Lion One Metals Limited reported significant new high-grade gold results from near-mine expansion drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. Assay results are presented here for near-mine expansion drilling in the Murau down-dip extension and SKL areas of Tuvatu. Both areas are outside the current mine plan yet are close to current underground workings and are being brought into the mine plan for late 2024 and 2025.

The Murau down-dip extended drilling represents an expansion of the Murau lode system in Zone 2, which will be entering production in CY third quarter 2024. Previous drill results from the Murau system are available in news releases dated April 25, 2024 and October 19, 2023. The SKL area is in Zone 5 near the entrance to the historical exploration adit and is one of Lion One's priority resource expansion targets.

High-grade results have been returned from both the Murau down-dIP extension and the SKL target areas. Highlights of near-mine drill results (3.0 g/t cutoff): 64.46 g/t Au over 8.1 m, (including 268.36 g/t Au over 1.2 m) (TGC-0150, from 16.5 m depth), 30.48 g/t Au over 4.8 m, (including 104.55 g/t Au over 0.6 m) (TUDDH-732, from 36.1 m depth), 39.05 g/t Au over 3.3 m, 76.49 g/t Au over 1.,2 m, (TUDDH-715, from 174.8 m depth), 71.46 g/t Au Over 2.1 m, (including 45.96 g/t Au over 1".2 m) (TUD DH-0150, from 43.8 m depth), 26.28 g/t Au over 2.1 m, (including 66.32 g/t Au over 0.,3 m) (TUDDH -728, from 51.4 m depth), 20.89 g/t Au over 2.,4 m, (including 38.76 g/t Au over0.6 m) (TudDH-710, from 75.2 m depth), 26.56 g/t Au over 1,8 m, (including 52.34 g/t Au over 0". The purpose of this drilling was to confirm the orientation of the mineralization so that a follow-up infill drill program can be designed.

The goal of the infill drill program will be to bring the SKL mineralization into the mine plan for 2025. The current SKL drill program is ongoing. SKL lode system has historically been modelled as a series of stacked flat-lying mineralized lodes (light brown).

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. 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; competition in the market; and the SKL target areas.