Metals One has entered into a share purchase agreement with 80 Mile to acquire the entire issued share capital of FinnAust Mining Finland, a special purpose vehicle (SPV) that holds several key licenses, including the Hammaslahti copper-zinc project and the Outokumpu copper project in Finland. These projects are linked to historic copper mines, and this acquisition will significantly enhance Metals One’s exposure to copper in a Tier-1 jurisdiction.
As part of the agreement, 80 Mile will retain all rights to any associated industrial gases, including helium and hydrogen, from the projects. Metals One plans to conduct drilling tests at Hammaslahti later this year after identifying significant sulphide mineralisation, while also advancing geophysical surveys at Outokumpu in preparation for drilling.
Metals One CEO Jonathan Owen expressed enthusiasm about the acquisition, stating, “This is an exciting time for Metals One. 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.”
Following the completion of the transaction, board changes are expected, with 80 Mile having the right to appoint a director to Metals One’s board if it retains at least 10% of voting rights. The transaction is currently pending consent from net smelter royalty holders on the licenses and regulatory approval in Finland, which is not anticipated to be formally required.
80 Mile managing director Eric Sondergaard noted that this divestment represents a key milestone for 80 Mile as it refocuses on emerging energy commodities, particularly industrial gases. He stated, “While the copper assets in Finland hold strong potential, our retained rights over industrial gases allow us to continue participating in any upside from future discoveries in this evolving sector.”
The Hammaslahti project is recognized for its volcanogenic massive sulphide mineralisation, with historical production yielding substantial amounts of copper, zinc, gold, and silver. Drilling by 80 Mile has uncovered extensions to the ore body and identified high-grade massive sulphides. Meanwhile, the Outokumpu copper project is located along the Outokumpu Copper Belt, where six drill-ready targets have been identified that could potentially host high-grade copper deposits adjacent to a former operating mine.
In July 2021, Bluejay divested its nickel, zinc, copper, and cobalt projects in Finland to Metals One.
