Metals One PLC (AIM:MET1) and Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) saw their shares move higher on Thursday after jointly owned subsidiary Standard Minerals inked a deal that will enable abandoned uranium mine waste dumps, in Colorado, to be evaluated and processed.
Standard Minerals owns the Radium Mountain and Wedding Bell claims, and the agreement today will see DISA Technologies deploy its patented technology to recover uranium and other critical minerals from historic mining waste.
The subsidiary will receive a sliding-scale gross revenue share, between 2.5% and 4%, whislt DISA will fund all permitting, treatment, and remediation work.
“We are delighted to have executed this Term Sheet with DISA,” said Metals One chair Craig Moulton.
It added that thirteen waste dumps have already been surveyed, with further sites to be added. DISA's technology has been developed in coordination with US regulators and aims to remove 90% of uranium and radium content, improving local environments while extracting saleable material.
Metals One owns a 75% interest in Standard Minerals whilst Thor holds the other 25%.
In London, Metals One shares were up around 2% in mid-morning trade at around 3.81p, after changing hands as high as 4.40p earlier in the session.
Thor shares meanwhile climbed around 7% to 0.51p.