Metals One Deepens Exposure as Lions Bay’s US$40m Bid for Vantage Goldfields Advances

Metals One PLC ( (GB:MET1) ) has issued an announcement.

Metals One reported that South Africa’s Business Rescue Practitioner has called a 9 April creditor meeting to vote on Lions Bay Resources’ US$40m rescue plan to acquire the Vantage Goldfields assets, a historic 4.5-million-ounce gold portfolio in the Barberton region. Several major creditors have signalled support, and Metals One expects its convertible notes to give it a 30% stake in LBR, deepening its indirect exposure to the project.

LBR has already deposited US$6m towards the deal, committed a further US$4m pre-meeting, and plans to escrow the remaining US$30m in London once regulatory approvals are in place, while Lions Bay Capital assesses debt, equity and potential listings to fund the transaction. The strategy also includes finalising acquisition of a cogeneration plant that could supply low-cost power and host a gold concentrate roasting complex, potentially enhancing economics and integrating future operations for Metals One’s South African gold interests.

More about Metals One PLC

Metals One Plc is a critical and precious metals exploration and development company listed on AIM and the OTCQB, with investment exposure to gold-focused ventures. Through stakes in Lions Bay Capital Inc. and Lions Bay Resources Pty Ltd, the company targets underutilised mining assets, particularly in South Africa’s gold sector, to build leveraged positions in potential production and infrastructure.

Average Trading Volume: 6,339,201

Technical Sentiment Signal: Sell

Current Market Cap: £18.21M

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