Metals One PLC (AIM:MET1, FRA:HT7, OTCQB:MTOPF), the gold and uranium developer and investor, has built a 5.57% stake in Talon Resources.
The holding was confirmed as Talon began trading on AIM on Tuesday. Talon has switched from being a main market cash shell to a gold exploration company focused on North America.
Metals One invested a further £200,000 in the company, adding to an initial £150,000 loan made in September 2025. That loan has since been converted into shares following shareholder approval at a general meeting on 22 June.
Metals One also took part in Talon's £2 million fundraise, subscribing for 16 million shares at 1.25 pence each.
The company described the holding as passive, conferring no control or influence over Talon.
Talon's flagship asset is the 90%-owned Eagle Lake gold project in Ontario's Dryden gold district. The project covers 1,986 hectares across 95 contiguous claims, an area that has seen only 26 shallow drill holes to date.
Historical surface samples returned grades of up to 204 grams per tonne of gold. Planned work, funded from existing cash, includes geophysical and geochemical surveys alongside an initial 2,000 metre diamond drilling programme.
Talon is also using machine learning to refine its exploration targeting through a collaboration with technology firm MINML.
The board noted that Alex King, a non-executive director of Metals One, has become chief executive of Talon.
King was deemed to have a material interest in the deal and took no part in the company's decisions on the investment.
Daniel Maling, managing director of Metals One, said Eagle Lake offered discovery potential and a pipeline of near-term catalysts.
