Metals One Highlights Revised Lions Bay Bid for South African Gold Assets

Metals One PLC ( (GB:MET1) ) just unveiled an announcement.

Metals One, which holds 30% of Lions Bay Resources with an option to increase to 49.9%, reported that Lions Bay has submitted revised offers for key Vantage Goldfields assets in South Africa, including Barbrook Mines and the Lily Mine owner MIMCO. The updated proposal values Barbrook, which has a historical 2.1 million ounce gold resource, at ZAR 279 million, while MIMCO, with 2.3 million ounces of historical gold resources, would be acquired for a nominal ZAR 1.

As part of the reshaped deal, Lions Bay has agreed to settle full salary claims for former employees of both Barbrook and MIMCO and has already placed US$10 million in escrow to fund staff and partial creditor payments, with the balance due after mining rights transfer. The transaction, endorsed by the business rescue practitioner and the major creditor, still depends on creditor approval and securing at least US$7 million of funding, leaving completion uncertain but underscoring Metals One’s push to secure South African gold assets within its integrated strategy.

More about Metals One PLC

Metals One Plc is a London AIM and U.S. OTCQB-listed developer and investor focused on critical and precious metals projects. The company is building a strategic portfolio that ranges from early-stage exploration to a vertically integrated gold strategy in South Africa, aiming to cover power, mining and processing within its value chain.

Average Trading Volume: 6,077,711

Technical Sentiment Signal: Sell

Current Market Cap: £20.45M

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