulphide mineralisation, and to advance geophysical surveys of targets at Outokumpu in preparation to drill.\n \nBoard Changes\n \nFollowing completion and in connection with this Transaction, 80M shall have the right to appoint a director to the Board of Metals One for as long as 80M holds at least 10% of the voting rights of the Company (\"Proposed Director\"). Such appointment will be subject to approval by Metals One's AIM Nominated Adviser.\n \nOn appointment of the Proposed Director, Thomas Levin, who formerly acted as the representative of 80M on the Board of the Company will resign as a director. In addition, Sara Minchin has tendered her resignation as a director of the Company with immediate effect in order to focus on her other business interests. The Board would like to thank both Thomas and Sara for their contributions to the Company since its IPO in July 2023.\n \nJonathan Owen, CEO of Metals One, commented:\n \n\"This is an exciting time for Metals One. With the backing of new investors, the Company is preparing to advance these two highly prospective copper exploration projects. Considering the historical expendi...