Mr. Walter Berukoff reports

LION ONE REPORTS ROBUST GOLD GRADES FROM TUVATU MINE IN FIJI

Lion One Metals Ltd. has released successful mining results and better-than-expected grades from underground developments at its 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

Face sampling on the URW1a lode returned 19.91 grams per tonne gold over the first 35 metres of mining, while face sampling on the URW1b lode returned 9.60 g/t Au over the first 22.5 m of mining. The URW1 lode system was originally modelled as a single lode with an average grade of 14.05 g/t Au. The grade from the URW1a lode is, therefore, stronger than anticipated, while the grade from the URW1b lode represents additional upside.

Highlights of face sampling results:

• 43.49 g/t Au over 2.1 m (including 61.67 g/t Au over 1.40 m) (1140.URW1.NTH.OD-A_17);
• 34.33 g/t Au over 2.4 m (including 56.56 g/t Au over 1.10 m) (1140.URW1.NTH.OD-A_12);
• 37.00 g/t Au over 2.0 m (including 56.01 g/t Au over 1.32 m) (1140.URW1.NTH.OD-A_11);
• 31.62 g/t Au over 2.33 m (including 50.88 g/t Au over 0.63 m) (1140.URW1.NTH.OD-A_16);
• 34.61 g/t Au over 2.1 m (including 52.81 g/t Au over 1.30 m) (1140.URW1.NTH.OD-A_13);
• 31.52 g/t Au over 2.0 m (including 246.79 g/t Au over 0.23 m) (1140.URW1.NTH.OD-A_02);
• 31.90 g/t Au over 1.9 m (including 60.23 g/t Au over 0.50 m) (1140.URW1.NTH.OD-A_08);
• 25.61 g/t Au over 2.0 m (including 66.4 g/t Au over 0.75 m) (1140.URW1.NTH.OD-A_01);
• 17.32 g/t Au over 1.96 m (including 25.42 g/t Au over 0.31 m) (1140.URW1.NTH.OD-B_07);
• 16.09 g/t Au over 2.0 m (including 35.20 g/t Au over 0.52 m) (1140.URW1.NTH.OD-B_11);
• 12.41 g/t Au over 2.2 m (including 30.50 g/t Au over 0.60 m) (1140.URW1.NTH.OD-B_15);
• 15.77 g/t Au over 1.73 m (including 48.51 g/t Au over 0.36 m) (1140.URW1.NTH.OD-B_17).

Lion One chairman and chief executive officer Walter Berukoff commented: "We're very pleased with the results from our face sampling program on the URW1a and URW1b lodes at Tuvatu. Face samples are collected directly from the mining drive and, as such, they provide the most-accurate representation of the grade of the material that we're mining, and the results to date are much greater than expected. These results provide the first comprehensive view of the grade distribution within these lodes. Tuvatu has once again outperformed, and as underground developments progress, we're beginning to see the true potential of the system."

Mining of the URW1 lodes has been continuing since May 18, 2023, and is being conducted through the use of airleg mining. Mining is progressing in a step-wise fashion, with the mining drives advancing in increments of two m. Prior to blasting, a face sample is collected across the face of the advancing drive, with the sample being oriented approximately perpendicular to the strike of the mineralized lode. These sample lines are typically around two m in length and traverse the entire width of the drive, such that they represent all the material mined and not just the main lode. The face samples are, therefore, considered representative of the grade at the face of the advancing drive and provide an indication of the grade of the material extracted with each blast. The series of face samples collected progressively along the strike of the lode provides an estimate of the grade of the material mined from the lode to date. Due to the nature of mineralization at Tuvatu, there is local variation in gold grades, and the more extensive the systematic sampling is the more accurate the depiction of the overall grade and gold content of each lode will be. For a description of the geology and mineralization of the URW1 lodes, see the Lion One news release dated April 25, 2023.

Qualified person

In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, Sergio Cattalani, PGeo, senior vice-president of exploration, is the qualified person for the company. He 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 g/t Au are both reassayed at Lion One's lab 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 85 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 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 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, hydrochloric acid 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. Walter Berukoff, Lion One's chief executive officer, leads an experienced team of explorers and mine builders, and he 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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