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Gold Projects

Gold is underpinned by record high prices – it’s the ultimate hedge against inflation.

Lions Bay entities
Creating a vertically integrated gold business in South Africa

Metals One holds investments in two Lions Bay entities – a 19.1% (as at 21 August 2025) interest in listed company Lions Bay Capital, Inc. (TSXV: LBI) and a 30% (as at 31 March 2026) interest in Lions Bay Resources (LBR) a South African private company (with the option to increase to 49.9% subject to shareholder approval).

The opportunity to create a vertically integrated gold company in South Africa is anchored by Lions Bay Resources’ recent acquisition of a cogeneration plant in Newcastle, and its planned acquisition of the assets of Vantage Goldfields, which holds mining leases in the Barberton region with a historical resource inventory of 4.5 million ounces of gold*.

The plant is capable of producing power and steam with the potential to be modified to roast refractory gold concentrates such as may be produced at the Vantage mines. In parallel, Lions Bay Resources is actively identifying suitable – in some cases stranded – mining assets that align with the intended roasting configuration.

Lion’s Bay Capital is guided by CEO John Byrne, the architect and former Executive Chairman of Western Canadian Coal, which was sold for over C$3 billion.

Visit www.lionsbaycapital.com for more information.

Swales Gold Project, Nevada

  • Carlin Trend is one of the richest mining districts in the world and home to some of the largest U.S. gold mines
  • Proximal to Nevada Gold Mines' Carlin Complex, the single largest gold-producing complex in the world (a joint venture between Barrick Gold and Newmont Corp.)
  • Excellent local infrastructure and easy access, near mining supportive communities of Elko County

Ownership

100%

Size

11 sq km

Metals

Au

Fidelity Minerals, Peru

Metals One holds a 12.96% (as at February 2026) interest in Fidelity Minerals (TSXV:FMN), whose main focus is the 50% owned Las Huaquillas Project, an advanced-stage gold-copper-silver project, located in northern Peru, approximately 14 km south of the Ecuador border. The Project lies within the prolific Cajamarca metallogenic belt, host to several world-class deposits. In addition to the brownfield gold opportunity, Las Huaquillas offers massive copper upside potential through exploration of the two confirmed porphyry systems flanking the epithermal gold resource. Visit www.fidelityminerals.com for more information.