Metals One (MET1) H2 2024 earnings summary

Executive summary

• Expanded Black Schist Project resource in Finland to 57.1Mt, more than doubling previous estimates, with significant contained nickel, copper, cobalt, and zinc.

• Initiated and advanced multiple acquisitions in Finland, Norway, and the USA, diversifying into copper, uranium, vanadium, gold, and platinum group elements.

• Completed a £3.1 million equity fundraise in April 2025, enabling rapid portfolio expansion and funding for exploration.

• Company transitioned to a more diversified asset base, targeting critical and precious metals essential for the energy transition.

Financial highlights

• No revenues reported for the year ended 31 December 2024, consistent with exploration-stage status.

• Net loss for the year was £1,622,081, compared to a loss of £1,754,562 in the prior year.

• Net assets as of 31 December 2024 were £8,663,131, with cash and cash equivalents of £33,640.

• Cash position significantly improved post-year-end with £3.1 million raised in April 2025.

• Earnings per share (basic and diluted) were (5.3)p, compared to (17.7)p in the previous year.

Outlook and guidance

• Highly leveraged to rising commodity prices, especially nickel, with significant optionality for future value as markets recover.

• Focused on advancing exploration and development across a diversified portfolio, with near-term high-impact programmes planned.

• Ongoing efforts to secure further financing through equity or debt to support continued operations and exploration.