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Highlights

  • Acquires Lillefjellklumpen Project in Norway, marking strategic entry into platinum and palladium exploration.

  • Historic assays show grades up to 17.5 g/t Pd+Pt; project also rich in gold, nickel, and copper.

  • Acquisition cost of €90,000 plus royalty secures under-explored, high-potential asset.

Metals One plc (LSE:MET1), a UK-listed mineral exploration and development company, has announced a strategic acquisition to expand its presence in critical minerals. The company has signed a binding term sheet to acquire Mjolner Minerals (Norway) AS, the sole owner of the Lillefjellklumpen Project—a 20 km² exploration licence in central Norway known for high-grade platinum group elements (PGEs), as well as gold, nickel, and copper.

The move marks Metals One’s first entry into PGEs, aligning with its broader critical minerals strategy that already includes nickel and copper. The acquisition, valued at €90,000 plus a 2% net smelter return royalty, offers a low-cost entry into a high-upside asset.

High-Grade Potential Backed by Historic Sampling

The Lillefjellklumpen Project is located in Nord Trøndelag County, an area with strong mining infrastructure and community ties. Surface sampling conducted in 2014 returned exceptionally high PGE grades of up to 17.5 grams per tonne (g/t) of platinum and palladium (Pd+Pt). These results also included significant levels of gold, nickel, and copper.

Importantly, the project area hosts a historic test mine, including an 18-metre trench and a 5-metre adit that expose massive sulphide mineralisation. Surface exposures show veins up to 1.5 metres wide, while geophysical surveys indicate a strong electromagnetic (EM) and magnetic anomaly.

The geological setting is described as strikingly similar to major global PGE deposits like Sudbury (Canada) and Bushveld (South Africa)—both of which are globally renowned for their mineral productivity.

Strategic Value and Synergy

Metals One already holds an interest in the nearby Råna Nickel Project, which is operated under a joint venture with Kingsrose Mining (ASX: KRM). The addition of Lillefjellklumpen broadens the company’s Norwegian footprint and offers synergies in exploration and development, particularly through the application of modern geophysics, geochemistry, and drilling technologies that were not previously used on this site.

The acquisition is also subject to AIM Rule 13 classification due to a 25% ownership stake in Mjolner held by Winton Willesee, a Non-Executive Director of Metals One. The company stated that the necessary disclosures and approvals will follow should the deal proceed beyond due diligence and into a definitive sale and purchase agreement.

In a statement, Metals One emphasised the potential of the project as a significant step forward in unlocking high-grade, under-explored mineral resources in a mining-friendly jurisdiction.