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Metals One PLC on Monday said it successfully commenced trading in London, prompting congratulations from stakeholder Bluejay Mining PLC, and gave updates for its various projects.

The London-based mining company, which is focused on battery metals projects in Finland and Norway, said its entire issued share capital was admitted to AIM on Monday.

The shares were untraded at 4.86 pence later that morning.

Metals One said it raised GBP2.2 million in its initial public offering, through a placing and subscription of 44.0 million shares at 5p each. It will use the funds to support the initial exploration and development of its Black Schist project in eastern Finland, including diamond drilling and geochemical surveys.

On Thursday, investment company Gunsynd PLC said it agreed to provide GBP1 million to fund Black Schist's development through a farm-in for up to 25% FinnAust Mining Oy, Metals One's subsidiary and project holder. It will receive 1.5 million warrants to subscribe for shares in Metals One worth GBP75,000 at the placing price, and provide the funding, over an 18-month period.

Shares in Gunsynd were untraded at 0.39p on Monday.

ATB APR

@Travelcard You really are missing the point on CAPEX/OPEX as lucidly pointed out by Fulmar ... so in case you missed it:

> OPEX - covered by AA during JV and likely going forward into mine operation where ARCs 'share' will be 30% aligned to our ownership

> CAPEX - not an issue during JV, once we get to mine build then ARC can either sell the asset at many multiples of current SP and/or take out debt to fund it against asset value.

If in any doubt of what this looks like just look at GGP history, deal structure and outcomes

ATB APR

@Watcher Yes I am also firmly in your camp and heavily invested in metals and metals stocks ... this grinding bear market has however decimated these stock so reluctant to liquidate and crystalize losses.

ATB APR

At last some substantive news with a 25% shareholding in a very very interesting asset for essentially silly money. I strongly suspect that this asset will show a very decent ROI once this grinding commodity bear market turns ... as it surely must

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@eemew Yes I cannot help but agree on all points and has dented my prior trust in BH making the best of a difficult situation especially so for a Junior Explorer trying to make heh leap to a Junior Producer

ATB APR

@Rob, HUM were already in production with existing mine Yanfolila, Mali but had a production gap as output dropped ahead of new Kouroussa, Guinea mine coming onstream

ATB APR

@Rob, thanks for posting and yes I have seen this with a number of near-term producers including Hummingbird that recently crashed to 5p and recovered to 15-20p range as it needed large wedge of cash to fund production gap as it brought on a 100koz/annum new mine.

ATB APR

Ouch, £500,000 through the issue of 909,090,914 new Ordinary Shares at a price of 0.055 pence each.

It's all very well that directors showing solidarity and all buying shares BUT Brian WTF are you doing raising cash at 33% discount to current SP following the £800k raise back in January at a 15% discount to SP????

ATB APR

hi causal, from memory this is a rejig of original mre with addition of surface ****, tailings and mined/unprocessed materials. issue for me was always why wasn't cangai progressed earlier given original high 2.5% copper grades and huge jorc resource issued several years ago?

i would need a very good reason to believe the bod after so much spin and small delivery/follow-through over last 2 years ... is issue with cangai one of licencing to resume exploration and/or mining or something else?

atb apr

@GTMufo I am 100% certain that whatever GWMO published you would find fault.

IMHO you continue to mix up high risk with high volatility ... the junior mining sector is very volatile as it is leveraged to the metals prices whilst GWMO's risk profile is reducing as it moves towards a metal processor via its JV to produce revenue to fund its exploration programmes which in turn reduces risk of GWMO having to raise funds via share sales.

Just because GWMO is at the very risky end of an unloved sector does not make its holders delusional, but just reinforces that these type of stocks are very volatile and can be high risk depending on how they are managed et al.

ATB APR

I am soooo pleased to have sold out of CCZ last September after believing way too many of the things they have said before they hop onto the next big thing and spin that for as long as they can. How can you quote an NPV for something and then retract ALL of it not just correct it?!

