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Metals One secures £4m Yorkville funding to advance gold projects

Metals One secures £4m in non-convertible funding from Yorkville to advance its gold projects across Africa and the Americas, lifting its cash and liquid portfolio position above £11m while avoiding shareholder dilution.

📅 September 4, 2026 🕐 1 min read

1 assets impacted (Stocks). Net bias: 1 Bullish, 0 Bearish, 0 Neutral. Strongest signal: MET1 ↑ 7/10 (75% confidence).

📊 Affected Assets (1)

MET1

Bullish 🤖 75%

📅 Short-term 🌍 UK · Explicit

Metals One (MET1) raised £4m gross from YA II PN, a Yorkville Advisors fund, through a senior promissory note that cannot convert into equity, removing immediate dilution risk at a time when management calls share prices depressed. The company now holds more than £11m in cash and liquid portfolio investments, and repayment is tied to an estimated £6m non-core portfolio. Yorkville is barred from shorting the stock and from owning more than 9.99% through warrant exercises.

Catalysts

▲ Non-convertible £4m senior promissory note from Yorkville
▲ Cash and liquid portfolio investments now exceed £11m

Risk Factors

▼ Yorkville warrants equal to 100% of the note value at a 130% strike could dilute if exercised
▼ Repayment relies on sale of non-core portfolio worth about £6m

▼ Show FAQ (3) ▲ Hide FAQ

Does the Yorkville funding dilute existing Metals One shareholders?

There is no immediate dilution because the £4m is a senior promissory note that cannot be converted into equity. Yorkville receives warrants equal to 100% of the note value at a 130% strike, which would only dilute if exercised.

How much cash will Metals One have after the deal?

Metals One says it now holds more than £11m in cash and liquid portfolio investments, including net proceeds of £3.74m from the Yorkville note after fees.

Why did Metals One choose a note over an equity raise?

Management wants to fund gold acquisition, exploration and development without issuing shares at current depressed prices. The note is repayable from non-core portfolio sales, estimated at £6m.

🎯 Key Takeaways

Metals One raised gross proceeds of £4m through a senior promissory note issued to YA II PN, a Yorkville Advisors fund.
The note is non-convertible, so the £4m cannot be exchanged for equity, avoiding dilution at current depressed share prices.
Yorkville is barred from shorting Metals One shares while the note is outstanding and cannot exceed 9.99% ownership through warrant exercises.
Metals One now holds more than £11m in cash and liquid portfolio investments, including net proceeds of £3.74m after fees.
Repayments will come from the sale of non-core portfolio holdings estimated at £6m, with principal paid in equal monthly instalments starting 60 days after closing.
Metals One issued Yorkville warrants equal to 100% of the note value, exercisable for three years at a strike price of 130% of the prior day's closing share price.
Spark Advisory Partners has replaced Beaumont Cornish as Metals One's nominated adviser on AIM.

📝 Executive Summary

Metals One, the AIM-listed gold and uranium developer, has raised £4m from Yorkville Advisors via a non-convertible senior promissory note, eliminating near-term equity dilution at depressed share prices. The group now holds more than £11m in cash and liquid portfolio investments, with repayment expected from an estimated £6m non-core portfolio. Yorkville is barred from shorting the stock and capped at 9.99% ownership through warrant exercises. Management will use proceeds to advance gold projects in Africa and the Americas.

❓ FAQ

Why is Metals One using a promissory note instead of an equity raise?

The non-convertible senior note lets Metals One raise funds without issuing shares at current depressed prices. The loan principal cannot be converted into equity, so existing shareholders are not diluted.

How will Metals One repay the £4m Yorkville funding?

Principal will be repaid in equal monthly instalments of 10% of the original amount, plus accrued interest, starting 60 days after closing. The company expects to use proceeds from its non-core portfolio, estimated at £6m.

What restrictions does Yorkville face under the deal?

Yorkville and its affiliates are barred from holding short positions in Metals One shares while the note remains outstanding and cannot own more than 9.99% of the company through warrant exercises.

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