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LONDON - Metals One PLC (AIM:MET1), a company focused on developing critical minerals projects, has announced the acquisition of two exploration projects in the United States, marking its entry into the North American market. The company has signed a binding term sheet for the conditional acquisition of the Squaw Creek Uranium Project in Wyoming and the Uravan Belt Uranium-Vanadium Project in Colorado. This move aligns with the U.S. initiatives to bolster domestic mineral sourcing and support the energy transition to cleaner sources.
The Squaw Creek project comprises 53 claims in the Shirley Basin, near historic uranium mines and TerraPower’s next-generation nuclear reactor project. Historical drilling data from the region suggests the presence of uranium mineralization suitable for in situ recovery mining. The Uravan Belt project includes 59 claims in a historic uranium-producing district, with initial sampling confirming high-grade uranium and vanadium mineralization.
The acquisition agreement involves Metals One acquiring 100% of the claims from 1491434 B.C. Ltd. through staking, with the vendor providing a 30-day exclusivity period and agreeing to a one-month lock-in for the consideration shares. The transaction, valued at $100,000 in cash and 1,000,000 new ordinary shares in Metals One, is contingent upon the conversion of the claims into exploration leases, satisfactory due diligence, and necessary regulatory approvals.
Craig Moulton, Chair of Metals One, expressed optimism about the acquisition’s potential to enhance the company’s value and contribute to U.S. energy security. The projects are seen as strategic assets, with uranium serving as a carbon-free energy source amid global supply deficits and vanadium’s growing demand for energy storage and steel alloy production.
The company’s expansion into the U.S. complements its existing portfolio in Europe, positioning Metals One to capitalize on commodities essential for global clean energy and security initiatives. The information for this article is based on a press release statement.
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