Mr. Walter Berukoff reports

LION ONE DISCOVERS NEW BONANZA GRADE GOLD LODE 1 KM NORTH OF TUVATU

Lion One Metals Ltd. has discovered a new mineralized structure carrying bonanza-grade gold one kilometre to the north of the company's 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

The new mineralized structure was discovered on surface by Lion One's regional exploration team and has been named the Lumuni occurrence. The structure is located one km north of Tuvatu, approximately along strike from lodes UR1, UR2 and UR3. The Lumuni structure exhibits a width at surface of approximately 0.5 metre to over one metre and is manifested as two mapped zones of what may be a single continuous feature. This includes a north-south-striking zone that dips steeply to the west, and a northwest-southeast-striking interval that dips steeply to the southwest. High-grade gold results were returned from close-spaced channels and outcropping zones separated by up to 30 m strike length. The overall feature was traced on surface for a length of over 150 m and remains open to the southeast where it is obscured under vegetation. The high-grade mineralized structure also appears to be coincident with a large, steeply dipping CSAMT (controlled-source audio-magnetotelluric) resistivity low, which may be indicative of a deeply rooted structure.

Highlights of Lumuni channel sampling:

• 66.83 grams per tonne gold over 0.7 m (CH3850);
• 48.45 g/t Au over 0.7 m (including 92.55 g/t Au over 0.3 m) (CH3851);
• 15.18 g/t Au over 1.1 m (including 31.25 g/t Au over 0.3 m) (CH3849);
• 14.66 g/t Au over 1.1 m (including 16.78 g/t Au over 0.7 m) (CH3855);
• 17.04 g/t Au over 0.6 m (including 30.59 g/t Au over 0.3 m) (CH3853);
• 10.30 g/t Au over 0.9 m (including 13.89 g/t Au over 0.6 m) (CH3852);
• Strike length of over 150 m observed on surface.

Lion One chairman and chief executive officer Walter Berukoff commented: "We're very pleased with the discovery of the Lumuni occurrence. This discovery was made as part of our ongoing regional mapping and sampling program throughout the Navilawa caldera. What makes this discovery so outstanding is the continuity of the high-grade material. It is not a single bonanza-grade sample, but rather a traceable lode of high- to very-high-grade material that can be followed along at surface. The fact that these high-grade samples coincide with a steeply dipping resistivity low is even more compelling as it provides us with immediate drill targets to pursue. We can now add Lumuni to our growing list of high-priority regional exploration targets."

Lumuni channel sampling

A total of 16 channel samples were collected in the Lumuni area. The channel samples were collected by taking rock chip samples along a line oriented perpendicular to the observed structure, with overlap into the wall rock.

The Lumuni structure is composed of two intervals: a northern portion trending approximately north-south and dipping subvertically to steeply to the west, and an eastern portion trending approximately northwest-southeast and dipping steeply to the southwest. The area between the two sections is covered in thick vegetation. It is hypothesized that the two portions are part of the same curvilinear structure, though the eastern portion may be a splay off the northern section. The northern section is located on the margins of the Sabeto River while the eastern portion climbs up a dry creek bed to the top of a ridge, where it becomes obscured by overburden. While the northern portion appears to pinch out to the north where a series of channel samples failed to return any grade, the eastern portion may remain open to the east with mineralization observed along its entire length. The mineralized strike length of the entire Lumuni structure is currently greater than 150 m, including both portions.

The Lumuni structure has an average estimated true width of 0.6 m, though it pinches and swells locally with observed widths reaching approximately one m. It is hosted in monzonite and is composed of variably white to grey chalcedonic banded and locally recrystallized quartz, with abundant heavily oxidized sulphides, giving the lode a bright red, gossanous appearance. Pyrite is the most dominant sulphide, with trace sphalerite (zinc sulphide) and galena (lead sulphide) visible locally. Alteration is intense and consists predominantly of white clays and micas. Coarse roscoelite (a vanadium mica observed in high-grade parts of Tuvatu) is also observed locally. The north-south portion of the lode is structurally controlled, forming sinistral, sigmoidal shapes suggesting a north-south strike-slip foliaton as well as northwest-southeast foliations.

CSAMT

The newly discovered Lumuni structure overlies a prominent resistivity gradient identified in the 2019 CSAMT survey as a potential drill target. CSAMT is a ground geophysical method that measures the electrical resistivity of rocks down to depths of several kilometres. It is highly efficient in identifying subsurface structures, such as lithological contact zones, faults, fracture systems nd potential upflow zones, especially if these are deep-rooted structures. In alkaline gold deposits such as Tuvatu, such deep-rooted structures provide the principal conduits for hydrothermal fluid flow from which gold and other metals are deposited.

The fact that the Lumuni structure not only appears to be subvertically dipping but that it also corresponds to a steeply dipping resistivity gradient provides credence to the suggestion that the mineralization observed at surface may be associated with a deep-rooted structure, in similar fashion to the mineralized lodes at Tuvatu. The CSAMT survey data thereby provide viable drill targets to follow up the bonanza-grade surface sampling described in this news release. Note that the CSAMT data shown here are based on the 2019 CSAMT survey. As reported on June 20, 2023, additional CSAMT lines were completed in 2023, the results of which, once interpreted, will provide higher-resolution imaging of the resistivity characteristics of the survey area. Due to some delay in processing, the 2023 CSAMT data are not yet available. Once they are available, the higher-resolution data will be beneficial in further refining drill targets to follow up the Lumuni occurrence.

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 (National Instrument 43-101)

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 spectroscopy (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 spectroscopy (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 km diameter alkaline gold system. Lion One's CEO, Mr. 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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