Mr. Walter Berukoff reports

LION ONE ANNOUNCES NON-BROKERED LIFE OFFERING OF UNITS

Lion One Metals Ltd. has arranged a non-brokered private placement of up to 46,875,000 units at a price of 32 cents per offered unit for aggregate gross proceeds of up to $15-million pursuant to the listed issuer financing exemption available under National Instrument 45-106 (Prospectus Exemptions) in each of the provinces of Canada other than Quebec. Each offered unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one share at an exercise price of 42 cents for a period of three years from the date of issuance.

The company will make available an offering document relating to the LIFE offering, which will be accessible under the company's profile at SEDAR+ and at the Lion One Metals website. Prospective investors in the LIFE offering should read the offering document before making an investment decision.

The company also announces that it has entered into a forbearance agreement with its senior secured lenders Nebari Gold Fund 1 LP, Nebari Natural Resources Credit Fund I LP and Nebari Natural Resources Credit Fund II LP, pursuant to which Nebari has agreed to waive the application of the working capital covenant under the company's loan facility. With the maturity of the tranche 1 facility coming in August, 2026, the tranche 1 facility is classified as a current liability for accounting purposes, which impacted the company's working capital covenant. The forbearance agreement extends to Dec. 31, 2025, and is subject to continuing compliance covenants of the company, including the raising of capital to ensure the timely repayment of the tranche 3 facility and accrued interest on Sept. 30, 2025, which is expected to be satisfied by the LIFE offering.

The company intends to use the net proceeds from the LIFE offering to finance the development of the company's 100-per-cent-owned and fully permitted high-grade Tuvatu gold project, repayment of principal and interest for the company's loan facility with Nebari, and working capital purposes.

The LIFE offering is expected to close on or around Sept. 23, 2025. Closing of the LIFE offering is subject to certain customary conditions, including receipt of all necessary approvals, including satisfaction of listing conditions of the TSX Venture Exchange. The LIFE offering may be closed in one or more tranches. The securities offered under the LIFE offering will not be subject to Canadian resale restrictions in accordance with applicable Canadian securities laws.

The company may pay finders' fees in connection with the LIFE offering, as permitted by applicable securities laws and the rules of the TSX-V. The finders' fees will consist of cash commissions equal to up to 7 per cent of the gross proceeds raised from purchasers introduced to the company by eligible finders and finder warrants equal to up to 7 per cent of the aggregate number of offered units sold to purchasers introduced to the company by eligible finders. Each of the finders' warrants will entitle the holder to purchase one common share at a purchase price of 32 cents per finder's warrant exercisable for a period of 24 months after the issuance of such finder warrants.

About Lion One Metals Ltd.

Lion One Metals 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.

We seek Safe Harbor.