Metals One to move to around 50% of Lions Bay Capital

June 30, 2026

AI Summary

5 min read

Metals One, a company that began as a nickel explorer in Scandinavia just eighteen months ago, is now on the verge of owning roughly 50% of Lions Bay Capital, a Toronto Venture Exchange-listed company that will hold a package of South African gold assets. CEO Dan Malling joined the Vox Markets Podcast to walk through the transaction, which he described as "uncomplicating what has probably been a little bit of a complicated process to get here."

How the deal came together

The story starts with Metals One seeing value in gold resources and infrastructure in South Africa. Over six to nine months, the company provided funding into Lions Bay Resources to acquire the Code Generation Plant in Newcastle and to pay down a chunk of the credit owed during the business rescue process for the Barber Mining Complex near Nelspruit. That business rescue process has now been approved. The next step is concluding a CPR (a technical report) and ensuring the assets sit cleanly inside Lions Bay Capital as a 100%-owned vehicle. Once the reverse takeover (RTO) completes, Metals One will own roughly 50% of Lions Bay Capital. Lions Bay Capital will then own the Barber Mine — with a couple of million ounces of gold expected underground, plus associated infrastructure and tailings — alongside the Code Generation Plant in Newcastle, which will wheel power into the Barber mining facility to subsidize

Continue reading the full summary in the app — free to try.

Read Full Summary →

Free • No credit card required

Listen to Audio Summary Open in App

Never miss an episode of The Vox Markets Podcast

Get every new episode summarized in your inbox — free, ~5 minutes to read.

No spam. Unsubscribe anytime.

What you'll learn

1 (01:14) **Transaction Overview: Metals One to Own ~50% of Lions Bay Capital** - Dan Malling explains a series of transactions that will consolidate South African gold assets into Lions Bay Capital, with Metals One taking a major stake.
2 (01:50) **Potted History: How Metals One Got Here** - Dan walks through the six-to-nine month process of funding Lions Bay to acquire assets and settle debts.
3 (02:46) **Current Status: Business Rescue Approved, CPR Pending** - The business rescue process is approved; the next step is concluding a CPR to finalize asset ownership.
4 (03:00) **Post-Transaction Structure: What Metals One Will Own** - After the RTO, Metals One will hold ~50% of Lions Bay Capital, which will own the Barber Mine and the Cogeneration Plant.
5 (03:42) **Valuation and Return on Investment** - The stake in Lions Bay Capital (a TSX-V listed company) provides a clear mark-to-market value for Metals One.
6 (04:19) **Second Arm: Fidelity Minerals and Peru** - Alongside the South African deal, Metals One has established a large cornerstone position in Fidelity Minerals.
7 (05:03) **Entry Strategy: Distressed vs. Early Stage** - Dan contrasts the two entry points: South African assets were bought out of business administration at a discount, while Peru is an earlier-stage exploration opportunity.

+ Full timestamped outline available in the app

Guests on this episode

Dan Malling

Show Notes

Metals One is participating in a major transaction that will simplify the ownership structure for the Barbrook and Vantage gold assets in South Africa that will shortly be coming into the ownership of Lions Bay Capital. The South African assets are just exiting a bankruptcy status in a process that now has government approval and, once the transaction is complete, will be 100%-owned by Venture-listed Lions Bay Capital. Metals One, in turn, will own roughly 50% of Lions Bay Capital. In addition, Metals One will take a bigger stake in Fidelity, a company with major exploration upside in South America. Dan Maling joins Vox to tell us how it all fits together.