Business
Investee Company Update: Lions Bay Resources
Metals One Plc has announced that its investee, Lions Bay Resources, has made an offer for all assets of Vantage Goldfields Group for C$46.5 million, comprising an initial C$12.7 million cash payment, C$18.8 million in shares, and a C$15.0 million royalty on gold revenue. Metals One holds a 19.1% stake in Lions Bay Capital and has committed to a C$4.0 million loan, alongside its existing 5% shareholding and US$1.8 million in convertible loan notes in Lions Bay Resources, which could increase its stake to at least 30% upon conversion. This acquisition is expected to create significant value for Metals One shareholders by supporting Lions Bay Resources' strategy to build a vertically integrated gold business in South Africa. Disclaimer*
About this update from Metals One Plc
[{"type":"text","content":"\n\n\n\n29 December 2025\n \nMetals One Plc\n(\"Metals One\" or the \"Company\")\n \nInvestee Company Update: Lions Bay Resources\n \nLions Bay Capital Announces Lions Bay Resources' Bid for Vantage Goldfields\n \nMetals 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\").\n \nMetals 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.\n \nThere can be no guarantee that the offer as described below will proceed and investors should note the conditional nature of the proposal.\n \nThe full text of Lions Bay Capital's announcement is reproduced further below.\n \nDaniel Maling, Managing Director of Metals One, commented:\n \n\"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.\"\n \n\n \n\n \nVancouver, 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\").\n \nVantage 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 invento...