Business
Lions Bay Announces Lions Bay Resource's Bid for Vantage Goldfields Group
Vancouver, British Columbia--(Newsfile Corp. - December 24, 2025) - Lions Bay Capital Inc. (TSXV:...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"Lions Bay Announces Lions Bay Resource's Bid for Vantage Goldfields GroupVancouver, British Columbia--(Newsfile Corp. - December 24, 2025) - Lions Bay Capital Inc. (TSXV: 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 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 31st January 202...