Mr. Stephen Mann reports

LION ONE INTERSECTS 13.52 G/T GOLD OVER 9.07 METERS AT TUVATU

Lion One Metals Ltd. has released further results from its continuing drilling program at its 100-per-cent-owned and fully permitted Tuvatu gold project located near Nadi on the island of Viti Levu in the Republic of Fiji.

The company has received results for the first diamond drill hole completed in its 2017 drill program, focused on infilling and extending mineralized lodes targeted for the first two years of planned development and production at Tuvatu. TUDDH 419 targeted a series of relatively flat-lying SKL lodes from 71.36 to 103.64 metres, and also intersected a near-surface, high-grade interval of 13.52 grams per tonne gold over 9.07 metres from 32.83 to 41.90 metres. Further drilling is planned to follow up these intersections.

"These results confirm the high grades of the lodes targeted for development and highlight the potential for wider zones of mineralization," said Lion One managing director Stephen Mann.

Today's results complement the results reported on Nov. 23 and Dec. 21, 2016, which included:

• 8.41 m at 71.41 grams per tonne gold from TUDDH 406;
• 4.05 m at 12.32 g/t Au from TUDDH 407;
• 2.55 m at 13.95 g/t Au from TUDDH 408;
• 3.92 m at 12.54 g/t Au from TUDDH 409;
• 2.42 m at 24.07 g/t Au from TUDDH 410;
• 1.39 m at 16.06 g/t Au from TUDDH 412.

 
          TUVATU DRILLING RESULTS FEBRUARY, 2017

From                    To        Interval           Grade
(m)                    (m)             (m)        (g/t Au)

32.83                41.90           9.07*           13.52
includes                              5.57           21.04
71.36                72.80            1.44           19.65
83.66                85.78            2.12           14.28
101.49              103.64            2.15            3.65
  
Note
* True widths of the drill hole intersection 
have not been determined from the information available.

Dewatering

The company recommenced dewatering of the existing exploration decline in early January and is refurbishing the decline as dewatering progresses. Except for the limited slippage in the core shed fault zone 140 m from the decline entrance, ground conditions in the decline are generally very good. Drill cuddies have been prepared and ventilation fans have been installed in preparation for further diamond drilling from underground to complement the drilling from the surface.

Geotechnical drilling

A number of geotechnical diamond drill holes were completed during January, 2017, in the area of the proposed new portal planned as the main access into the gold deposits at Tuvatu. Ground conditions appeared to be very good. Further evaluation of results of the geotechnical holes will be undertaken.

Quality assurance/quality control (QA/QC)

Samples for the 2017 drill program are marked, logged and cut with a diamond saw on-site, placed in sealed bags sent to the company's Nadi office. Samples are shipped to Brisbane, Queensland, for customs clearance, then Townsville, Queensland, for sample preparation and multielement ICP (inductively coupled plasma) analysis. A quality control/quality assurance program, including the insertion of standards and blanks, has been implemented. The 2017 exploration program is performed under the supervision of Stephen Mann, PGeo, managing director of Lion One Metals, and a competent person under JORC (Joint Ore Reserves Committee). Mr. Mann has reviewed and approved the technical content of this release. Albert Siega, PEng, a full-time employee of the company and qualified person as defined by National Instrument 43-101 has reviewed and approved the technical content of this release. The company is not basing its production decision on a feasibility study of mineral reserves demonstrating economic and technical viability; as a result there is increased uncertainty and economic and technical risks associated with its production decision.

About Tuvatu

The Tuvatu gold project is located 17 km from the Nadi International Airport on the main island of Viti Levu in Fiji. Discovered in 1987, Tuvatu was advanced by previous owners through underground exploration and development from 1997 through to the completion of a feasibility study in 2000. Acquired by Lion One in 2011, the project has over 100,000 metres of drilling completed to date in addition to 1,600 metres of underground development. Tuvatu is a high-grade, low-sulphidation, epithermal gold deposit hosted inside a South Pacific-style volcanic caldera, along the Viti Levu lineament, Fiji's own corridor of high-grade gold deposits. In January, 2016, the Prime Minister of Fiji, V. Bainimarama, formally presented the previously granted Tuvatu mining lease to Lion One, concluding the permitting process for the development of an underground gold mine and processing plant at Tuvatu, demonstrating strong government support for Fiji's 85-year-old gold mining industry.

As per its independent June 1, 2015, NI 43-101 PEA technical report on the Tuvatu gold project, the company envisages a low-cost underground gold mining operation producing 352,931 ounces of gold at head grades of 11.30 g/t Au over an initial seven-year mine life, including 262,000 ounces at 15.30 g/t through year three, at cash costs of $567 (U.S.) per ounce with all-in sustaining costs of $779 (U.S.) per ounce. Total capex of $48.6-million (U.S.) includes a contingency of $6.1-million (U.S.) with an 18-month preproduction schedule and 18-month payback on capital. At a $1,200 (U.S.) gold price the project generates net cash flow of $112.66-million (U.S.) and an internal rate of return of 52 per cent (after tax). Tuvatu is situated upon a five-hectare footprint inside a larger 384-hectare mining lease that contains numerous high-grade prospects proximal to Tuvatu, at depth, and up to 1.50 km along strike from the resource area, giving the project near-term production potential and further discovery upside inside of one of Fiji's underexplored volcanic goldfields.

The information in this report that relates to the exploration results or mineral resources is based upon, and fairly represents, information and supporting documentation compiled by Mr. Mann, who is an officer and director of the company and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Mann has sufficient experience relevant to the style of mineralization and type of deposit under consideration and the activity in which he is undertaking to qualify as a competent person under 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr. Mann consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears. The company confirms that it is not aware of any new information or data that materially affect the information included in previous news releases referred to above, and confirms that the form and context in which the findings are presented have not been materially modified from the original news releases. Mr. Siega, PEng, a full-time employee of the company and qualified person as defined by NI 43-101, has reviewed and approved the technical content of this release.

We seek Safe Harbor.