Mr. Walter Berukoff reports

LION ONE REPORTS HIGH-GRADE GOLD RESULTS FROM ZONE 2 AT TUVATU

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

Assay results are presented herein for infill and grade control drilling completed in the Zone 2 area of Tuvatu, focusing primarily on the Murau lode system. Mining of the Murau lode system has commenced, and grade control drilling is being conducted in advance of further mining in this area. Infill drilling is being conducted to target the up-dip and down-dip extensions of the Murau lodes. The results reported herein represent material that is scheduled to be mined in the fourth quarter of 2023 and throughout 2024.

Lion One chairman and chief executive officer Walter Berukoff commented: "After celebrating our first gold pour at Tuvatu on Oct. 10, we now turn our focus back to grade control and infill drilling. These drill programs continue to yield positive results and to strengthen our understanding of the mineralization at Tuvatu. We are pleased to present yet another batch of high-grade results from the Zone 2 area of Tuvatu, an area which will serve to feed our brand-new mill in the mid-to-near-term future."

Highlights of Zone 2 drilling (cut-off of three grams per tonne gold):

• 84.96 grams per tonne gold over 1.2 metres (TGC-0092, from 4.5 m depth);
• 20.69 g/t Au over 4.2 m (including 40.22 g/t Au over 0.9 m) (TUDDH-677, from 76.5 m depth);
• 13.60 g/t Au over 5.1 m (including 98.87 g/t Au over 0.3 m) TUDDH-663, from 89.1 m depth);
• 13.22 g/t Au over 5.1 m (including 50.54 g/t Au over 0.3 m) (TGC-0085, from 56.5 m depth);
• 15.64 g/t Au over 3.9 m (including 23.48 g/t Au over 1.2 m) (TUDDH-680, from 140.9 m depth);
• 38.26 g/t Au over 1.5 m (including 41.99 g/t Au over 0.6 m) (TUDDH-663, from 177.3 m depth);
• 34.77 g/t Au over 0.9 m (including 35.67 g/t Au over 0.3 m) (TUDDH-680, from 146.6 m depth);
• 31.25 g/t Au over 1.2 m (TUDDH-680, from 148.7 m depth);
• 15.12 g/t Au over 2.1 m (including 22.42 g/t Au over 1.2 m) (TUDDH-678, from 135.3 m depth);
• 13.61 g/t Au over 2.1 m (including 42.48 g/t Au over 0.6 m) (TUDDH-666, from 184.6 m depth);
• 11.19 g/t Au over 2.4 m (including 30.75 g/t Au over 0.6 m) (TGC-0090, from 45.3 m depth);
• 9.26 g/t Au over 2.7 m (including 13.11 g/t Au over 0.9 m) (TGC-0089, from 48.8 m depth);
• 82.33 g/t Au over 0.3 m (TGC-0092, from 28.2 m depth).

Murau lodes

The Murau lodes are located within the Zone 2 area of Tuvatu, along the upper portion of the western decline in the northwest part of the deposit. The Zone 2 area encompasses a number of distinct lode systems, including the URW1, URA1 and Murau lode systems. The Zone 2 area was the first to commence mining at Tuvatu, and mining is continuing in all three of these lode systems.

The current round of infill and grade control drilling in the Zone 2 area is focused on the Murau lode system, which is modelled as a series of stacked, relatively flat-lying lodes that strike approximately east-west and dip moderately to the south. The portion of the Murau lode system that is currently targeted for mining consists of a vertical extent of 55 m, an east-west strike length of 110 m and a down-dip extension of 100 m.

A total of 10 infill and 11 grade control drill holes are included in this release. The infill drill program was conducted from surface and was designed to target the up-dip and down-dip extensions of the Murau lodes on approximately 20 m centres. The goal of the program is to provide an increased understanding of the system's mineralization and geometry in these areas. The grade control drill program was conducted from underground on five m to 10 m centres and was designed to provide much-higher resolution of the Murau lode system in advance of mine development and extraction. The Zone 2 infill and grade control drill programs are continuing. Previous drill results from the Zone 2 area can be seen in the news releases dated Sept. 14, 2023, June 14, 2023, and 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 laboratory 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 0.5 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. For samples with multiple fire assay runs, the average of duplicate runs is presented. 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 analyzes for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl 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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