Update re Barbrook Business Rescue Plan

In brief · summary, not quotable

High Court reserves judgment on application to set aside Lions Bay business rescue plan.

Full announcement

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Further to the Company's announcement on 7 September 2026, 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 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 was held in the High Court of South Africa, Gauteng Division, Johannesburg on 12 October 2026. The judge has considered all arguments and reserved judgment. A further announcement will be made in due course upon the receipt of the judgment.

Daniel Maling, Managing Director of Metals One, commented:

"We welcome the Court's careful consideration of the arguments on the Lions Bay Plan. 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. We will update the market as soon as judgment is handed down."

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