Mr. Walter Berukoff reports

LION ONE REPORTS HIGH-GRADE GOLD RESULTS AT TUVATU

Lion One Metals Ltd. has released significant high-grade gold results from continuing grade control drilling at its 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

Assay results are presented here for grade control drilling completed on both the URW1 lode system as well as the zone 5 area of the deposit, which encompasses the upper portion of lodes UR1, UR2, UR3, UR4, URW2, URW3, URW1A and UR2A. As reported on May 18, 2023, initial mining of the URW1 lode system has already commenced and grade control drilling is being completed in advance of mining. The zone 5 area of the deposit is scheduled for mining in early 2024 and thus the grade control drilling in this area is being conducted in anticipation of future mining, as well as to increase the knowledge of the deposit in that area. Additional high-grade intersections peripheral to both the URW1 and the zone 5 areas are also included in this release as part of the grade control program.

Highlights of new grade control drilling:

• 7.14 grams per tonne gold over 21.6 metres (including 18.61 g/t Au over 5.1 m) (TGC-0042, from 73.6 m depth);
• 52.05 g/t Au over 2.1 m (including 345.3 g/t Au over 0.3 m) (TGC-0042, from 118 m depth);
• 23.11 g/t Au over 3.6 m (including 125.31 g/t Au over 0.3 m) (TGC-0040, from 65.4 m depth);
• 19.43 g/t Au over 3.3 m (including 80.87 g/t Au over 0.6 m) (TGC-0051, from 49.5 m depth);
• 21.15 g/t Au over 2.7 m (including 67.59 g/t Au over 0.6 m) (TGC-0047, from 123.3 m depth);
• 9.39 g/t Au over 4.2 m (including 67.30 g/t Au over 0.3 m) (TGC-0050, from 26.7 m depth);
• 10.13 g/t Au over 3.9 m (including 38.58 g/t Au over 0.6 m) (TGC-0043, from 66.3 m depth);
• 33.99 g/t Au over 0.9 m (including 100.89 g/t Au over 0.3 m) (TGC-0045, from 62.1 m depth);
• 78.03 g/t Au over 0.3 m (TGC-0052, from 40.2 m depth).

Grade control drilling is being conducted on five to 10 m centres and is designed to provide a much higher resolution of the lode arrays than compared with infill drilling, which is being conducted on approximately 20 m centres. This increased resolution provides a much better understanding of the geometry and mineralization of the lodes and helps to optimize mine development and extraction. The grade control drilling program is currently on schedule and the results to date confirm the local understanding of the URW1 and zone 5 geological models.

URW1 grade control drilling

The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately north-south and dip subvertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. The URW1 lode system has a current strike length of approximately 300 m in thenorth-south direction, and a vertical extent of approximately 300 m.

A total of 52 grade control holes have been completed to date in the grade control drill program. Results from the first 36 drill holes (TGC-0001 to TGC-0036) were reported on April 25, 2023, and the next 16 drill holes (TGC-0037 to TGC-0052) are reported here. Ten of the most recent grade control drill holes targeted the URW1 area.

Zone 5 grade control drilling

The zone 5 area of the Tuvatu deposit consists of the upper portion of a series of closely spaced lode systems. The lode systems targeted by the most recent grade control drilling in sone 5 are the UR1, UR2 and URW3 lodes. These three lodes are located just east of the historical exploration decline, strike approximately north-south and dip subvertically to steeply east, similar to the URW1 lodes. As currently modelled, the UR1, UR2 and URW3 lodes have vertical extents ranging from approximately 700 m to approximately 900 m, and strike lengths ranging from 300 m to 600 m. All three of the lodes are open both along strike and at depth.

A total of six zone 5 grade control drill holes are included in this report. These are the first six grade control drill holes to target the zone 5 area and they follow upon the initial results from a continuing infill drill program in the area.

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 g/t Au (274,600 ounces Au) and 1,325,000 tonnes inferred at nine g/t Au (384,000 oz Au) at a cut-off grade of three g/t Au. The technical report is available on the Lion One website and on the SEDAR website.

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 QA/QC 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-, HQ- 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 g/t Au are both reassayed at Lion One's lab and delivered to ALS Global Laboratories 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 85 per cent passing through 75 microns. Gold analysis is carried out using fire assay with an atomic absorption finish. Samples that have returned grades greater than 10 g/t Au are then reanalyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, 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. 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 labs in Townsville, Queensland, and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and inductively coupled plasma atomic emission spectrometry (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 CEO 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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