Lions Bay Resources Agrees to Be Acquired by Metals One to Form South Africa-Focused Gold and Power Business Led by Former CEO of the Nation's Largest Gold Producer
Key Highlights
- ➤Metals One (MET1) to acquire remaining Lions Bay Resources interests, making LBR wholly owned
- ➤Barbrook restart targets initial gold concentrate production within six months
- ➤Barbrook historical gold resource totals 2.1 million ounces
- ➤LBR’s cogeneration plant has 6 MW capacity and US$39.6 million replacement value
- ➤Graham Briggs, former Harmony Gold (HMY) CEO, proposed as Metals One chair
Expert Statements
Lloyd Birrell, CEO of Lions Bay Resources
“Bringing LBR wholly into Metals One gives our South African gold and power business a listed home to support the restart of Barbrook. With Graham Briggs proposed as Chair and our operating team in place, we are focused on completing the business rescue process and bringing Barbrook back into production. We thank Metals One, LBI and Salamander for their support in building LBR to this point.”
Daniel Maling, Managing Director of Metals One
“This acquisition positions Metals One at the forefront of the South African gold mining opportunity, with a first-class operating team and the former CEO of South Africa's largest gold producer as our Chair. This would be a truly transformational transaction for Metals One following its financing and business development initiatives over the last 18 months. We look forward to updating our shareholders as we progress what we believe to be an exceptional opportunity to create value for all stakeholders from assets which have enormous potential but have been out of action for a number of years.”
Pretoria, South Africa--(Newsfile Corp. - October 22, 2026) - Lions Bay Resources Proprietary Limited ("LBR" or the "Company") has entered into a binding term sheet (the "Term Sheet") with its shareholders pursuant to which Metals One Plc (AIM: MET1) (OTCQB: MTOPF) would acquire the interests in LBR that it does not already own. On completion, LBR would become a wholly owned subsidiary of London Stock Exchange AIM-listed Metals One.
Metals One's announcement 'Proposed Acquisition of Lions Bay Resources' can be viewed in full here: https://www.londonstockexchange.com/news-article/MET1/proposed-acquisition-of-lions-bay-resources/17847350.
Get started
Create a free account to read the full story.