Member Info for Chilli300

Let's face it if board have any chance of hitting the 3.3p they need (or very close to that) to get their"incentive" at tranche 2 then they need to get cracking

https://otp.tools.investis.com/clients/uk/metals_one_plc/rns/regulatory-story.aspx?cid=2778&newsid=2034101

The funding question remains central. For the creditor vote to succeed, “fully funded” likely needs to be demonstrated with credible counterparties and accessible capital, not just offshore escrow arrangements. This introduces the importance of local alignment. South African capital, energy solutions, and operational credibility may all be required to convince creditors that a restart is genuinely viable.

The copper angle, while early, adds another layer of intrigue. Harmony’s increasing copper exposure and EV1’s Chikundo project suggest a possible longer-term alignment toward a dual commodity strategy. Again, there is no evidence of coordination, but the thematic overlap is difficult to ignore.

Stepping back, this may not be a story about individual companies acting in isolation. Conceptually, it could represent the early stages of a multi-vehicle African resource platform combining distressed gold asset recovery, energy infrastructure, and future-facing copper exposure, all supported by layered capital structures.

To be clear, this remains speculative. There is no confirmation of Harmony’s involvement in LBR, no confirmation of ARC or AREP funding Vantage, and no confirmation of EV1 participating directly in the process. However, the alignment across energy, capital, geography and commodity strategy is interesting enough to consider.

The key question may not simply be whether Vantage restarts, but rather who controls the system around it — energy, capital, processing and long-term strategic direction — and how those pieces may eventually come together.

Fell, it's more of a conceptual attempt to connect several strands across MET1, LBR, EV1 and the wider South African ecosystem. It is not a statement of fact, and there is no confirmation of direct links between all parties mentioned. However, the strategic alignment is interesting enough to explore as a thought exercise.

One of the most overlooked elements in the LBR strategy is the inclusion of the cogeneration plant. In the South African context, this may be more important than the gold itself in the near term. Power constraints are structural, not temporary, and any restart of Vantage would require reliable energy for underground operations, pumping flooded workings, and processing. In that sense, this is not just a mining restart story, but potentially an energy-led infrastructure play. Control of power enables everything else.

When you then layer in the broader Motsepe ecosystem, things become more interesting. Patrice Motsepe sits across multiple relevant domains: mining through ARM and Harmony, capital through African Rainbow Capital (ARC), and energy through African Rainbow Energy & Power (AREP). This creates a rare alignment of capital, operational capability and energy infrastructure within one ecosystem. While there is no evidence that these entities are directly involved in LBR, they represent one of the few groups capable of solving the full set of challenges around a Vantage restart.

Harmony itself adds another layer to the narrative. While historically a gold-focused South African operator, it is clearly increasing its exposure to copper. This introduces a longer-term strategic angle. If one considers EV1’s position, with its pivot toward African gold acquisition and emerging copper exposure through Chikundo, there is at least a conceptual alignment between short-term gold optionality and longer-term copper growth. There is no confirmed link here, but the strategic direction across entities is notable.

MET1’s position strengthens this further. With a roughly 23% stake in EV1, and ARCH (linked to ARC) also holding a significant position, EV1 increasingly looks like a strategically influenced vehicle rather than an independent junior. Its reset in 2025 toward African gold opportunities, backed by ARC’s network, suggests access to deal flow, capital and jurisdictional relationships that go beyond a typical exploration company.

When viewed together, a conceptual structure begins to emerge. LBR could represent the asset acquisition and operational layer, particularly around Vantage. The cogeneration plant represents the energy control layer. MET1 provides listed exposure and strategic positioning. EV1 could act as a future platform for African gold and copper assets. ARC and ARCH represent capital and network access, while AREP represents potential energy infrastructure capability. Harmony or ARM, at least conceptually, could provide operational or strategic depth.

Https://api.investi.com.au/api/announcements/ev1/2f622862-615.pdf

HIGHLIGHTS

• Evolution announces a new strategic direction endorsed by major shareholder ARCH

Sustainable Resources Fund (“ARCH”)

• New gold development opportunities in Africa to be identified and evaluated, leveraging

off the extensive in-country network and experience of ARCH’s parent company, African

Rainbow Capital.

• Major cost reduction program nearing completion, including downsizing of board and

management, and closure of the Company’s Perth office.

• Evolution remains committed to longer term development of the Chilalo Graphite Project

in Tanzania.

• Mr Craig Moulton will move into an Executive Director role to complete the transition and

lead the implementation of the new corporate strategy.

