Category: Lion One Metals

North Vancouver, British Columbia–(Newsfile Corp. – March 25, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 2,194.70 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji (“Tuvatu“). The drilling is focused on the Ura lode system which is currently being mined.

All drilling was conducted from near surface underground workings. The Company intersected high-grade mineralized structures in 18 holes. Most of the drill holes did not exceed 130 m in length and most of the high-grade drill intercepts are located within 50 m of current underground workings. Drill results include multiple bonanza grade gold assays such as 142.66 g/t over 2.2 m, 489.52 g/t over 0.4 m, 168.95 g/t over 0.5 m, 189.15 g/t over 0.3 m, and 179.95 g/t over 0.3 m.

The Ura lode system is currently being mined from both the 1095 level and the 1116 level of the mine. The primary targets for the Ura drill program are the areas of the Ura system scheduled for near term mining up dip of the 1116 level and down dip of the 1095 level. Mining up dip of the 1116 level will be conducted through conventional shrinkage stoping. Work on this stope has already begun. The 1116 up-dip stope is steeply dipping and will be mined over a strike length of 100 m, with narrow mining widths of approximately 1.5 m. This stope encompasses numerous high-grade gold drill results, including the 168.95 g/t gold over 0.5 m intercept noted above, which is located 20 m above the 1116 level within the planned stope.

The Ura system remains open at depth and is largely untested below the currently modeled lodes. The system is a prime target for resource expansion and upgrade given the high-grade drill results, the underground access already in place, and the lack of drilling down-dip. The drilling reported here represents the first systematic drill program designed to target the Ura system. Much of this drilling is located outside the current resource. Drilling is ongoing and is being conducted from two underground drill stations: the 1095 drill station and the 1116 drill station.

Lion One Chairman Walter Berukoff commented: “We’re very pleased with the results from the Ura drill program. The Ura system is a developing target that represents an excellent opportunity both to expand our resource and to add tonnes to our immediate mine plan. The Ura lodes are high-grade structures, and we expect to be mining the areas targeted by this drill program in the next three to six months.”

Highlights of New Drill Results:

• 142.66 g/t Au over 2.2 m (including 328.50 g/t Au over 1.0 m) (TGC-0378, from 13.79 m depth)
• 489.52 g/t Au over 0.4 m (TGC-0389, from 31.1 m depth)
• 168.95 g/t Au over 0.5 m (TGC-0396, from 68.78 m depth)
• 25.87 g/t Au over 2.3 m (including 59.24 g/t Au over 0.8 m) (TGC-0396, from 55.7 m depth)
• 189.15 g/t Au over 0.3 m (TGC-0380, from 76.78 m depth)
• 179.95 g/t Au over 0.3 m (TGC-0391, from 149 m depth)
• 30.16 g/t Au over 1.5 m (including 81.27 g/t Au over 0.4 m) (TGC-0389, from 50.9 m depth)
• 31.74 g/t Au over 1.4 m (including 52.27 g/t Au over 0.6 m) (TGC-0392, from 41.1 m depth)
• 21.55 g/t Au over 1.9 m (including 67.05 g/t Au over 0.3 m) (TGC-0384, from 18.94 m depth)
• 41.57 g/t Au over 1.0 m (including 128.64 g/t Au over 0.3 m) (TGC-0384, from 38.64 m depth)
• 26.79 g/t Au over 1.5 m (including 69.27 g/t Au over 0.5 m) (TGC-0366, from 4.6 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.

Figure 1. Location of the Ura drilling reported in this news release. Left image: Plan view of the Ura drilling in relation to the Ura lodes shown in purple and other mineralized lodes shown in grey, with Tuvatu underground development shown in red. Right image: Section view of the Ura drilling looking NNE, approximately along strike of the Ura1 and Ura3 lodes.

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Ura Lode System

The Ura lode system was discovered during the initial development of the mine decline in late 2022 and was initially modelled as a single lode. It is now understood to be a system of lodes, with at least three separate lodes already identified (Ura1, Ura2, and Ura3). The Ura system remains largely untested. The system extends to surface and is open at depth. It is closed to the north by the Coreshed fault, while to the south it intersects and is likely offset slightly by the Cabex fault. The drilling reported here represents the first systematic drill program designed to target the Ura system.

Three separate lodes have so far been identified in the Ura system; the Ura1, Ura2, and Ura3 lodes, all three of which are narrow high-grade structures with bonanza-grade gold intersections frequently associated with chalcedonic silica and roscoelite – mineralization characteristic of high-grade alkaline gold systems. The Ura1 and Ura3 lodes dip subvertically to the west and strike approximately 200° to the SSW. The Ura2 lode strikes approximately 205° to the SSW and dips at approximately 45° to the west. The Ura2 lode intersects the Ura1 lode slightly below the 1116 level while the Ura3 lode is located between the Ura2 and Ura1 lodes, intersecting the Ura2 lode between the 1095 and 1116 levels. All three lodes have current total strike lengths of approximately 220 m each and remain open both at depth and to the South beyond the Cabex fault.

The drilling reported in this news release was conducted from two underground drill stations; the 1095 and 1116 drill stations. The drilling targeted areas of the Ura system directly up-dip and down-dip of the 1095 and 1116 levels, with particular focus on the Ura1 and Ura3 lodes. Drilling is being conducted on a 12.5 m grid to provide a detailed understanding of the geometry and mineralization in advance of mining. These areas are scheduled for mining in the near term and are anticipated to be added to the mine plan within the next two to six months.

The Ura system is largely untested and much of the drilling reported in this news release targeted areas outside the current resource. The Ura system is a prime target for resource expansion. Very limited drilling has been conducted below the current underground workings and initial analysis indicates that the system extends well below current levels. The deepest high grade intersect reported in this news release, 179.95 g/t gold over 0.3 m, is located approximately 90 m below current workings. This represents an additional four to five levels of mineralization below current mine levels, with strong potential for mineralization to continue further at depth (Figure 3).

Figure 2. Ura drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff, plan view. Plan view looking down. The drill holes shown here primarily targeted areas of the Ura lodes scheduled for near-term mining above and below the 1095 level. Ura lodes show in purple, underground workings in grey.

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Figure 3. Ura drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff, section view. Section view looking NNE. Limited drilling has been conducted on the Ura system below the 1095 level. High grade gold mineralization has been intersected 90 m below the current underground workings and the system remains open at depth. Ura lodes shown in light purple, underground workings in grey.

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Competent Person’s Statement

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Melvyn Levrel, MAIG, Senior Geologist for Lion One Metals, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.

Lion One Laboratories / QAQC

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods. The Lion One geochemical laboratory is accredited under the IANZ ISO/IEC 17025:2017 Standard – the international standard for testing and calibration of laboratories.

Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% 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 license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & President

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TGC-0364	1876283	3920814	120	304.3	-7.2	106.0
TGC-0366	1876284	3920812	121	266.2	18.2	85.0
TGC-0368	1876283	3920812	121	283.3	18.1	81.0
TGC-0369	1876283	3920814	121	313.2	14.7	86.3
TGC-0371	1876283	3920815	120	318.6	-6.7	94.0
TGC-0372	1876283	3920818	120	335.7	-10.2	180.4
TGC-0374	1876283	3920815	120	291.6	-38.3	174.6
TGC-0376	1876283	3920815	119	291.7	-44.5	112.0
TGC-0378	1876182	3920778	98	99.2	-40.0	80.2
TGC-0380	1876285	3920814	122	291.1	-49.4	121.2
TGC-0381	1876182	3920778	98	99.0	-81.0	16.1
TGC-0382	1876182	3920779	99	78.6	-14.8	62.3
TGC-0384	1876182	3920779	99	64.4	-17.3	74.4
TGC-0385	1876283	3920815	119	303.0	-37.4	105.0
TGC-0386	1876182	3920779	98	63.5	-46.8	110.7
TGC-0388	1876283	3920815	119	302.6	-43.9	113.1
TGC-0389	1876182	3920780	99	53.5	-13.2	101.2
TGC-0390	1876182	3920780	99	52.7	-35.9	111.0
TGC-0391	1876283	3920815	119	303.1	-50.1	231.5
TGC-0392	1876183	3920778	99	110.7	-19.2	58.2
TGC-0396	1876283	3920811	121	249.2	16.3	90.5

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0364		0.0	0.7	0.7	3.05
		50.3	51.9	1.6	11.47
	including	50.3	50.9	0.6	25.78
	and	50.9	51.4	0.5	0.26
	and	51.4	51.9	0.5	5.52
TGC-0366		1.7	2.2	0.5	12.58
		4.6	6.1	1.5	26.79
	including	4.6	5.1	0.5	69.27
	and	5.1	5.8	0.7	4.45
	and	5.8	6.1	0.3	3.80
		7.3	9.0	1.7	5.05
	including	7.3	7.9	0.6	5.50
	and	7.9	9.0	1.1	4.81
		10.8	11.6	0.8	5.43
	including	10.8	11.1	0.3	3.63
	and	11.1	11.6	0.5	6.60
		20.2	22.0	1.8	12.27
	including	20.2	21.4	1.2	16.14
	and	21.4	22.0	0.6	4.54
		26.9	27.7	0.8	8.86
		34.2	34.7	0.5	5.32
		45.6	46.2	0.6	23.86
		54.7	55.0	0.3	3.07
		56.1	56.5	0.4	44.93
TGC-0368		20.7	21.0	0.3	8.43
		39.5	40.0	0.5	3.57
		44.8	45.4	0.6	6.86
		50.7	51.7	1.0	3.97
	including	50.7	51.2	0.5	3.97
	and	51.2	51.7	0.5	3.97
		75.7	76.4	0.7	3.11
TGC-0374		110.9	111.2	0.3	21.79
TGC-0376		77.9	79.3	1.5	5.47
	including	77.9	78.3	0.5	9.95
	and	78.3	79.3	1.0	3.46
		90.5	90.8	0.4	5.33
TGC-0378		12.1	12.4	0.3	3.49
		13.8	16.0	2.2	142.66
	including	13.8	14.3	0.5	5.77
	and	14.3	14.8	0.5	2.57
	and	14.8	15.1	0.3	0.17
	and	15.1	16.0	1.0	328.50
		23.3	24.8	1.5	8.46
	including	23.3	23.7	0.4	21.28
	and	23.7	24.1	0.4	0.39
	and	24.1	24.8	0.7	6.12
		29.4	29.7	0.3	10.02
TGC-0380		0.0	0.5	0.5	15.86
		72.8	73.2	0.4	21.05
		76.8	77.1	0.3	189.15
TGC-0381		14.2	15.4	1.2	7.47
TGC-0382		15.2	15.5	0.3	46.28
		18.1	18.5	0.4	9.98
		20.2	20.6	0.4	71.69
		31.0	31.8	0.8	33.39
	including	31.0	31.5	0.5	25.25
	and	31.5	31.8	0.3	48.03
		33.0	33.4	0.4	3.12
		34.6	36.1	1.5	5.99
	including	34.6	35.0	0.4	4.71
	and	35.0	35.3	0.3	13.71
	and	35.3	35.6	0.3	3.40
	and	35.6	36.1	0.5	4.07
TGC-0384		18.9	20.8	1.9	21.55
	including	18.9	19.3	0.3	29.99
	and	19.3	19.7	0.5	2.13
	and	19.7	20.0	0.3	67.05
	and	20.0	20.3	0.3	0.16
	and	20.3	20.8	0.5	19.84
		22.0	22.6	0.6	4.59
	including	22.0	22.3	0.3	4.09
	and	22.3	22.6	0.3	5.08
		38.6	39.6	1.0	41.57
	including	38.6	39.0	0.4	4.28
	and	39.0	39.3	0.3	0.60
	and	39.3	39.6	0.3	128.64
TGC-0385		71.4	72.4	1.0	18.55
	including	71.4	71.7	0.3	6.55
	and	71.7	72.1	0.4	0.05
	and	72.1	72.4	0.3	57.69
		78.3	80.0	1.7	4.88
	including	78.3	78.7	0.4	3.50
	and	78.7	79.4	0.7	0.05
	and	79.4	79.7	0.3	13.75
	and	79.7	80.0	0.3	8.74
		92.9	93.2	0.3	24.86
TGC-0386		10.0	14.3	4.4	4.73
	including	10.0	10.4	0.4	16.48
	and	10.4	11.0	0.7	<0.01
	and	11.0	11.3	0.3	1.52
	and	11.3	12.5	1.2	3.65
	and	12.5	12.8	0.3	<0.01
	and	12.8	13.1	0.3	1.09
	and	13.1	14.3	1.2	7.36
TGC-0388		0.0	0.6	0.6	3.48
TGC-0389		31.1	31.5	0.4	489.52
		50.9	52.4	1.5	30.16
	including	50.9	51.3	0.4	81.27
	and	51.3	52.0	0.7	2.91
	and	52.0	52.4	0.4	26.72
		85.9	86.2	0.3	4.04
TGC-0390		14.7	15.1	0.4	7.70
		59.1	59.6	0.5	6.76
		81.0	81.4	0.4	21.76
		84.5	85.1	0.6	3.00
		85.7	86.2	0.5	3.69
		99.1	99.4	0.3	4.43
		101.6	101.9	0.3	3.28
TGC-0391		0.0	0.6	0.6	3.61
		76.9	78.1	1.2	10.40
	including	76.9	77.5	0.6	7.91
	and	77.5	78.1	0.6	12.89
		96.9	97.3	0.4	39.15
		113.0	113.3	0.3	3.72
		149.0	149.3	0.3	179.95
TGC-0392		14.0	14.4	0.4	5.32
		24.6	27.8	3.2	11.99
	including	24.6	25.0	0.4	18.68
	and	25.0	25.6	0.6	5.97
	and	25.6	26.3	0.7	34.65
	and	26.3	27.2	0.9	0.05
	and	27.2	27.8	0.6	5.01
		41.1	42.5	1.4	31.74
	including	41.1	41.7	0.6	52.27
	and	41.7	42.5	0.8	16.34
TGC-0396		0.0	0.5	0.5	12.53
		5.2	8.0	2.8	7.13
	including	5.2	5.6	0.4	9.95
	and	5.6	6.2	0.7	13.67
	and	6.2	6.5	0.3	1.24
	and	6.5	7.4	0.9	4.67
	and	7.4	8.0	0.6	4.55
		10.9	11.6	0.6	3.64
		12.1	12.7	0.6	3.26
		14.0	16.8	2.8	5.48
	including	14.0	14.5	0.5	8.38
	and	14.5	15.0	0.5	3.61
	and	15.0	15.4	0.4	5.88
	and	15.4	15.7	0.3	9.27
	and	15.7	16.8	1.1	3.90
		34.7	35.0	0.3	21.78
		50.0	54.5	4.5	3.74
	including	50.0	50.3	0.3	4.50
	and	50.3	51.5	1.2	6.56
	and	51.5	52.3	0.8	0.04
	and	52.3	52.7	0.4	3.58
	and	52.7	53.0	0.3	2.48
	and	53.0	53.3	0.3	1.76
	and	53.3	54.5	1.2	4.07
		55.7	58.0	2.3	25.87
	including	55.7	56.5	0.8	59.24
	and	56.5	57.2	0.7	12.82
	and	57.2	58.0	0.8	3.05
		64.2	66.7	2.5	4.70
	including	64.2	64.5	0.3	5.08
	and	64.5	65.5	1.0	5.23
	and	65.5	66.7	1.2	4.16
		68.8	69.3	0.5	168.95

