Shares in Metals One PLC (AIM:MET1) rose 15% in early trading on Thursday after the company unveiled its first North American move with the conditional acquisition of two uranium and vanadium projects in the United States.
The AIM-listed explorer has signed a binding term sheet to acquire 112 claims across two historic mining regions: the Squaw Creek project in Wyoming and the Uravan Belt in Colorado.
Both areas were once key sources of uranium and vanadium—minerals increasingly seen as essential to America’s energy transition and supply chain resilience.
The company will pay $100,000 and issue 1 million shares, at a slight discount to recent trading levels, if the claims are successfully converted into long-term leases. The vendor has granted Metals One 30 days of exclusivity.
The stock was up 2.1p at 16p.