Mr. Walter Berukoff reports

LION ONE COMMENCES HIGH GRADE GOLD MINING AT TUVATU

Lion One Metals Ltd. has reached a significant milestone at Tuvatu. Initial mining of near-surface, high-grade gold-bearing mineralization has commenced from a recently discovered mineralized lode. To date, strike driving along the new lode totals 14 cuts for an estimated 475 tonnes, much of which has already been added to the company's mining inventory stockpile. The high-grade inventory stockpile will constitute the initial feed for the company's custom-designed-for-purpose processing facility, currently under construction.

New gold lode

The new lode was discovered in late 2022, 75 metres into the new development decline, and was subsequently defined by underground mapping, chip-channel sampling and diamond drilling.

Development along the strike has since been extended by 13 metres by way of seven separate cuts, with each cut representing approximately 30 tonnes of material. Vertical development of nine metres as a 1.5-metre-by-1.5-metre rise has been completed, as well as an additional seven cuts, for a total of approximately 475 tonnes of gold mineralized material, to date. Tuvatu has implemented air-leg mining, which allows for flexibility and optionality to deliver low-cost tonnage at minimum mining widths of 1.8 metres and a rate of advancement of four metres per day.

Several recent drill holes have intersected multiple high-grade intercepts. Systematic face sampling provides detailed information that compare favourably with previous drill results.

The material extracted from this drive represents the first modern extraction from the Tuvatu deposit and as such represents a significant milestone for the company.

Geology

The well-defined structure consists of a quartz vein array with minor to trace pyrite, chalcopyrite, sphalerite and bornite as well as coarse native gold, typically in association with roscoelite. Late carbonate veinlets crosscut the structure. The vein is hosted by monzonite, with well-developed symmetric bleached alteration. The highly visible alteration envelope has rendered advancement on this mineralized structure very straightforward by way of visual identification alone.

About Tuvatu

The Tuvatu alkaline gold project is located on the island of Viti Levu in Fiji. The January, 2018, mineral resource for Tuvatu as disclosed in the technical report "Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji," dated Sept. 25, 2020, and prepared by Mining Associates Pty. Ltd. of Brisbane, Queensland, comprises 1,007,000 tonnes indicated at 8.50 grams per tonne gold (274,600 ounces gold) and 1,325,000 tonnes inferred at 9.0 grams per tonne gold (384,000 ounces gold) at a cut-off grade of 3.0 grams per tonne gold. The technical report is available on the Lion One website and on SEDAR.

Qualified person

In accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, Sergio Cattalani, PGeo, senior vice-president, exploration, is the qualified person for the company and has reviewed and is responsible for the technical and scientific content of this news release.

Quality assurance/quality control procedures

Lion One adheres to rigorous quality assurance/quality control procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing and analyses. The company utilizes its own fleet of diamond drill rigs, using PQ-sized, HQ-sized and NQ-sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the company's geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 gram per tonne gold are both reassayed at Lion One's laboratory and delivered to ALS Global in Australia for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80 per cent passing through 75 micrometres. Gold analysis is carried out using fire assay with an atomic absorption finish. Samples that have returned grades greater than 10 grams per tonne gold are then reanalyzed by gravimetric method. For samples that return greater than 0.5 gram per tonne gold, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10 per cent of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One's laboratory can also assay for a range of 71 other elements through inductively coupled plasma optical emission spectrometry (ICP-OES) but currently focuses on a suite of nine important pathfinder elements. All duplicate anomalous samples are sent to ALS in Townsville, Queensland, and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyzes for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Ltd.

Lion One's flagship asset is the 100-per-cent-owned, fully permitted high-grade Tuvatu alkaline gold project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost, high-grade underground gold mining operation at Tuvatu, coupled with exciting exploration upside inside its tenements covering the entire Navilawa caldera, an underexplored yet highly prospective seven-kilometre-diameter alkaline gold system. Lion One's chief executive officer, Walter Berukoff, leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in seven countries. As the founder and former chief executive officer of Miramar Mines, Northern Orion and La Mancha Resources, Mr. Berukoff is credited with building over $3-billion of value for shareholders.

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