Metals One reported a first-half 2026 loss before tax of £742,129, narrowing from a £1.46 million loss during the same period a year earlier as the critical and precious metals company continued building its gold, uranium and AI metals portfolio.
Metals One remains a project developer and investor and did not generate operating revenue during the period.
The company ended June with net assets of £20.46 million, compared with £19.27 million at the end of 2025. Current assets totaled £13.38 million.
As of September 29, Metals One held approximately £8 million in cash, cash equivalents and liquid investments.
During the first half, the company raised £1.5 million through an institutional equity subscription and generated approximately £2.9 million of gross proceeds from disposals of listed investments.
Metals One sold its positions in CleanTech Lithium and Fulcrum Metals at gains of approximately 109% and 140%, respectively.
The company’s primary near-term focus is its South African gold strategy through Lions Bay Resources. Metals One converted $1.8 million of loan notes into a 30% stake in Lions Bay in March and holds an option to increase the interest to 49.9%.
Lions Bay exercised an option to acquire a cogeneration plant that could be reconfigured to include a gold concentrate roasting complex. The plant has an independently assessed replacement value of $39.6 million.
The company is also supporting Lions Bay’s proposed acquisition of the Barbrook gold complex in South Africa. Creditors approved a revised ZAR279 million Business Rescue Plan covering the assets, which include a 2.1 million-ounce historical gold resource.
Metals One has advanced approximately $10 million through secured loan arrangements with Lions Bay Capital to support the South African strategy.
Following the period, a Phase 1 mine plan was finalized targeting initial gold concentrate production within six months using existing infrastructure. An offtake agreement was also signed covering all gold concentrate production for an initial three years.
In uranium, Metals One expanded its partnership with DISA Technologies to include the Uravan Uranium-Vanadium Project in Colorado.
The company also owns approximately 29.5% of NovaCore Exploration, which continued preparations for a planned listing and maiden drilling program at the Red Basin-Ane Uranium Project in New Mexico.
Historical assessments and recent radiometric surveys at the project have indicated potential for 45 million pounds of uranium oxide.
Metals One also owns 19.3% of Evolution Energy Minerals and participated with A$1 million in Evolution’s A$4 million entitlement offer.
Evolution continued advancing the Chilalo Graphite Project toward planned first production in 2027 and launched a 17-hole reverse-circulation drilling program at its Chikundo Copper Project.
Following the first half, Metals One raised an additional £4 million through a promissory note from a fund managed by Yorkville Advisors Global.
KEY QUOTES:
“The Group enters the second half of 2026 focused on progressing its principal gold, uranium and AI metals interests.
“Developing LBR as the Company’s South Africa gold mining vehicle is Metals One’s primary near-term focus. Priorities include simplifying the corporate ownership structure, ongoing implementation of the Barbrook Business Rescue Plan, completion of an updated Barbrook Competent Person’s Report, and continued preparation for the planned restart of the Barbrook operation.
“The Company will continue to manage its wider portfolio selectively, with capital allocated towards opportunities with clear development or value-realisation pathways.”
Craig Moulton, Chairman of Metals One
