Mr. John Byrne reports

LIONS BAY CAPITAL PROVIDES CLARIFICATION REGARDING ITS RELATIONSHIP WITH LIONS BAY RESOURCES

Lions Bay Capital Inc. has issued this news release to clarify the nature of its relationship with Lions Bay Resources Pty. Ltd. (LBR) and the extent of the company's role in LBR's proposed acquisition of certain assets of Barbrook Mines Pty. Ltd. and Makonjwaan Imperial Mining Company Pty. Ltd. (MIMCO) (together with Vantage Goldfields Pty. Ltd., the Vantage assets), further to the company's news releases dated Dec. 24, 2025, Feb. 6, 2026, March 23, 2026, March 25, 2026, April 15, 2026, and April 17, 2026.

Relationship between Lions Bay Capital and Lions Bay Resources

LBR is a South African private company that is owned 35 per cent by Lions Bay Capital, 35 per cent by the Salamander Group and 30 per cent by Metals One PLC. Lions Bay Capital does not control LBR within the meaning of National Instrument 51-102, Continuous Disclosure Obligations, or IFRS 10, Consolidated Financial Statements, and LBR is not considered a subsidiary and is accounted for by the company as an equity investment.

In particular, the company confirms the following in relation to its relationship with LBR:

• Lions Bay Capital or its representatives do not hold any seats on LBR's board of directors.
• Day-to-day management of LBR is conducted by an independent management group, and Lions Bay Capital plays no role in directing LBR's operations or strategic decisions.
• Lions Bay Capital does not hold any veto rights, consent rights or other contractual arrangements that would give it control over LBR's major decisions, including the proposed acquisition by LBR of certain assets of Barbrook and MIMCO.

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 Capital provides both capital and strategic support to enhance project value and investor returns.

Lions Bay Capital 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.

We seek Safe Harbor.