Lions Bay Resources31 Dec 2025 08:13
The proposed acquisition includes numerous mining leases in South Africaβs Barberton region with a historical resource inventory of 4.5 million ounces of gold, a central metallurgical complex, and extensive underground development.
The offer structure consists of an initial C$12.7 million cash payment, a second payment of C$18.8 million in shares, and a final C$15 million to be paid as a royalty on gold revenue.
Metals One, which holds 19.1% of Lions Bay Capital and 5% of Lions Bay Resources, has signed a binding term sheet to lend C$4 million to Lions Bay Capital. Metals One also holds US$1.8 million in convertible loan notes in Lions Bay Resources, which upon conversion could increase its shareholding to at least 30% on a fully diluted basis.
Vantage Goldfields was placed in Business Rescue following a crown pillar collapse at its Lily mine in 2016. The offer is being made public as it is being sent to numerous creditors, including many former employees.
Lions Bay Resources is managed by the Salamander Mining Group, whose team owns 47.61% of the company. The management team includes Graham Briggs, former CEO of Harmony Gold Group, along with senior gold industry executive Lloyd Birrell and CFO Deon Robbertze.