Lions Bay Resources (LBR) has signed a binding term sheet under which Metals One Plc (AIM: MET1; OTCQB: MTOPF) would acquire the LBR interests it does not already own, making LBR a wholly owned subsidiary on completion. The deal replaces a June 30, 2026 structure in which Lions Bay Capital Inc. (TSXV: LBI) would acquire 100% of LBR. It brings LBR's South African gold and power business into Metals One and is intended to provide capital market access for developing the Barbrook Gold Mine, which has a historical gold resource of 2.1 million ounces and an existing processing plant; a phased plan targets initial gold concentrate output within six months. LBR also owns a Newcastle cogeneration plant with a 6 MW steam turbine, independently valued at US$39.6 million. Completion of the Barbrook acquisition awaits final judgment in business rescue court proceedings held on October 12, 2026, and Graham Briggs, former CEO of Harmony Gold, is proposed as Chair of Metals One.
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