Metals One Plc (LSE:MET1) has acquired an initial 10% interest in NovaCore Exploration Inc., which is developing the Red Basin Uranium Project in New Mexico. The agreement includes an option to increase Metals One’s ownership up to 30%. This acquisition complements Metals One’s ongoing expansion in the U.S. uranium sector, adding a third exploration-stage asset to its portfolio.
Situated in a historically uranium-rich region, the Red Basin Project shows strong potential for sizeable uranium resources, supported by recent geophysical surveys and historic exploration results. This investment highlights Metals One’s strategy to assemble a robust uranium portfolio within jurisdictions that prioritize supply security and low geopolitical risk.
About Metals One PLC
Metals One Plc is a minerals exploration and development company targeting critical and precious metals in stable, low-risk regions. The company’s portfolio includes projects focused on gold, uranium, vanadium, copper, nickel, cobalt, zinc, and platinum group metals across the USA, Finland, and Norway. Metals One is listed on the AIM Market of the London Stock Exchange.
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