Lion One Metals Limited report significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of Tuvatu and include multiple bonanza grade gold results such as 1,986.23 g/t, 866.25 g/t, 135.60 g/t, 115.86 g/t, and many more. These exceptional drill intercepts are all located in the near surface portion of Tuvatu and are scheduled for mining in 2024 and 2025.

Most of the drill holes included in this news release targeted areas outside the current mine plan and are being brought into an updated mine plan for 2024. These results therefore represent an expansion of the current near-term mine plan. Location of Zone 5 Infill and Grade Control Drillholes.

Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes at Tuvatu. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right.

Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground. Location of Zone 5 Infill and Grade Control Drilling in Relation to the Current 5-Year Mine Plan.

The grade control drillholes and the northern infill drillholes reported in this news release are targeting areas outside the current 5-year mine plan. The current 5-year mine plan is shown in green, current underground developments in red, and drillholes are shown in yellow for visibility. Main Zone at Tuvatu: Plan view of Tuvatu identifying the lodes referenced in this report.

Right image: Section view looking northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility. The purpose of the Zone 5 grade control drill program is to provide a detailed understanding of the mineralization and geometry of the UR1, UR2, and URW3 lodes both above and below the main decline.

The grade control drillholes reported in this news release were designed to target an area down-dip of the current underground developments, as well as to test the northern extension of the UR1 lode proximal to the main decline. The grade control drillholes reported here were drilled on 20 m centers and will be followed up with additional drilling to increase drill density to 10 m centers in advance of mining. The area targeted by these grade control drillholes is outside the current PEA mine plan but is being brought into the mine plan for 2024.

This includes the bonanza grade intersect of 866.25 g/t gold, which occurs within a 1.5 m interval of 198.75 g/t gold. Location of High-Grade Gold Intercepts from Zone 5 Grade Control Drilling, 3.0 g/t cutoff. High-grade gold intervals from Zone 5 grade control drillholes reported in this news release.

The grade control drilling targeted sections of the UR1, UR2, and URW3 lodes below current underground developments, shown in red. Select high-grade intervals are identified. View is looking north.

Location of Zone 5 Grade Control Intercepts in Relation to the Current Mine Plan. The grade control drilling reported here is targeting an area approximately 90m north of the current mine plan, shown in green. These high-grade intercepts represent an extension to the mine plan.

View is to the west. Location of High-Grade Gold Intercepts from Zone 5 Infill Drilling, 3.0 g/t cutoff. High- grade gold intervals from Zone 5 infill drillholes reported in this news release.

Select high-grade intervals are identified. View is looking approximately NNE. Location of Select Zone 5 High-Grade Infill Intercepts in Relation to the Current Mine Plan.

The 1983.23 g/t gold intercept is located approximately 20 m outside the current mine plan and is scheduled to be mined in 2024. View is looking approximately south-southeast. Example Mineralization from Zone 5 Infill and Grade Control Drilling.

Left: Chalcedonic quartz vein with pyrite, sphalerite and coarse-grained gold up to 1 cm in size, within potassically altered monzonite. Visible gold identified in circles (TUDDH-696, 206.4 m). Middle left: Same interval as left image, with close-up view of cut core revealing extensive visible gold within the quartz vein (TUDDH-696, 206.4 m).

Middle right: Coarse pyrite and honey sphalerite within moderately vuggy quartz vein (TGC- 0116, 111.0 m). Right: Coarse pyrite and honey sphalerite within vuggy quartz vein (TUDDH-695, 150.1 m). The examples of mineralization shown here are from the sample area reported in this release with full assay results included in Appendix 1. Width of core is 4.76 cm in each photo.