RE: Trade Volume17 Jun 2026 06:44
On the accounts, I’m less bothered about whether the P&L looks pretty. It probably won’t. MET1 is not exactly about to unveil supermarket-style revenue and a dividend policy.
The more interesting bit is the balance sheet and the post-period notes. The key line from December was that they were “well financed with over £10 million in cash and liquid investments.” So the question is really what that now means in practice. How much is cash? How much is liquid? How much is “liquid” in the AIM/TSX/ASX microcap sense, where it is technically listed but you’d need a priest, a broker and a miracle to sell size?
EV1 is a good example. MET1’s stake is sizeable and easy enough to value on paper, and Chikundo / Chilalo could become important. But at the moment EV1 barely trades some days, so it is more like trapped value than ready cash. Useful asset backing, yes. Something you can monetise tomorrow morning without moving the price, probably not.
LBI is similar, but with a different lock on the box. The listed stake is visible, but the really interesting bit is behind it: LBI / LBR / Vantage / Barbrook. That is why I think Vantage has become the main event. If LBR gets Vantage over the line, the story becomes much easier to explain — gold assets, possible feed, restart angle, and a clearer reason for the Newcastle plant.
Then there’s the uranium side as well, which probably gets even less attention than EV1. Squaw Creek, Uravan, Red Basin, Vanadium King, Wedding Bell etc. are not the immediate driver in my view, but they add another layer of optionality if uranium sentiment stays firm. Again though, same theme: portfolio value is one thing, crystallised value is another.
If Vantage does not happen, the Newcastle plant still gives them a fallback story, but then they need alternative suitable feed, and that is a harder sell. Not impossible, just less neat.
So for me the accounts are not the big binary. They are more like checking the fridge before deciding whether dinner is possible. Vantage / Barbrook is the steak. EV1 is the bottle of wine you forgot you had, but the cork is currently welded in. Uranium is the emergency cheese board at the back. If any of them actually gets opened properly, the evening looks a lot better.
At the moment with next to no updates from MET1 it's hard to even see what the macro plan is right now, and maybe they need to learn to communicate their meal planner and recipes with investors more rather than just when they fancy ordering a placing.
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