Business
Update re Lions Bay Resources Offer for Vantage
Metals One Plc has announced an update regarding the LBR offer for Vantage Goldfields assets in South Africa, where the Business Rescue Practitioner has called a creditor meeting to approve LBR's US$40 million acquisition plan. Metals One will own 30% of LBR upon conversion of its convertible loan notes, and LBR has already deposited US$6 million with a commitment for another US$4 million before the meeting, with the remaining US$30 million to be placed in escrow pending regulatory approval. The Vantage Assets, located in the Barberton region, have a historical resource inventory of 4.5 million ounces of gold and include a central metallurgical complex and extensive underground development. LBI, which currently owns 47.5% of LBR, is exploring funding options including debt, equity, or a public listing to facilitate the deal. Disclaimer*
About this update from Metals One Plc
[{"type":"text","content":"\n\n\n\n\n26 March 2026\nMetals One Plc\n(\"Metals One\" or the \"Company\")\n \nUpdate re LBR Offer for Vantage\n \nBusiness Rescue Practitioner calls meeting to approve LBR's plan to acquire the Vantage Goldfields assets in South Africa for US$40 million\n \nFurther to the Company's announcement on 23 March 2026, Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals exploration and development company, is pleased to note that the Business Rescue Practitioner (\"BRP\") in South Africa has called a creditor meeting to approve the plan by Lions Bay Resources PTY Ltd (\"LBR\") to acquire the South African assets of the Vantage Goldfields Group (the \"Vantage Assets\").\n \nUpon imminent conversion of Metals One's convertible loan notes in LBR, Metals One will own 30% of LBR.\n \nThe full text of the update announced on 25 March 2026 by Lions Bay Capital Inc. (\"LBI\") (TSX-V: LBI) (Metals One: 19.1%), which currently owns 47.5% of LBR, appears further below.\n \nKey Information\n \n· The BRP has scheduled a creditor meeting on 9 April 2026 to vote on a rescue plan proposed by LBR. Several major creditors have already indicated support, marking a key breakthrough in LBR's long-running effort to acquire the Vantage Assets.\n· LBR has incorporated a wholly owned subsidiary, Lions Bay Mining (Pty) Ltd, to acquire and restructure the Vantage Assets, as part of an agreed plan with the BRP.\n· The Vantage Assets entered Business Rescue after the 2016 Lily mine collapse and are located in the Barberton...