Metals One (MET1) H2 2023 earnings summary

Executive summary

• Completed AIM IPO and acquisitions of strategic mineral projects in Finland and Norway, raising £2.2 million for working capital.

• Focused on advancing the Black Schist Project in Finland and the SRH Råna Project in Norway, both targeting critical minerals for the European market.

• Achieved significant exploration milestones, including drilling programs and resource definition, positioning for rapid project advancement.

Financial highlights

• Reported a loss on ordinary activities after taxation of £1,754,562 for the year ended 31 December 2023.

• Basic and diluted loss per share was 1.77 pence.

• Total assets at year-end were £10,000,270, with net assets of £9,082,947.

• Cash and cash equivalents stood at £751,095 as of 31 December 2023.

Outlook and guidance

• Post-period, raised £895,000 to fund further exploration and development in Finland.

• Anticipates a resource upgrade and Scoping Study for the Black Schist Project in the second half of 2024.

• Ongoing exploration in Norway with partner Kingsrose, targeting additional nickel-copper-cobalt mineralisation.