Acquisition of 30% of Lions Bay Resources

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 Daniel Maling, Managing Director Craig Moulton, Chairman	[e-mail] [phone]
Beaumont Cornish Limited (Nominated Adviser) James Biddle / Roland Cornish	[phone]
Oak Securities (Joint Broker) Jerry Keen / Calvin Man	[phone]
Capital Plus Partners Limited (Joint Broker) Jonathan Critchley	[phone]
Vigo Consulting (UK Investor Relations) Ben Simons / Fiona Hetherington	[e-mail] [phone]

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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