A new business model

Metals One’s FY25 results were announced on the same day as a major reorganisation and consolidation of its interests in Lions Bay, highlighting its evolution from (effectively) a single asset company into a ‘buy and build’ model. More important than its income statement therefore, its balance sheet showed net assets attributable to shareholders (on a conservative accounting basis) equivalent to 1.76p/share (to which its shares are currently trading at a 20.4% discount) and cash of £8.3m (equivalent to 15 months of FY25 operating cash flows before changes in working capital).