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245955

North Vancouver, British Columbia–(Newsfile Corp. – March 4, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to announce record mine operating income of C$6,302,540 from the Company’s 100% owned Tuvatu Gold Mine in Fiji for Q4 CY2024. The Company is also pleased to announce that the Company’s internal assay laboratory has achieved ISO 17025 accreditation – an internationally recognized standard for laboratory quality, reliability, and impartiality.

Summary of Quarterly Financial Results:

• Record mine operating income of C$6,302,540
• Record gold revenue of C$17,988,932
• Record gold sales of 4,741 oz
• Lowered cost of sales of C$2,465 per oz of gold

Summary of Quarterly Operational Results:

• 31,044 tonnes of high-grade mineralized material mined
• 17,370 tonnes (56%) of high-grade material mined from outside the Mineral Resource Estimate
• 29,525 tonnes of mineralized material processed
• Average head grade of 5.5 g/t gold
• Overall gold recovery of 82.5%

Quarterly Results

Lion One Metals achieved record mine operating income of C$6,302,540 for the quarter ending December 31, 2024 – a 312% increase compared to the previous quarter. The Company is ramping up production at the Tuvatu gold mine in Fiji and this dramatic increase in mine operating income is primarily due to an increase in gold production. The Company has achieved consistent quarter-over-quarter improvements in gold grades and gold recoveries since the Tuvatu processing plant was commissioned in early 2024, culminating in the record gold revenue reported for Q4 CY2024. The Company has also implemented an aggressive cost-cutting program during the 6 months ending December 2024, resulting in a 13% reduction in cost of sales per ounce of gold for Q4 CY2024 compared to the previous quarter. Additional cost reductions are expected to be realized in the coming months as a result of this cost-cutting program.

Of note is that 56% of the high-grade mineralized material mined at Tuvatu during the quarter was mined outside the current Mineral Resource Estimate (MRE). This follows similar results observed during the previous quarter. In total, 52% of the high-grade mineralized material mined at Tuvatu from July to December 2024 was mined outside the current MRE. This material was added to the resource based on infill and grade control drilling completed after the MRE cutoff date of March 25, 2024, and is indicative of the potential for resource expansion at Tuvatu.

Table 1. Quarterly Financial Results Summary

		Q4 CY2024	Q3 CY2024	QoQ Change
Gold sold	oz	4,741	3,129	52%
Average gold selling price	C$/oz	3,794	3,332	14%
Average cost of gold sales	C$/oz	2,465	2,843	-13%
Gold revenue	C$	17,993,020	10,470,518	72%
Cost of sales	C$	(11,686,392)	(8,894,530)	31%
Mine operating income	C$	6,302,540	1,529,978	312%

Figure 1. Tuvatu Quarterly Revenue and Gold Sales, 2024. Quarterly revenue and gold sales have consistently increased quarter-over-quarter at Tuvatu since pilot plant commissioning was complete in Q1 CY2024.

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The Company is currently operating at the 300 TPD pilot plant level with expansion to the 600-700 TPD phase of operations anticipated in 2026. In advance of expansion the Company is completing critical mine infrastructure projects such as the raise bore and mine ventilation project, which is expected to be complete in March 2025. Once complete this will provide sufficient ventilation requirements for underground development to proceed all the way to the high-grade Zone 500 feeder zone.

A primary focus of the Company is to advance to the 500 Zone as quickly as is safely possible and to accelerate that process the Company recently procured C$2M of additional mining equipment, including one twin boom jumbo, three air operated Long Tom drill jumbos, two remote ready scoops trams, and additional airleg/jackleg drills, which are expected to arrive at the mine site during April to May 2025. As part of the 600-700 TPD expansion the Company will be adding a flotation plant with a concentrate regrind mill which is anticipated to increase gold recoveries to more than 90% based on metallurgical testing. The Company is fully funded to start construction on the flotation circuit, which will be the first component of the plant expansion to be complete later in 2025.

Lab Accreditation

Lion One Metals operates its own geochemical and metallurgical laboratory in Fiji. The lab is a major asset for the company as it significantly reduces costs and wait times associated with sample analysis. Drill assay results can be received within two days of being drilled, thereby enabling the Company to react quickly to high-grade drill intercepts, often while the drill is still in place. Similarly, mill assay results are returned within 24 hours to inform operation and control of the mill. The assay lab can process over 10,000 samples a month and can conduct fire assay, ICP (26-34 elements), metallurgical, environmental, and mill sample analyses.

The Lion One assay lab has been accredited under the IANZ ISO/IEC 17025:2017 Standard, which is the international standard for testing and calibration of laboratories. This standard sets out the requirements for competence, impartiality, confidentiality and consistent operation of laboratories, thereby ensuring the accuracy and reliability of the lab’s testing and calibration results. The accreditation process is a rigorous process that evaluates the lab’s structural, resource, process, and management systems. This includes the installation of a Laboratory Information Management System (LIMS) software which enables the lab to automate workflows, integrate instruments, and manage samples and associated information efficiently.

The Lion One assay lab is the only mining accredited lab in Fiji and as an accredited lab it can assay samples from other operations thereby generating a potential secondary revenue stream for the Company. Assay lab accreditation is a significant achievement and is a rare accomplishment for a company in the junior mining industry, making Lion One one of a few junior mining companies in the world to own and operate their own accredited lab facility.

