Metals One executes SPA for acquisition of US uranium and vanadium assets
The terms included in the SPA materially remain as previously outlined, including the various conditions that need to be fulfilled for completion.
Following the execution of the SPA, Metals One also detailed its proposed Phase 1 exploration programmes at the Squaw Creek uranium project in Wyoming and the Uravan Belt uranium-vanadium project in Colorado.
At Squaw Creek work will commence following approval of the relevant permitting and will consist of an assessment of the available historical regional data on water wells and uranium exploration wells drilled within the claim package and adjacent areas. The aim will be to identify additional drill log data containing gamma signatures, indicating uranium.
This work will be followed up by a ground-based grid geophysical programme, which will include the use of a Radiation Solution Spectral Scintillometer (RS125). This work will provide accurate modern data to assist in the planning of a potential drill programme.
Squaw Creek comprises 53 claims covering around 430 hectares in the Shirley Basin, a premier uranium district. Historical gamma ray well logs indicate highly elevated uranium potential at a depth of 330 ft. The project is strategically located near past-producing mines and within Wyoming, which hosts TerraPower's next-generation nuclear reactor project.
The proposed exploration programme at Uravan will commence following approval of the relevant permitting and will consist of reconnaissance prospecting of historical workings, geological mapping, surface sampling and relocating of historical workings.
This will include compiling and assessing available historical regional data from past producers within the project area and adjacent land. A ground-based grid geophysical programme will be undertaken, including the use of a Radiation Solution Spectral Scintillometer (RS125), which will take readings at regular spaced intervals and line intervals.
This initial reconnaissance programme will provide accurate modern data to assist in the planning of a potential drill programme.
Uravan comprises 59 claims covering around 490 hectares situated near the historic Buckhorn mine in the renowned Uravan Mineral Belt, formerly the United States' leading uranium-vanadium production area.
Initial sampling at Uravan confirmed exceptionally high uranium grades at surface, with assays returning up to 22,280 parts per million uranium (2.23% U₃O₈), alongside significant vanadium values in carnotite ore.
Separately, Metals One has received notice of the exercise of warrants issued pursuant to the January 2025 fundraise that has delivered £88,000 into the company’s coffers.
In addition, the company has also received notices for the exercise of pre-paid warrants over a total of 8.5 million ordinary shares.
"These uranium and vanadium project acquisitions are directly in line with Metals One's strategic objective to acquire high-potential critical minerals assets to support the global energy transition and grow the company's value,” said Craig Moulton, chair of Metals One.
“Uranium demand is rising amid global supply deficits. These two highly prospective exploration projects are centred in prolific and historical US uranium mining regions. We're looking forward to commencing initial exploration activities on these projects which aim to support U.S. domestic mineral sourcing and energy transition initiatives.”
View from Vox
Good to see this transaction progressing, and Metals Ones making plans to get down to work on the ground. The location of the projects should add considerable interest, given the increasing emphasis of the current US administration on a drive towards self-sufficiency in minerals and commodities. Some analysts, particularly those at the UK fund Geiger Counter, think uranium is due for a significant run. If so, that will align well with ongoing newsflow from Squaw Creek and Uravan.
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