Metals One (MET1) H2 2025 earnings summary

Executive summary

• Completed transformational financings in FY 2025, raising over £15 million and materially strengthening the balance sheet.

• Shifted strategic focus to gold development in South Africa and uranium exploration in North America, with diversified global project interests.

• Expanded leadership team and board to support the broadened investment strategy.

Financial highlights

• Net assets increased to £19.27 million as of 31 December 2025 (FY24: £8.66 million).

• Cash and cash equivalents rose to £8.3 million (FY24: £33,640).

• Loss after tax widened to £11.06 million (FY24: £1.62 million), mainly due to impairments on nickel assets and business development costs.

• Fair value gain of £2.52 million on listed investments partially offset losses.

Outlook and guidance

• Strong outlook for critical and precious metals, with ongoing efforts to derisk and advance projects.

• Focus remains on unlocking value from gold and uranium assets, with graphite/copper and nickel as longer-term optionality.