Metals One PLC (AIM:MET1, FRA:HT7, OTCQB:MTOPF), the critical and precious metals developer, said record gold prices and a tightening uranium market underpinned a strong outlook, after a year of financing left it with the capital to reshape its portfolio.
The company raised more than £15 million during 2025, using the balance sheet to pivot towards a South African gold and power business and a spread of US uranium claims.
The centrepiece is a vertically integrated gold strategy built with Lions Bay Capital, which combines a cogeneration plant in Newcastle with the restart of the Barbrook gold assets acquired out of business rescue.
Post-period heads of terms would see Lions Bay acquire the underlying private vehicle in full, lifting the group's stake to an expected 54.3% and implying an equity value on the holding of about £14.83 million.
The company said that valuation represented an unrealised gain of 237% on its combined investment.
In the US, Metals One built a uranium footprint across Colorado and Wyoming and took a stake in NovaCore Exploration, which is advancing the Red Basin project in New Mexico towards drilling.
It also secured the Swales gold property in Nevada's Carlin Trend and exposure to graphite and copper in Tanzania through a stake in Evolution Energy Minerals.
The pivot came at a cost to its original nickel projects, with a £5.98 million write-down on its Finnish Black Schist asset and a further £511,425 impairment against the Råna project in Norway.
Metals One remains pre-revenue, reporting net assets of £19.27 million and cash of £8.3 million at the year end.
Chairman Craig Moulton said the board was working to derisk and advance projects to unlock value for shareholders.
