Vancouver, British Columbia--(Newsfile Corp. - April 22, 2026) - Lions Bay Capital Inc. (TSXV: LBI) ("LBI" or "Lions Bay" or the "Company") is issuing 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 ("Barbrook") 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 December 24, 2025, February 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% by LBI, 35% by the Salamander Group, and 30% by Metals One Plc (LSE: MET1) ("Metals One"). LBI 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:

• LBI 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 LBI plays no role in directing LBR's operations or strategic decisions; and

• LBI 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 (the "Proposed Acquisition").

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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/293771