GCIMetals One partner Kingsrose completes second stage of earn-in on Råna
Kingsrose has, to date, earned a 51% interest in the Råna project by incurring A$3 million of expenditure, and drilling at least 5,000 metres on the project.
Metals One's Råna project ownership now stands at 39%, with the balance being held by Global Energy Metals Corporation.
Kingsrose has also successfully completed its recent drilling programme at the Råna project.
A total of 706 metres was drilled over three drill holes.
Drill core samples have been dispatched to the analysis laboratory and the results will be released by Kingsrose and Metals One in due course.
Kingsrose has also announced its intention to proceed to proceed to the third stage of the earn-in, which would give it a 65% interest in the Råna project, by incurring a further A$4 million of expenditure.
In accordance with the terms of the transaction, Kingsrose has issued Metals One with one million fully paid ordinary shares in Kingsrose as part consideration for the earn-in. Kingsrose's share price at close of trading on 3 September 2024 was A$0.035.
In turn, Metals One will now issue 31.25 million ordinary shares at a price of 0.8p per share to SRH, the original vendors of the property. These shares will be subject to 12-month lock-in agreements.
"We're delighted that Kingsrose has achieved its second completion milestone,” said Jonathan Owen, chief executive of Metals One.
“Kingsrose's continued investment has ensured drill work has been able to occur on schedule and we look forward to analysing the results of the recent core drilling programme which will help inform next steps for the project."
View from VOX
It’s good to see a project with such significant potential being carried forward so enthusiastically. Kingsrose is a well-established presence in the Australian mining sector, with a market capitalisation of more than A$25 million. Its ability to continue to make progress on Råna doesn’t look in doubt, at a time when so many projects just can’t attract funding. And, in turn, that redounds well to Metals One, which will benefit from the work Kingsrose does, and which is also able to focus its attention more clearly on the many other attractive projects in its Scandinavian portfolio.
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