Qualified Persons Statement

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), William J. Witte, P.Eng., Principal Advisor to the Company, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

Lion One Laboratories / QAQC

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% 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 license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors,
Walter Berukoff, President, Chairman of the Board

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243256

North Vancouver, British Columbia–(Newsfile Corp. – February 27, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from 1,757.8 meters of near-mine expansion drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. Drilling is focused on the SKL lodes in the Zone 5 area of Tuvatu. The Company is also pleased to announce accomplished mining engineer Ian Berzins as the Company’s new CEO.

The SKL lodes are located in close proximity to underground workings near surface in the Zone 5 area of Tuvatu. Drilling was conducted from two surface drill pads and consisted of infill and expansion drilling with the purpose of bringing the SKL lodes into the long term mine plan for Tuvatu. High-grade mineralized structures were intersected in 10 drill holes. Drill results include multiple bonanza grade gold assays such as 502.50 g/t, 118.20 g/t, 85.50 g/t, and 76.50 g/t gold over narrow widths of 0.3 m. All high-grade drill results were intersected within 75 m of underground developments and within 110 m of surface. The SKL lodes were the subject of test mining in the 1990s but have undergone little modern drilling despite their proximity to underground workings. The SKL lodes represent a prime target for addition to the Tuvatu mine plan given the high-grade results and proximity to underground infrastructure. Previous drill results in the SKL area include 4.8 m of 30.48 g/t gold (see news release dated May 8, 2024).

Highlights of New Drill Results:

• 85.54 g/t Au over 3.0 m (including 502.50 g/t Au over 0.3 m) (TUDDH-745, from 31.73 m depth)
• 23.59 g/t Au over 2.4 m (including 53.99 g/t Au over 0.6 m) (TUDDH-740, from 74.50 m depth)
• 21.10 g/t Au over 2.4 m (including 46.30 g/t Au over 0.3 m) (TUDDH-748, from 82.79 m depth)
• 24.51 g/t Au over 1.6 m (including 76.50 g/t Au over 0.3 m) (TUDDH-748, from 54.82 m depth)
• 118.20 g/t Au over 0.3 m (TUDDH-733, from 85.5 m depth)
• 15.22 g/t Au over 2.1 m (including 57.64 g/t Au over 0.3 m) (TUDDH-748, from 133.92 m depth)
• 10.94 g/t Au over 2.7 m (including 41.05 g/t Au over 0.3 m) (TUDDH-738, from 68.10 m depth)
• 85.50 g/t Au over 0.3 m (TUDDH-745, from 88.96 m depth)
• 36.49 g/t Au over 0.7 m (including 59.05 g/t Au over 0.4 m) (TUDDH-745, from 74.60 m depth)
• 19.50 g/t Au over 1.2 m (including 30.44 g/t Au over 0.3 m) (TUDDH-740, from 110.20 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.

Figure 1. Location of the SKL drilling reported in this news release. Left image: Plan view of Tuvatu showing SKL drillholes in relation to the mineralized lodes shown in grey and Tuvatu underground development shown in red. Right image: Oblique view of the SKL drilling looking northeast.

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SKL Lodes

The SKL lodes are located in the near-surface portion of Zone 5, in the northeast part of the deposit proximal to the historical exploration adit, which is now used primarily for mine ventilation and secondary egress. The SKL lodes are north of the steeply dipping UR lodes, which are the primary lodes in Zone 5. Minor underground development and trial mining was conducted on the SKL lodes in the late 1990s, including the development of the historical exploration adit. Minor confirmatory infill drilling was also completed in 2019 and in 2024 Lion One announced the results from seven additional drillholes conducted in the area. The drill holes announced in this release are a continuation of that program. Preliminary handheld mining has also been conducted in the SKL lodes on a trial basis to further test the area. Additional infill drilling and underground development is required before more advanced mining can take place. The SKL lodes are a prime target for near-mine expansion given both the underground access already in place and the high-grade results returned from the initial infill drilling.

The SKL lodes have historically been modelled as a series of stacked flat-lying mineralized lodes known as ”flatmakes”^[1], similar to those currently being mined in the high-grade near-surface roscoelite area in Zone 2. The lodes are composed of high-grade narrow vein structures that frequently return bonanza-grade results >30 g/t gold. They are also associated with stockwork veining and roscoelite mineralization. The SKL lodes are not included in the current mine plan at Tuvatu. The purpose of the current SKL drill program is to confirm the SKL mineralization in advance of additional infill and grade control drilling needed to bring the area into the Tuvatu mine plan. The SKL lodes are a strong example of the opportunity for near-mine expansion at Tuvatu.

Figure 2. SKL drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Section view looking northeast. High-grade gold mineralization is intersected near surface proximal to underground developments in the SKL area. SKL lodes are shown in light brown. These drill results are not included in the Tuvatu mine plan and represent near mine expansion of the mine plan.

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Management Transition

Effective immediately, Walter Berukoff – Founder, Chairman, and CEO of Lion One Metals, is transitioning to the role of Chairman and President of the Company, while Ian Berzins is joining the Company as it’s new CEO. This is part of a planned senior management transition at Lion One aimed specifically at providing increased operational knowledge and support for the Company as it ramps up production at the Tuvatu gold mine in Fiji.

As Founder, Chairman and CEO of Lion One Metals, Mr. Berukoff has had an unparalleled impact on the success of the Company. Mr. Berukoff acquired the Tuvatu property as an exploration project, and successfully brought the project from exploration through discovery, permitting, financing, construction, and ultimately to production, all while maintaining 100% control of the project – a rarity in modern mining. During this time, Mr. Berukoff also consolidated all the mineral rights throughout the highly prospective Navilawa Caldera, making Lion One the first Company ever to hold rights over the entire caldera, and thereby providing the Company with top tier exploration and growth potential. The Company has since made numerous discoveries throughout the caldera, such as the Lumuni gold and Wailoaloa copper-gold prospects. The most important discoveries made under Mr. Berukoff’s leadership have been at Tuvatu, including the high-grade Zone 500 feeder zone which returned 75.9 m of 20.86 g/t gold, and the high-grade near-surface roscoelite zone which is currently in production. Tuvatu is now an operating gold mine, having achieved increased gold production in every quarter throughout 2024, culminating in record revenue from gold sales in the quarter ending December 31, 2024. As President and Chairman of Lion One Metals, Mr. Berukoff will remain involved with the Company and will continue to support the growth of Tuvatu as it ramps up to the next stage of production as well as looking at other accretive assets for the Company.

