Binding deal with DISA puts Metals One’s Colorado uranium waste on a path to potential cashflow
Metals One has moved from talking to doing. Its 75%-owned subsidiary, Standard Minerals Inc., has signed a Binding Agreement with DISA Technologies to evaluate and, if economic, treat historically abandoned uranium mine waste dumps at the Radium Mountain and Wedding Bell claims in Colorado. In plain English: DISA will bring its mobile plants to site to process old waste piles for saleable uranium and other critical minerals, and Standard will take a slice of the revenues.
The headline positives are simple and, in my view, meaningful for a junior: no capex, no opex for Standard, an experienced operator in DISA, and a clear regulatory path thanks to DISA’s newly issued U.S. Nuclear Regulatory Commission Service Providers License.
What exactly has been signed?
The Agreement is now binding. DISA will be the operator, pay for and run the economic evaluation, permitting, treatment and ongoing remediation. Standard gets a gross product sale revenue share from any concentrates recovered, on a sliding scale with a base rate of 2.5%, rising to 4.0% in certain metals pricing environments. That share is paid from gross revenues, minus certain post-treatment allowable costs.
Thirteen waste dumps across the two Colorado Projects have already been ground surveyed. More dumps may be added over time as inventory work expands.
Revenue model: a lean slice beats a capital drain
For an AIM junior, the standout is “No capex or opex payable by Standard”. The trade-off is a relatively small revenue share. But with DISA carrying the cost and execution risk, Metals One has preserved cash while keeping exposure to upside via its 75% interest in Standard.
The sliding 2.5%-4.0% rate ties Standard’s take to price levels, which helps in stronger uranium markets. The RNS does not disclose detailed thresholds for the higher band.
Regulatory green light: DISA’s NRC licence reduces execution risk
DISA has received its final NRC Service Providers License to remediate abandoned uranium mine waste – the first company in the U.S. to secure this specific licence, according to the RNS. That matters. Projects like this live or die on regulatory permissioning. A licensed operator with a defined process shortens timelines and lowers uncertainty for permitting work at site.
Technology explainer: what is HPSA and why it matters
DISA will deploy modular mobile plants using patented High-Pressure Slurry Ablation (HPSA). In short, HPSA treats surface dumps – previously mined and aggregated material – to upgrade and liberate minerals. A U.S. Environmental Protection Agency treatability study cited in the RNS indicates the process can remove, on average, 90% of the uranium and radium-226 content from the waste. That points to dual benefits: recoverable mineral value and environmental clean-up.
This aligns with strong U.S. Government support to recover uranium and critical minerals from legacy mine waste, including the Department of the Interior’s Secretarial Order No. 3436. Policy tailwinds rarely guarantee cashflow, but they do tend to help with permitting momentum and stakeholder acceptance.
Project scope and timeline: what happens next
DISA expects to initiate a detailed site characterisation programme in 2026. That will combine assays and gamma probe work to determine quantities of uranium and other recoverable minerals in the dumps and inform the economic evaluation. The outcomes of this programme will drive the timing and scope of any treatment campaign.
Permits will be applied for and, if the economics stack up, concentrates would be produced and sold, with gross revenue flowing to Standard and, indirectly, to Metals One through its 75% ownership. Potential revenue is not disclosed and cannot be quantified until the 2026 characterisation data is in hand.
Why this matters for Metals One shareholders
This is an unusual but attractive model: near-term, low-capital exposure to uranium recovery from waste, executed by a specialist operator with a relevant licence. It offers a possible bridge from exploration to cash generative activity without equity dilution for plant builds or major site works.
The Managing Director says the Company is “on track to go from waste to potential development at two of our uranium projects within 12-24 months.” That is an ambition rather than formal guidance, but it shows intent. If DISA’s programme validates grades and recoveries at scale, Metals One could secure a modest but high-margin royalty-like income stream alongside environmental rehabilitation – not a bad combination for ESG-minded investors.
Key numbers at a glance
| Project ownership | Standard Minerals Inc. is 75% owned by Metals One |
| Assets covered | Radium Mountain and Wedding Bell uranium claims (Colorado) |
| Waste dumps surveyed | 13 (more may be added) |
| Operator | DISA Technologies |
| Revenue share to Standard | Sliding scale: base 2.5% up to 4.0% in certain pricing environments, paid from gross product sale revenue minus certain post-treatment allowable costs |
| Standard’s capex/opex | None |
| Key permit | DISA holds final NRC Service Providers License |
| Next milestone | 2026 characterisation programme (assays and gamma probe) |
| Environmental note | Process removes, on average, 90% of uranium and radium-226 from waste (EPA treatability study) |
Upside, risks and what to watch
Positives
- No capital burden for Metals One’s subsidiary; DISA funds evaluation, permitting, treatment and remediation.
- Regulatory de-risking from DISA’s NRC licence – a clear differentiator in the U.S. uranium clean-up space.
- ESG-friendly: waste remediation plus potential recovery of uranium and other critical minerals.
- Scalable inventory with 13 surveyed dumps and the possibility of more being added.
Risks and unknowns
- Economics are unproven at these specific dumps. The 2026 characterisation work will determine viability.
- The revenue share is modest at 2.5%-4.0%, and the RNS does not detail the precise pricing triggers or “allowable costs” deducted.
- Permitting at the local level still must be secured despite federal licensing on the operator’s side.
- Commodity price sensitivity: revenues depend on uranium and any co-product pricing at the time of sale.
My take
This is a smart, low-risk option for Metals One to gain exposure to uranium recovery in the U.S. while conserving cash. The DISA partnership, backed by a rare NRC licence and a proven process, reduces execution friction and aligns with U.S. policy priorities. The prize is not defined yet – we will not know until the 2026 assays and gamma probe results arrive – but the risk-reward looks sensible for a junior.
In the near term, watch for permitting progress, the design and timing of the 2026 characterisation programme, and any expansion of the dump inventory. If those boxes get ticked and early economics work, the route to first concentrate sales – and a royalty-like stream for Standard – becomes real.
Company and contacts
Metals One Plc (AIM: MET1). Enquiries for management, broker, NOMAD and IR teams are listed in the RNS. Company links provided include:
