Mr. Walter Berukoff reports

LION ONE FILES ROBUST PEA NI 43-101 TECHNICAL REPORT FOR TUVATU

Lion One Metals Ltd. has filed the positive preliminary economic assessment for the company's 100-per-cent-owned Tuvatu gold project in Fiji. A summary of the results of the PEA was announced on June 1, 2015.

"The Tuvatu PEA demonstrates robust economics for an underground mining operation producing 352,931 ounces of gold over the first seven years at an average grade of 11.31 grams per tonne, at cash costs of $567 (U.S.) per ounce," commented Lion One managing director Stephen Mann. "The project delivers a robust internal rate of return and rapid payback on initial capital of $48.6-million (U.S.), we are excited to continue to advance Tuvatu towards production and believe it represents a very valuable asset that fits with current market conditions."

PEA highlights ($1,200-(U.S.)-per-ounce-gold base case):

• Capital costs of $48.6-million (U.S.); 15-month preproduction schedule;
• 1.5-year payback, internal rate of return of 67 per cent (before tax), net present value discounted at 5 per cent of $117-million (U.S.);
• 352,931 ounces of gold production over first seven years at average grade of 11.31 g/t gold;
• Operating costs of $567 (U.S.) per ounce Au; all-in sustaining costs of $779 (U.S.) per ounce Au.

The independent report entitled "Preliminary Economics Assessment NI 43-101 Technical Report on the Tuvatu Gold Project, Fiji," has been filed on SEDAR under the Lion One profile and can be viewed on the Lion One website. The independent technical report was prepared by Canenco Ltd., AMC Consultants Pty. Ltd., Knight Piesold and Mining Associates Pty. Ltd., all of whom are considered independent qualified persons as defined by National Instrument 43-101.

The Tuvatu gold project has been fully permitted for development by the government of Fiji following the recent approval of the Tuvatu mining lease, and prior to that the Department of Environment approvals for the Tuvatu environmental impact assessment (EIA), and the construction and development environmental management plans. The company also signed a 21-year surface lease agreement with local landowners and the iTaukei Land Trust in 2014.

The PEA is based on the June 6, 2014, resource estimate contained in the technical report entitled "Tuvatu Resource Estimate," prepared by Ian Taylor of Mining Associates. Tuvatu hosts a National Instrument 43-101-compliant indicated mineral resource of 1.1 million tonnes grading 8.46 g/t gold for 299,500 contained ounces and an inferred minerals resource of 1.5 million tonnes at 9.7 g/t gold for 468,000 contained ounces. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The company has not based a production decision on the results of a feasibility study.

                                                                            
                  SENSITIVITY TO GOLD PRICE 2015 TUVATU PEA
                               (In U.S. dollars)

Gold            NPV 5%         IRR       Payback    Free oz Au  Undiscounted
per oz       after tax   after tax       posttax    after debt      Net cash
                                          (years)      payback          flow 

$1,000    $ 45,227,847         33%          2.00       133,664  $ 62,376,147
1,100       65,508,126         43%          1.75       201,832    87,057,303
1,200       86,649,949         52%           1.5       237,666   112,663,317
1,300      107,791,771         62%          1.33       259,762   138,269,330
1,400      128,933,594         71%          1.25       274,749   163,875,344
1,500      150,075,417         79%          1.08       285,583   189,481,357
1,600      171,217,239         88%          1.00       293,779   215,087,371
1,700      192,374,640         96%          0.92       300,197   240,716,896
1,800      213,462,480        104%          0.83       305,359   266,242,070

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Qualified persons

The independent qualified persons responsible for preparing the Tuvatu PEA are David Lee, FAusIMM, of AMC, Stacy Freudigmann, PEng, of Canenco, Ian Taylor, MAusIMM, and Tony Woodward of Mining Associates, and David Morgan, MAusIMM, of Knight Piesold Pty. Ltd. All of the aforementioned qualified persons have reviewed and approved the contents of this news release.

Rob McLeod, PGeo, a consultant to the company, is the company's designated qualified person for this news release within the meaning of NI 43-101, and has reviewed and confirmed that the information contained in the release is consistent with that provided by the independent qualified persons responsible for the PEA.

We seek Safe Harbor.