Mr. Walter Berukoff reports

LION ONE COMMENCES DRILLING AT NAVILAWA TUVATU, FIJI

Lion One Metals Ltd.'s No. 2 diamond drill has begun drilling at a newly defined high-grade target, called Biliwi, within the new Navilawa tenement. In a news release dated Feb. 19, 2020, Lion One discussed the discovery of high-grade surface samples at Biliwi, which included: 60.4 grams per tonne gold over 0.4 metre; 94.8 g/t Au over 0.4 m; 17.9 g/t Au over 0.75 m; and 83.6 g/t Au over 0.45 m. The first hole has been planned to test the Biliwi lode at a depth of approximately 55 m below surface. Further stepout holes are planned at Biliwi subsequent to successful interception of the targeted lode.

Surface sampling recommenced within the Navilawa tenement at the beginning of the dry season a couple weeks ago, with current efforts focused around the Banana Creek prospect, where surface samples collected earlier this year yielded: 19.4 g/t Au over 0.85 m; 10.83 g/t Au over one m; and 35.3 g/t Au over 0.45 m. Lion One believes Banana Creek is emerging as a very high-priority greenfields target in need of near-term drill testing. Further work is planned at the Matanavatu prospect, where earlier surface samples returned: 32.3 g/t Au over 0.65 m; 35.88 g/t Au over 0.6 m; and 53.6 g/t Au over 0.13 m. Lion One anticipates testing multiple new high-priority greenfields drill targets within the Navilawa tenement this dry season, which continues until late year.

At Tuvatu, the No. 1 diamond drill is currently drilling hole TUDDH497 at the same azimuth, but six degrees steeper than recently completed hole TUDDH496. Both of these holes test the east-west-trending Murau lodes, part of the Tuvatu West lode network. Stephen Mann, managing director of Lion One, commented: "We are very excited by the structures identified in the last few holes (TUDDH494, TUDDH495, TUDDH496 and TUDDH497). We have clearly demonstrated that the structural corridors highlighted in the CSAMT geophysical survey are real and are the host of mineralizing fluids. The intervals drilled into these structural corridors have intersected zones of very good alteration, including pyrite, carbonate and alkaline feldspars, as well as traces of base metals, which have proven to be good pathfinders. In addition, several very fine specks of visible gold have also been recognized. The lodes at Tuvatu West have returned previously reported very high-grade intersections, including: TUDDH371, 14.99 m at 14.28 g/t Au (see news release dated July 15, 2013); TUDDH365, 4.31 m at 14.95 g/t Au; and TUDDH364, 6.43 m at 12.74 g/t Au (see news release dated May 15, 2013); and it is expected that TUDDH496 and TUDDH497 will add significantly more geological information in the area." Assays from both of these holes will be reported to the market once they have been finalized.

Upon completion of hole TUDDH497, the No. 1 rig will return to the same drill pad as deep drill holes TUDDH494 and TUDDH495. Following a review of the core in both TUDDH494 and TUDDH495 by the Lion One geologist and the company's drilling team, it has been determined that re-entering those holes as planned was too high a risk for loss of equipment. Consequently, an adjacent hole will be completed to test the depth extent of TUDDH495 following the completion of TUDDH497. The company has received the smaller-diameter NQ drill rods, ensuring the target depth of around 1,000 m is attainable. Both TUDDH494 and TUDDH495 targeted deep parts of the main north-south-trending Tuvatu lode system. Lion One believed these holes would begin to confirm the presence of deep-seated lodes and lode feeders in this area. Additional deep drill holes are planned under the Tuvatu resource area to further elucidate the lode system at depth.

In a news release dated April 30, 2020, Lion One announced it had purchased a third drill rig. The arrival of this drill rig into Fiji has been delayed overseas due to the current pandemic, and the drill rig is now expected to be shipped in late July. The addition of this rig will enable Lion One to successfully complete its goal of drilling in excess of 20,000 m of diamond core across the entire Tuvatu gold project over the next 12 months.

Qualified person

The scientific and technical content of this news release has been reviewed, prepared and approved by Stephen Mann, PGeo, managing director of Lion One, who is a qualified person pursuant to National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Tuvatu

The Tuvatu gold deposit is located on the island of Viti Levu in Fiji. The mineral resource for Tuvatu, as disclosed in the technical report titled "Tuvatu Gold Project PEA," dated June 1, 2015, and prepared by Mining Associates Pty. Ltd. of Brisbane, comprises 1.12 million tonnes indicated at 8.17 grams per tonne gold (294,000 ounces gold) and 1.3 million tonnes inferred at 10.60 grams per tonne gold (445,000 ounces gold) at a cut-off grade of three grams per tonne gold. The technical report is available at the Lion One website and on SEDAR.

About Lion One Metals Ltd.

Lion One's flagship asset is the 100-per-cent-owned, fully permitted, high-grade Tuvatu alkaline gold project, located on the island of Viti Levu in Fiji.

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