REG - Metals One PLC - Investee Company Update: Lions Bay Resources

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RNS Number : 9635M  Metals One PLC  29 December 2025

29 December 2025

 

Metals One Plc

("Metals One" or the "Company")

 

Investee Company Update: Lions Bay Resources

 

Lions Bay Capital Announces Lions Bay Resources' Bid for Vantage Goldfields

 

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals
exploration and development company, notes an announcement on 24 December 2025
by Lions Bay Capital Inc. ("Lions Bay Capital") (TSX-V: LBI) that its 47.39%
owned associate, Lions Bay Resources PTY Ltd. ("Lions Bay Resources") has made
an offer for all of the assets of the Vantage Goldfields Group ("Vantage").

 

Metals One holds 19.1% of Lions Bay Capital's share capital and has signed a
binding term sheet to lend it C$4.0 million. Metals One also holds 5% of Lions
Bay Resources' share capital together with US$1.8 million of convertible loan
notes ("CLNs") in Lions Bay Resources. Assuming Metals One advances the
full US$1.8 million to Lions Bay Resources, upon conversion of the CLNs and
based on Lions Bay Resources' pre offer share capital, Metals One's
shareholding in Lions Bay Resources would be at least 30% of the issued share
capital of Lions Bay Resources on a fully diluted and enlarged basis.

 

There can be no guarantee that the offer as described below will proceed and
investors should note the conditional nature of the proposal.

 

The full text of Lions Bay Capital's announcement is reproduced further below.

 

Daniel Maling, Managing Director of Metals One, commented:

 

"Lions Bay Resources' bid for Vantage marks an exciting step in its strategy
to create a vertically integrated gold business in South Africa. As a
stakeholder in both Lions Bay entities, Metals One could create significant
value for its shareholders from these opportunities."

 

 

 

Vancouver, BC, December 24, 2025 - Lions Bay Capital Inc. (TSX-V: LBI) ("Lions
Bay" or the "Company") announces that the company's 47.39% owned associate,
Lions Bay Resources PTY Ltd. ("LBR") has made an offer for all of the assets
of the Vantage Goldfields Group ("Vantage").

 

Vantage was placed in Business Rescue following a crown pillar collapse at the
Lily mine in 2016 and comprises of numerous mining leases in the Barberton
region of South Africa with a historical resource inventory of 4.5 million ozs
of gold*, a central metallurgical complex and extensive underground
development.

 

LBR is managed by the Salamander Mining Group which includes a team of
experienced mining industry professionals who together own 47.61% of LBR. The
balance of 5% is held by London listed Metals One PLC which owns 19.1% of LBI
and has been providing financial support for the Company's business plans.

 

The Salamander team is headed by the former CEO of the Harmony Gold Group, Mr.
Graham Briggs. It also includes Mr. Lloyd Birrell, a senior gold industry
executive and Mr. Deon Robbertze an experienced CFO.

 

LBR has offered $C46.5 million, for the Vantage assets comprising an initial
payment of $C12.7 million in cash, a second payment of $C18.8 million to be
satisfied by the issue of shares and a final payment of $C15.0 million to be
paid as a royalty on gold revenue.

 

The second payment will be made partially by the issue of LBI shares at a
deemed price of $C0.50 per share. The proportion will be determined by LBI's
ownership in LBR which is not expected to exceed 50%.

 

These issues will be subject to all necessary regulatory approvals which is
anticipated to necessitate expert reports, stock exchange approval and
shareholder meetings.

 

The offer is being made public because it is being sent to a large number of
creditors including many former employees.

 

The Vantage acquisition could provide all the necessary feed for LBR's gold
roaster project. As previously advised LBR has acquired an option to purchase
a cogeneration power plant which it is looking to modify to treat complex
concentrates similar to historically produced by Vantage.

 

A competent Persons Report on this project is expected early in the new year.
LBR has extended the option to 31(st) January 2026.

 

*Historical resource based on a Competent Persons' Report ("Report") dated
January 1, 2015, prepared by Minxcon Consulting (Pty) Limited and authored by
D van Heerden. B.Eng. (Min. Eng.), M.Comm. (Bus. Admin.), ECSA, FSAIMM, AMMSA.
The Report was prepared in compliance with the South African Code for the
Reporting of Exploration Results, Mineral Resources and Mineral Reserves (July
2009 Amended Edition) ("the SAMREC Code") and the South African Code for the
Reporting of Mineral Asset Valuation (July 2009 Amended Edition) ("the SAMVAL
Code") and Section 12 of the Johannesburg Stock Exchange listing requirements.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. A qualified person has not done sufficient work to
classify the historical estimate as current mineral resources and the Company
is not treating the historical estimate as a current mineral resource.