Incoming CEO Ian Berzins is a seasoned mining professional who brings significant underground operational experience to the Company. Mr. Berzins is knowledgeable in various mining applications including narrow vein conventional mining and open stoping. He previously held senior management positions at several deep underground gold mining operations in Canada including the Con Mine in Yellowknife NT, the Lupin Mine in Nunavut and the Rice Lake Mine in Bissett, MB. During the period from 2008 to 2014 as COO and subsequently CEO, Mr. Berzins led the operational ramp-up at the Rice Lake Mine from 10,000 ounces of gold per annum to 80,000 ounces of gold per annum averaging 20,000 ounces per month for 11 consecutive quarters. As Vice President and General Manager at Thompson Creek’s Mount Milligan open pit copper and gold mine, during the period from 2014 to 2016, Mr. Berzins lead the operational team that achieved nameplate throughput of 60,000 tonnes per day on a consistent basis. Mr. Berzins is a strong advocate for safe production and local engagement. With over 40 years in the mining industry, he has worked in mine engineering, supervision, human resources, maintenance and senior management. Mr. Berzins holds a Bachelor of Applied Science in Mining Engineering from Queen’s University in Kingston, Ontario, Canada, and has completed his ICD.D designation from the Haskayne School of Management in Calgary, Alberta, Canada.

Lion One Chairman and CEO Walter Berukoff commented: “We are extremely pleased to have Ian join us at this pivotal moment in our development. He brings significant operational experience and leadership to Lion One, which will be highly advantageous to the Company as we ramp up gold production at Tuvatu and as we continue to discover additional gold mineralization, including the emergence of roscoelite as a key indicator in our alkaline gold system. Tuvatu is one of only a few alkaline gold deposits in the world not controlled by a major mining Company. The board and I have full confidence in Ian’s ability to help us develop Tuvatu into a world class gold deposit, and we are excited to have him on the team.”

Mr. Berzins stated: “I am honoured and excited to join the Lion One team at this key juncture in time. I look forward to leveraging my knowledge and experience to help grow the Company from the base established by Mr. Berukoff and the Lion One team in Tuvatu. Mr. Berukoff and I previously worked together at the Con Mine between 1993 and 1996, and I look forward to working together again”.

Warrant Listing

The Company confirms that the share purchase warrants (the “Warrants”) issued as part of the public offering that was completed on February 14, 2028 are now listed on the TSX Venture Exchange under the symbol “LIO.WT.A”. The Warrants are exercisable for one common share of the Company at a price of $0.41 until February 14, 2028.

Competent Persons Statement

The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and has been reviewed and approved by Melvyn Levrel, who is the Company’s Senior Geologist. Mr. Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mr. Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Lion One Laboratories / QAQC

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% 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 license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & President

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TUDDH-733	1876479	3920838	238	288.1	-56.9	133.0
TUDDH-735	1876479	3920839	238	302.2	-53.8	122.5
TUDDH-736	1876479	3920839	238	274.8	-55.0	147.6
TUDDH-737	1876479	3920838	238	241.9	-66.0	150.6
TUDDH-738	1876479	3920838	240	285.2	-63.2	135.0
TUDDH-740	1876482	3920839	239	338.0	-69.2	160.0
TUDDH-742	1876482	3920839	239	355.0	-85.0	10.2
TUDDH-743	1876481	3920839	239	355.0	-85.0	10.1
TUDDH-744	1876481	3920843	239	354.6	-84.7	160.0
TUDDH-745	1876483	3920840	240	190.8	-85.6	165.6
TUDDH-748	1876488	3920785	239	344.9	-59.7	161.4
TUDDH-750	1876489	3920785	240	18.9	-56.9	10.0
TUDDH-751	1876489	3920786	239	19.1	-53.2	200.3
TUDDH-752	1876490	3920785	240	50.9	-80.6	191.5

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TUDDH-733		82.2	82.8	0.6	3.42
		85.5	85.8	0.3	118.20
TUDDH-735		89.3	92.3	3.0	6.92
	including	89.3	89.9	0.6	7.93
	and	89.9	90.5	0.6	6.30
	and	90.5	91.1	0.6	0.39
	and	91.1	91.7	0.6	15.93
	and	91.7	92.3	0.6	4.07
TUDDH-735		94.4	94.7	0.3	11.66
TUDDH-736		102.0	102.6	0.6	4.27
TUDDH-737		75.9	76.2	0.3	5.42
		77.4	78.9	1.5	3.65
	including	77.4	77.7	0.3	3.47
	and	77.7	78.0	0.3	7.84
	and	78.0	78.3	0.3	3.40
	and	78.3	78.6	0.3	0.21
	and	78.6	78.9	0.3	3.34
		86.0	86.3	0.3	6.70
		88.7	89.3	0.6	33.43
	including	88.7	89.0	0.3	23.63
	and	89.0	89.3	0.3	43.22
TUDDH-738		68.1	70.8	2.7	10.94
	including	68.1	68.4	0.3	5.41
	and	68.4	69.0	0.6	-0.01
	and	69.0	69.3	0.3	8.30
	and	69.3	69.6	0.3	2.87
	and	69.6	69.9	0.3	1.08
	and	69.9	70.2	0.3	24.46
	and	70.2	70.5	0.3	41.05
	and	70.5	70.8	0.3	15.33
		85.2	85.8	0.6	3.99
		88.5	89.7	1.2	8.68
	including	88.5	88.8	0.3	25.81
	and	88.8	89.1	0.3	1.46
	and	89.1	89.4	0.3	4.42
	and	89.4	89.7	0.3	3.03
TUDDH-740		65.2	65.8	0.6	4.58
		67.3	67.6	0.3	63.35
		70.3	70.6	0.3	6.84
		74.5	76.9	2.4	23.59
	including	74.5	75.1	0.6	53.99
	and	75.1	75.7	0.6	25.40
	and	75.7	76.3	0.6	7.30
	and	76.3	76.9	0.6	7.65
		91.6	91.9	0.3	3.05
		96.1	96.4	0.3	5.82
		110.2	111.4	1.2	19.50
	including	110.2	110.5	0.3	5.99
	and	110.5	110.8	0.3	18.71
	and	110.8	111.1	0.3	30.44
	and	111.1	111.4	0.3	22.85
		114.9	116.1	1.2	4.20
TUDDH-744		69.1	69.4	0.3	6.20
		72.6	72.9	0.3	4.17
		77.1	77.7	0.6	5.18
	including	77.1	77.4	0.3	6.48
	and	77.4	77.7	0.3	3.84
		84.8	85.5	0.8	12.84
	including	84.8	85.1	0.4	4.83
	and	85.1	85.5	0.4	19.85
TUDDH-745		31.7	34.7	3.0	85.54
	including	31.7	32.5	0.7	45.89
	and	32.5	32.9	0.5	55.25
	and	32.9	33.2	0.3	12.68
	and	33.2	33.5	0.3	27.01
	and	33.5	33.8	0.3	53.77
	and	33.8	34.1	0.3	29.36
	and	34.1	34.4	0.3	28.50
	and	34.4	34.7	0.3	502.50
		72.6	73.0	0.4	15.60
		74.6	75.3	0.7	36.49
	including	74.6	74.9	0.3	7.16
	and	74.9	75.3	0.4	59.05
		78.5	78.9	0.4	22.15
		84.3	85.6	1.3	8.85
	including	84.3	84.6	0.3	4.44
	and	84.6	85.0	0.4	0.18
	and	85.0	85.3	0.3	1.22
	and	85.3	85.6	0.3	31.88
		89.0	89.3	0.3	85.50
		101.5	101.8	0.3	3.66
TUDDH-748		54.8	56.4	1.6	24.51
	including	54.8	55.1	0.3	16.99
	and	55.1	55.4	0.3	0.08
	and	55.4	55.7	0.3	8.29
	and	55.7	56.1	0.3	76.50
	and	56.1	56.4	0.3	17.28
		82.8	85.2	2.4	21.10
	including	82.8	83.1	0.3	8.70
	and	83.1	83.4	0.4	0.04
	and	83.4	83.7	0.3	46.27
	and	83.7	84.0	0.3	5.47
	and	84.0	84.3	0.3	7.94
	and	84.3	84.9	0.5	41.30
	and	84.9	85.2	0.3	25.99
		86.4	86.7	0.3	28.37
		88.5	90.4	1.9	8.25
	including	88.5	88.9	0.4	4.42
	and	88.9	89.2	0.3	19.04
	and	89.2	89.7	0.5	0.11
	and	89.7	90.1	0.5	-0.01
	and	90.1	90.4	0.3	26.88
		97.2	97.5	0.3	5.39
		117.0	117.4	0.4	6.15
		122.9	123.2	0.3	9.85
		133.9	136.0	2.1	15.22
	including	133.9	134.2	0.3	36.09
	and	134.2	134.5	0.3	57.64
	and	134.5	135.1	0.6	0.11
	and	135.1	135.4	0.3	0.92
	and	135.4	135.7	0.3	6.55
	and	135.7	136.0	0.3	5.12
TUDDH-751		54.7	55.0	0.3	7.33
		57.2	58.5	1.3	15.14
	including	57.2	57.5	0.3	4.97
	and	57.5	57.8	0.3	6.34
	and	57.8	58.1	0.3	27.19
	and	58.1	58.5	0.4	19.86
		91.6	92.0	0.4	12.88

