15 April 2026

Metals One Plc

("Metals One" or the "Company")

Update re LBR Offer for Vantage

 Lions Bay Resources submits revised offers for Vantage Goldfield assets in South Africa

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project developer and investor, provides an update on the proposed acquisition by Lions Bay Resources (Pty) Ltd ("LBR") of certain assets of the Vantage Goldfields (Pty) Ltd Group ("Vantage") in South Africa. Metals One owns 30% of LBR with the option to increase its ownership to 49.9%.

Highlights

·    LBR has submitted two revised offers to the Business Rescue Practitioner ("BRP") as below:

o  Offer for the assets of Barbrook Mines (Pty) Ltd ("Barbrook") (2.1Moz of gold resource*) for ZAR 279 million (approximately US$17.0 million)

o  Offer for Makonjwaan Imperial Mining Company (Pty) Ltd ("MIMCO") (Lily Mine and associated deposits totalling 2.3Moz of gold resource*) for a nominal sum of ZAR 1.00

·    As part of the Barbrook offer, upon approval by creditors, LBR has agreed to pay the full salary claims of the former employees of MIMCO as well as Barbrook

·    The revised offers follow the adjournment of the creditor meeting to approve LBR's plan to acquire the Vantage assets by the BRP (announced on 9 April 2026) - LBR's revision of the offers to focus on Barbrook is a function of feedback from the creditors meeting and circumstances around the Lily Mine complex

·    LBR's proposed acquisition of the above assets of Vantage out of Business Rescue has been endorsed by the BRP and the major creditor and recently circulated to all creditors

·    LBR has previously deposited US$10 million in an escrow account with the BRP's legal practitioner. Upon approval of the plan, funds will be deployed as follows:

o  Staff will be paid 100% of their entitlements, less any amounts previously settled by the major creditor

o  Creditors will be paid 10% of their approved claims

o  The 90% balance will be paid to creditors once the Section 11 application has been granted (transfer of mining rights)

·    LBR is considering confidential offers for project level financing for the balance of funding required to complete the Barbrook and MIMCO acquisitions alongside additional initial mine startup capital

The revised offers remain subject to the agreement of creditors at the creditors meeting expected to be held tomorrow as well as LBR securing the funding necessary to settle the minimum US$7.0 million required should the offers be approved by creditors. There can therefore be no guarantee that the acquisitions as outlined above will complete.

Daniel Maling, Managing Director of Metals One, commented:

"Following further constructive dialogue with the Business Rescue Practitioner and major creditor, LBR has reshaped its offer and looks forward to the outcome of the adjourned creditor meeting reconvened for tomorrow."

^*Note

Historical resource based on a Competent Persons' Report ("Report") dated 1 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.

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About Metals One

Metals One is advancing a strategic portfolio of investments which span early stage critical and precious metals exploration to a vertically integrated gold strategy in South Africa, with an objective to encompass power, mining and processing.

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 herein 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.