Mr. Walter Berukoff reports

LION ONE EXPANDS GOLD MINERALIZATION AT TUVATU MINE IN FIJI

Lion One Metals Ltd. has released high-grade gold results from underground sampling, expanding gold mineralization at its 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

Sampling along the walls of the URW1a and URW1b mine drives at Tuvatu has returned high-grade gold results, indicating that the gold mineralization associated with both the URW1a and URW1b lodes extends beyond the walls of the current drives. As reported on July 13, 2023, the grades associated with the URW1a and URW1b lodes are higher than anticipated, and the results reported herein indicate that the high-grade gold mineralization associated with these lodes is also greater in width than that which was estimated from drilling.

Highlights of wall sampling, parallel to subparallel to strike drives, on URW1a and URW1b:

• 18.70 grams per tonne gold over 17.8 metres (including 91.15 g/t Au over one m) (URW1b -- right wall);
• 32.34 g/t Au over 10 m (including 149.86 and 80.11 g/t Au over one m each) (URW1b -- left wall);
• 17.11 g/t Au over 18 m (including 150.77 g/t Au over one m) (URW1a -- right wall);
• 20.72 g/t Au over 11 m (including 107.56 g/t Au over one m) (URW1a -- left wall);
• 24.76 g/t Au over seven m (including 67.06 g/t Au over one m) (URW1a -- left wall).

Lion One chairman and chief executive officer Walter Berukoff commented: "We're very pleased with the results from our wall sampling program. The program was initiated following the identification of coarse visible gold in veinlets in the walls of both the URW1a and URW1b mine drives. The results indicate that there is significant gold mineralization present in the walls of both drives, and that the minable width of both drives is therefore considerably wider than we expected based on drill results. An investigation is now under way to determine how far this additional gold mineralization extends into the walls of both drives and how much additional high-grade material we can expect to mine from these lodes. Mining is ongoing in both drives, and we're hopeful that this additional gold mineralization will provide a further boost to our growing stockpile in advance of our plant commissioning later this year."

Wall sampling

Mining of the URW1 lodes has been continuing since May 18, 2023, and is being conducted through the use of airleg mining. Airleg mining is a very precise method of mining which is ideal for narrow vein mineralization, such as at Tuvatu, as it enables the extraction of the vein material with minimal dilution.

As mining progressed along the URW1a and URW1b lodes, gold mineralization was identified within narrow, stockwork-style veining in the walls of both drives following extraction. A systematic program of wall sampling was therefore initiated to determine the extent of gold mineralization along the walls. Samples were collected at approximately one m intervals along the entire length of both the left-hand and right-hand walls of both the URW1a and URW1b mine drives. The samples were collected by chipping material off the face of the wall along a continuous horizontal line irrespective of veining, mineralization, alteration or lithology. The sampling results are therefore considered representative of the wall material.

The wall sampling results indicate significant gold mineralization is present in the walls of both the URW1a and URW1b mine drives, yet the lateral extent of this mineralization is unknown. An investigation is under way to determine how far mineralization extends beyond the current walls of the drives and how much additional material can be mined from these drives. Information gained from this investigation will then be applied to adapt the mine design for these lodes moving forward. As a general strategy, the early recognition of gold-bearing, stockwork-style veining beyond the primary vein is significant, as it provides the opportunity for the mining team to take advantage of increased mining volumes early in the life of the mine. The mining method at Tuvatu is being assessed locally and where it can be demonstrated to be beneficial a switch from airleg to mechanized mining will be considered. The effect of mechanized mining, compared with airleg mining, is that it has a higher production rate but wider minimum mining widths. It is therefore efficient for wide zones of mineralization, but increases dilution in narrow zones.

Modes of mineralization at URW1 lodes

The discovery of widespread gold mineralization in the walls of the URW1a and URW1b mine drives has indicated that high-grade gold mineralization extends for several metres on either side of the main URW1 lodes. This has led to an increased understanding of the gold grade distribution in this portion of the Tuvatu deposit. It is well established that high-grade gold mineralization at Tuvatu occurs within the main subvertical lodes, such as the URW1a and URW1b lodes, which are likely the primary fluid-flow pathways in this part of the system. Results from the wall sampling program confirm the presence of a secondary, but no less important, mode of occurrence of gold mineralization of considerable significance. This second mode of mineralization occurs as a network of stockwork-style veining that forms a halo of metric extent peripheral to the main subvertical lodes.

Gold mineralization in the main lodes typically occurs within chalcedonic quartz veins both as native gold resulting from fluid-flashing events and as a very-fine-grained gold overprint in association with coarse-grained pyrite and sphalerite. Gold mineralization within the halo of stockwork-style veining around the main lode occurs as native gold within a network of thin (fewer than one centimetre wide) quartz veinlets. The discovery of this second form of gold mineralization represents a potentially significant upside for gold grades and tonnage at the URW1a and URW1b lodes, and possibly for Tuvatu as a whole.

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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