ATB APR

@Sw Thanks for the reminder ... the presentation is from Apr-23 Metals & Mining conference and states signing of definitive funding agreement in Apr-23 which I understand we are still waiting to happen unless I've missed something. The schedule on p23 implies 8 months from funding signature to completion of plant upgrade and start of commissioning which I would expect to be a further 2-3 months so circa 10-12 months overall which seems reasonable. Reading through the timeline they are also expecting to have completed an updated MRE for both Kili and VM.

ATB APR

It is interesting for me that GCAT (re)published its original JORC figures as an updated MRE (no changes!) after over a year of exploration at BOTH projects and the discovery of a high grade zone near Kilimapesa plus additional decent drill results at VR.

Why GCAT has not used this additional exploration information to upgrade its MRE confident levels and/or overall resources to help underpin its SP and/or ability to secure good or better funding terms seems to me a big missed opportunity.

ATB APR

Gold and silver now looking very perky especially as DXY and inflation down implying Fed pause and possible retreat on interest rates and/or resumption of QE to reduce cost of $32T debt load.

My POG target is now intermediate $2,400 rising to $2,900 over next 3-12 months with gold/silver ratio compressing from 85:1 to 50:1 giving silver price intermediate $48 and $60 over same period.

This will be biblical for gold & silver stocks with initial focus on producers and then developers and explorers catching up later

ATB APR

@go-ly-dow Whilst I accept all the positives you mentioned what the Prospectus will tell us is the DENOMINATOR ... without understanding" total shares in issue" we cannot for sure know what:

(1) the MCap is (SP x shares in circulation)

(2) what % dilution the recent £351k fundraise was at (£351k / £MCap)

(3) what the true cost of resolving the CLNs et al. (£XXX / £MCap)

The upshot of all of this is NOT the SP it is the MCap or what we think the £value of the organisation is. Once we know the MCap and the total shares in issue (denominator) then we can work out what the SP assuming we get a firm plan of what the CAPEX raised will be used for and when a known result will be achieved.

So just before the Dec-22/Jan-23 funding crisis the MCap was circa £16-18m which assumed that GCAT was a going concern, had CAPEX funding, had 1.3Moz reserves across 2 projects and had 6 months before 24koz/month production and SP = MCap / Shares in circulation.

Anything else is supposition and/or window-dressing at this point

ATB APR

Quarterly updates have been typically 6-8 weeks after quester close

ATB APR

@Legalwolf Yes me too as "New MRE" is ACTUALLY unchanged Kili and Nyakafuru JORC from at least a year ago with no mention of any new resources including new high grade despite 12-18 months of drilling.

So WHY state this and present it as new when it is not ... better to be silent than suggest you have an ulterior motive? To me this now begs the real question of why the revised MRE promised last Oct-22 has still not been issued? Stupid move

ATB APR

@legalwolf My understanding is the additional $3m or $4m funding previously announced as secured was contingent on main funder being found. Yesterdays £330k capital raise was a surprise but given current SP then 0.3p is not unreasonable given price has ranged 0.375/0.25 especially as HNW funder won't actually get any shares until Prospectus is out so taking lots of risk in my view hence grant of some warrants ... that they were at 0.6p I think is very positive.

ATB APR

So Capital raise at 0.03p raising £330k cash after £21k costs to be used to fund capital raise proper ... interesting that additional 50% warrants issued at 0.06p which is not unreasonable given risk HNW is taking when shares cannot actually be issued until prospectus is approved.

Agreed seems a bit unconventional, but if the HNW is okay with it and it gives GCAT necessary cash to sort this all out then I'm all for it!

ATB APR

@GTMufo Sorry it was more to do with having no actual basis for an argument that got the reaction you got.

You also miss the point that most junior explorers and miners have over the last 2-3 years lost between 50-80% of their value since the August 2020 gold highs. The fact that gold has now returned to those prior levels but the whole mining and in particular junior sector has not says we are in a deep bear market, which history says is usually a very good time to be a buyer.

I don't like seeing my investment in GWMO hammered any more than the next person, but the fact that they are developing a revenue stream via the processing plant JV is very welcome news.

ATB APR