MiningM&A

What Are The Assets That MET1 & LBR Are Trying To Acquire

Vox Markets
Vox Markets•Apr 19, 2026

Why It Matters

The acquisitions could deliver quick production revenue from Barbrook and unlock a high‑grade, under‑exploited resource at Lily, reshaping the companies’ growth trajectory and appealing to capital markets.

Key Takeaways

  • •Team possesses deep expertise in complex Greenstone belt mining
  • •Chairman Graham Briggs previously led Harmony with 42,000 staff
  • •Barbrook contains ~2 million ounces, ready for underground production in 12 months
  • •Lily’s resource is strong but flooded after a decade‑old mine collapse
  • •Acquisition aims to turn these assets into profitable, near‑term cash flow

Summary

The video outlines MET1 and Lions Bay Resources' plan to acquire two mining assets, Barbrook and Lily, in the Canadian Greenstone belt, leveraging their seasoned operational team.

The presenters stress the team’s extensive experience in complex metalliferous mining, citing Chairman Graham Briggs, former Harmony CEO with 42,000 employees. Barbrook boasts about 2 million ounces of mineralization and an existing development that could transition to underground production within 12 months. Lily, while holding a solid resource, suffers from a flood caused by a mine collapse a decade ago, requiring extensive dewatering and stabilization.

A notable quote: “We feel very comfortable that we can turn these assets to good account,” underscoring confidence. The discussion highlights the technical challenges of the Lily project and the rapid production timeline for Barbrook as a key value driver.

If successful, MET1 and LBR could generate near‑term cash flow from Barbrook while unlocking Lily’s long‑term upside, positioning the combined entity as a significant player in the Greenstone mining sector and attracting investor interest.

Original Description

Metals One's Dan Maling and Lions Bay Resources' Lloyd Birrell join Vox to provide an update on the complex but transformational transaction they are undertaking in South Africa. The deal will see Lions Bay Resources, in which Metals One has a major stake, taking control of plant and more than two million ounces of historic gold resource. The assets are being bought out of business rescue, and there is a little bit more work to do yet, but a major milestone was passed this week when creditors at one of the assets, Barbrook, approved the deal.
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