Updates re Barbrook Business Rescue Plan

In brief · summary, not quotable

Metals One Plc announced that the court hearing in South Africa to remove the Barbrook Gold Mine's Business Rescue Practitioner has been postponed to January 7-8, 2027, due to the intervention of the Tribal Authority and Belvipoint, who support the Lions Bay Resources approved business rescue plan. The application to set aside the Lions Bay Plan will proceed as scheduled on October 12, 2026, with Lions Bay confident in its legal position and having substantially implemented the plan to re-establish mining operations.

Full announcement

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Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals project developer and investor with a focus on gold and uranium, provides the following update on the outcome of the 3 September 2026 court hearing regarding the application to remove the current Business Rescue Practitioner ("BRP") for the Barbrook Gold Mine in Mpumalanga Province, South Africa.

The application to have the BRP removed and another appointed was postponed until 7/8 January 2027, due to the intervention of two additional parties, being the Tribal Authority (the landowner) and Belvipoint (the security company) both of which oppose the removal and support the Lions Bay Resources ("Lions Bay") (Metals One: 30% with an option to acquire a further 19.99%) approved business rescue plan as announced by the Company on 16 April 2026 (the "Plan").

The application to have the Lions Bay Plan set aside will continue as scheduled, with the High Court hearing and arguments to be dealt with on 12 October 2026. Lions Bay remains confident in its legal position having now substantially implemented the Plan for the benefit of the community and past and future mine workers with a view to re-establishing full mining operations later this year.

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