REG - Metals One PLC - Acquisition of 30% of Lions Bay Resources

Metals OneAnnouncement

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RNS Number : 6874Y  Metals One PLC  31 March 2026

 

31 March 2026

 

Metals One Plc

("Metals One" or the "Company")

 

Acquisition of 30% of Lions Bay Resources

 

Metals One converts US$1.8 million convertible loan notes into 30% of the
equity of Lions Bay Resources which has acquired the cogeneration plant in
South Africa

 

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project
developer and investor, is pleased to provide an update on its investment in
Lions Bay Resources PTY Ltd ("LBR").

 

Further to the announcements by the Company on 27 November 2025 and 23 March
2026, Metals One's US$1.8 million convertible loan notes in LBR ("CLNs") have
been fully advanced to LBR and Metals One has now exercised its right to
secure 30% ownership of LBR through conversion of the CLNs.

 

LBR is a South African private company formed last year to create a vertically
integrated South African gold business. Its ownership structure is as follows:

·    30% owned by Metals One (and secured lender)

·    35% owned by Lions Bay Capital Inc. ("LBI") (TSX-V: LBI), (Metals One:
19.1%)

·    35% owned by Salamander Mining management team ("Salamander")

 

Salamander is headed by Graham Briggs (Non-Executive Chairman), the former CEO
of Harmony Gold, South Africa's largest gold producer and Lloyd Birrell
(CEO), the founder and former CEO of Theta Gold (ASX:TGM).

 

LBR has settled the outstanding US$1.36 million balance to acquire the
cogeneration plant located in the Karbochem Industrial
Park, Newcastle, South Africa (the "Plant"). The Plant was inspected and
verified by TerraVista Solutions P. Ltd in October 2025 and ascribed a
replacement value of US$39.6 million.

 

The Plant has three potential revenue streams being the production of
electricity and steam, and gold roasting. Subject to receipt of a competent
person's report, it is expected that the Plant will require approximately
US$4.5 million of investment to restart production of steam and power.

 

Metals One has entered into a shareholders' agreement with the shareholders of
LBR. The shareholders' agreement will regulate the relationship between the
shareholders of LBR and contains customary provisions including the ability to
appoint a director to the board of LBR, pre-emption rights and matters which
require the unanimous consent of the shareholders of LBR.

 

LBR was established in May 2025 and has not yet reported any financial
information to date.

 

Daniel Maling, Managing Director of Metals One, commented:

 

"We are pleased to secure our 30% ownership of LBR on favourable terms upon
the initiation of its strategy to create a vertically integrated South Africa
gold business. For an investment of US$1.8 million, Metals One will own a 30%
interest in a Plant which would otherwise cost US$39.6 million to build - with
a cost of just US$4.5 million to put it back into operation as a low-cost
provider. The next step is to cement LBR's plan to acquire the Vantage
Goldfields assets in the Barberton region with a historical resource inventory
of 4.5 million ounces of gold*, a central metallurgical complex and extensive
underground development.

 

LBR's advancements with the Plant, in combination with the progress on the
acquisition of the Vantage assets makes this an exciting time for Metals One
as 30% owner of and senior secured lender to LBR.

 

We look forward to progressing the strategy alongside LBR and eagerly await
the outcome of the BRP creditors meeting next week. A positive outcome at the
meeting will unlock the next round of discussions for the balance of cash
required to complete the Vantage assets acquisition and mine startup capital."

 

 

*Historical resource based on a Competent Persons' Report ("Report") dated
January 1, 2015, prepared by Minxcon Consulting (Pty) Limited and authored by
D van Heerden. B.Eng. (Min. Eng.), M.Comm. (Bus. Admin.), ECSA, FSAIMM, AMMSA.
The Report was prepared in compliance with the South African Code for the
Reporting of Exploration Results, Mineral Resources and Mineral Reserves (July
2009 Amended Edition) ("the SAMREC Code") and the South African Code for the
Reporting of Mineral Asset Valuation (July 2009 Amended Edition) ("the SAMVAL
Code") and Section 12 of the Johannesburg Stock Exchange listing requirements.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. A qualified person has not done sufficient work to
classify the historical estimate as current mineral resources and the Company
is not treating the historical estimate as a current mineral resource.

 

Enquiries:

 

 Metals One Plc                                info@metals-one.com (mailto:info@metals-one.com)

 Daniel Maling, Managing Director              +44 (0)20 7981 2576

 Craig Moulton, Chairman

 Beaumont Cornish Limited (Nominated Adviser)  +44 (0)20 7628 3396

 James Biddle / Roland Cornish
 Oak Securities (Joint Broker)                 +44 (0)20 3973 3678

 Jerry Keen / Calvin Man
 Capital Plus Partners Limited (Joint Broker)  +44 (0)207 432 0501

 Jonathan Critchley
 Vigo Consulting (UK Investor Relations)       IR.MetalsOne@vigoconsulting.com +44 (0)20 7390 0230

 Ben Simons / Fiona Hetherington

 

About Metals One

 

Metals One is pursuing a strategic portfolio of critical and precious metals
projects and investments underpinned by the Western World's urgent need for
reliably and responsibly sourced raw materials - and record high gold prices.
Metals One's shares are listed on the London Stock Exchange's AIM Market
(MET1) and on the OTCQB Venture Market in the United States (MTOPF).

 

 

Map of Metals One projects/investments

 

 

 

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Market Abuse Regulation (MAR) Disclosure

 

The information set out herein is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

 

Nominated Adviser

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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