Metals One PLC (AIM:MET1, FRA:HT7, OTCQB:MTOPF), the critical and precious metals developer, has been one of the busier companies on AIM in 2026, yet a quiet stake in a Canadian-listed gold explorer may represent its most asymmetric opportunity.
The company’s shares are up 27% over the past week after it expanded an agreement with DISA Technologies to evaluate and treat abandoned uranium mine waste at its Uravan Belt project in Colorado, a deal that requires no capital or operating expenditure from Metals One
Managing director Daniel Maling is presenting at a Precious Metals and Critical Minerals investor conference in New York today, showcasing a portfolio that belies a market capitalisation of less than £20 million. That portfolio spans five US uranium and vanadium projects, a 100%-owned gold exploration property in Nevada’s Carlin Trend, and a 30% stake in Lions Bay Resources, which recently secured creditor approval to acquire South Africa’s Barbrook Mine and its 2.1 million ounce gold resource for approximately $17 million. Yet buried within this collection of assets is a 12.47% stake in Fidelity Minerals (TSXV:FMN), a company sitting on a historic gold resource of approximately 446,000 ounces and 5.3 million ounces of silver at its Las Huaquillas project in northern Peru.
Las Huaquillas sits within the prolific Miocene Metallogenic Belt, home to Newmont’s Yanacocha and Lundin Gold’s Fruta del Norte, and historic drilling has returned intercepts including 53 metres true width grading 2.7 grams per tonne gold. The project also hosts two confirmed porphyry copper-gold systems at Cementerio and San Antonio, with historic drill intercepts of 99.5 metres at 0.47% copper and 100.7 metres at 0.28% copper respectively, to which the market currently assigns no value. Fidelity has just announced a CA$2.5 million financing at CA$0.20 per unit to fund drilling, having recently completed a share rollback, appointed a new chief executive, secured ground access and built a…