Metals One (MET1 ) booked a loss before tax of just over £740,000 in the six months to June 2026.

It was a busy period for the company, as it manoeuvred to secure a commanding position in the South African gold sector. 

That involved, among other things, the conversion of US$1.8 million of loan notes into a 30% interest in Lions Bay Resources in March, with an option to increase to 49.9%.

In the same month, Lions Bay Resources exercised its option to acquire a cogeneration plant which may be reconfigured to include a gold concentrate roasting complex. 

The plant has an independently assessed replacement value of US39.6 million.

Then in April, Lions Bay Resources secured creditor approval for its acquisition of the Barbrook gold complex in South Africa, which hosts a 2.1 million ounce historical gold resource.

Separately, Metals One also invested £350,000 in Talon Resources in June, securing a 5.57% interest following Talon’s admission to AIM.

There was also progress on the US uranium portfolio, on 19.3%-owned Evolution Energy’s Chilao graphite project in Tanzania, and two disposals – the stakes in Fulcrum Metals and CleanTech Lithium.

These disposals brought more than £1 million into Metals One’s coffers, and the company raised an additional £1.5 million in April.

Cash at the period end was just under £540,000, while other financial assets amounted to nearly £3.5 million.

“The group enters the second half of 2026 focused on progressing its principal gold, uranium and AI metals interests,” said Craig Moulton, chairman of Metals One.

“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.”

 

View from Vox

 

Metals One has made significant strides during 2026, positioning itself as a potentially significant player in the South African gold sector, with deals that will bring sizeable resources into the company, as well as the capacity to process them. With exposure to uranium and copper as well, the company looks attractively diversified across a sector that’s strengthened and weakened over the year. More to come as 2026 moves to a close, and 2027 looms.