AIM: MET1 — Can Metals One’s uranium waste deal with DISA Technologies revive the stock in 2026?

Metals One Plc (AIM: MET1) saw its share price rise by 3.75% to close at 4.15 GBX on October 23, 2025, after confirming that a binding agreement had been finalised with DISA Technologies Inc. to treat uranium waste dumps at the company’s Colorado Projects. This news comes at a critical time for the United Kingdom-listed critical minerals explorer, whose share price has declined by over 90% since peaking in June 2025.

The agreement, signed through Metals One Plc’s 75%-owned subsidiary Standard Minerals Inc., grants DISA Technologies Inc. full operational control over the remediation, permitting, treatment, and recovery of saleable uranium and other critical mineral concentrates. Notably, Metals One Plc will not be required to contribute capital expenditure or operating expenses, yet will retain a gross revenue share in any proceeds derived from the operation. The arrangement could provide a critical near-term value unlock for investors, especially as market sentiment shifts toward uranium supply security and ESG-aligned recovery methods.

What is the scope of the uranium waste deal between Metals One Plc and DISA Technologies Inc. and why does it matter now?

Under the terms of the agreement, Standard Minerals Inc. will receive a gross revenue share from the sale of uranium and other critical mineral concentrates that are successfully recovered from 13 identified waste dump sites at the Radium Mountain and Wedding Bell uranium claims. These sites are located within the Colorado Plateau, one of the United States’ most historically productive uranium belts.

The deal follows the initial term sheet announced in early September 2025. However, the binding nature of the current agreement gives Metals One Plc contractual rights over revenues generated by a third-party-operated recovery program. DISA Technologies Inc. will deploy its proprietary High-Pressure Slurry Ablation (HPSA) system through modular mobile plants to extract uranium and other minerals from the surface-level dumps.

DISA Technologies Inc. is now fully licensed by the U.S. Nuclear Regulatory Commission, having received its Service Providers License (SPL)—making it the first company in the country to obtain this authorization for uranium mine waste remediation. For Metals One Plc, this not only validates its choice of partner but significantly de-risks the operational execution of the Colorado Projects.

The company stated that its subsidiary Standard Minerals Inc. will receive between 2.5% and 4.0% of gross product sale revenue, depending on market pricing conditions for the extracted minerals. Post-treatment deductions such as transport and refinement will apply, but the absence of direct funding responsibilities creates a clean royalty-style upside model for shareholders.

How has the AIM: MET1 share price performed year-to-date, and what does the trading chart reveal about sentiment?

The stock chart for Metals One Plc reflects the high-risk, high-reward nature of junior resource investing. The share price surged rapidly in the first half of 2025, peaking above 50 GBX in June 2025 before undergoing a dramatic correction. By October 2025, the share had collapsed over 90%, settling into a low-volume range between 3.5 GBX and 4.3 GBX.

This pattern represents a classic parabolic rise and retracement, characteristic of speculative microcap runs. Recent trading volumes and price stability indicate the formation of a possible accumulation base, with buyers returning at the 4.00 GBX level. On October 23, 2025, the shares opened at 4.26 GBX and briefly touched an intraday high of 4.30 GBX before closing at 4.15 GBX, suggesting early optimism following the announcement but lingering resistance around the 4.25 GBX range.

The bid-offer spread of 4.04/4.15 GBX remains narrow, indicating relatively active market-making. The bounce may reflect improved investor confidence in the company’s capacity to generate revenue from non-traditional asset monetisation models such as waste remediation royalties.

How does this project align with U.S. strategic mineral recovery policies and federal support initiatives?

The Colorado uranium waste remediation initiative comes at a time of escalating geopolitical concerns around critical mineral security. The U.S. Department of the Interior, through its Secretarial Order No. 3436, has explicitly encouraged the recovery of strategic minerals from legacy mine waste, promoting both domestic sourcing and environmental rehabilitation.

DISA Technologies Inc.’s HPSA system is uniquely positioned to capitalise on this federal directive. According to data from a treatability study conducted in collaboration with the U.S. Environmental Protection Agency, the system can remove up to 90% of uranium and radium-226 content from treated waste materials. These environmental benefits serve as a critical tailwind for projects that would otherwise struggle to gain local permitting and social license to operate.

