Metals One (MET1 ) has signed a binding term sheet to lend an additional C$4.0 million to Lions Bay Capital by way of a promissory note bearing interest at 20% per annum.
The company said the loan is intended to support Lions Bay Capital’s investment activity and working capital needs, with the funds aimed at progressing a pipeline of near term opportunities.
Metals One already has exposure to Lions Bay Capital. It invested C$750,000 in equity on 29 August 2025 for a 19.1% shareholding. In addition, on 27 November 2025, Metals One announced an investment of up to US$1.8 million through a convertible loan note in Lions Bay Capital’s South African joint venture, Lions Bay Resources.
Lions Bay Capital is a Toronto listed mining finance and investment company with a strategic emphasis on gold. It is led by Executive Chairman John Byrne, who previously led Western Canadian Coal from an initial market capitalisation of C$50 million to a sale for over C$3 billion in 2010.
Metals One highlighted near term opportunities being pursued through Lions Bay Capital’s platform. These include an option over a cogeneration plant in South Africa, via Lions Bay Resources, to produce power and steam while roasting refractory gold concentrates. Meanwhile, Lions Bay Capital is also supporting accelerated development of a large scale brownfield gold copper project in Peru through its investee company Fidelity Minerals, where Metals One also holds a 12.47% shareholding.
Under the term sheet, the C$4.0 million loan will accrue interest at 20% per annum, payable in arrears, with full repayment of principal and interest due after 12 months. Lions Bay Capital may prepay the loan in part or in full at any time without penalty. Going forward, the parties expect to enter into a customary loan agreement, and the loan will be secured by first ranking security in favour of Metals One.
Metals One Managing Director Daniel Maling said: "Lions Bay Capital has access under its umbrella to two of the most compelling precious and critical minerals opportunities we have seen for a long time. Through advancing the Loan, Metals One, can enable Lions Bay Capital to unlock these opportunities without delay and create significant value for its shareholders including Metals One.
At the same time, Metals One remains well financed with over £10 million in cash and liquid investments. Our network and access to capital enables us to facilitate opportunities such as this. We look forward to providing further updates on the growth opportunities with Lions Bay Capital in the coming months."
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A 20% coupon and first ranking security make this a potentially attractive, cash generative deployment for Metals One, while also deepening its financial link to Lions Bay Capital’s gold and gold copper deal flow.