Metals One PLC: Pioneering the U.S. Clean Energy Transition Through Strategic Uranium Exploration

As the global push for decarbonization accelerates, the demand for uranium—a critical fuel for nuclear power—has surged, positioning companies with access to high-potential deposits at the forefront of the energy transition. Metals One PLC (LSE: MTO) is emerging as a key player in this space, leveraging its strategic moves in Wyoming and Colorado to capitalize on U.S. energy security priorities and the rising uranium price cycle.

Squaw Creek: A Catalyst in Wyoming's Shirley Basin

Metals One's flagship Squaw Creek project in Wyoming's Shirley Basin is a linchpin of its uranium strategy. Located near TerraPower's groundbreaking Natrium reactor—a sodium-cooled fast reactor paired with a molten salt energy storage system—the project sits at the intersection of innovation and resource abundance.

The project's 53 claims cover 430 hectares of land with historical gamma-ray readings of 1,500 counts per second (CPS) at 330 feet, indicating significant uranium mineralization. Phase 1 exploration, now underway, combines historical data analysis with ground-based surveys using a Radiation Solutions RS-125 spectral scintillometer, a tool that provides real-time radiation mapping. This data-driven approach aims to pinpoint optimal drilling targets, with results expected to shape the project's commercial viability.

The proximity to TerraPower's Natrium reactor—the first U.S. advanced nuclear project to secure state permits in 2025—is no accident. The reactor's design, part of the U.S. Department of Energy's Advanced Reactor Demonstration Program (ARDP), underscores the strategic alignment between Metals One's uranium reserves and the nation's clean energy goals. As nuclear power becomes integral to grid stability and renewable integration, Squaw Creek's uranium could supply a critical domestic source of fuel, reducing reliance on imports from Russia and Kazakhstan.

Colorado's Uravan Project: A Historic Belt with Modern Potential

While Wyoming grabs headlines, Metals One's Colorado venture—the Uravan Uranium-Vanadium Project—is equally compelling. Nestled in the historic Uravan Mineral Belt, the project spans 59 claims covering 490 hectares near the Buckhorn Mine. This region, once a cornerstone of U.S. uranium production, now hosts exploration targeting the Morrison and Chinle Formations, which are known for high-grade uranium-vanadium deposits.

Initial surface sampling at Uravan has already yielded assays of 22,280 ppm uranium (2.23% U₃O₈), signaling potential for high-value mineralization. The Phase 1 program here mirrors Squaw Creek's methodology, using spectral scintillometry to guide sampling and analysis at American Assay. A 10-year lease for the site, expandable to 30 years, positions Metals One to capitalize on long-term demand for uranium and vanadium—a metal increasingly used in grid-scale energy storage systems like vanadium redox flow batteries.

Regulatory Momentum and Market Drivers

Metals One's projects benefit from a tailwind of U.S. policy support. The American Nuclear Infrastructure Act (ANIA) and Inflation Reduction Act (IRA) have prioritized domestic uranium production to bolster energy security. TerraPower's Natrium reactor, which secured its first state permit in January 2025, exemplifies this push. As the reactor moves toward non-nuclear construction in 2025 and seeks final NRC approval by late 2026, Metals One's nearby uranium assets could gain preferential supplier status.

The uranium market itself is in a cyclical upswing. show spot prices climbing from ~$25/lb in 2020 to over $40/lb in early 2025, driven by supply deficits and China's aggressive reactor construction. With global uranium demand projected to outpace supply by 2030, Metals One's exploration success could translate to outsized returns.

Risks and Considerations

While the opportunities are clear, risks remain. Regulatory hurdles—particularly for in situ recovery (ISR) mining, which requires stringent environmental approvals—are a key concern. However, ISR's lower environmental footprint compared to traditional mining could ease permitting challenges. Exploration outcomes also carry uncertainty; even with promising historical data, drilling results may fall short of expectations.

Investors should also monitor , as share price fluctuations often reflect market sentiment on exploration updates and policy developments.

Investment Thesis

Metals One's dual focus on Wyoming and Colorado positions it as a pure-play uranium explorer with direct ties to U.S. energy security and advanced nuclear innovation. The company's proximity to TerraPower's Natrium project and its strategic acquisitions in historic mining districts suggest a well-calculated bet on the uranium price cycle.

For investors:
- Buy: Consider a position if you believe Metals One can deliver positive drill results at Squaw Creek and Uravan by late 2025 or early 2026, especially as the Natrium reactor's progress validates the region's energy infrastructure.
- Hold: Wait for clearer visibility on permitting timelines and assay results before committing capital.
- Risks: Factor in uranium price volatility and the potential for regulatory delays.

In a world hungry for clean energy solutions, Metals One is staking its claim in districts that could redefine the U.S. nuclear renaissance. The next 12–18 months will be pivotal, with exploration outcomes and regulatory milestones determining whether this company becomes a cornerstone of the critical minerals revolution.