Mr. Walter Berukoff reports

LION ONE PROVIDES UPDATE ON WARRANT LISTING

Lion One Metals Ltd. share purchase warrants issued on May 11, 2023, pursuant to its bought deal offering of 29.35 million units of the company at a price of 92 cents per unit for aggregate gross proceeds of $27,002,000, will be listed on the TSX Venture Exchange under the trading symbol LIO.WT. The warrants are expected to commence trading on May 15, 2023.

Each warrant is exercisable to acquire one common share of the company at a price of $1.25 until 5 p.m. Vancouver time on Nov. 11, 2025. The warrants are not subject to any accelerator provision that would enable the company to accelerate the expiry date.

About Lion One Metals Ltd.

Lion One's flagship asset is 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 CEO of Miramar Mines, Northern Orion and La Mancha Resources, Mr. Berukoff is credited with building over $3-billion of value for shareholders.

We seek Safe Harbor.