Mr. Campbell Olsen reports

LION ONE COMPLETES COMMISSIONING OF NEW FLOAT PLANT AT TUVATU

Lion One Metals Ltd. has commissioned a new flotation plant -- known in the industry as a float plant -- at its 100-per-cent-owned Tuvatu alkaline gold project in Fiji. This is a genuine milestone and one that marks the beginning of a new chapter for the company. The plant has been built and tested and is now operating. What lies ahead is the important and necessarily patient work of running it up to its full potential.

Campbell Olsen, who assumed the role of chief executive officer in February, 2026, has been candid with the board and his team about the realities of what has been inherited at Tuvatu: a project with tremendous underlying value and a set of operational, technical and organizational challenges that must be worked through methodically and honestly. The commissioning of the float plant is an important step forward. It is the first of many.

A note to shareholders: Flotation processing is a new capability for the Tuvatu operation. Building the skills, experience and operational confidence to run this plant well takes time, and shareholders should expect the ramp-up to be a gradual process rather than an overnight transformation. The company asks for your patience and confidence as its team develops its expertise.

What is a float plant and why does it matter?

For those new to gold processing, a flotation plant is the core of a modern gold recovery circuit. It takes finely crushed ore from the mine and subjects it to a carefully controlled process -- combining water, air bubbles and reagents -- to separate the valuable gold-bearing minerals from the surrounding waste rock. The gold-rich minerals attach to the rising bubbles and are collected as a high-grade concentrate, which then moves to the next stage of processing.

Flotation is a proven method, used widely across the global gold industry. At Tuvatu, however, it represents a step-change in the complexity of processing operations. Running a flotation circuit well requires trained and experienced operators, careful chemical control, and a detailed understanding of how Tuvatu's specific ore responds to the process. That knowledge is built through time, data and disciplined operation -- not all at once.

A note to shareholders: Commissioning confirms the plant works. It does not mean the plant is yet working at full capacity or full efficiency. Recovery rates and throughput will improve progressively as the team gains experience with this ore and this circuit. Shareholders should expect variability in early results and interpret this as a normal and expected part of any ramp-up -- not a cause for alarm.

From the chief executive officer

Mr. Olsen has been chief executive officer of Lion One since February, 2026. He took on the role with a clear understanding that Tuvatu was a project with significant promise and an equally significant list of things that needed to be addressed. He has made a commitment to shareholders to be open about both.

"I want to be straightforward with our shareholders. I was handed a gold mine with real challenges -- operational, technical and organizational -- and my job is to work through them honestly and systematically. The commissioning of the float plant is something to be genuinely proud of, and I am proud of the team that made it happen, but I also want to be clear: building the skills and experience to run this plant well is going to take time. Flotation processing is new at Tuvatu. We are learning, improving and building capability every day. I ask for your patience and your confidence as we do that work. The underlying asset is excellent. We will get there," said Mr. Campbell, chief executive officer, Lion One.

The road to full production

With commissioning complete, the operational focus at Tuvatu has shifted to the ramp-up phase: steadily increasing throughput, improving gold recovery, and building the operational discipline and institutional knowledge that a modern processing facility requires.

A ramp-up of this nature is not a linear process. There will be periods of strong progress and periods where the team pauses to understand and address what the data are telling it. This is how good mining operations are built: carefully, methodically and with a long-term perspective. The company will not chase short-term production numbers at the expense of sustainable operational performance.

Key areas of focus during the ramp-up include: development of operator capability and confidence with the flotation circuit, optimization of reagent chemistry for Tuvatu's specific ore type, and progressive increase of plant throughput toward design capacity.

A note to shareholders: Lion One will report on ramp-up progress regularly and transparently. Early production figures will reflect a plant in its learning phase, not a plant at steady state. It will share both the progress and the challenges as they arise. Shareholders are encouraged to take a medium-term view of this ramp-up, which is expected to span a number of months rather than weeks.

Qualified person's 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 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 holds an extensive exploration licence covering the entire Navilawa caldera, which hosts multiple mineralized zones and highly prospective exploration targets.

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