LONDON: Metals One Plc (AIM: MET1) said Friday it has secured exclusive rights to acquire a 75% stake in two U.S.-based companies holding uranium and vanadium claims in Utah and Colorado, expanding its strategic footprint in America’s critical minerals sector.
The claims—Vanadium King, Radium Mountain, and Wedding Bell—are located in the Uravan Mining Belt and bring Metals One closer to becoming a leading UK-listed uranium explorer with substantial U.S. holdings. The acquisition from Thor Energy PLC (ASX/AIM: THR), subject to due diligence and regulatory approvals, includes an option to buy the remaining 25% within 12 months.
“These assets strengthen our position across uranium, vanadium, and gold projects at a time when domestic mineral supply is a strategic priority,” said Chairman Craig Moulton. “We’re seeing growing momentum behind our early-stage uranium strategy.”
The Colorado claims include 199 permits and historical mines that produced high-grade uranium and vanadium, with recent drilling at Wedding Bell confirming promising grades. The Utah-based Vanadium King Project adds further resource potential, supported by historic drill data.
Under the agreement, Metals One will pay £100,000 upfront and £1 million in new shares based on a 15-day volume-weighted average share price. The claims sit near the White Mesa Mill, the U.S.’s only fully licensed uranium processing facility, offering future infrastructure leverage.
The deal is expected to close by August 31, 2025, pending completion of legal and regulatory conditions.