Metals One Secures £4m Funding

Metals One has secured £4 million in funding via a promissory note from YA II PN, a fund managed by Yorkville Advisors Global. The funding will be used to advance Metals One's gold projects across Africa and the Americas, alongside general working capital needs.

The note was issued at a 5% discount, carries interest of 7% a year, rising to 18% in the event of default, and will see the company receive net proceeds of £3.74 million after fees. Principal will be repaid in equal monthly instalments of 10% of the original amount, alongside accrued interest, starting 60 days after closing.

Yorkville and its affiliates are barred from holding short positions in Metals One shares while the note remains outstanding, and cannot own more than 9.99% of the company's share capital through warrant exercises. Metals One will issue Yorkville warrants equal to 100% of the value of the promissory note, exercisable for three years at a strike price set at 130% of the previous day's closing share price.

Including the new package, Metals One now holds more than £11 million in cash and liquid portfolio investments. The company has an estimated £6 million in non-core portfolio holdings, which are expected to be used to repay the loan.

## What happens next The funding is expected to help Metals One accelerate its gold acquisition, exploration and development work. The company is well placed to advance its core mining projects without near-term equity issuance at current depressed share prices. Repayments are expected to come from the sale of non-core portfolio holdings.

## Why it matters The funding is a significant boost to Metals One's growth ambitions, allowing the company to draw on the marketable value of its non-core portfolio to fund growth opportunities without diluting shareholders. The coming quarter is expected to be a pivotal period for the company's growth ambitions.

Spark Advisory Partners has been appointed as Metals One's new AIM nominated adviser, replacing Beaumont Cornish immediately.