Pretoria, South Africa–(Newsfile Corp. – October 28, 2026) – Lions Bay Resources Proprietary Limited (“LBR” or the “Company“) corrects a misleading and inaccurate press release issued earlier today by Stephen Turner, Chairman of Vantage Goldfields Limited (“Vantage Goldfields“).
Vantage Goldfields falsely claimed that LBR, owned by Metals One Plc (AIM: MET1) (OTCQB: MTOPF) (“Metals One“) and Lions Bay Capital Inc. (TSXV: LBI) (“LBI“), has failed to meet the requirements of the South African mining regulator, cannot obtain regulatory approval, and that the proposed acquisition of the Barbrook Gold Mine (“Barbrook“) has consequently failed.
In fact: the business rescue process remains on track, LBR has provided the requisite proof of funding to the regulator, and the Company is confident of a favourable outcome in the High Court proceedings concerning its business rescue plan.
Vantage Goldfields’ latest intervention must be viewed against its own record. Barbrook entered business rescue in 2016 under Vantage Goldfields’ ownership. In the decade since, Vantage Goldfields has failed to bring the mine out of business rescue or secure its reopening, leaving former employees without employment and with their salaries unpaid.
By contrast, LBR has committed more than R200 million towards implementing the business rescue plan, including payments of outstanding salaries owed to former employees, and has met its statutory obligations in progressing the rescue process.
Rather than supporting efforts to restore operations, employment and economic activity at Barbrook, Vantage Goldfields has continued to challenge the process. LBR considers its latest public statements to be nothing more than an attempt undermine a rescue plan that has secured overwhelming creditor support and is progressing through the appropriate legal and regulatory channels.
It is also a matter of public record that the inquest into the deaths of three mineworkers at Lily Mine in February 2016 recommended the criminal prosecution of certain mine management and company directors, including Mr Turner. This finding provides important context to the conduct and record of those seeking to frustrate LBR’s efforts to rescue Barbrook.
The Facts
Business rescue plan approved by 84% of creditors
The business rescue plan for Barbrook Mines Pty Ltd proposed by LBR (the “Plan“) was approved by 84% of creditors on April 16, 2026. In May 2026, Lions Bay Mining (“LBM“), a subsidiary of LBR, submitted its Section 11 application to the Department of Mineral and Petroleum Resources (the “DMPR“).
Court proceedings awaiting judgment
Goldstream Pty Ltd (“Goldstream“), a purported creditor of Barbrook Mines Pty Ltd, brought an application to set aside the Plan in its capacity as a post-commencement creditor. On October 7, 2026, the Constitutional Court of South Africa, the country’s apex court, ruled that post-commencement creditors, which now include Goldstream, are not entitled to vote in any business rescue process in South Africa.
Goldstream’s application to set aside the Plan was heard in the High Court of South Africa, Gauteng Division, on October 12, 2026, and judgment is awaited.
Regulatory approval process on track
On August 18, 2026, the DMPR advised that it would finalise LBM’s Section 11 application within 20 business days of a decision dismissing the setting-aside application. The DMPR also required LBR and LBM to provide proof of funding sufficient to implement the Plan by September 15, 2026. The requisite proof of funding was provided to the DMPR on September 15, 2026.
Lloyd Birrell, Chief Executive Officer of LBR, commented:
“Vantage Goldfields’ latest statement is a cynical and misleading attempt to obstruct the rescue of a mine that failed under its own ownership. The facts are clear, and Vantage’s record speaks for itself.
“For more than a decade, Vantage has failed to bring Barbrook out of business rescue. Former employees were left without jobs and with salaries unpaid. In contrast, LBR has committed capital towards implementing a credible rescue plan and has paid the salaries of Vantage Goldfields’ former employees, while securing the overwhelming support of creditors.
“Vantage has had a decade to demonstrate its ability to rescue Barbrook. It has failed. Its attempts to frustrate those who are succeeding speak volumes.
“We have consistently chosen to pursue this process through the proper legal and regulatory channels rather than litigate through press releases; however, we will not allow misleading public statements to go unchallenged.
“LBR’s focus is firmly on securing the necessary approvals, completing the business rescue process and returning Barbrook to production for the benefit of employees, creditors, local communities and all stakeholders.”
Contact:
Lloyd Birrell
CEO, Lions Bay Resources
[email protected]
Source: Lions Bay Resources Pty Ltd
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321405