For Metals One Plc, this project structure ensures the company participates in the upside of federal-backed remediation incentives without incurring the substantial risks associated with acting as an operator. DISA Technologies Inc. assumes responsibility for everything from site evaluation to regulatory compliance, allowing Metals One Plc to focus on portfolio development and investor communications.

What are the upcoming milestones that investors should monitor in the Colorado uranium waste program?

Metals One Plc has outlined several operational steps that are scheduled for 2026, beginning with a detailed characterisation program across the 13 identified waste dumps. This will involve a combination of gamma probe and assay-based sampling techniques to determine the volume, grade, and mineral composition of the legacy uranium waste piles.

Once the economic evaluation is complete, DISA Technologies Inc. will proceed with local permitting efforts to initiate treatment using its mobile ablation units. The agreement contemplates the potential for additional dumps to be added to the project inventory over time, further enhancing the prospective scale of recovered revenue.

Although Metals One Plc has not yet provided revenue forecasts, the potential for a recurring cash flow stream—particularly under high uranium price environments—has started to attract attention from retail and speculative investors. Market participants will likely be looking for more clarity on resource estimates, permitting progress, and early-stage recovery volumes by the second half of 2026.

What are the strategic and financial implications for Metals One Plc as it pivots toward revenue-linked uranium exposure?

The timing of this project places Metals One Plc in a niche yet rapidly growing segment of the uranium and critical minerals market: passive monetisation of legacy waste. Unlike traditional explorers who must drill, develop, and de-risk hard-rock deposits, the Colorado project offers a near-surface, low-intervention pathway to revenue.

From a financial strategy perspective, this move could offset the dilution risks associated with equity raises that are common among AIM-listed explorers. Given that Metals One Plc does not need to fund project execution, the royalty-like structure allows for potential free cash flow generation that can be reinvested into exploration or used to improve the company’s balance sheet.

At a time when the global market is repricing risk around resource nationalism and critical mineral supply chains, the deal offers Metals One Plc strategic leverage without financial overreach. The company’s exposure to uranium, a commodity increasingly viewed through both energy security and ESG lenses, could become a meaningful differentiator compared to peers focused solely on base metals or lithium.

What should investors watch in 2026 as Metals One Plc transitions from speculation to uranium-linked revenue?

For investors considering a position in AIM: MET1, the key variables to monitor include the results of the 2026 waste characterisation study, DISA Technologies Inc.’s permitting trajectory, and uranium spot prices over the next 12 months. A supportive uranium macro environment, particularly in the United States where policy and defence stockpile interest is intensifying, could amplify the value of the gross revenue arrangement.

Additionally, clarity on the post-treatment deductions and the scaling mechanics that move revenue shares from 2.5% to 4% will be important. Institutional capital may still require more de-risking before stepping in, but for retail and early-stage investors, the project offers a rare combination of ESG alignment, passive revenue rights, and first-mover regulatory advantage through DISA Technologies Inc.’s license status.

What are the most important takeaways from Metals One Plc’s uranium waste remediation agreement?

• Metals One Plc (AIM: MET1) closed at 4.15 GBX on October 23, 2025, rising 3.75% after confirming a binding agreement with DISA Technologies Inc. to remediate uranium waste dumps in Colorado.

• The agreement grants Metals One Plc a gross revenue share of 2.5% to 4.0%, with no capital expenditure or operating costs, positioning it as a passive participant in uranium recovery.

• DISA Technologies Inc. has received the first NRC Service Providers License in the U.S. to operate its High-Pressure Slurry Ablation (HPSA) technology on abandoned uranium mine waste.

• Thirteen uranium waste dumps have been surveyed across the Colorado Projects, and further sites may be added as DISA begins its characterisation and permitting work in 2026.

• The HPSA process removes an average of 90% of uranium and radium-226, supporting ESG narratives while aligning with U.S. Department of the Interior’s Order No. 3436.

• The share price has fallen over 90% from its June 2025 peak, but the new agreement signals a potential inflection point as the company transitions from exploration to revenue exposure.

• Investors will be watching for 2026 catalysts, including assay results, permitting milestones, uranium pricing dynamics, and monetisation clarity tied to the DISA partnership.