Mr. John Byrne reports

LIONS BAY ANNOUNCES LIONS BAY RESOURCE'S BID FOR VANTAGE GOLDFIELDS GROUP

Lions Bay Capital Inc.'s 47.39-per-cent-owned associate, Lions Bay Resources Pty. Ltd. (LBR), has made an offer for all of the assets of the Vantage Goldfields Group.

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 ounces 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 per cent of LBR. The balance of 5 per cent is held by London listed Metals One PLC which owns 19.1 per cent of LBI and has been providing financial support for the company's business plans.

The Salamander team is headed by the former chief executive officer of the Harmony Gold Group, Graham Briggs. It also includes Lloyd Birrell, a senior gold industry executive and Deon Robbertze, an experienced chief financial officer.

LBR has offered $46.5-million for the Vantage assets comprising an initial payment of $12.7-million in cash, a second payment of $18.8-million to be satisfied by the issue of shares and a final payment of $15.0-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 50 cents per share. The proportion will be determined by LBI's ownership in LBR which is not expected to exceed 50 per cent.

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 co-generation 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 Jan. 31, 2026.

About Lions Bay Capital Inc.

Lions Bay Capital is a mining finance and investment company focused on unlocking the value of overlooked or underperforming resource assets, with a strategic emphasis on gold and copper. Unlike traditional exploration companies, Lions Bay raises capital to invest in compelling opportunities rather than deploying funds on high-risk exploration or excessive executive overhead. The company specializes in identifying resource projects that have been neglected due to lack of funding or poor management execution. By leveraging deep industry expertise, Lions Bay provides both capital and strategic support to enhance project value and investor returns.

Lions Bay is led by executive chairman John Byrne, a veteran of the mining sector with over 50 years of experience as an analyst, investor and operator. Under his leadership, the company brings a disciplined, value-driven approach to mining investment.

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