Metals One (LSE:MET1), which owns a 30% stake in Lions Bay Resources with the option to increase its holding to 49.9%, said Lions Bay has submitted revised bids for selected Vantage Goldfields assets in South Africa. The proposal includes Barbrook Mines—home to a historical resource of 2.1 million ounces of gold—valued at ZAR 279 million, as well as MIMCO, the owner of the Lily Mine, which holds an estimated 2.3 million ounces of historical gold resources and is set to be acquired for a nominal ZAR 1.
Under the revised terms, Lions Bay has committed to settling outstanding salary claims owed to former employees of both Barbrook and MIMCO. To support this, US$10 million has already been placed in escrow to cover staff payments and a portion of creditor obligations, with the remaining funds to be paid following the transfer of mining rights. While the deal has backing from the appointed business rescue practitioner and the principal creditor, it remains conditional on broader creditor approval and the securing of at least US$7 million in additional funding, leaving the final outcome uncertain. Nevertheless, the move reflects Metals One’s strategy to expand its exposure to South African gold assets.
More about Metals One PLC
Metals One Plc is listed on London’s AIM market and the U.S. OTCQB exchange, focusing on the development and investment in both critical and precious metals projects. The company is building a diversified portfolio spanning early-stage exploration through to a vertically integrated gold strategy in South Africa, with ambitions to incorporate power generation, mining, and processing capabilities within its overall value chain.
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