REG - Metals One PLC - Update re LBR Offer for Vantage

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RNS Number : 5554A  Metals One PLC  15 April 2026

 

15 April 2026

 

Metals One Plc

("Metals One" or the "Company")

 

Update re LBR Offer for Vantage

 

 Lions Bay Resources submits revised offers for Vantage Goldfield assets in
South Africa

 

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project
developer and investor, provides an update on the proposed acquisition by
Lions Bay Resources (Pty) Ltd ("LBR") of certain assets of the Vantage
Goldfields (Pty) Ltd Group ("Vantage") in South Africa. Metals One owns 30% of
LBR with the option to increase its ownership to 49.9%.

 

Highlights

 

·    LBR has submitted two revised offers to the Business Rescue
Practitioner ("BRP") as below:

o  Offer for the assets of Barbrook Mines (Pty) Ltd ("Barbrook") (2.1Moz of
gold resource*) for ZAR 279 million (approximately US$17.0 million)

o  Offer for Makonjwaan Imperial Mining Company (Pty) Ltd ("MIMCO") (Lily
Mine and associated deposits totalling 2.3Moz of gold resource*) for a nominal
sum of ZAR 1.00

 

·    As part of the Barbrook offer, upon approval by creditors, LBR has
agreed to pay the full salary claims of the former employees of MIMCO as well
as Barbrook

 

·    The revised offers follow the adjournment of the creditor meeting to
approve LBR's plan to acquire the Vantage assets by the BRP (announced on 9
April 2026) - LBR's revision of the offers to focus on Barbrook is a function
of feedback from the creditors meeting and circumstances around the Lily Mine
complex

 

·    LBR's proposed acquisition of the above assets of Vantage out of
Business Rescue has been endorsed by the BRP and the major creditor and
recently circulated to all creditors

 

·    LBR has previously deposited US$10 million in an escrow account with
the BRP's legal practitioner. Upon approval of the plan, funds will be
deployed as follows:

o  Staff will be paid 100% of their entitlements, less any amounts previously
settled by the major creditor

o  Creditors will be paid 10% of their approved claims

o  The 90% balance will be paid to creditors once the Section 11 application
has been granted (transfer of mining rights)

 

·    LBR is considering confidential offers for project level financing for
the balance of funding required to complete the Barbrook and MIMCO
acquisitions alongside additional initial mine startup capital

 

The revised offers remain subject to the agreement of creditors at the
creditors meeting expected to be held tomorrow as well as LBR securing the
funding necessary to settle the minimum US$7.0 million required should the
offers be approved by creditors. There can therefore be no guarantee that the
acquisitions as outlined above will complete.

 

Daniel Maling, Managing Director of Metals One, commented:

 

"Following further constructive dialogue with the Business Rescue Practitioner
and major creditor, LBR has reshaped its offer and looks forward to the
outcome of the adjourned creditor meeting reconvened for tomorrow."

 

(*)Note

Historical resource based on a Competent Persons' Report ("Report") dated 1
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.

 

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 advancing a strategic portfolio of investments which span early
stage critical and precious metals exploration to a vertically integrated gold
strategy in South Africa, with an objective to encompass power, mining and
processing.

 

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

 

 

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Market Abuse Regulation (MAR) Disclosure

 

The information set out herein 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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