Not that I'm suggesting anything at all.....

Fascinating concept though

ARCH has confirmed its ongoing support for the Company, including these strategic objectives. ARCH remains

Evolution’s largest shareholder with a 25% shareholding. Evolution will also seek to leverage off the extensive

in-country network of ARCH’s parent company, African Rainbow Capital (“ARC”). ARC is a large African asset

management firm with USD 2.7 billion funds under management invested across more than 40 companies

throughout Africa.

To support Evolutions new strategic direction, Mr Craig Moulton, currently a Non-Executive Director, will move

into the role of Executive Director. Mr Moulton will lead the transition, manage current project development

activities, as well as the commercial and technical review of new project opportunities."

Https://evolutionenergyminerals.com.au/board-and-management/

John Kay as company secretary is intriguing especially when you link Mahe Capital from his linked in.

EV1 February 2026 entitlement offer: Mahe was lead manager and partly underwriter for A$1.5 million

CHix have 2 at 1.693 and after that literally air to 1.9p at the moment at offer side

MET1 are arguably selling in EV1, FMET and CTL because of capital requirement for Vantage Goldfields bid in South Africa

It has absolutely nothing to do with cash burn and more importantly here, it has no bearing on the quality of the investment or the opportunity here.

CTL is hugely de risked. MET1 served their purpose at the time, and going forward their holding will have been passed on to strategic hands, absolutely no doubt

Do you not actually think the sale of MET1 remainder is pre agreed and is a "block transfer" to a "new interested party"

Which is 100% more exciting

Personally I think "A provisional liquidator could seek extended powers and execute transactions similar to business rescue" is key

A A dual-track strategy is in place

Try win via rescue (Arqomanzi as one of the main creditors I think will block it)

Be ready to win via liquidation

BWTFDIK

Polly etc

You also look at EV1, Fulcrum as well as CTL, MET1 are arguably building a war chest in effect converting liquid equity and retaining asymmetric upside (via warrants). The pattern is the same on the three.

Conjecture, but looks like they are systematically converting portfolio gains into deployable capital ahead of a major strategic move — most likely linked to LBR / Vantage.... The question is where the capital pops up next and how will it be used? Project level LBR? More LBI exposure with then more indirect exposure to LBR / Fidelity etc etc etc

Looks like they're on it.

If EV1 can drill and start to prove they have a VMS, then things could get very interesting

Arqomanzi will be key

Let's see where the line “fully funded binding transaction” fits in this narrative.

Https://api.investi.com.au/api/announcements/ev1/9d7ae3d3-769.pdf

Https://www.saflii.org/za/cases/ZAGPJHC/2026/306.pdf

So the ARCH / ARM bit. CONJECTURE

Harmony’s long-standing relationship with African Rainbow Minerals (ARM) is potentially key here. ARM, founded by Patrice Motsepe, holds roughly ~12% of Harmony and has consistently treated that position as a strategic, long-term stake dating back to the early 2000s. Motsepe, now Non-Executive Chairman of ARM, remains a highly influential figure in South African mining and closely aligned with long-term value creation in Harmony.

ARM’s approach is also important — it tends to deploy capital strategically and patiently, often at asset or project level rather than via listed equity. That raises a reasonable (but unproven) question:

Could LBR ultimately sit within, or alongside, the Harmony / ARM ecosystem, potentially through project-level funding, partnership, or operational involvement?

Where it becomes more interesting is when you consider the broader Motsepe capital ecosystem, which spans multiple layers.

Through Ubuntu-Botho (his holding structure), Motsepe sits behind:

ARM → mining and strategic stakes (including Harmony)

African Rainbow Capital (ARC) → flexible investment capital

African Rainbow Energy & Power (AREP) → energy and infrastructure

In parallel, disclosures show that ARCH Sustainable Resources Fund structures include ARC-linked entities and Motsepe-associated capital, suggesting that ARCH and the ARM/ARC ecosystem are not entirely separate, but part of a partially overlapping investment network.

That creates a more connected picture than it first appears — not isolated funding routes, but a networked ecosystem spanning:

Mining / Operations

Harmony Gold

ARM

Briggs’ involvement in LBR

Capital

ARM (strategic, long-term)

ARC (flexible investment capital)

ARCH (international resource capital with overlapping exposure)

Power / Infrastructure

AREP (energy platform)

The power angle is particularly interesting in the context of South Africa. If LBR / Vantage incorporates cogeneration or power production, then alignment with an energy platform like AREP would be strategically logical, given the importance of power security and cost control in gold operations.

