Metals One - Black Schist moves to the next stage

Metals One announced on 31 January the results of the preliminary economic assessment (PEA) into its Black Schist project, compiled by Wardell Armstrong. Of its two deposits, the key economic driver, Rautavaara (R1), has been envisaged to mine and process ore at a rate of 3.0Mtpa using a bio-heap leach method at a stripping ratio of 3.08x and a grade of 0.19% to produce c 4,500t nickel pa. Financially, the project is estimated to generate an NPV8 of US$9.29m, an NPV5 of US$41.04m and a pre-tax internal rate of return of 11.3% at a nickel price of US$21,822/t (cf US$15,210/t currently). Significantly, the PEA will now allow Metals One to apply for EU Strategic Project status, making it eligible for grant funding and fast-track permitting. Metals One also announced a convertible loan, a proposedequity fundraise, a retail offering and a potential share consolidation.

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