Mr. Lloyd Birrell reports

LIONS BAY RESOURCES AGREES TO BE ACQUIRED BY METALS ONE TO FORM SOUTH AFRICA-FOCUSED GOLD AND POWER BUSINESS LED BY FORMER CEO OF THE NATION'S LARGEST GOLD PRODUCER

Lions Bay Resources Proprietary Ltd. (LBR) has entered into a binding term sheet with its shareholders pursuant to which Metals One PLC (Alternative Investment Market: MET1) (OTCQB: MTOPF) would acquire the interests in LBR that it does not already own. On completion, LBR would become a wholly owned subsidiary of London Stock Exchange AIM-listed Metals One.

The term sheet replaces the structure announced on June 30, 2026, under which Lions Bay Capital Inc. was to acquire 100 per cent of LBR. The transaction would bring LBR's South African gold and power business into Metals One, providing access to capital markets to support its development, including the restart of the Barbrook gold mine. Graham Briggs, former chief executive officer of Harmony Gold (New York Stock Exchange: HMY) (JSE: HAR), South Africa's largest gold producer, is proposed to become chair of Metals One on completion.

LBR's assets include a gold mine and co-generation plant

LBR's proposed acquisition of Barbrook, in Mpumalanga province, South Africa, would add a historical gold resource of 2.1 million ounces, an existing processing plant and supporting infrastructure. A phased restart plan targets initial gold concentrate production within six months, using the plant and infrastructure already in place.

LBR owns a co-generation plant in Newcastle, South Africa, with a six-megawatt steam turbine and an independently assessed replacement value of $39.6-million (U.S.). It may be used to offset Barbrook's power requirements.

LBR's acquisition of Barbrook under the business rescue plan awaits the final judgment in the court proceedings which took place on Oct. 12, 2026. In the meantime, LBR is progressing the remaining requirements to complete the acquisition.

Experienced South African leadership

Subject to completion and customary approvals, Graham Briggs would join the Metals One board as chair and John Byrne, currently executive chairman of LBI, as a non-executive director. Daniel Maling will continue to serve as managing director and chief executive officer, with Fungai Ndoro and Alex King as non-executive directors.

Graham Briggs retired as CEO of Harmony Gold Mining Company, South Africa's largest gold producer by volume, in 2016. He holds a BSc, honours degree in geology and applied geology, and started his career as a geological technician for Gencor in 1972, working his way up to chief geologist of Grootvlei gold mine in 1989 and later ore reserve manager for Beatrix gold mine in 1992. In 1996, Mr. Brigs joined Harmony as an executive manager and gained invaluable experience managing projects and operations around the world, including working as CEO of Harmony's operations in Canada, Australia and Papua New Guinea. Mr. Briggs was vice-president of the Chamber of Mines of South Africa for two years until 2016. Since leaving Harmony, Mr. Briggs has consulted for various mining companies.

John Byrne brings over 50 years of experience in the natural resources industry as a financial analyst, investor and mine developer. He has served as chairman and chief executive officer of numerous successful resource companies. Notably, he led Western Canadian Coal from a market capitalization of less than $1-million to its sale for over $3-billion in 2010. Mr. Byrne's leadership and deep industry insight make him a cornerstone of the company's strategic direction.

Lloyd Birrell, chief executive officer of LBR, commented: "Bringing LBR wholly into Metals One gives our South African gold and power business a listed home to support the restart of Barbrook. With Graham Briggs proposed as chair and our operating team in place, we are focused on completing the business rescue process and bringing Barbrook back into production. We thank Metals One, LBI and Salamander for their support in building LBR to this point."

Daniel Maling, managing director of Metals One, commented: "This acquisition positions Metals One at the forefront of the South African gold mining opportunity, with a first-class operating team and the former CEO of South Africa's largest gold producer as our chair. This would be a truly transformational transaction for Metals One following its financing and business development initiatives over the last 18 months. We look forward to updating our shareholders as we progress what we believe to be an exceptional opportunity to create value for all stakeholders from assets which have enormous potential but have been out of action for a number of years."