Metals One Reports Positive PEA for Finland Black Schist Project
Metals One has released the results of a Preliminary Economic Assessment (PEA) for its Finland Black Schist Ni-Cu-Co-Zn Project, conducted by Wardell Armstrong International. The study focuses on the Rautavaara (R1) and Paltamo (P5) deposits, providing an initial assessment of their economic potential and viability.
The PEA identifies Rautavaara as the primary economic driver of the project, with financial models incorporating different discount rates, including NPV(5), NPV(8), and NPV(10). Due to Finland’s favorable jurisdiction, WAI recommends NPV(5), which estimates a valuation of $41.04 million, rising to $188.09 million under an upside case scenario that assumes a 20% commodity price increase. The Paltamo deposit, by contrast, shows weaker returns under current market conditions. The company plans to apply for Strategic Project Status under the European Critical Raw Materials Act in early 2025, a designation that would provide financing access and streamlined permitting.
Metals One CEO Jonathan Owen noted that while the assessment was conducted during a period of weak nickel prices and high input costs, the project remains well-positioned to benefit from rising demand for battery-grade nickel. Chairman Alastair Clayton highlighted the strategic importance of the project in the context of Europe's efforts to secure locally sourced, ethically mined nickel as global supply chains rebalance.
The Finland Black Schist Project is located in the Paleoproterozoic Kainuu Schist Belt in eastern Finland, adjacent to Terrafame’s nickel mine, the largest in Europe. The project holds an inferred resource of 57.1Mt with significant nickel, copper, cobalt, and zinc mineralization. Metals One believes further exploration could enhance resource estimates, strengthening the project’s economic case.
With plans to secure Strategic Project Status from the European Commission, Metals One is positioning the Black Schist Project as a key contributor to Europe’s critical mineral supply chain. If granted, this status would offer regulatory and financial advantages, aiding project development and long-term viability.
