An anonymous director reports

LION ONE ANNOUNCES OVERNIGHT MARKETED OFFERING

Lion One Metals Ltd. is commencing an overnight marketed public offering of units of the company for anticipated gross proceeds of up to $10.0-million. The offering is expected to be completed pursuant to an underwriting agreement to be entered into between the company, Cantor Fitzgerald Canada Corp. (CFCC), as lead underwriter and sole bookrunner, and a syndicate of underwriters to be determined.

The number of Offered Units to be sold, the Offering price (the "Offering Price"), and the terms of the Offered Units will be determined in the context of the market and there can be no assurance as to completion of the Offering. In addition, the Company will grant the Underwriters an over-allotment option (the "Over-Allotment Option") exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 15% of the number of Offered Units sold in the Offering for up to 30 days after the closing, on the same terms and conditions as the Offering.

The net proceeds received by the Company from the sale of the Offered Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes.

The Offering will be made by way of a prospectus supplement (the "Prospectus Supplement") to the Company's existing Canadian short form base shelf prospectus dated May 13, 2022 (the "Base Shelf Prospectus"). Upon completion of pricing of the Offering and the signing of the Underwriting Agreement, the Prospectus Supplement will be filed with the securities commissions in Ontario, British Columbia, and Alberta and will be available on SEDAR+. Alternatively, the Prospectus Supplement and related Base Shelf Prospectus may be obtained upon request by contacting the Company or Cantor Fitzgerald Canada Corporation in Canada, attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email: ecmcanada@cantor.com.

The closing of the Offering is expected to occur on or about February 13, 2024 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. 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 license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

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 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website and under the Lion One profile on the SEDAR+ website.

In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Alex Nichol, MAIG, VP Geology and Exploration for Lion One, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

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