Mr. Walter Berukoff reports

LION ONE DISCOVERS COPPER PORPHYRY MINERALIZATION AT TUVATU

Lion One Metals Ltd. has discovered copper porphyry-style mineralization in a newly identified mineralized system one kilometre northeast of the company's 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

Porphyry style mineralization was discovered from surface drilling at the Wailoaloa prospect as part of the company's regional exploration program. Bench sampling in the area revealed a wide stockwork area of anomalous copper, gold and tellurium mineralization at surface. An initial drill hole (TUDDH-662) was designed to follow up the surface results. The Lion One geological team identified porphyry-style mineralization and alteration down hole and three subsequent drill holes were drilled to follow up this discovery: TUDDH-669, TUDDH-679 and TUDDH-687. The last of these drill holes, TUDDH-687, intersected three separate zones of anomalous copper mineralization, ranging from over 120 m to over 200 m in down hole length. Copper mineralization is strongly correlated with anomalous gold mineralization down hole. Pervasive propylitic and potassic alteration was observed in TUDDH-687 with the intensity of potassic alteration increasing with depth down the hole. Copper mineralization occurs as chalcopyrite, bornite and native copper. Mineralization remains open in all directions.

The discovery of copper porphyry mineralization at Tuvatu is an exciting development for the company. The Navilawa Caldera is known to host high-grade alkaline gold mineralization yet it has also been explored historically for copper. A large copper-gold system has long been hypothesized at depth. The drill holes included in this news release represent the first drill holes ever drilled to test for such a porphyry target. To have intersected multiple zones of extended copper mineralization at this stage of the Wailoaloa exploration program is very encouraging and indicates the potential for a much larger system nearby.

Geology

Surface sampling in the Wailoaloa area led to the discovery of a widespread zone of weakly to moderately anomalous gold associated with a strong copper anomaly. Mineralization is controlled by a large stockwork system with a minimum proven surface extent of 150 m N-S (north-south) by 100 m E-W (east-west). The stockwork system dips steeply to the south. Numerous copper showings have been identified in a wide halo around the Wailoaloa prospect, including strong malachite staining after chalcopyrite in the historic Qalibua adit 250 m to the northwest of Wailoaloa. This suggests a system of potentially considerable size. Additional copper showings have also been identified throughout the Navilawa Caldera, such as the historic Kingston adit as well as the Matanavatu showings, 1,800 m northwest and 1,500 m north of Wailoaloa, respectively.

TUDDH-662

TUDDH-662 was the first drill hole designed to test the surface copper anomaly at Wailoaloa. The lithology down hole consists dominantly of alternating unsorted to poorly sorted polymictic volcanic breccia with lesser massive monzonite. The volcanic breccia includes alkaline monzonite, porphyry and reworked breccia clasts, with gradational zones of finer grain material. It is cross-cut locally by monomictic clast-supported hydrothermal breccias with strongly bleached angular to subrounded clasts, as well as monzonite intrusives and late-stage unaltered pyroxene porphyry dikes.

Drill hole TUDDH-662 intersected one major zone of elevated copper mineralization, averaging 0.17 per cent Cu over 163.2 m from 110.8 m to 274.0 m depth with a peak copper value of 1.0 per cent. This zone coincides both with an abundance of secondary cross-cutting stockwork veinlets and with intense bleaching that overprints the background propylitic alteration. Chalcopyrite mineralization occurs within the stockwork veinlets as well as finely disseminated throughout the zone.

TUDDH-687

TUDDH-687 was the fourth and final drill hole drilled at the Wailoaloa prospect before the onset of the wet season in Fiji. It was drilled in a south-southeast direction based on surface structural measurements and oriented drill core measurements from TUDDH-662.

The lithology in TUDDH-687 consists primarily of unsorted to poorly sorted, polymictic, matrix-supported volcanic breccia with an overall clast to matrix ratio of 70:30, with rare intervals of hydrothermal cement up to several metres in width. The volcanic breccia is locally intersected by monzonite dikes and late pyroxene porphyry dikes, similar to TUDDH-662.

Alteration throughout the hole progresses from outer propylitic in the upper part of the hole to potassic in the bottom part of the hole, with patches of intense bleaching. The outer propylitic alteration in the upper part of the hole occurs as widespread patchy to pervasive epidote-chlorite alteration with intervals of intense silica-sericite bleaching. Copper mineralization in this part of the hole occurs as cryptic hairline veinlets of chalcopyrite. This corresponds to the first major zone of copper mineralization in TUDDH-687, with the top 210.8 m of the hole returning a composite grade of 0.13 per cent Cu.

The second major zone of copper mineralization occurs from 377.8 m to 525.2 m down hole and returned a composite grade of 0.15 per cent Cu. This interval corresponds to an increase in alteration from pervasive bleaching (propylitic) to an assemblage of potassic feldspar, magnetite and possibly tremolite (inner propylitic to potassic and calc-potassic alteration). Here, thin but distinct B-type veins of quartz-bornite and quartz-chalcopyrite-bornite are observed. The presence of blebby disseminated bornite and (rare) patchy native copper is a distinctive feature of TUDDH-687.

The third major zone of copper mineralization, grading 0.12 per cent Cu from 658.1 m to 785.9 m, is dominated by intense texturally destructive K-feldspar-magnetite alteration with coarse crystalline secondary anhedral shreddy biotite. Late, discrete sericite-silica-pyrite veinlets which overprint potassic alteration assemblages throughout the sequence suggest evidence of multiple overprinting alteration events.

Surface sampling

Lion One Metals completed surface sampling programs in the Wailoaloa area in 2019 and again in 2023 as part of the regional exploration program, consisting primarily of bench sampling along newly excavated access trails. A total of 443 samples are included in this news release, focused on the Wailoaloa drill area. Of these samples, 72 (16 per cent) returned copper grades in excess of 2,000 ppm (parts per million), and 141 (32 per cent) returned copper grades in excess of 1,000 ppm. Copper grades above 500 ppm are considered anomalous. The Wailoaloa area is therefore strongly anomalous in copper. The surface copper anomaly outlined by the Wailoaloa sampling is 150 m by 100 m in size and may be expanded further with additional sampling.

Qualified person (National Instrument 43-101)

In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, Alex Nichol, MAIG, vice-president of geology and exploration, is the qualified person for the company, and has reviewed, validated and approved the technical and scientific content of this news release.

Lion One laboratories/QA/QC (quality assurance/quality control)

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 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 10.00 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 (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 33 important pathfinder elements with an aqua regia digest and ICP-OES finish.

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.

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