29 December 2025

Metals One Plc

("Metals One" or the "Company")

Investee Company Update: Lions Bay Resources

Lions Bay Capital Announces Lions Bay Resources' Bid for Vantage Goldfields

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals exploration and development company, notes an announcement on 24 December 2025 by Lions Bay Capital Inc. ("Lions Bay Capital") (TSX-V: LBI) that its 47.39% owned associate, Lions Bay Resources PTY Ltd. ("Lions Bay Resources") has made an offer for all of the assets of the Vantage Goldfields Group ("Vantage").

Metals One holds 19.1% of Lions Bay Capital's share capital and has signed a binding term sheet to lend it C$4.0 million. Metals One also holds 5% of Lions Bay Resources' share capital together with US$1.8 million of convertible loan notes ("CLNs") in Lions Bay Resources. Assuming Metals One advances the full US$1.8 million to Lions Bay Resources, upon conversion of the CLNs and based on Lions Bay Resources' pre offer share capital, Metals One's shareholding in Lions Bay Resources would be at least 30% of the issued share capital of Lions Bay Resources on a fully diluted and enlarged basis.

There can be no guarantee that the offer as described below will proceed and investors should note the conditional nature of the proposal.

The full text of Lions Bay Capital's announcement is reproduced further below.

Daniel Maling, Managing Director of Metals One, commented:

"Lions Bay Resources' bid for Vantage marks an exciting step in its strategy to create a vertically integrated gold business in South Africa. As a stakeholder in both Lions Bay entities, Metals One could create significant value for its shareholders from these opportunities."

Vancouver, BC, December 24, 2025 - Lions Bay Capital Inc. (TSX-V: LBI) ("Lions Bay" or the "Company") announces that the company's 47.39% owned associate, Lions Bay Resources PTY Ltd. ("LBR") has made an offer for all of the assets of the Vantage Goldfields Group ("Vantage").

Vantage was placed in Business Rescue following a crown pillar collapse at the Lily mine in 2016 and comprises of numerous mining leases in the Barberton region of South Africa with a historical resource inventory of 4.5 million ozs 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% of LBR. The balance of 5% is held by London listed Metals One PLC which owns 19.1% of LBI and has been providing financial support for the Company's business plans.

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

LBR has offered $C46.5 million, for the Vantage assets comprising an initial payment of $C12.7 million in cash, a second payment of $C18.8 million to be satisfied by the issue of shares and a final payment of $C15.0 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 $C0.50 per share. The proportion will be determined by LBI's ownership in LBR which is not expected to exceed 50%.

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 cogeneration 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 31^st January 2026.

*Historical resource based on a Competent Persons' Report ("Report") dated January 1, 2015, prepared by Minxcon Consulting (Pty) Limited and authored by D van Heerden. B.Eng. (Min. Eng.), M.Comm. (Bus. Admin.), ECSA, FSAIMM, AMMSA. The Report was prepared in compliance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (July 2009 Amended Edition) ("the SAMREC Code") and the South African Code for the Reporting of Mineral Asset Valuation (July 2009 Amended Edition) ("the SAMVAL Code") and Section 12 of the Johannesburg Stock Exchange listing requirements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the Company is not treating the historical estimate as a current mineral resource.

About Lions Bay Capital Inc.

Lions Bay Capital Inc. 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.

On behalf of the Board of Lions Bay.

John Byrne

Executive Chairman

Tel: +61 3 9236 2800

Email: [email protected]

Ryan Batros

Managing Director

Tel: +61 472 658 777

Email: [email protected]

For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Disclaimer & Forward-Looking Statements: This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking statements"). All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the closing of option to purchase and the approval of the share consolidation and convertible debt by the TSX Venture Exchange. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget", "propose" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

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About Metals One

Metals One is pursuing a strategic portfolio of critical and precious metals projects and investments underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials - and record high gold prices. Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1) and on the OTCQB Venture Market in the United States (MTOPF).

Map of Metals One projects/investments

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Market Abuse Regulation (MAR) Disclosure

The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR').

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.