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The latest update is out from Metals One PLC ( (GB:MET1) ).
Metals One is advancing its South African gold strategy by converting US$1.8 million of convertible loan notes into a 30% stake in Lions Bay Resources, which is buying a cogeneration plant in Newcastle that could be reconfigured to host a gold concentrate roasting complex. The plant, with an independently assessed replacement value of US$39.6 million and potential revenue from power, steam and gold roasting, is expected to require about US$4.5 million to restart output.
Lions Bay Resources has agreed a plan in principle with the Business Rescue Practitioner to acquire the Vantage Goldfields assets in the Barberton region, which include mining leases with a historical 4.5 million ounce gold resource, a central metallurgical complex and extensive underground development. To support this and strengthen its secured position, Metals One is increasing its loan facility to Lions Bay Capital from C$4.0 million to C$10.0 million, funding Vantage’s acquisition and startup plans while anchoring Metals One’s role in a potentially integrated mine-to-roaster gold operation with its own power supply and exposure to grid revenues.
More about Metals One PLC
Metals One PLC is a London-listed developer and investor in critical and precious metals projects, with a growing focus on building a vertically integrated gold business in South Africa. Through its stakes in Lions Bay Resources and Lions Bay Capital, the company targets gold production, processing and related power infrastructure, positioning itself within the broader African gold and energy value chain.
Average Trading Volume: 6,391,995
Technical Sentiment Signal: Sell
Current Market Cap: £17.69M
For a thorough assessment of MET1 stock, go to TipRanks’ Stock Analysis page.