Metals One (MET1 ) booked a loss of £11 million for the year to December 2025, and closed out the period with £8.3 million in the bank.
It was a busy year for the company, as it built a uranium portfolio in North America and began to build up significant exposure to a major gold opportunity in South Africa,
In the USA, the company acquired 100% of the Uravan uranium-vanadium project in Colorado and the Squaw Creek uranium project in Wyoming, 75% of the Vanadium Kings, Radium Mountain, and Wedding Bell uranium and vanadium claims, and 35% of NovaCore Exploration Inc., which is advancing the large-scale Red Basin uranium project in New Mexico.
The company also acquired significant exposure to gold, via several transactions, including the acquisition of a 19.1% stake in Lions Bay Capital, and a subsequent US$1.8 million investment in Lions Bay Resources by way of convertible loan notes.
It also acquired the Swales gold property in Nevada's Carlin Trend, and a 13.61% stake in Fidelity Minerals Corp which is advancing a gold-copper project in Peru's prolific Cajamarca metallogenic belt.
Additionally, the company acquired a 16.9% stake in Evolution Energy Minerals, gaining exposure to the Chilalo graphite and Chikundo copper projects in Tanzania.
"After a transformational year, the company has significantly strengthened its balance sheet and exposure to a diversified portfolio of mineral opportunities,” said Craig Moulton, chair of Metals One.
“The outlook for critical and precious metals is strong and the Board are working diligently to derisk and advance projects to unlock value for shareholders."
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The transformational momentum has continued post period end, as Metals One is now participating in a transaction that would give it an approximate 50% stake in Lions Bay Capital. This stake would have an initial equity valuation of approximately £14.83 million, representing an unrealised gain of 237% on the initial investment. The transaction will also boost Metals One’s stake in Fidelity to 40.5%.