Mr. Todd Romaine reports

LION ONE ANNOUNCES UPSIZE OF UNITS PRIVATE PLACEMENT OFFERING FOR GROSS PROCEEDS OF UP TO $3.5 MILLION

As a result of strong investor demand, Lion One Metals Ltd. has increased the size of its previously announced non-brokered private placement of units from 23,076,923 units to 26,923,076 units for total gross proceeds of up to $3.5-million. Each offered unit consists of one common share in the capital of the company and one common share purchase warrant, each such warrant exercisable at a price of 17.5 cents per common share and expiring 36 months from the date of issue.

On June 29, 2026, the company announced the closing of the first tranche of the company's previously announced non-brokered private placement offering of convertible debenture units of the company for total gross proceeds of $12.5-million and the private placement for gross proceeds of $2,788,184.75. Closing of the second tranche of the offering and the upsized private placement is expected to occur on July 10, 2026.

The company intends to use the net proceeds from the offering and the private placement to satisfy coming payment obligations under the company's senior secured loan facility with Nebari Gold Fund I LP, Nebari Natural Resources Credit Fund I LP and Nebari Natural Resources Credit Fund II LP and cure the company's continuing working capital covenant default under the facility. Any additional proceeds will be used for general corporate and working capital purposes.

Closing of the second tranche of the offering and upsized private placement is subject to certain customary conditions, including receipt of all necessary approvals, including satisfaction of the listing conditions of the TSX Venture Exchange. The offering and the private placement may be closed in one or more tranches. All securities issued in connection with the offering and the private placement will be subject to a statutory hold period expiring four months and one day after the issuance thereof. Any participation by insiders in the offering or private placement will constitute a related-party transaction under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The company may pay further cash finders' fees in connection with the upsized private placement, as permitted by applicable securities laws and the rules of the TSX-V.

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, the 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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