Metals One moves to acquire US uranium and vanadium projects
Metals One () has signed a binding term sheet for the conditional acquisition of uranium and vanadium exploration projects in the United States.
The Squaw Creek uranium project in Wyoming and the Uravan Belt uranium-vanadium project in Colorado mark the company’s first foray into North America.
Uranium and vanadium are critical minerals which are essential to US clean energy generation, grid storage, and energy security.
Squaw Creek comprises 53 claims in the Shirley Basin. The project is located near to historic uranium mines and TerraPower's next-generation nuclear reactor project.
The Uravan Belt project consists of 59 claims in the prolific Uravan mineral belt, historically the leading uranium district in the US. Here high-grade uranium and vanadium mineralisation has been confirmed by surface sampling
Metals One has agreed to acquire 100% of the claims from 1491434 B.C. Ltd., a company incorporated in British Columbia, through staking.
Long-term access to conduct exploration will be secured via two 10-year exploration leases, renewable for up to 30 years, which the vendor estimates will be granted in approximately 30 days.
The consideration payable to the vendor on completion is US$100,000 in cash and the issue of a million shares in Metals One at a 5% discount to the five-day volume weighted average price per ordinary share in the Company for the five days immediately preceding the entering into of this term sheet.
"Building on our core assets in northern Europe, this move into two of America's historic mining districts is a logical step that broadens our commodity exposure and positions us at the heart of the clean energy supply chain,” said Craig Moulton, chairman of Metals One.
“Uranium and vanadium are critical to enabling the energy transition - uranium fuels the zero-carbon nuclear power that is seeing a renaissance to meet climate targets, and vanadium is an emerging battery metal poised to play a major role in grid-scale energy storage. These acquisitions give Metals One a strategic foothold in the U.S. at a time when domestic sourcing of these minerals has become a national priority.”
View from Vox
These acquisitions complement Metals One's existing European critical metals portfolio, providing exposure to multiple commodities vital to global clean energy and security initiatives. In addition, the new projects could contribute meaningfully to U.S. energy security in the years ahead.
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