Metals One Share Price (MET1)

So we are not really any further forward as of yet

Michelle Barnardt

1h

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Update 22 May - Court Hearing

Today, the only matter argued before the Court concerned the alleged non-joinder of affected persons.

The BRP, Arqomanzi, and Lions Bay argued that Gold Stream failed to join the affected persons and that setting aside the business rescue plan would be detrimental, using the argument that people may be required to repay amounts already received. (which is not practically true, as explained in my previous post)

In my unprofessional opinion, this appears to be a tactical attempt to have the matters dismissed.

As I explained yesterday, payments made to former employees were not made as business rescue payments, but rather as a cession arrangement. The only party truly affected would therefore be Lions Bay, which in fact admitted in one of its affidavits that, should the plan be set aside, Lions Bay would become a post-commencement funder.

All former employees who applied for payment of their outstanding claims were required to complete and sign forms confirming that they ceded their claims to Lions Bay.

Somehow, the other side again overlooked this important fact (payments were made as cessions) and argued that the matter should instead be postponed to allow for the joinder of all affected persons. By now, most former employees who were originally affected have effectively been replaced by Lions Bay through the cession agreements.

The Court adjourned proceedings in order to consider whether the application should be dismissed or postponed to allow Gold Stream to join the affected persons.

So, as usual, we are back to waiting.

However, there is some good news:

Lions Bay and the BRP undertook before the Court to continue with the payments. If you've submitted your forms but haven't received payment, please follow up with them and remind them that they agreed in Court to continue making payments.

Https://www.youtube.com/shorts/nc1u9GMNhJo

What I find most interesting here is not even the uranium itself, but the type of capital now appearing around Red Basin. Normally these junior uranium stories are funded by mining funds and retail punters. Here though you suddenly have Timothy Chilleri’s Subatomic vehicle linked to 8VC and Overmatch Ventures, alongside repeated references to AI power demand, nuclear baseload electricity and “American uranium production”.

That feels like a very different narrative. 8VC is much more associated with AI, infrastructure and strategic technology investing than traditional mining speculation. It increasingly raises the question of whether some groups are starting to view domestic uranium less as a commodity trade and more as strategic infrastructure for future datacentre and AI electricity demand.

At the same time, MET1/NovaCore appear to be consolidating a much larger Red Basin position while NovaCore progresses toward IPO. Maybe it’s coincidence and multiple groups are simply chasing the same uranium theme, but the pattern is becoming harder to ignore.

So if we get into production and start getting some gold out the ground back end of the year and into 2027, Dan mentioned a significant re-rate, what do you think the share price could jump too over the next 12 months?

Every buy is a sell and visa versa. The presentation yesterday wasn't impressive compared to the various presentations before it. The question about dividends and the sunsequent answer said it all. No dividends but return on investment will be sp increase so I suggest we all get out if it ever recovers to anything near 5p