Lion One Metals Limited reported significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji and provides an update to mining operations at Tuvatu. Assay results are presented here for infill and grade control drilling completed in the Zone 2 area of Tuvatu and include multiple bonanza grade gold results such as 448.98 g/t, 202.34 g/t, 108.5 g/t, 92.89 g/t, and 82.35 g/t. These drill intercepts are all located in the near surface portion of Tuvatu and are scheduled for mining in the short term. The results included in this news release are from drill holes that targeted the URW1 and Murau lode systems proximal to underground development.

Previous results from Zone 2 drilling are available in the news releases dated October 19, 2023 and September 14, 2023. Mining operations are also advancing in Zone 2 and in Zone 5. A total of 2,630 m of sludge hole drilling has been completed in advance of longhole mining in Zone 2. In Zone 5, airleg stoping on the UR2 lode is ongoing, with two leadings stopes underway and sub levels being driven for a gallery stope. Longhole production drilling is expected to commence in both Zone 2 and Zone 5 in late April, generating production tonnes in mid-May.

Highlights of Zone 2 drill results (3.0 g/t cutoff):226.55 g/t Au over 0.6 m (including 46.63 g/t Au over 0.,6 m) (TUDDH-682, from 74.3 m depth), 33.92 g/t Au over 1.5 m, (including 92.89 g/t Au over 0".3 m) (TGC-0134, from 113.8 m depth), 20.86 g/t Au over 2.4 m, (including 23.67 g/t Au over 1.,2 m) (TGC-125, from 14.4 m depth), 11.08 g/t Au over 4.5 m, (including 46.77 g/t Au over 0.'6 m) (TGC-00102, from 41.4 m depth), 13.18 g/t Au over 3.3 m, (including 22.4 g/t Au over 0;9 m) (TGC- 0125, from 100.2 m depth). Highlights of operations update: 2,630 m of slud hole drilling complete in the URW1 and Mur Au lode system in Zone 2. Airleg mining of the URW1 leading stopes ongoing in Zone 5. The URW1 drilling reported here was designed to provide grade control results between the 1161 and 1101 levels in Zone 2, and to provide infill and down-dip extension results in the URW1 system below the 1101 level. The 1161 access drive will provide longhole drill and underground loader access to the upper part of the URW1 lode system for mechanized production.

The intersections on the bottom left of the image represent newly discovered mineralized lodes to be followed up with near-mine exploration drilling.