Metals One Plc's (AIM:MET1) 35%-owned NovaCore Uranium is seeking a minimum US$1.25 million pre-IPO financing at US$1.00 per share that values the company pre-money at US$6.7 million.
The round, expected to close by the end of the month, will fund pre-drilling activities at the Red Basin Ane uranium project in New Mexico and will leave Metals One, a critical and precious metals project developer and investor with a key focus on gold and uranium, holding 2.34 million shares or approximately 29.5% of NovaCore's issued capital.
"The investment will deliver Metals One's first exposure to a high-impact uranium drilling campaign and has already been a profitable investment," said Daniel Maling, Managing Director of Metals One.
The US$1.00 per share price represents a clear uplift to Metals One's initial entry at US$0.587 per share (weighted average US$0.623).
NovaCore holds roughly 15,000 acres in the Red Basin Uranium District where historical US Department of Energy assessments and recent gamma spectrometry and radiometric surveys indicate potential for 45 million pounds of U₃O₈ and multiple uranium-rich zones largely undrilled below 400 feet.
The funds are earmarked for permitting, field mapping, rock-chip assaying and close-grid radiometric mapping ahead of a planned Q3 2026 IPO and a maiden drilling programme to follow.
