Metals One PLC (AIM:MET1) said that Gunsynd has confirmed its commitment to making the first payment of £250,000 to FinnAust Mining Northern under their Black Schist project farm-in agreement.
Through the agreement, Gunsynd has committed to subscribe for 25% of FinnAust, a subsidiary of Metals One, at an aggregate subscription price of £1,000,000.
FinnAust holds Metals One's Finland - Black Schist Project, with an Inferred Mineral Resource of 28.1 Mt of Talvivaara-type mineralised material.
Talvivaara, in Finland, is Europe’s largest operating nickel mine and is adjacent to the Black Schist project.