Metals One's financials show 2025 as transformational

In 2025, Metals One raised roughly £15 million through warrant financing, brought in gold and uranium assets from the US, and took a conservative impairment on its Scandinavian nickel project because the nickel price has not recovered as expected. Managing Director Dan Malling describes the year as "transformational" — not because the company found a single big deposit, but because it fundamentally changed what kind of business it is becoming.

The nickel impairment: a disciplined call on price

The most notable financial decision in the 2025 results was the impairment of the Black Shees nickel project in Scandinavia. A preliminary economic assessment (PEA) done a couple of years ago had assumed a certain nickel price trajectory. That trajectory did not materialize. Malling explains that the project is "highly leveraged to 10 to 20%" price movements, and the market simply has not delivered that uplift. The board took what he calls "the conservative view" and wrote down the carrying value. The company still holds the asset and would benefit if nickel prices recover, but the impairment signals that the board does not see a near-term catalyst for that recovery. The decision effectively clears the deck for the company's new strategic direction.

A portfolio built on different risk profiles