Metals One shares surge as expands US uranium waste recovery plans

(Alliance News) - Metals One PLC on Friday saw its shares surge after expanding a partnership for uranium waste recovery.

Shares in the metals project developer and investor were up 56% to 1.85 pence on Friday morning in London. Earlier the same day, they had doubled to 2.38 pence.

Metals One has broadened the scope of a deal with Casper, Wyoming-based DISA Technologies Inc, in which the companies will evaluate, and if successful, treat historically abandoned uranium mine waste dumps, with the aim of recovering saleable uranium and other mineral concentrates.

The deal relates to Metals One's Uravan project in Colorado, US, which the company acquired last July. The project includes eight abandoned uranium mine waste dumps with recovery potential, across 59 unpatented mining claims covering 490 hectares, near the historic Buckhorn mine.

The Uravan mineral belt produced over 60 million pounds of uranium and 330 million pounds of vanadium in the 20th century, according to Metals One.

In September, the company reported rock chip sample assays from Uravan with uranium from waste material graded at 41,768 parts per million, or 4.2%.

"It follows that there is a significant opportunity to apply DISA's breakthrough process to remediate abandoned uranium mine waste from the identified sites and recover valuable uranium and critical minerals whilst improving the environmental legacy from historical mining," said Metals One Managing Director Daniel Maling.

Metals One will be paid a gross revenue share of saleable uranium and other mineral concentrates recovered from Uravan using DISA's mobile plants and high-pressure slurry ablation technology.

The percentage of gross product sale revenue, minus post-treatment allowable costs, will be calculated on sliding scale with a base rate of 2.5%, through to 4.0% depending on the metal pricing backdrop. Metals One will not owe capital or operational expenditure.

It noted that DISA is the first company granted a service providers licence from the US Nuclear Regulatory Commission to remediate abandoned uranium mine waste.

Metals One also sees the Uravan project supported by the US government's agenda, in line with an order from the US Department of the Interior focused on "restoring American dominance in strategic mineral production".

Going forward, Metals One will work to determine quantities of minerals present in waste piles, alongside applying for the necessary permits to begin waste treatment and mineral recovery.

The latest agreement with DISA builds on an existing collaboration at Metals One's 75%-owned Radium Mountain and Wedding Bell sites, also in Colorado.

MD Maling added: "DISA has made strong early progress in advancing its work on the Radium Mountain and Wedding Bell Claims. Their teams are due to sample various sites in the coming weeks. They expect to have gamma walkover data by the end of this month and assay results by end-Q3."

By Holly Munks, Alliance News reporter

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