Metals One Secures £4 Million to Advance Gold Projects

Metals One PLC secured £4 million in gross funding from YA II PN, a fund managed by Yorkville Advisors Global, to advance gold projects across Africa and the Americas and support general working capital. The funding is structured as a senior promissory note with a 7% annual interest rate.

This specific structure prevents the loan principal from being converted into equity, thereby avoiding near-term shareholder dilution. Managing director Daniel Malingre stated that the funding structure allows the company to advance its core mining projects without near-term equity issuance at current depressed share prices. The company expects to fund repayments through the sale of non-core portfolio holdings, which are estimated at £6 million.

As part of the agreement, Metals One will issue warrants to Yorkville equal to 100% of the note's value. In a separate corporate move, the company appointed Spark Advisory Partners as its new AIM nominated adviser, replacing Beaumont Cornish.