Lion One Metals Limited reported the start of mechanized production at Tuvatu and reports significant new high-grade gold results from Zone 5 infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. Mechanized production mining has commenced at Tuvatu. The first remote bogging at Tuvatu occurred on May 16th, and the first long hole stope blast occurred on May 18th.

The processing plant can now also sustainably process over 400 TPD, which is above the plant's name plate capacity of 300 TPD. The increased throughput is possible due to the successful implementation of operational improvements and debottlenecking initiatives completed by the mill team. Assay results are also presented here for infill and grade control drilling in the Zone 5 area of Tuvatu.

Drill results include multiple bonanza grade gold assays such as 1568.55 g/t, 215.86 g/t, 143.95 g/t, and 134.68 g/t. The primary targets for these drillholes were the downdip and southern extensions of the UR2 and URW3 lodes. Previous drill results from the Zone 5 area are available in the December 13, 2023, November 2, 2023, and August 10, 2023 news releases. Highlights: First mechanized production mining at Tuvatu.

First ever remote bogging at Tuvat on May 16th. Mill operations increased from 300 TPD to 400 TPD. Top new drill intersects: 393.01 g/t Au over 1.2 m (including 63.35 g/t Au over 0.3 m) 14.98 g/t Au over 3.9 m (including 143.95 g/t Au over 0.,3 m) 26.59 g/t Au over 1.,8 m (including 90.85 g/t Au over 0,3 m) 36 new drill holes reported (30 underground, 6 surface) 4930.7 m of new drilling reported.

All drill intersects are downhole lengths, 3.0 g/t cutoff. It is interpreted to be a late caldera collapse structure that is healed with carbonate. The purpose of the Zone 5 infill and grade Control drill program is to enhance the mine model and inform stope design in advance of mining.

Drilling to the north of the Cabex primarily targeted the down dip extension of the UR2 lode below the 1120 level. Drilling to the south of the Cabex targeted both the down dip extensions of the UR2 andURW3 lodes below the 1100 level, as well as the southern extension of the lodes above and below the 1120 level. Operations Update.

Mechanized production mining is underway at Tuvatu. The two remote-capable loaders on site are now fully commissioned and in operation. These bottlenecking projects include upgrading the process water recycle system, upgrading the thickener pumps and piping, and reducing the tailings filter press cycle times.

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 reviewed by Alex Nichol, who is the company's Vice President 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 Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC code). 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, economic, political and social uncertainties.