Lions Bay Resources, the South African acquisition vehicle part-owned by AIM-listed Metals One PLC (AIM:MET1, FRA:HT7, OTCQB:MTOPF), has submitted two revised offers to the business rescue practitioner overseeing Vantage Goldfields, targeting gold assets totalling more than 4.4 million ounces.
Metals One holds a 30% stake in Lions Bay Resources, with an option to increase to 49.9%.
The first offer is ZAR 279 million (approximately $17.0 million) for the assets of Barbrook Mines, which holds a 2.1 million ounce gold resource.
The second offer is a nominal ZAR 1.00 for Makonjwaan Imperial Mining Company, which operates the Lily Mine and associated deposits totalling 2.3 million ounces of gold resource.
As part of the Barbrook offer, LBR has agreed to pay the full salary claims of former employees of both Barbrook and Makonjwaan Imperial upon creditor approval.
The revised bids follow the adjournment of a creditor meeting on 9 April 2026 and reflect feedback received during that process.
LBR has previously deposited $10 million in escrow, which would be deployed to settle staff entitlements and pay creditors 10% of approved claims upon plan approval, with the remaining 90% to follow once mining rights are formally transferred.
A creditor meeting to vote on the revised plan is expected to be held on 16 April.
The offers remain subject to creditor approval and LBR securing a minimum of $7.0 million in additional funding, and there is no guarantee the acquisitions will complete.