¹ Flatmakes are flat-dipping mineralized vein structures. The term is a Fijian mining term commonly used at the Vatukoula gold mine northeast of Tuvatu. At Vatukoula, flatmakes have been reported to have hundreds of meters of strike length.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242627

North Vancouver, British Columbia–(Newsfile Corp. – February 19, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 3,312.5 meters of near mine exploration and infill drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on the West Zone target west of the Tuvatu Gold Mine.

The West Zone is located approximately 300 m to the west of the main Tuvatu deposit, in close proximity to existing mine infrastructure. Drilling was conducted from two surface drill pads and consisted of resource infill and expansion drilling with the purpose of bringing the West Zone into the long term mine plan for Tuvatu. High-grade mineralized structures were intersected in 14 drill holes. Drill results include multiple bonanza grade gold assays such as 896.00 g/t, 306.78 g/t, 264.55 g/t, and 178.55 g/t gold over narrow widths of 0.3 m. All high-grade gold results were intersected between 30 m and 150 m depth from surface. The West Zone is hypothesized to have a separate feeder system from Tuvatu and represents a prime target for near-mine resource expansion at Tuvatu. Bonanza grade gold results are not uncommon at the West Zone, with previous drill results including 105.20 g/t over 2.1 m and 102.38 g/t over 1.2 m (see news release dated October 1, 2024). The West Zone drill program is ongoing.

Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the new results from our West Zone drill program. The West Zone is an excellent near mine expansion target. It is readily accessible from existing infrastructure and it consistently returns high grade results from near surface drilling. We look forward to adding the West Zone to our long-term mine plan at Tuvatu.”

Highlights of New Drill Results:

• 198.84 g/t Au over 1.4 m (including 896.00 g/t Au over 0.3 m) (TUDDH-764, from 34.17 m depth)
• 61.24 g/t Au over 2.0 m (including 264.55 g/t Au over 0.3 m) (TUDDH-773, from 200 m depth)
• 306.78 g/t Au over 0.3 m (TUDDH-773, from 213 m depth)
• 35.79 g/t Au over 1.7 m (including 178.55 g/t Au over 0.3 m) (TUDDH-773, from 182 m depth)
• 6.68 g/t Au over 4.4 m (TUDDH-758, from 102.81 m depth)
• 31.00 g/t Au over 1.0 m (including 67.00 g/t Au over 0.3 m) (TUDDH-758, from 75.5 m depth)
• 13.76 g/t Au over 1.9 m (including 29.28 g/t Au over 0.3 m) (TUDDH-763, from 86.2 m depth)
• 15.17 g/t Au over 1.5 m (including 27.99 g/t Au over 0.4 m) (TUDDH-762, from 75.55 m depth)
• 23.60 g/t Au over 0.9 m (TUDDH-774, from 48 m depth)
• 61.58 g/t Au over 0.3 m (TUDDH-759, from 62.6 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.

Figure 1. Location of the West Zone drilling reported in this news release. Left image: Plan view of the West Zone drilling in relation to the mineralized lodes shown in grey and Tuvatu underground development shown in red. Right image: Section view of the West Zone drilling looking east.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/241399_88e5f21a847f48e8_001full.jpg

West Zone

The West Zone is located approximately 300 m to the west of the main Tuvatu deposit. It is modelled as a series of mainly east-west oriented lodes dipping steeply to the south. High grade gold has been sampled at surface in the West Zone and the area is coincident with a steeply dipping CSAMT gradient. Given the steeply dipping nature of the mineralized lodes both at Tuvatu and at the West Zone, and given the horizontal distance between the two systems, it is unlikely that they are fed by the same feeder zone. It is therefore hypothesized that there is a separate feeder zone located at depth below the West Zone, which would be distinct from the very high-grade Zone 500 feeder zone at Tuvatu.

The drilling reported here is focused on the near-surface portion of the West Zone system and consists predominantly of infill drilling in areas of low drill density. The purpose of the program is to increase understanding of the near-surface structure and mineralization of the West Zone. The objective is to bring the West Zone into the long-term mine plan at Tuvatu, and the current drill program will help inform that process. Given the proximity of the West Zone to existing surface infrastructure, a second portal may be opened to provide direct underground access to the West Zone. Alternatively, an underground access drive could be developed from Tuvatu. The high-grade results reported here not only serve to further define the resource, but also to help determine which development option is preferred.

