Metals One PLC signed a binding term sheet and entered into a conditional agreement to acquire Paltamo and Rautavaara Nickel-Zinc-Copper-Cobalt Projects in Finland from Bluejay Mining plc (AIM:JAY) for £4 million on July 28, 2021. The consideration includes cash and shares totalling £4 million. The consideration is paid in £25,000 to be paid within five days of signing the term sheet, £250,000 in cash payable on completion of the Proposed Transaction and £3,725,000 payable in shares at the IPO price. Bluejay will appoint the technical director to the Board of Metals One. The Proposed Transaction is dependent on the following conditions being satisfied Metals One having conducted and being satisfied with due diligence, Metals One and Bluejay entering into the asset purchase agreement, if required, all applicable and necessary consents, authorities or approvals required from any applicable statutory or quasi-statutory body, Metals One having raised at least £3,000,000 from the issue of new shares, the preparation and publication of a competent person's report in respect of the exploration licences, the preparation and publication of an AIM admission document in respect of Metals One, the admission of the enlarged issued share capital of Metals One to AIM and the granting of a waiver under Rule 9 of the Takeover Code to make a general offer to Metals One shareholder as a result of the issue of the consideration shares.

Metals One PLC completed the acquisition of Paltamo and Rautavaara Nickel-Zinc-Copper-Cobalt Projects in Finland from Bluejay Mining plc (AIM:JAY) on July 31, 2023.