Victoria, South Africa--(Newsfile Corp. - August 28, 2026) - On 25^th August 2026, Vantage Goldfields released a press statement, wherein they claimed that the "Lions Bay Resources Proposed Transaction to Acquire the Barbrook Mine Has Failed" and further that "Confirmation provided by the South African Mining Regulator means that Lions Bay Resources, owned by Metals One Plc (AIM: MET1) (LSE: MET1) and Lions Bay Capital Inc. (TSXV: LBI), cannot obtain mining regulatory approval, so that the Proposed Transaction to acquire the Barbrook Mine has failed."

COMMUNIQUE TO ALL STAKEHOLDERS of Barbrook Mines (Pty) Limited and Makonjwaan Imperial Mining Company (Pty) Limited

This statement is false, misleading and intended to harm the interests of Lions Bay Resources, Lions Bay Capital and Metals One.

The facts are as follows:

• An agreement was concluded in March 2026 between the Business Rescue Practitioner ("BRP"), acting on behalf of Barbrook Mining Pty Ltd ("Barbrook") and Lions Bay Resources Pty Ltd ("LBR"), for the acquisition of the mining right and assets, both moveable and immoveable, of Barbrook, by LBR.
• The agreement contained the following suspensive conditions:
  • The placement of USD10 million into the Trust account of the BRP;
  • The approval of the LBR Business Rescue Plan in terms of the Companies Act;
  • The issuing of a Section 11 consent, in terms of the Mineral Petroleum Resources Development ("MPRD") Act, 2004, to LBR;
  • The finalization of legal proceedings related to the applications to remove the BRP and set aside the LBR Barbrook Business Rescue Plan.
• The USD10 million was duly transferred to the BRP's Trust account by LBR in April 2026.
• The LBR Business Rescue Plan, pursuant to this agreement, was approved by 84% of the creditors on 16^th April 2026.
• The Section 11 application, inclusive of proof of funds and the landowner's (Lomshiyo Tribal Authority) written consent to operate on tribal land, was submitted on 14^th May 2026 to the Department of Mineral and Petroleum Resources ("DMPR").
• The application to remove the BRP is set down for hearing on 3^rd September 2026 and the application to set aside LBR's Barbrook Business Rescue Plan is set down for a hearing on 12^th October 2026 in the High Court of South Africa.
• Insofar as the Section 11 application for Barbrook is concerned the following extract from communication received from the DMPR (dated 18^th August 2026) is relevant: "5.1 The determination of the Section 11 application is deferred, but only until twenty (20) business days after judgement is handed down in the Setting Aside Application (presently set down for 12^th October 2026)."

LBR's Business Rescue plan has therefore not failed, nor has its submission for a Section 11. LBR, like DMPR, is awaiting the judgement of the High Court.

Whilst the legal process unfolds, LBR continues to implement the Business Rescue Plan.

LBR, in its Section 11 application, provided proof of additional funding to the DMPR over and above the USD10 million deposited with the BRP. Notwithstanding this available funding, Metals One and Lions Bay Capital continue to engage with their shareholders and funders to ensure the optimum funding structure.

For the first time in 10 years LBR has reignited hope in the community and former staff, putting funds behind a practical and legitimate business rescue plan. Vantage, its shareholders and directors, despite the extended period of time available, have failed to do so.

End

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311957

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.