High-spin metastable atomic beams of high density and extremely small divergence can be produced by electron capture during grazing-angle scattering of ion beams at ferromagnetic surfaces. This can be used to generate a long-lived reservoir of Li 1s2s2p P5204 with enough density of metastables so that after laser-induced transfer to Li 1s2p2P2 strong lasing at 207 Å should occur. This novel technique can also be used to produce a variety of other metastables known as potential candidates for lasing at shorter wavelengths.