CREST Corporate broking has set a 6.1p price target for Metals One PLC shares, around a 360% premium to the current share price, after the company unveiled plans to take full ownership of South Africa's Lions Bay Resources (LBR). Its sum-of-the-parts valuation of £106.7 million compares with a current market capitalisation of £16.3 million, with about £85.5 million attributed to the Barbrook Gold Mine in Mpumalanga, based on a 20-year mine life, 960,000 ounces of underground gold plus 40,000 ounces from tailings and open pit work, and a gold price of US$4,000 per ounce. The model applies 25% discounts for transaction close risk and development stage, and the KC Energy Cogeneration Power Plant in Newcastle adds around £14.8 million. CREST acknowledges that the Barbrook model uses unverified assumptions and that a competent person's report is yet to be delivered, while Barbrook has been under business rescue since 2016, completion requires Section 11 consent for the transfer of mining rights, and a High Court challenge to the business rescue plan, heard on 12 October, awaits judgment. CREST also says the proposed installation of former Harmony Gold (NYSE:HMY) chief executive Graham B
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