Mr. John Byrne reports

LIONS BAY CAPITAL ANNOUNCES LIONS BAY RESOURCES' REVISED OFFER FOR VANTAGE GOLDFIELD ASSETS IN SOUTH AFRICA

Further to Lions Bay Capital Inc.'s news releases 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. Ltd. (2.1 million ounces (oz) of gold resource*) for 279 million South African rand (approximately $17.0-million (U.S.));
2. Offer for Makhonjwaan Imperial Mining Company Pty. Ltd. (MIMCO) (Lily mine and associated deposits totalling 2.3 million oz of gold resource*) for a nominal sum of 1.00 South African rand.

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 $10-million (U.S.) 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 per cent of their entitlements, less any amounts previously settled by the major creditor.
  • Creditors will be paid 10 pepr cent of their approved claims.
  • The 90-per-cent 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 financing required to complete the Barbrook and MIMCO acquisitions alongside initial mine start-up 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 financing necessary to settle the minimum $7.0-million (U.S.) 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 dated Jan. 1, 2015, prepared by Minxcon Consulting Pty. Ltd. and written by D. van Heerden, BEng (mining engineering), MComm (business administration), 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) (SAMREC), and the South African code for the reporting of mineral asset valuation (July, 2009, amended edition) (SAMVAL), 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 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 financing 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.

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