Lion One Metals : Presentation AME Roundup Jan 2023

The Tuvatu High-Grade Alkaline Gold System: Fundamental Controls and Upside Potential

S. Cattalani1, D. Holden1, W. Ostrenga1, J. Jefferson2, D. Schmidt2

AME Roundup, January 2023

1Lion One (Fiji) Limited, Lot 1 & 6 Legalega Industrial Subdivision, Waimalika, Nadi, Fiji

2Center for Advanced Subsurface Earth Resource Models, Department of Geology and Geological Engineering,

Colorado School of Mines, 1516 Illinois Street, Golden, Colorado 80401

Forward Looking Statements

DISCLAIMER

The information provided in this presentation is not intended to be a comprehensive review of all matters and developments concerning the Company and should be read in conjunction with all other disclosure documents of the Company. The information contained herein is not a substitute for detailed investigation or analysis. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented.

FORWARD-LOOKING STATEMENTS

This presentation contains statements and information that constitute forward-looking information within the meaning of Canadian securities legislation, referred to herein as "forward‐looking statements", include statements regarding proposed exploration and development activities and their timing, resource estimates, exploration potential and the PEA, including estimates of capital and sustaining costs, anticipated internal rates of return, mine production, estimated recoveries, mine life, estimated payback period and net present values, opportunities to enhance the value of the Tuvatu Gold Project and other plans and objectives of the Company. In making the forward-looking statements herein, the Company has applied several material assumptions, including that (1) required approvals, permits and financing will be obtained; (2) the proposed exploration and development of the Company's properties will proceed as planned and that actual results will be consistent management's expectations;(3) with respect to mineral resource estimates, the key assumptions and parameters on which such estimates are based; (4) market fundamentals will result in sustained metals and minerals prices; and (5) with respect to the PEA, the assumptions underlying the PEA, that the proposed mine plan and recoveries will be achieved, that capital costs and sustaining costs will be as estimated and that no unforeseen accident, fire, ground instability, flooding, labor disruption, equipment failure, metallurgical, environmental or other events that could delay or increase the cost of development will occur.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including: delays or inability to obtain required government or other regulatory approvals, permits or financing, the risk of unexpected variations in mineral resources, grade or recovery rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labor disputes, and unanticipated delays in completing exploration and development activities, the risk that estimated costs will be higher than anticipated and the risk that the proposed mine plan and recoveries will not be achieved, bad weather, exploration and development risks, actual results of exploration and/or development activities being materially different from those expected by management; uncertainties related to interpretation of drill results and geological tests, failure to meet expenditure and financing requirements, title matters, third party consents, operating hazards, metal prices, political and economic factors, competitive factors and general economic conditions. Actual results may vary from those implied or projected by forward-looking statements and therefore investors should not place undue reliance on such statements. The forward-looking statements herein are made as at the date of this presentation and the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements except as required by applicable securities legislation.

TECHNICAL DISCLOSURE

The technical information in this presentation has been approved by Sergio Cattalani, P,Geo., Senior Vice President, Exploration of the Company and a Qualified Person as defined by National Instrument "NI" 43-101 Standards of Disclosure for Mineral Projects .

2	TUVATU: FIJI'S NEXT HIGH GRADE GOLD MINE	LION ONE METALS | TSXV:LIO | OTCQX: LOMLF

Location & Setting

TECTONIC SETTING IN THE SOUTH PACIFIC RING OF FIRE

		PACIFIC PLATE	MAJOR TECTONIC
			PLATE BOUNDARY
		Lihir
	Grasberg	Panguna	TUVATU
Bathu	Porgera	ALKALINE GOLD PROJECT
Hijau
Gunung		Gold Ridge
Pongkor
			Vatukuola
			Namosi
			FIJI ILSANDS

A U S T R A L I A

INDO-AUSTRALIAN PLATE

WAIHI

Major Gold Deposits

STRUCTURAL SETTING ON FIJI'S VITI LEVU LINEAMENT

Rakiraki

	Vatukuola
Port of Lautoka	11m oz. gold system
7m oz. gold production

Intl. airport	TUVATU
Alkaline
Nadi	Gold Project

3	TUVATU: FIJI'S NEXT HIGH GRADE GOLD MINE	LION ONE METALS | TSXV:LIO | OTCQX: LOMLF

Tectonic Setting

• Pacific plate subduction beneath Indo-Australian plate
• Vitiaz arc
• Arc volcanism, tholeiitic
• Arc fragmentation, subduction stalling, rotation and reversal of subduction
• Post-subductionalkalic volcanism from thickened and modified lithosphere

~5 Ma

10-26 Ma

Modified from Hathway, 1993

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Tuvatu Project

High grade resource

Fully permitted for production

Prime geological setting

World class infrastructure

Navilawa

caldera

EXPLORATION LICENSE MINING LEASE

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