Met1 executes formal agreement to acquire 80 Mile’s copper projects in Finland
Aim-listed Metals One (Met1) has executed a share purchase agreement to acquire the entire issued share capital of FinnAust Mining Finland from fellow-listed 80 Mile.
FinnAust holds certain licences comprising the Hammaslahti copper and zinc project, as well as the Outokumpu copper project, in Finland, which are both associated with former operating copper mines.
Upon completion of the deal, Met1 will own 100% of both projects and increase its exposure to copper in a Tier 1 jurisdiction.
Accordingly, Met1 is preparing to conduct drilling on Hammaslahti later this year and to advance geophysical surveys of targets at Outokumpu ahead of drilling.
In turn, 80 Mile will have the right to appoint a director to the board of Met1 and has earmarked Thomas Levin for this role.
80 Mile will also retain 100% of the rights to any industrial gases, including helium and hydrogen, associated with the projects, which are excluded from the transaction.
Met1 CEO Jonathan Owen says with the backing of new investors, the company is preparing to advance these two highly prospective copper exploration projects.
“Considering the historical expenditure on the licences, we believe significant value appreciation can be achieved with relatively modest exploration spend.”
80 Mile MD Eric Sondergaard says the divestment from FinnAust allows the company to sharpen its focus on emerging energy commodities, particularly industrial gases.
The transaction remains subject to consent from net smelter royalty holders on the licences, as well as regulatory approval in Finland.
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