LONDON: Metals One Plc (AIM: MET1), a UK-based minerals exploration company, has acquired a 10% stake in NovaCore Exploration Inc., a private U.S. firm developing the Red Basin Uranium Project in New Mexico. The transaction supports Metals One’s U.S. uranium strategy, expanding its exploration footprint to three early-stage assets.
NovaCore controls approximately 15,000 acres in the Red Basin Uranium District, with historical U.S. government data and modern surveys suggesting potential reserves of 40 million pounds of U₃O₈. Metals One subscribed to 511,476 NovaCore shares for $300,000 and has been granted warrants that may increase its interest to 30%.
“This investment offers Metals One entry into a highly prospective region of strategic importance,” said Chairman Craig Moulton.
NovaCore is advancing permitting and environmental studies with drilling anticipated by late 2025. Its team includes Uramin Inc. veterans Neil Herbert and Douglas Christopherson.
In related moves, Metals One will issue 15 million new shares to its Employee Benefits Trust (EBT) and has received notice of warrant exercises for over 53 million shares. Applications have been made to admit the new shares to trading on AIM.
The company’s total issued share capital will rise to 368.1 million ordinary shares, with no shares held in treasury.