Metals One (MET1) H1 2026 earnings summary

Executive summary

• Advanced South African gold and power strategy via Lions Bay Resources, converting $1.8M loan notes into a 30% stake, with an option to increase to 49.9%.

• Secured creditor approval for Barbrook gold complex acquisition (2.1Moz historical resource) for ZAR279M; implementation of business rescue plan ongoing.

• Expanded uranium partnership with DISA Technologies and supported NovaCore's Red Basin-Ane Uranium Project in New Mexico.

• Invested in Evolution Energy Minerals (19.3% stake), supporting graphite and copper projects in Tanzania.

• Raised £1.5M via institutional subscription and realized £2.9M from profitable disposals of CleanTech Lithium and Fulcrum Metals.

Financial highlights

• Loss before tax for H1 2026 was £0.74M, improved from £1.46M in H1 2025.

• Net assets at 30 June 2026 were £20.46M, up from £19.27M at 31 December 2025.

• Cash and cash equivalents at period end were £0.54M, with £8.0M in cash and liquid investments as of 29 September 2026.

• Earnings per share (basic and diluted) was a loss of 0.063p (H1 2025: loss of 2.04p).

• Administrative expenses for the period were £1.14M.

Outlook and guidance

• Focus remains on progressing gold, uranium, and Al metals interests, with priority on restarting Barbrook gold operations.

• Capital will be allocated to opportunities with clear development or value-realization pathways.