An anonymous director reports

LION ONE ANNOUNCES TERMS OF UPSIZED FULLY SUBSCRIBED C$10.5 MILLION OFFERING

Further to its previously announced overnight marketed public offering of units, Lion One Metals Ltd. has fully filled the offering and entered into an underwriting agreement with a syndicate of underwriters led by Cantor Fitzgerald Canada Corp., as lead underwriter and sole bookrunner, and including Canaccord Genuity Corp., Eight Capital and Raymond James, to sell: (i) 21 million common share units at a price to the public of 50 cents per unit. Each unit shall be composed of one common share of the company and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at 65 cents at any time on or before the date which is 36 months after the closing date.

The company has granted to the underwriters an option, exercisable in whole or in part, in the sole discretion of the underwriters, for a period of 30 days following the closing of the offering, to purchase up to an additional 3.15 million units at the unit price. If the overallotment option is exercised in full, the total gross proceeds to the company will be approximately $12.1-million.

The company will pay the underwriters a cash commission equal to 6.0 per cent of the gross proceeds of the offering, including proceeds received from the exercise of the overallotment option, in addition to broker warrants to purchase up to 6.0 per cent of the number of offered units, including the offered units from the exercise of the overallotment option sold in the offering, at the closing of the offering. Each broker warrant shall entitle the underwriters to purchase one unit having the same terms as a unit at the unit price at any time on or before the date which is 36 months after the closing date.

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 and purposes.

The offering will be made by way of a prospectus supplement to the company's existing Canadian short form base shelf prospectus dated May 13, 2022. The prospectus supplement will be filed with the securities commissions in Ontario, British Columbia and Alberta, and is available on SEDAR+. Alternatively, the prospectus supplement and the related base shelf prospectus may be obtained upon request by contacting the company or Cantor Fitzgerald Canada Corp. in Canada, attention: equity capital markets, 181 University Ave., Suite 1500, Toronto, Ont., M5H 3M7, e-mail: ecmcanada@cantor.com. The offered units will not be offered or sold in the United States except under Rule 144A or Regulation D or in such other manner as to not require registration under the U.S. Securities Act of 1933, as amended. The offered units may also be offered in those jurisdictions outside of Canada and the United States as agreed to by the company and the underwriters provided that no prospectus filing or comparable obligation arises and the company does not thereafter become subject to continuous disclosure obligations in such jurisdictions.

The offering is expected to close on or about Feb. 14, 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 Ltd.

Lion One is an emerging Canadian gold producer headquartered in North Vancouver, B.C., with new operations established in late 2023 at its 100-per-cent-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 licence 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 grams per tonne gold (274,600 ounces gold) 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, vice-president, 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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