Metals One PLCLSE: MET1

Metals One: Update re Barbrook Business Rescue Plan

Oct 12, 2026 at 11:00 AM EDT · Issued by Metals One PLC via RNS

Summary by 6ix AI

Metals One, a gold and uranium project developer and investor, said the High Court of South Africa, Gauteng Division, Johannesburg heard an application on October 12, 2026 to set aside the approved business rescue plan (a restructuring plan for a company in financial difficulty) of Lions Bay Resources. The judge reserved judgment.

Key details

Metals One holds 30% of Lions Bay Resources, with an option to acquire a further 19.99%.
The Lions Bay business rescue plan was approved, as Metals One announced on April 16, 2026.
This follows an earlier Metals One update on September 7, 2026.

What’s still pending

The court's judgment on whether to set aside the plan is still pending; Metals One will make a further announcement when it receives the judgment.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/update-re-barbrook-business-rescue-plan

12 October 2026

Metals One Plc

("Metals One" or the "Company")

Update re Barbrook Business Rescue Plan

Further to the Company's announcement on 7 September 2026, Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project developer and investor with a focus on gold and uranium, provides the following update on the Lions Bay Resources ("Lions Bay") (Metals One: 30% with an option to acquire a further 19.99%) approved business rescue plan as announced by the Company on 16 April 2026 (the "Plan").

The application to have the Lions Bay Plan set aside was held in the High Court of South Africa, Gauteng Division, Johannesburg on 12 October 2026. The judge has considered all arguments and reserved judgment. A further announcement will be made in due course upon the receipt of the judgment.

Daniel Maling, Managing Director of Metals One, commented:

"We welcome the Court's careful consideration of the arguments on the Lions Bay Plan. Lions Bay remains confident in its legal position having now substantially implemented the Plan for the benefit of the community and past and future mine workers with a view to re-establishing full mining operations later this year. We will update the market as soon as judgment is handed down."

Enquiries:

Metals One Plc

Daniel Maling, Managing Director

Craig Moulton, Chairman

info@metals-one.com

+44 (0)20 7981 2576

Spark Advisory Partners (Nominated Adviser)

James Keeshan / Andrew Emmott

+44 (0)20 3368 3550

Bowsprit Partners Limited (Strategic Adviser)

Luis Brime / John Treacy / James Sheehan

+44 (0)20 3883 4430

CREST Corporate Broking (Broker)

Jerry Keen

+44 (0)20 3973 3678

Vigo Consulting (Investor Relations)

Ben Simons / Fiona Hetherington / George Pope

IR.MetalsOne@vigoconsulting.com +44 (0)20 7390 0230

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, as amended, which, by virtue of the European Union (Withdrawal) Act 2018, forms part of UK law. On the publication of this announcement via an RIS this inside information is now considered to be in the public domain.

About Metals One

Metals One is a critical and precious metals project developer and investor with a focus on gold and uranium. Our core interests include a South African gold and energy platform, a brownfield gold/copper exploration project in Northern Peru, uranium exploration and tailings reprocessing opportunities in the USA, a gold exploration project in the USA, and AI metals exploration in Tanzania.

Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1) and on the OTCQB Venture Market in the United States (MTOPF).

Map of Metals One core projects/investments