LONDON: Metals One (AIM: MET1), a company focused on advancing critical minerals projects, announced Wednesday that it has signed a binding term sheet for the conditional acquisition of uranium and vanadium exploration projects in the United States.
The move marks the company’s first expansion into North America, securing a foothold in commodities considered essential for U.S. clean energy generation and energy security.
The acquisition includes two projects: the Squaw Creek Uranium Project in Wyoming and the Uravan Belt Uranium-Vanadium Project in Colorado. The company will acquire 112 claims in historically significant uranium-producing regions.
“This move into two of America’s historic mining districts broadens our commodity exposure and positions us at the heart of the clean energy supply chain,” said Craig Moulton, Chair of Metals One. “Uranium fuels the zero-carbon nuclear power that is seeing a renaissance to meet climate targets, and vanadium is emerging as a battery metal poised to play a major role in grid-scale energy storage.”
The Squaw Creek Uranium Project consists of 53 claims covering approximately 430 hectares in Wyoming’s Shirley Basin, near past-producing mines. Historic data indicates uranium mineralization suitable for in situ recovery (ISR) mining, a low-cost and low-impact extraction method.
The Uravan Belt Uranium-Vanadium Project includes 59 claims spanning around 490 hectares in Colorado’s Uravan Mineral Belt, historically one of the leading uranium districts in the United States. Surface sampling has confirmed high-grade uranium and vanadium mineralization, with assays indicating up to 2.23% uranium (U₃O₈).
The company will acquire 100% of the claims from 1491434 B.C. Ltd., a British Columbia-incorporated firm. The transaction is contingent upon regulatory approvals and due diligence. Metals One will pay $100,000 in cash and issue 1,000,000 ordinary shares as consideration, with a one-month lock-in period for the vendor.
Uranium demand is rising globally as nuclear power plays a growing role in clean energy transitions. Vanadium is increasingly valued for grid-scale battery storage and high-strength steel alloys. The acquisitions align with U.S. efforts to bolster domestic mineral sourcing and reduce reliance on imports.
Metals One’s strategic entry into the U.S. market complements its existing European critical metals portfolio, positioning the company within global clean energy supply chains.