Mr. Walter Berukoff reports

LION ONE DRILLS 1986.23 G/T GOLD AND 866.25 G/T GOLD AT TUVATU, GRANTS OPTIONS

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 here for infill and grade control drilling completed in the Zone 5 area of Tuvatu and include multiple bonanza-grade gold results, such as 1,986.23 grams per tonne (g/t), 866.25 g/t, 135.60 g/t, 115.86 g/t and many more. These exceptional drill intercepts are all located in the near-surface portion of Tuvatu and are scheduled for mining in 2024 and 2025. Most of the drill holes included in this news release targeted areas outside the current mine plan and are being brought into an updated mine plan for 2024. These results therefore represent an expansion of the current near-term mine plan.

Walter Berukoff, Lion One chairman and chief executive officer, commented: "We're very pleased with the results from our Zone 5 infill and grade-control drill program. These incredible results add to the growing list of exceptional drill results returned from Tuvatu and provide strong support for our ongoing mining efforts in Zone 5. We're excited to expand our near-term mine plan in Zone 5, and look forward to mining these areas in 2024 and 2025."

Highlights of results (three g/t cut-off):

• 1,986.23 g/t Au over 0.6 m (TUDDH-696, from 206.1 m depth);
• 198.75 g/t Au over 1.5 m (including 866.25 g/t Au over 0.3 m) (TGC-0116, from 109.9 m depth);
• 83.32 g/t Au over 0.9 m (TGC-0114, from 69 m depth);
• 26.67 g/t Au over 2.4 m (including 135.60 g/t Au over 0.3 m) (TUDDH-688, from 247.7 m depth);
• 93.56 g/t Au over 0.6 m (TUDDH-681, from 138 m depth);
• 26.38 g/t Au over 1.8 m (including 61.48 g/t Au over 0.3 m) (TGC-0114, from 125.7 m depth);
• 7.79 g/t Au over 4.5 m (including 20.55 g/t Au over 0.9 m) (TGC-0114, from 82.2 m depth);
• 52.36 g/t Au over 0.6 m (TUDDH-696, from 192.9 m depth);
• 25.46 g/t Au over 1.2 m (TUDDH-696, from 203.4 m depth);
• 25.90 g/t Au over 0.9 m (TUDDH-692, from 226 m depth).

Previous results from Zone 5 are available in the news releases dated Nov. 2, 2023, Aug. 10, 2023, and June 14, 2023.

Zone 5

The Zone 5 area of Tuvatu is located along the main decline, and includes the principal north-south-oriented lodes at Tuvatu (UR1, UR2, UR3), the principal northeast-southwest-oriented lodes (UR4 to UR8) and several smaller lodes to the west of the main decline (URW2, URW2A, URW3). The lodes in Zone 5 are all steeply dipping structures. Zone 5 represents the upward extension of the Zone 500 feeder zone, which consists of a wide zone of very high-grade mineralization containing intercepts such as 20.86 g/t Au over 75.9 m (TUG-141) and 17.52 g/t Au over 23.7 m (TUDDH-608).

A total of four grade-control and eight infill drill holes are included in this news release. The grade control and infill drill holes reported here represent a continuation of the Zone 5 drill program reported in the Nov. 2, 2023, news release.

Grade-control drilling

The purpose of the Zone 5 grade-control drill program is to provide a detailed understanding of the mineralization and geometry of the UR1, UR2 and URW3 lodes, both above and below the main decline. The grade-control drill holes reported in this news release were designed to target an area down-dip of the current underground developments, as well as to test the northern extension of the UR1 lode proximal to the main decline. The grade-control drill holes reported here were drilled on 20 m centres and will be followed up with additional drilling to increase drill density to 10 m centres in advance of mining. The area targeted by these grade-control drill holes is outside the current PEA (preliminary economic assessment) mine plan, but is being brought into the mine plan for 2024. This includes the bonanza-grade intersect of 866.25 g/t gold, which occurs within a 1.5 m interval of 198.75 g/t gold.

Infill drilling

The purpose of the Zone 5 infill drill program is to increase knowledge and grade continuity in the portions of the UR1 to UR7 lodes located between the surface and the underground developments, and to further derisk this portion of the deposit. The infill drill holes reported in this news release consist of a northern group and a southern group. The northern group of infill drill holes were designed to infill the up-dip portions of the UR1, UR2 and URW3 lodes, and to test the northern extension of the UR1 lode. These drill holes targeted areas outside the current mine plan. The southern group of infill drill holes were designed to infill the up-dip portions of the UR1 to UR5 lodes in the southern part of the deposit, and to test the northern extension of the UR6 lode. The areas targeted by infill drilling are scheduled for mining in 2024 and 2025.

Cautionary statement

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where metal concentrations or grades are the factors of principal economic interest. At Tuvatu, coarse visible gold generally correlates well to high-grade mineralization. However, the actual grades can only be determined by systematic sampling and assaying, results of which are included in Appendix 1.

Awards under the omnibus equity incentive plan

The board has approved a grant of an aggregate of 6.63 million options to various employees, consultants, officers and directors of the company. The objective of the omnibus equity plan is to create an incentive compensation program that is aligned with the company's long-term objectives. Stock options are granted in accordance with Policy 4.4 -- Security Based Compensation of the TSX Venture Exchange, and the terms and conditions of the 2022 omnibus equity incentive plan. The options were granted at a price of $1.00 for a five-year term, in accordance with the following vesting schedule: one-third of the stock options vesting on the date of the grant; one-third of the stock options vesting one year following the grant date; and the remaining one-third of the options vesting two years following the grant date.

Qualified person

In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101), Sergio Cattalani, PGeo, senior vice-president of 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 (QA/QC) procedures

Lion One adheres to rigorous QA/QC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing and analyses. The company operates its own geochemical assay laboratory and its own fleet of seven diamond drill rigs using PQ-, HQ- and NQ-sized drill rods.

Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85 per cent passing through 75 microns and gold analysis is carried out using fire assay with an AA (atomic absorption) finish. Samples that return grades greater than 0.50 g/t Au are reassayed three times to get two assays within 10 per cent of each other. Samples that return grades greater than 10 g/t Au are reanalyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of all samples with grades above 0.5 g/t Au are also delivered to ALS Global Laboratories in Australia for check assay determinations using 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 ICP-AES (inductively coupled plasma atomic emission spectroscopy) (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through inductively coupled plasma optical emission spectrometry (ICP-OES), but currently focuses on a suite of nine important pathfinder elements.

The Lion One lab has implemented the laboratory information management system (LIMS) to automate workflows, integrate instruments, and effectively manage samples and associated data across all analyses conducted in the lab.

About Lion One Metals Ltd.

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver, B.C., focused on advancing its flagship 100-per-cent-owned Tuvatu alkaline gold project in Fiji. Gold production at Tuvatu was established in late 2023 following construction of the company's 300 tpd (tonne-per-day) pilot plant. The Tuvatu project comprises the high-grade Tuvatu alkaline gold deposit, the underground gold mine, the pilot plant and the assay lab. The company also has an extensive exploration licence covering the entire Navilawa caldera, which is host to multiple mineralized zones and highly prospective exploration targets. Lion One Metals is operated by a team of mining professionals with extensive international mine-building and operational experience.

As disclosed in its "Technical report and PEA update for the Tuvatu gold project," dated April 29, 2022, the 2018 Tuvatu resource estimate 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 under the Lion One profile on the SEDAR+ website.

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