Business
Investee Company Update: NovaCore Uranium Inc.
Metals One Plc has announced an update regarding its 35%-owned investee company, NovaCore Uranium Inc., which is undertaking a pre-IPO financing of at least US$1.25 million at a US$6.7 million pre-money valuation. The proceeds will advance NovaCore's Red Basin Uranium Project in New Mexico, which has potential for 45 million pounds of U₃O₈. This fundraising represents a valuation uplift for Metals One, whose stake will be approximately 29.5% post-financing, and is expected to precede NovaCore's IPO in Q3 2026, with maiden drilling to follow. Disclaimer*
About this update from Metals One Plc
21 May 2026 Metals One Plc ("Metals One" or the "Company") Investee Company Update: NovaCore Uranium Inc. NovaCore undertaking a US$1.25 million (minimum) pre-IPO financing Proceeds to be used to advance the Red Basin Ane Uranium Project in New Mexico, USA Fundraising valuation represents an uplift to Metals One's investment Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project developer and investor with a key focus on gold and uranium, is pleased to provide an update on its 35%-owned NovaCore Uranium Inc. ("NovaCore"). As announced on 18 July 2025, Metals One acquired an initial 10% interest in NovaCore, a private US-based company advancing the large-scale Red Basin Uranium Project in Catron County, New Mexico with historical assessments and recent radiometric surveys indicating the potential for 45 million pounds[1] of U₃O₈. Metals One subsequently increased the holding to 30% on 29 July 2025 and then to 35% on 6 August 2025. NovaCore is conducting a pre-IPO fundraising round of US$1.25 million (minimum) at US$1.00 per share, valuing NovaCore at US$6.7 million (pre-money). This represents a clear valuation uplift relative to Metals One's initial investment which was undertaken at US$0.587 per share (and a weighted average price of US$0.623 per share). Following this financing - which is expected to close by the end of the month - Metals One will hold 2,335,962 shares in NovaCore, representing approximately 29.5% of its issued share capital. Highlights: · The US$1.25m (minimum) pre-IPO financing is being supported by lead specialist sector investors to progress the pre-drilling activities across 2026 including, but not limited to, drill permitting, field mapping, rock chip assaying and close grid radiometric mapping. · The financing is expected to be a precursor to an IPO, with NovaCore expected to list in Q3 2026, with the maiden drilling programme to begin shortly after. · NovaCore holds approximately 15,000 acres in the Red Basin Uranium District of New Mexico, where historical U.S. Department of Energy assessments and recent radiometric surveys suggest there is potential for 45 million pounds of U₃O₈. · NovaCore has completed gamma spectrometry surveys and identified multiple uranium-rich zones....