Vancouver, British Columbia — December 23, 2025 — Leads & Copy — Lions Bay Capital Inc. (TSXV: LBI) has announced it has signed a binding term sheet for a CAD $4.0 million promissory note from Metals One Plc.
The loan is subject to a binding term sheet and will be advanced to Lions Bay by Metals One, according to a news release.
The key terms of the loan include:
CAD $4.0 million to be advanced.
Proceeds to be applied to investment and working capital purposes.
20% interest per annum, payable in arrears.
Full repayment of principal and interest required after a period of 12 months.
Loan prepayment by Lions Bay is permitted in part or in full at any time without penalty.
The loan agreement will contain standard terms and conditions, including market standard warranties, representations and undertakings from Lions Bay to Metals One, as well as standard events of default and material adverse change provisions.
The loan will be secured by first ranking security in favor of Metals One in respect of Lions Bay’s holdings, including:
16,901,506 common shares in Fidelity Minerals Corp.
499 ordinary shares in Lions Bay Resources Pty Ltd. (“LBR”).
Loan accounts to LBR.
USD $2.2 million loan receivable from GNT Mining (a private mining investment company and majority shareholder in Bosveld Mines, which operates the Klipwal gold mine in KwaZulu-Natal, South Africa).
Conditions precedent and/or subsequent for the drawdown of the loan include:
First ranking security, in agreed form, having been granted to Metals One.
Warranties and representations set out in the Loan Agreement remaining true and accurate in all respects.
Lions Bay Capital having obtained shareholder, board and stock exchange approval, as required.
The parties having entered into the Loan Agreement, in agreed form.
Metals One is an insider of Lions Bay, and the loan is considered a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
According to John Byrne, Executive Chairman of Lions Bay Capital, the Metals One Loan will enable Lions Bay Capital to move swiftly to bring opportunities to fruition. Byrne stated that their immediate objectives include positioning Lions Bay Resources to become a vertically integrated South African gold company and supporting Fidelity Minerals Corp. to confirm and expand a significant historic gold resource in Peru.
Daniel Maling, Managing Director of Metals One, stated that Lions Bay Capital has access under its umbrella to two of the most compelling precious and critical minerals opportunities they have seen for a long time. Maling added that by advancing the Loan, Metals One can enable Lions Bay Capital to unlock these opportunities without delay and create significant value for its shareholders, including Metals One.
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.
The company specializes in identifying resource projects that have been neglected due to lack of funding or poor management execution, providing 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.
John Byrne
Executive Chairman
Tel: +61 3 9236 2800
Email: jbyrne@lionsbaycapital.com
Ryan Batros
Managing Director
Tel: +61 472 658 777
Email: Rbatros@lionsbaycapital.com
Source: Lions Bay Capital Inc.
