Lions Bay Capital associate puts forward rescue plan

Executive Summary

• Lions Bay Resources (LBR), a 47.5% owned associate of Lions Bay Capital, has received approval from the Business Rescue Practitioner (BRP) to call a creditors' meeting on April 9, 2026, to vote on a rescue plan for the acquisition of Vantage Goldfields Group assets.
• The acquisition involves a global offer of $40.0 million (U.S.) for Vantage's assets, which include mining leases in the Barberton region, a metallurgical complex, and a historical resource inventory of 4.5 million ounces of gold.
• Lions Bay Capital has increased its loan facility to $10.0 million to support the acquisition, having already advanced $8.7 million to LBR, with $6.0 million deposited into a trust account and a further $4.0 million to be deposited prior to the creditor meeting.

Key Details

• Transaction Structure: LBR is acquiring the assets of the Vantage Goldfields Group, which is in Business Rescue following a 2016 crown pillar collapse at the Lily mine.
• Offer Price: The global offer for Vantage assets is $40.0 million (U.S.).
• Payment Terms:
  • $6.0 million (U.S.) already deposited into the BRP's trust account.
  • $4.0 million (U.S.) to be deposited before the creditor meeting on April 9, 2026.
  • The remaining $30.0 million (U.S.) will be placed in escrow in London and distributed to creditors upon receipt of Section 11 approval under the Minerals and Petroleum Resources and Development Act.
• Financing:
  • Lions Bay Capital increased its loan facility from Metals One PLC from $4.0 million to $10.0 million.
  • $8.7 million has been drawn down and advanced to LBR to assist with the acquisition.
• Future Financing: The company is assessing various financing structures, including traditional debt, equity investment into LBR, or a direct public listing on exchanges in London, Toronto, Hong Kong, or South Africa.
• Asset Details: Vantage comprises numerous mining leases in the Barberton region of South Africa, a central metallurgical complex, and extensive underground development.
• Historical Resource: The assets include a historical resource inventory of 4.5 million ounces of gold, based on a competent person report dated January 1, 2015, prepared by Minxcon Consulting Pty. Ltd. in compliance with the SAMREC Code. Note: This is a historical estimate and not classified as a current mineral resource.

Notable Quotes

• "The decision to call the meeting is a major breakthrough in the long-running quest by LBR for the acquisition of the assets of the Vantage Group."