Figure 2. West Zone drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Section view looking east. High-grade gold mineralization is intersected near surface in the West Zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/241399_88e5f21a847f48e8_002full.jpg

Figure 3. Approximate location of the West Zone in relation to the Tuvatu plant and infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/241399_88e5f21a847f48e8_003full.jpg

Competent Persons Statement

The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and has been reviewed and approved by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Lion One Laboratories / QAQC

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% 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 license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TUDDH-757	1875838	3920802	141	139.5	-28.7	182.0
TUDDH-758	1875837	3920802	141	143.4	-51.5	201.5
TUDDH-759	1875837	3920802	141	150.3	-43.5	153.6
TUDDH-762	1875837	3920801	142	166.8	-8.1	106.5
TUDDH-763	1875837	3920802	141	165.1	-29.9	280.0
TUDDH-764	1875836	3920802	142	185.4	-21.1	200.0
TUDDH-765	1875836	3920802	141	180.4	-42.7	290.0
TUDDH-766	1875836	3920802	140	182.5	-50.1	280.0
TUDDH-769	1875836	3920803	141	184.9	-60.5	218.5
TUDDH-771	1875835	3920801	141	198.2	-30.1	14.4
TUDDH-772	1875835	3920802	141	198.3	-31.3	230.6
TUDDH-773	1875972	3920693	211	310.4	-57.2	350.0
TUDDH-774	1875836	3920802	141	199.7	-48.2	170.4
TUDDH-775	1875835	3920803	141	205.1	-58.8	134.9
TUDDH-776	1875834	3920802	141	218.1	-30.0	230.0
TUDDH-777	1875973	3920695	211	346.5	-56.7	270.1

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TUDDH-757		40.1	40.4	0.3	6.72
		47.4	47.7	0.3	12.55
		59.0	60.1	1.1	12.39
	including	59.0	59.4	0.4	14.83
	and	59.4	59.8	0.4	11.74
	and	59.8	60.1	0.4	10.62
		67.6	68.0	0.5	21.05
		72.3	73.2	0.9	9.47
TUDDH-758		75.5	76.5	1.0	31.00
	including	75.5	75.8	0.3	15.59
	and	75.8	76.2	0.3	13.20
	and	76.2	76.5	0.3	67.00
		80.7	81.0	0.3	24.29
		85.0	85.4	0.4	7.66
		93.5	93.9	0.4	47.45
		101.5	102.1	0.6	4.86
	including	101.5	101.8	0.3	5.43
	and	101.8	102.1	0.3	4.29
		102.8	107.3	4.4	6.68
	including	102.8	103.2	0.3	3.29
	and	103.2	103.5	0.3	2.87
	and	103.5	103.8	0.3	4.85
	and	103.8	104.1	0.3	-0.01
	and	104.1	104.5	0.5	3.60
	and	104.5	105.0	0.5	9.41
	and	105.0	105.3	0.3	9.43
	and	105.3	105.7	0.5	9.36
	and	105.7	106.1	0.4	10.99
	and	106.1	107.3	1.2	7.76
		110.4	110.8	0.4	4.46
		142.3	143.5	1.2	3.27
	including	142.3	143.1	0.8	3.35
	and	143.1	143.5	0.4	3.10
		162.3	162.7	0.5	3.08
TUDDH-759		62.6	62.9	0.3	61.58
		115.3	116.2	0.9	4.15
		124.0	125.0	1.0	4.03
	including	124.0	124.4	0.4	4.28
	and	124.4	124.7	0.3	1.99
	and	124.7	125.0	0.3	5.72
		126.9	127.5	0.6	8.70
		151.7	152.5	0.8	3.20
TUDDH-762		33.5	33.9	0.4	4.30
		59.5	60.4	0.9	10.60
	including	59.5	59.8	0.3	20.89
	and	59.8	60.4	0.6	4.80
		71.5	72.9	1.4	5.26
	including	71.5	71.8	0.3	3.86
	and	71.8	72.2	0.5	6.05
	and	72.2	72.5	0.3	0.08
	and	72.5	72.9	0.4	9.89
		75.6	77.0	1.5	15.17
	including	75.6	75.9	0.3	14.68
	and	75.9	76.3	0.4	27.99
	and	76.3	76.7	0.4	11.62
	and	76.7	77.0	0.3	3.31
		82.6	83.3	0.7	8.92
	including	82.6	82.9	0.4	13.47
	and	82.9	83.3	0.4	4.50
TUDDH-763		62.0	62.5	0.5	7.08
		82.8	83.1	0.3	18.76
		84.2	85.1	0.9	3.62
	including	84.2	84.5	0.3	3.02
	and	84.5	84.8	0.3	3.79
	and	84.8	85.1	0.3	4.04
		86.2	88.1	1.9	13.76
	including	86.2	86.6	0.4	29.28
	and	86.6	87.1	0.6	6.02
	and	87.1	87.5	0.4	27.34
	and	87.5	87.8	0.3	2.05
	and	87.8	88.1	0.3	4.87
		93.7	94.1	0.4	12.20
		146.4	146.7	0.4	3.13
		147.1	147.5	0.4	4.46
		187.5	188.0	0.5	6.64
TUDDH-764		34.2	35.5	1.4	198.84
	including	34.2	34.5	0.3	896.00
	and	34.5	34.8	0.3	0.28
	and	34.8	35.1	0.4	0.04
	and	35.1	35.5	0.4	3.72
		147.5	148.2	0.8	10.29
	including	147.5	147.9	0.4	14.73
	and	147.9	148.2	0.4	5.22
TUDDH-765		45.2	46.2	1.0	7.68
	including	45.2	45.6	0.4	3.53
	and	45.6	45.9	0.4	5.78
	and	45.9	46.2	0.3	14.78
		167.6	168.0	0.4	5.22
TUDDH-766		52.4	52.7	0.4	15.23
		55.8	56.1	0.3	3.35
		246.8	247.5	0.7	3.82
TUDDH-769		79.6	80.0	0.4	15.48
		84.6	84.9	0.4	4.85
		85.8	86.1	0.3	5.33
TUDDH-772		38.2	38.7	0.5	4.76
		39.3	39.7	0.4	3.55
		182.1	182.4	0.3	6.16
TUDDH-773		182.0	183.7	1.7	35.79
	including	182.0	182.3	0.3	6.25
	and	182.3	182.6	0.3	178.55
	and	182.6	182.9	0.3	2.15
	and	182.9	183.4	0.5	0.36
	and	183.4	183.7	0.3	15.24
		190.0	191.3	1.3	9.48
	including	190.0	190.3	0.3	16.32
	and	190.3	190.7	0.4	0.01
	and	190.7	191.0	0.3	11.99
	and	191.0	191.3	0.3	12.76
		192.6	192.9	0.3	3.37
		200.0	202.0	2.0	61.24
	including	200.0	200.3	0.3	7.05
	and	200.3	200.6	0.3	32.79
	and	200.6	200.9	0.3	81.03
	and	200.9	201.2	0.3	18.02
	and	201.2	201.7	0.5	2.89
	and	201.7	202.0	0.3	264.55
		203.3	204.2	0.9	18.48
	including	203.3	203.6	0.3	13.76
	and	203.6	203.9	0.3	3.66
	and	203.9	204.2	0.3	38.02
		213.0	213.3	0.3	306.78
TUDDH-774		48.0	48.9	0.9	23.60
		56.0	56.3	0.3	9.65
TUDDH-775		83.9	84.4	0.5	5.91
TUDDH-776		46.5	46.8	0.4	16.47
		48.3	48.7	0.4	6.80

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241399

North Vancouver, British Columbia–(Newsfile Corp. – February 14, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“), is pleased to announce that the Company has closed the underwritten offering (the “Offering“) previously announced on February 5, 2025 by issuing 25,367,647 units of the Company (the “Units“) at a price of $0.34 per Unit (the “Offering Price“) for aggregate gross proceeds of $8,625,000.00, which includes the exercise, in full, by the Underwriters (as defined below) of the over-allotment option granted by the Company to purchase up to an additional 3,308,823 Units at the Offering Price pursuant to the terms of an underwriting agreement (the “Underwriting Agreement“) dated as of February 10, 2025, among the Company, Stifel Nicolaus Canada Inc. (the “Lead Underwriter“) and Canaccord Genuity Corp. (together with the Lead Underwriter, the “Underwriters“).

