Mr. Campbell Olsen reports

LION ONE ANNOUNCES EVAPORATOR SYSTEM APPROVED FOR THE TUVATU GOLD MINE

Lion One Metals Ltd. has approved an investment of $1.14-million (U.S.) for the procurement and installation of an evaporator system at the company's 100-per-cent-owned Tuvatu alkaline gold project in Fiji. The evaporator is a permanent solution for managing excess process water in the tailings storage facility (TSF) and is expected to be fully operational by late April to early May, 2026, coinciding with the start of Fiji's dry season.

Strategic rationale

The company conducted a thorough evaluation of water management alternatives for the TSF, including reverse osmosis (RO) and enhanced evaporation technologies. The evaporator system was selected as the optimal solution following detailed engineering and commercial assessment, based on the following key advantages:

• Permanent elimination of discharge: The evaporator removes the need for any process water to be discharged into the Sabeto River system, delivering a robust environmental outcome and removing continuing regulatory risk.
• Reduced timeline risk: The system can be operational within approximately six weeks of order placement, significantly faster than alternative solutions that face regulatory and procurement delays with no defined resolution timeline.
• Cost-effective solution: The total capital investment of approximately $1.14-million (U.S.) includes $190,000 (U.S.) allocated for an optional acoustic silencer to enable 24-hour operations if required. Industry experience indicates an RO plant alternative would cost a comparable amount for a single dry season rental alone.
• Regulatory certainty: The evaporation approach bypasses the uncertainty surrounding river discharge permits, which remain subject to completion of an independent environmental impact assessment that has been uninitiated for over six months with no end in sight.

Water management context

The Tuvatu mine's water treatment plant currently processes water from the mill pond. While the treatment plant can reduce the primary contaminant (copper) to acceptable levels, other water quality parameters, including total dissolved solids (TDS), remain above thresholds required for river discharge. During significant rainfall events, excess treated water from the mill pond is pumped to the TSF for storage.

There is currently no engineered mechanism, other than natural evaporation, to remove water from the TSF. The new evaporator system will provide that mechanism through enhanced evaporation, ensuring the facility maintains safe operating levels. The system, including its dedicated generator set and ancillary equipment, represents a permanent infrastructure improvement that strengthens the mine's long-term operational resilience and environmental compliance framework.

The evaporator proposal means that discharging mill water to the Sabeto River would never be required again. This is a good outcome for the environment and removes regulatory risk from the equation. Timeline risk is also significantly reduced. The system could be up and running by late April/early May -- just in time for the start of the dry season.

Environmental benefits

Beyond resolving the immediate water management requirement, the evaporator delivers broader environmental and ESG (environmental, social and governance) benefits:

• Creates a self-contained, closed-loop water management system that prevents any process water from entering the Sabeto River or the broader natural waterway;
• Replaces temporary or rental-based solutions with permanent infrastructure, reducing long-term operating costs and maintenance complexity;
• Strengthens the company's social licence to operate in the local community by addressing water management as a permanent, engineered solution.

"This investment permanently resolves our water management requirements while delivering an excellent environmental outcome. The evaporator is a far more economical and timely solution than the alternatives and, importantly, it removes regulatory risk entirely. We inherited a situation that required decisive action and this is exactly that," stated Campbell Olsen, chief executive officer

The company will provide further updates on commissioning progress and operational performance as the evaporator system is installed and brought on line.

Qualified persons statement

In accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, Stephen Jeffers, FAusIMM, an employee of the company, is the head of mining operations and qualified person for the company, and has approved the technical and scientific content of this news release.

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, tailings storage facility 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.

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