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LONDON - Metals One Plc (AIM:MET1) has executed a binding Sale & Purchase Agreement to acquire Mjolner Minerals (Norway) AS, owner of the Lillefjellklumpen Project in central Norway, according to a company press release issued Monday.
The acquisition, expected to be completed in August 2025 pending regulatory approvals in Norway, will add a 20 km² exploration license hosting platinum group elements (PGE), gold, nickel, and copper mineralization to the company’s portfolio.
Metals One is acquiring the project for €90,000, which has been paid, and a 2% net smelter return royalty. The company stated the project features historical high-grade discoveries, with surface sampling from 2014 returning up to 17.5 g/t palladium and platinum, along with significant gold, nickel, and copper grades.
The project includes a historic 18-meter trench and 5-meter adit exposing massive sulfide mineralization, with surface exposures of high-grade PGE veins up to 1.5 meters wide. It also has electromagnetic and magnetic anomalies suggesting a larger subsurface system.
Located in Nord Trøndelag County, the project has access to roads, power infrastructure, and is near a historic mining community.
The company also announced it has received notice of the exercise of Cash Warrants over 15,900,000 ordinary shares at 2 pence per share and Prepaid Warrants over 2,000,000 ordinary shares. The new shares are expected to be admitted to trading on AIM on July 15, bringing the company’s total issued share capital to 299,447,750 ordinary shares.
Winton Willesee, a former Non-Executive Director of Metals One, holds a 25% interest in Mjolner.
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