Metals ONE plc
Metals One Plc is an AIM-listed, UK-incorporated early-stage natural resources company that during FY2025 transformed from a focused nickel explorer into a diversified critical minerals and precious metals exploration and investment business, holding direct exploration and evaluation assets in Finland, Norway and the United States (uranium, gold, platinum group elements, nickel) alongside a growing portfolio of listed and unlisted equity stakes, loan notes and warrants in junior resource companies (uranium, gold, graphite, lithium, copper). The Group generates no revenue and is funded through equity fundraising.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 30 Jun 2026 · 83 pages · Companies House
Metals One Plc, which explores for metals and invests in other small mining companies, had no revenue in 2025, as in 2024. Its loss after tax widened to £11.0m from £1.6m the year before. During the year it moved away from nickel alone into uranium, gold, platinum-group metals and stakes in other miners.
Most of the loss came from one-off items. The company wrote down the value of its nickel projects and related stakes by £6.5m because nickel prices were weak. It also spent £4,197,116 on finding new projects and introducing investors. A £2,521,988 gain on its shareholdings in other companies partly offset these costs.
Shareholders put in £19.5m of new money, leaving £8.3m of cash at the year end, up from £34k, with no borrowings. No dividend was paid. Management called it a transformational year and said uranium, gold and graphite/copper are now the priorities. The auditor raised no doubt about the company's ability to keep going. The report warns that more funding may be needed, and that a material amount of its cash is held with non-traditional financial institutions.
No revenue generated; company is a pre-production exploration and investment business
Revenue from continuing operations £nil (2024: £nil)
page 35Business development/project identification costs of £4,197,116 (nil in 2024) tied to warrant financing round and US gold/uranium project identification
Administrative expenses note 3 breakdown
page 55After a transformational year, the Company has significantly strengthened its balance sheet and exposure to a diversified portfolio of mineral opportunities. The outlook for critical and precious metals is strong and the Board are working diligently to derisk and advance projects to unlock value for shareholders.
page 9No dividend paid during the year (2024: £Nil), nor do the Directors recommend payment of a final dividend
page 165 years on one page · FY2021–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 51 confirmed, 4 differ.
No figure has been restated: every figure a later report printed again, it printed the same.