Concurrently with the Offering, the Company completed a non-brokered private placement (the “Sidecar Private Placement“) of 6,431,114 Units on the same terms as the Offering for gross proceeds of $2,186,578.76 pursuant to applicable exemptions under National Instrument 45-106 – Prospectus Exemptions. All securities issuable pursuant to the Sidecar Private Placement will be subject to a four month hold period in accordance with applicable Canadian securities laws, expiring on June 15, 2025.

In aggregate, under the Offering the Company issued 31,798,761 Units for gross proceeds of $10,811,578.74.

Each Unit consists of one common share (a “Common Share“) in the capital of the Company and one common share purchase warrant (a “Warrant“) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share“) at a price per Warrant Share of C$0.41 for a period of 36 months from the closing date of the Offering. The Company has applied to list the Warrants issued pursuant to the Offering on the TSX Venture Exchange, subject to the satisfaction of listing conditions which are currently in process.

In connection with the Offering, the Company paid to the Underwriters a cash commission of $603,750.00, which was equal to 7.0% of the gross proceeds from the Offering, and issued an aggregate of 1,775,735 broker warrants, equal to 7.0% of the number of Units sold pursuant to the Offering. In connection with the Sidecar Private Placement, the Company paid finder’s fees in an aggregate amount of $76,377.60 in cash and issued 224,640 broker warrants. Each broker warrant is exercisable for one Common Share at a price of C$0.34 for a period of 36 months from the closing date of the Offering.

The net proceeds received by the Company from the sale of the Units will be used for mining and mill equipment and ongoing exploration activities at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes. The Units issued pursuant to the Offering were qualified for distribution by way of a prospectus supplement of the Company dated February 10, 2025 (the “Prospectus Supplement“) to the Company’s existing short form base shelf prospectus dated January 31, 2025 (the “Base Shelf Prospectus“) filed in all of the Provinces and Territories of Canada, and offered and sold in all the Provinces and Territories of Canada other than Quebec and Nunavut and to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. The Base Shelf Prospectus, the Prospectus Supplement, the documents incorporated by reference therein and the Underwriting Agreement are available on the Company’s profile on SEDAR+ at www.sedarplus.ca.

Certain subscribers under the Sidecar Private Placement are directors and management of the Company. The issuance of Units to directors and management of the Company constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued or the consideration paid by such persons will exceed 25% of the Company’s market capitalization.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws, and may not be offered or sold in the “United States” (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lion One Metals Limited

Lion One is an emerging Canadian gold producer headquartered in North Vancouver, B.C., with new operations established in late 2023 at its 100% 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 license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“
Chairman and CEO

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the results of the Offering and associated marketing efforts and the use of proceeds of the Offering. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: prevailing capital markets conditions, the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240948

In the news release, Lion One Announces Overnight Marketed Offering, issued 05-Feb-2025 by Lion One Metals Limited over PR Newswire, we are advised by the company that instances of the word “Underwriters” have been updated to “Underwriter” in the 2nd, 3rd, and 6th paragraphs. The 4th paragraph has also been updated with additional information regarding the Warrant Shares. The complete, corrected release follows:

Lion One Announces Overnight Marketed Offering

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES/

NORTH VANCOUVER, BC, Feb. 5, 2025 /CNW/ – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to announce that it is commencing an overnight marketed public offering of units (the “Offered Units“) of the Company for anticipated gross proceeds of up to C$7.5 million (the “Offering“).

The Offering is expected to be completed pursuant to an underwriting agreement (the “Underwriting Agreement“) to be entered into between the Company, Stifel Nicolaus Canada Inc. as lead underwriter and sole bookrunner (“Stifel” or “Lead Underwriter“), and a syndicate of underwriters to be determined (collectively with the Lead Underwriter, the “Underwriters“).

In connection with the Offering, up to 22,058,824 units (the “Units“) of Lion One will be issued at a price of C$0.34 per Unit (the “Issue Price“) for total gross proceeds of up to C$7,500,000 (the “Offering“). In addition, the Company will grant the Underwriter an over-allotment option (the “Over-Allotment Option“) exercisable, in whole or in part, in the sole discretion of the Underwriter, to purchase up to an additional 15% of the number of Offered Units sold in the Offering for up to 30 days after the closing, on the same terms and conditions as the Offering.

Each Unit will consist of one (1) common share of the Company (a “Share“) plus one (1) common share purchase warrant (each a whole common share purchase warrant, a “Warrant“). Each Warrant will entitle the holder thereof to purchase one Share (a “Warrant Share“) at an exercise price of C$0.41 for 36 months following the closing of the Offering.

The net proceeds received by the Company from the sale of the Offered Units will be used for development and exploration expenditures at the Company’s projects in Fiji, working capital and for general corporate purposes.

The Offering will be made by way of a prospectus supplement (the “Prospectus Supplement“) to the Company’s existing Canadian short form base shelf prospectus dated January 31, 2025 (the “Base Shelf Prospectus“). Upon completion of pricing of the Offering and the signing of the Underwriting Agreement, the Prospectus Supplement will be filed with the securities commissions in each of the provinces of Canada. and will be available on SEDAR+ at www.sedarplus.ca. Alternatively, the Prospectus Supplement and related Base Shelf Prospectus may be obtained upon request by contacting the Company or Stifel in Canada, attention: ProspectusCanada@stifel.com. The Offered Units will be offered in all provinces and territories of Canada except Québec and Nunavut. The Offered Units will not be offered or sold in the United States except under or Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended. The Offered Units may also be offered in those jurisdictions outside of Canada and the United States as agreed to by the Company and the Underwriter provided that no prospectus filing or comparable obligation arises and the Company does not thereafter become subject to continuous disclosure obligations in such jurisdictions.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom. The closing of the Offering is expected to occur on or about February 14, 2025 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% 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 license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors  
Walter Berukoff, Chairman and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding the results of the Offering and associated marketing efforts, the use of proceeds of the Offering, and the anticipating closing date of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering, the conditions of the financial markets, availability of financing, timeliness of completion of the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Prospectus Supplements. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

SOURCE Lion One Metals Limited

View original content: http://www.newswire.ca/en/releases/archive/February2025/05/c8825.html