Metals one
MET1 · AIM · Basic Resources · mcap £14m · 1.4p 3 open situations →
- EV
- £11.4m
- EV / EBIT
- –
- Net cash
- £537k
- FCF yield
- –
- Revenue
- –
- Share price 1y
- −67%
- Insiders 12m
- no deals
- Next report
- around 29 Jun
Open · 3
Acquisition of Lions Bay Resources
Includes Barbrook Gold Mine restart – Awaiting court judgment; CPR in progress
On 22 Oct 2026 Metals One signed a binding term sheet to buy the 50.01% of Lions Bay Resources (LBR) it does not own, replacing the 30 June 2026 structure in which LBI was to acquire 100% of LBR. It would pay 500m shares at 1.3p (£6.5m) plus 125m warrants, converting US$5m of its loan to LBR first. Completion needs a shareholder vote, Takeover Panel waiver, the Barbrook rescue and Section 11 consent.
- Consideration
- £6.5m for 50.01% of LBR: 500,000,000 new shares at deemed 1.3p plus 125,000,000 warrants at 3.0p for three years 22 Oct 2026 ↗
- Option exercise
- Stake rises from 30% to 49.99% by converting US$5m of the LBI loan facility into LBR shares 22 Oct 2026 ↗
- Further funding
- Up to a further US$15m to LBR to support the Barbrook acquisition, subject to agreement and regulatory approval 22 Oct 2026 ↗
- Lock-in
- Six months from completion, then a further six-month orderly-market period 22 Oct 2026 ↗
- Conditions
- Shareholder approvals, CPR, audited accounts, Barbrook business rescue and Section 11 consent, Takeover Panel Rule 9 waiver 22 Oct 2026 ↗
- Timetable
- Definitive documentation within 90 days of signing the term sheet, with exclusivity for the same period 22 Oct 2026 ↗
Next: Definitive documentation, CPR and circular for shareholder vote · 20 Jan 2027
- 22 Oct 2026 Binding term sheet signed; conditions outstanding
Barbrook Gold Mine restart
Part of Acquisition of Lions Bay Resources – Binding term sheet signed; conditions outstanding
LBR is acquiring the Barbrook Gold Mine in South Africa under a business rescue plan. Metals One's plan is initial gold concentrate production within six months using the existing plant. As of 22 Oct 2026 the company awaits the final judgment in court proceedings announced 12 Oct 2026, and the phase 1 CPR is still to be completed.
- Restart target
- Initial gold concentrate production within six months, using existing plant and infrastructure 22 Oct 2026 ↗
- Historical resource
- 2.1 million ounces, from a 2015 report; not treated as a current mineral resource 22 Oct 2026 ↗
- Next milestone
- Final court judgment, plus phase 1 Competent Person's Report 22 Oct 2026 ↗
- Approvals needed
- Completion of business rescue and Section 11 consent under the MPRDA 22 Oct 2026 ↗
Next: Final judgment in court proceedings announced 12 October 2026
- 22 Oct 2026 Awaiting court judgment; CPR in progress
Placing of 36% of the market value
Metals one is raising £5m by placing, 35.5% of its market value; the shares moved −6% on the day.
- 2 Oct 2026 announced · -6% on the day
Closed · 2
Company filings. Not investment advice.