Vancouver, British Columbia--(Newsfile Corp. - April 15, 2026) - Lions Bay Capital Inc. (TSXV: LBI) ("LBI" or the "Company") announces that further to the Company's news release on March 23, 2026 and March 25, 2026, the creditors meeting scheduled for April 9, 2026 was adjourned as a majority of the creditors required some clarifications and amendments to be made to the business rescue plans and voted to accordingly postpone the three meetings by seven days.

In response to this, Lions Bay Resources PTY Ltd ("LBR" ) has submitted two revised offers to the BRP as below:

1) Offer for Barbrook Mines (Pty) Limited ("Barbrook") (2.1Moz of gold resource*) for ZAR 279 million (approximately US$17.0 million)

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

Highlights

• 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 – 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 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:
  • Staff will be paid 100% of their entitlements, less any amounts previously settled by the major creditor
  • Creditors will be paid 10% of their approved claims
  • 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 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.

*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.

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.

Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: general business and economic conditions. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A (a copy of which is available under the Company's SEDAR profile at www.sedarplus.ca). The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.

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