Vantage Goldfields Limited (an Australian company) indirectly owns 74% of the shares in Lily Mine, the remaining 26 % was held by Lomshiyo Investments (Pty) Ltd.
2 June 2025, some 99% of creditors voted and accepted proposed amendments to business rescue plans that grant Hong Kong-based Ultra Concept majority control of the mines.
Part of the rescue plan includes payment of about R320 million in creditor claims, including nearly R32 million for former workers.
The rescue of Vantage was bedevilled by years of litigation, most of it between Australian-backed Vantage Goldfields and Arqomanzi, when it purchased Standard Bank’s loan claims against Vantage, making it the largest creditor.
Two creditors, Siyakhula Sonke Empowerment Corporation (SSC) and Train the Nation & Associates (TNN), brought a liquidation application against the three companies under business rescue – Vantage Goldfields, Barbrook Mines, and Makonjwaan Imperial Mining Company.