Metals One PLC, listed on AIM as MET1, has shared an insightful update on its strategic approach to the Black Schist projects in Finland, emphasizing the aim for economically viable asset extraction.
The primary objective is to develop a substantial 200 million-tonne resource within the next 24 to 36 months, envisioning a mine life spanning two decades with an annual production capacity of 20 million tonnes. Presently, Metals One has identified a promising 20 million tonnes at the R1 site and an additional 16 to 24 million tonnes at the P5 site, both presenting considerable prospects for expansion.
The company is actively engaged in regional exploration, having recently secured new ground for further development. Recent drilling initiatives have yielded positive results, particularly in encountering mineralized black schist, expanding the mineralization eastward. Consequently, this has prompted the acquisition of more ground for future exploration endeavors.
Metals One’s strategy includes a swift transition of the P5 target from an exploration stage to a mineral resource, utilizing unassayed historical drill cores to potentially enhance the resource size without the need for additional drilling.
The company has also identified fresh exploration targets, with plans to initiate drilling at the K1 site in the upcoming months. Positioned with a long-term vision, Metals One aims to emerge as a key supplier of critical metals, supporting Europe’s green transition. The strategic focus involves addressing the European Union’s structural deficit in critical mineral supply for crucial sectors like battery production and various green technologies.
