Mr. Walter Berukoff reports

LION ONE ANNOUNCES CLOSING OF UPSIZED $12M UNDERWRITTEN PUBLIC OFFERING

Lion One Metals Ltd. has closed the underwritten offering previously announced on Feb. 7, 2024, by issuing 24.15 million units of the company at a price of 50 cents per unit for aggregate gross proceeds of $12,075,000, which includes the exercise, in full, by the underwriters (as defined herein) of the overallotment option granted by the company to purchase up to an additional 3.15 million units at the offering price pursuant to the terms of an underwriting agreement dated as of Feb. 8, 2024, among the company, Cantor Fitzgerald Canada Corp. (the lead underwriter), Canaccord Genuity Corp., Eight Capital and Raymond James Ltd.

Each unit consists of one common share in the capital of the company and one common share purchase warrant of the company. Each warrant shall be exercisable to acquire one common share at a price per warrant share of 65 cents for a period of 36 months from the closing date of the offering.

In connection with the offering and the concurrent private placement, the company paid to the underwriters a cash commission of $724,500, which was equal to 6.0 per cent of the gross proceeds from the offering, and issued an aggregate of 1,449,000 broker warrants, equal to 6.0 per cent of the number of units sold pursuant to the offering. Each broker warrant is exercisable for one common share at a price of 65 cents for a period of 36 months from the closing date of the offering.

The net proceeds received by the company from the sale of the 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 units issued pursuant to the offering were qualified for distribution by way of a prospectus supplement of the company dated Feb. 9, 2024, to the company's existing short form base shelf prospectus dated May 13, 2022, filed in the provinces of British Columbia, Alberta and Ontario, and offered and sold to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. The base shelf prospectus, the prospectus supplement, the documents incorporated by reference therein and the underwriting agreement are available on the company's profile on SEDAR+.

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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