 

 

About Lions Bay Capital Inc.

 

Lions Bay Capital Inc. is a mining finance and investment company focused on
unlocking the value of overlooked or underperforming resource assets, with a
strategic emphasis on gold and copper. Unlike traditional exploration
companies, Lions Bay raises capital to invest in compelling opportunities
rather than deploying funds on high-risk exploration or excessive executive
overhead. The company specializes in identifying resource projects that have
been neglected due to lack of funding or poor management execution. By
leveraging deep industry expertise, Lions Bay provides both capital and
strategic support to enhance project value and investor returns.

Lions Bay is led by Executive Chairman John Byrne, a veteran of the mining
sector with over 50 years of experience as an analyst, investor, and operator.
Under his leadership, the company brings a disciplined, value-driven approach
to mining investment.

On behalf of the Board of Lions Bay.

John Byrne

Executive Chairman

Tel: +61 3 9236 2800

Email: jbyrne@lionsbaycapital.com (mailto:jbyrne@lionsbaycapital.com)

 

Ryan Batros

Managing Director

Tel: +61 472 658 777

Email: Rbatros@lionsbaycapital.com (mailto:Rbatros@lionsbaycapital.com)

For more information, please visit the corporate website at
www.lionsbaycapital.com (http://www.lionsbaycapital.com/) or contact the
above.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Disclaimer & Forward-Looking Statements: This news release includes
"forward-looking statements" and "forward-looking information" within the
meaning of Canadian securities laws and United States securities laws
(together, "forward-looking statements"). All statements included in this news
release, other than statements of historical fact, are forward-looking
statements including, without limitation, statements with respect to the
closing of option to purchase and the approval of the share consolidation and
convertible debt by the TSX Venture Exchange. Forward-looking statements
include predictions, projections and forecasts and are often, but not always,
identified by the use of words such as "anticipate", "believe", "plan",
"estimate", "expect", "potential", "target", "budget", "propose" and "intend"
and statements that an event or result "may", "will", "should", "could" or
"might" occur or be achieved and other similar expressions and includes the
negatives thereof.

Forward-looking statements are based on a number of assumptions and estimates
that, while considered reasonable by management based on the business and
markets in which the Company operates, are inherently subject to significant
operational, economic, and competitive uncertainties, risks and contingencies.
These include assumptions regarding, among other things: general business and
economic conditions. There can be no assurance that forward-looking statements
will prove to be accurate and actual results, and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's
expectations include those described under the heading "Risks and
Uncertainties" in the Company's most recently filed MD&A (a copy of which
is available under the Company's SEDAR profile at www.sedarplus.ca
(http://www.sedarplus.ca) ). The Company does not undertake to update or
revise any forward-looking statements, except in accordance with applicable
law.

 

 

Enquiries:

 

 Metals One Plc                                info@metals-one.com (mailto:info@metals-one.com)

 Daniel Maling, Managing Director              +44 (0)20 7981 2576

 Craig Moulton, Chairman

 Beaumont Cornish Limited (Nominated Adviser)  +44 (0)20 7628 3396

 James Biddle / Roland Cornish
 Oak Securities (Joint Broker)                 +44 (0)20 3973 3678

 Jerry Keen / Calvin Man
 Capital Plus Partners Limited (Joint Broker)  +44 (0)207 432 0501

 Jonathan Critchley
 Vigo Consulting (UK Investor Relations)       IR.MetalsOne@vigoconsulting.com +44 (0)20 7390 0230

 Ben Simons / Fiona Hetherington

 

About Metals One

 

Metals One is pursuing a strategic portfolio of critical and precious metals
projects and investments underpinned by the Western World's urgent need for
reliably and responsibly sourced raw materials - and record high gold prices.
Metals One's shares are listed on the London Stock Exchange's AIM Market
(MET1) and on the OTCQB Venture Market in the United States (MTOPF).

 

Map of Metals One projects/investments

 

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/metals-one-plc/
(https://www.linkedin.com/company/metals-one-plc/)

X: https://x.com/metals_one_PLC (https://x.com/metals_one_PLC)

 

Subscribe to our news alert service on the Investors page of our website at:
https://metals-one.com (https://metals-one.com/)

 

Market Abuse Regulation (MAR) Disclosure

 

The information set out below is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

 

Nominated Adviser

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

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