From that perspective, this starts to look less like separate ideas and more like a vertically aligned ecosystem, where:

Resource (gold)

Capital (project-level funding)

Power (generation / infrastructure)

could, in theory, come together at the asset level.

The key nuance remains that any meaningful funding is more likely to occur at the project level (LBR) rather than via direct equity into MET1 itself.

Thoughts?

Something I’ve been thinking about regarding Metals One (MET1), Lions Bay Resources (LBR), and the broader South African strategy — this is purely conjecture and just an attempt to connect a few dots.

Starting with the more grounded angle first: the involvement of Graham Briggs (former CEO of Harmony Gold) in LBR immediately raises the question of whether Harmony — or parties closely connected to it — could play a role at the project level.

Harmony’s long-standing relationship with African Rainbow Minerals (ARM) is key here. ARM, founded by Patrice Motsepe, holds roughly ~12% of Harmony and has consistently treated that position as a strategic, long-term stake dating back to the early 2000s. Motsepe, now Non-Executive Chairman of ARM, remains a highly influential figure in South African mining and is closely associated with Harmony’s long-term strategy.

ARM’s approach is also important — it tends to deploy capital strategically and patiently, often at asset or project level rather than via short-term listed equity moves. That raises a reasonable (but unproven) question:

Could LBR ultimately sit within, or alongside, the Harmony / ARM ecosystem, potentially through project-level funding, partnership, or operational involvement?

Layered on top of that is a broader and more indirect capital markets angle.

Through Evolution Energy Minerals (EV1):

Craig Moulton links MET1 and EV1 (Executive Chair / MD overlap)

Paul Atherley (EV1 NED) is a senior advisor to the Arch Sustainable Resources Fund (ARCH)

This creates a more tenuous but still interesting pathway into international resource capital:

MET1 → EV1 → ARCH

To be clear, there is no direct link between MET1 and ARCH, and no direct link between ARCH and ARM. However, both ARCH and ARM sit within a similar category of long-term, resource-focused capital allocators, and these types of connections are often relationship-driven in mining.

From that, you can frame two potential funding “lanes”:

South African strategic / operator route

Harmony Gold (operational capability)

ARM / Motsepe (strategic, long-term capital)

International resource capital route

ARCH (via EV1 network)

Potentially Sprott or similar specialist financiers

The key nuance is that any meaningful funding is more likely to occur at the project level, rather than through direct equity investment into MET1 itself.

Recent trading behaviour in MET1 — including persistent supply into strength and large offers — could be interpreted by some as positioning ahead of a funding event, although that remains speculative and could simply reflect normal market dynamics.

The broader takeaway is that MET1 / LBR appears to sit within a connected ecosystem of operators, strategic investors, and capital providers, rather than progressing in isolation.

As always — this is not a statement of fact or outcome, just a framework for thinking about what could be happening behind the scenes.

For me point vi might be quite important, where I have a feeling Salamander as part of the LBR entity will work this point to highlight that they have a way of dealing with it. (Flooding predominantly which Lloyd Birrell has discussed publicly in the last few months)

https://bulletin.co.za/experts-warn-of-environmental-risks-at-lily-mine/ (amongst other articles)

I also note that Salamander have also paid for security of the mine as mentioned in recent RNS' (Vii below)

"LBR has paid the security costs of the Vantage assets for the past five months, and is of the view its plan has de facto been implemented, and will argue this in court. Despite the complexity of the issues before the court, LBR is confident that the High Court has the jurisdiction to finally resolve these issues, and provide a clear direction for the future of the mines." 06 02 26 update

ORDERS for BRP -

The BRP must report on oath to the Court, every 30

(thirty) days after date of this order on the following:

a. What steps have been taken in respect of:

i. The publication of any new business plan;

ii. The convening of a meeting of creditors in terms of section 151

of the Act;

iii. The outcome of the voting at the meeting contemplated in (ii);

iv. Funds received in terms of any new business plan;

32-42

32-42

v. The status of any section 11 application for the transfer of mining

rights;

vi. Steps taken to deal with the environmental hazards contemplated

in the Salamander affidavits; and

vii. Steps taken to ensure the security of the mines from illegal

miners.

7. The fourth respondent must, in the first report, account for the manner in which

post commencement financing has been spent to date.

I guess on the creditor front Arqomanzi being the biggest, will be critical for them.

Lets face it the Business rescue process has been going for nearly 10 years, so who knows

Https://www.youtube.com/watch?v=T8r3pA_rbeE