Lion One Reports High-Grade Gold Intersections at Tuvatu Mine

Lion One Metals Limited has announced significant new high-grade gold results from 4,370.20 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The company has reported several high-grade gold intersections, including:

- 82.28 grams per tonne (g/t) gold over 4.6 meters (including 302.15 g/t gold over 0.4 meters) (TGC-0532, from 72.73 meters depth) - 169.47 g/t gold over 1.0 meters (including 502.48 g/t gold over 0.3 meters) (TGC-0532, from 58.42 meters depth) - 153.94 g/t gold over 1.1 meters (including 547.05 g/t gold over 0.3 meters) (TGC-0535, from 24.3 meters depth) - 93.94 g/t gold over 1.7 meters (including 350.00 g/t gold over 0.4 meters) (TGC-0544, from 60.5 meters depth) - 285.13 g/t gold over 0.3 meters (TGC-0528, from 89.55 meters depth) - 186.00 g/t gold over 0.4 meters (TGC-0542, from 108.1 meters depth) - 19.32 g/t gold over 3.0 meters (including 64.05 g/t gold over 0.6 meters) (TGC-0538, from 1.0 meters depth) - 10.64 g/t gold over 4.9 meters (including 36.45 g/t gold over 0.6 meters) (TGC-0515, from 16.8 meters depth) - 18.13 g/t gold over 2.8 meters (including 46.83 g/t gold over 0.3 meters) (TGC-0512, from 127.5 meters depth) - 14.15 g/t gold over 3.3 meters (including 34.72 g/t gold over 1.2 meters) (TGC-0535, from 98.5 meters depth)

The primary target of the drill program is the up-dip and down-dip extensions of the UR lodes in Zone 5. Drilling was conducted from two near surface underground drill stations, the 1160 drill station and the 1082 drill station. Drilling from the 1160 drill station primarily targeted mineralization up-dip of the 1150 level, whereas the drilling from the 1082 drill station primarily targeted mineralization down-dip of the 1066 level. These areas represent the uppermost and lowermost areas of active mining in Zone 5.

The Company intersected high-grade mineralization in 30 out of 34 completed drillholes with three additional drill holes abandoned. Most of the high-grade drill intersects are located within 25 meters of underground development and are anticipated to be incorporated into the mine plan within the next six months. Very high-grade gold results are not unexpected at Tuvatu. Previous results from Zone 5 include 99.13 g/t over 3.3 meters, 728.56 g/t over 0.7 meters, and 2,749.86 g/t over 0.3 meters.

The Zone 5 area of Tuvatu is located along the main decline at Tuvatu and includes the principal north-south oriented lodes (UR1 to UR3 and URW1 to URW3) and the secondary northeast-southwest oriented lodes (UR4 to UR8). These lodes are steeply dipping structures that converge at approximately 500 meters depth to form Zone 500, which is the highest-grade part of the deposit, and is interpreted to be a major feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1,000 meters depth.