Mr. Walter Berukoff reports

LION ONE METALS LIMITED REMOVAL FROM ASX OFFICIAL LIST

Pursuant to listing Rule 17.12, the Australian Securities Exchange has advised Lion One Metals Ltd. that it will be removed from the official list of the ASX pursuant to ASX listing Rule 17.12 (Delisting). The company's Chess depositary interests are currently suspended from trading on ASX.

The company notes that a voluntary delisting application was submitted to ASX on June 24, 2024.

Following the company's delisting, the company's common shares will continue to be traded on the TSX Venture Exchange under the trading symbol LIO and on the OTCQX under the trading symbol LOMLF.

Reasons for delisting from the ASX

Lion One sought a voluntary delisting from the ASX due to the continuing low frequency of trading, low volumes traded and limited index inclusion of CDIs traded on ASX as compared with those of the TSX-V. The percentage of CDIs held on the Australian CDI register is approximately 5.89 per cent of the company's total issued share capital as at July 31, 2024.

The company believes that the financial, administrative and compliance obligations and costs associated with maintaining an ASX listing are no longer in the best interests of its shareholders as a whole.

The company acknowledges the ASX's decision to remove Lion One from the official list pursuant to listing Rule 17.12 despite the company's request for a voluntary delisting.

Indicative timetable

The timetable for the delisting is set out in the attached table.

All dates in this announcement refer to Sydney time. These dates are indicative only and subject to change by the company or ASX. The company will announce any amendment made to the indicative dates.

Outcome applicable to CDI holders upon delisting

In summary, due to the company being removed from the official list, CDI holders will have all their CDIs automatically converted, on a one-to-one basis, into shares listed on the TSX-V registered directly in their own name in book-entry form (that is, uncertificated) on the Canadian share register in the direct registration system. DRS is the equivalent of holding shares in issuer sponsored form in Australia and evidenced by a DRS advice, posted to their registered address.

Trading shares on the TSX-V

Securityholders can only trade shares on the TSX-V if they are held through the Canadian Central Securities Depository. As the shares, resulting from the automatic conversion, will be registered directly in the former CDI holder's own name in book-entry form in DRS on the Canadian share register, the holder will not be able to trade their shares on the TSX-V without first making independent arrangements with a broker in Canada (or an Australian broker that has a relationship with a financial institution in Canada) which can: (i) facilitate the electronic deposit of the shares into CDS; and (ii) trade them on the TSX-V.

If holders do not have a broker or their usual Australian broker cannot assist them, visit the ASX website, click investors and then scroll down to click learn more next to the find a broker or adviser heading for information that may assist with finding a suitable broker.

Consequences of delisting

The main consequence of the company's delisting for CDI holders is that, from the time the delisting takes effect, CDIs will no longer be quoted or traded on ASX.

If CDI holders have any questions about the delisting process, they can contact Computershare on 1300-850-505 (within Australia) or 61-3-9415-4000 (outside of Australia) between 8:30 a.m. and 5 p.m. Australian Eastern Standard Time.

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.

We seek Safe Harbor.