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.
4 annual reports read, FY2022 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (4)
FY2026Next report expected 6 Jul 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueNo revenue generated; company is a pre-production exploration and investment business
Revenue from continuing operations £nil (2024: £nil)
page 35What moved the marginheadwindBusiness 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 55AndheadwindTransaction costs of £421,996 relating to termination of the FinnAust/80 Mile acquisition
Consolidated statement of profit or loss / note 19
page 35One-offs in the year£6.5m charge: Impairment of exploration assets and associates (Black Schist/Finland and Rana/SRH, nickel-related)
page 35What management saidAfter 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 9After the year endDISA agreement extended to include 100%-owned Uravan and Squaw Creek projects on similar terms
page 5The dividendNo dividend paid during the year (2024: £Nil), nor do the Directors recommend payment of a final dividend
page 16Going concern and the auditFinancial statements prepared on a going concern basis; auditor PKF Littlejohn LLP issued an unmodified (unqualified) opinion with no material uncertainty related to going concern, having reviewed post year-end £1.5m April 2026 fundraise, forecasts to 30 June 2027 and realisability of the listed investment portfolio; key audit matters were valuation/recoverability of exploration and evaluation assets (Group) and valuation/recoverability of investments in subsidiaries (Parent Company)
page 28The risks it names first- Commercialisation of projects and revenue generation — no certainty of economically recoverable mineral volumes or quality at any projectp.10
- Price fluctuations in the value of underlying commodities (gold, uranium, nickel, PGE, graphite, lithium) affecting future revenues and carrying valuesp.11
- Investment portfolio and valuation risk — significant proportion of Group assets held in listed/unlisted investments subject to market volatility, liquidity constraints and FX movementsp.11
- Environmental risk from exploration/mine development activities and related regulatory obligationsp.11
Read from C000834-AR-2025-ch.
- FY2022Year to 31 Dec 2022 Opens with a free accountThe report, its reading and its figures