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Lions Bay Capital Inc. Provides an Update on Savic Option Agreement

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Vancouver, British Columbia--(Newsfile Corp. - October 8, 2021) - Lions Bay Capital Inc. (TSXV: LBI) ("Lions Bay" or the "Company") announces that drilling has commenced on the mineral tenements held by Savic Pty Ltd ("Savic") in Western Victoria, Australia. The drill program aims to test the extension of rare earth mineralisation on the Savic ground which lies adjacent to the discovery by Australian Rare Earths Ltd in near surface clays. Lions Bay expects to complete a total of 16 short holes this week which should be sufficient to enable the board to make a decision on entering into a Joint Venture agreement covering the Savic ground. LBI paid AUD $200,000 (CAD $183,000) for an option to enter a Joint Venture under which it can earn a 50 per cent interest in the Savic areas by spending AUD $5.0 million (CAD $4.57 million) over 3 years.

About Lions Bay Capital Inc.

Lions Bay Capital Inc. is a TSX-V listed Investment Issuer that is focused on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it provides public and private companies with strategic and financial support.

On behalf of the Board of Lions Bay.

John Byrne
Executive Chairman
Tel: +61 3 9236 2800
Email: jbyrne@lionsbaycapital.com

For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Disclaimer & Forward-Looking Statements: This news release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as "may", "should", "intend", "expect", "plan", "anticipate", "believe", "estimate", "project", "predict", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This news release may also contain inferences to future oriented financial information ("FOFI") within the meaning of applicable securities laws. The information in this news release has been prepared by our management to provide readers with an outlook for our future activities.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98979