LIO.V · 2023-02-16 12:00:00

Lion One Accelerates Mine Development and Construction at The Tuvatu Alkaline Gold Project in Fiji

Mine Development & Operations

Lion One Accelerates Mine Development and

Construction at The Tuvatu Alkaline Gold

Project in Fiji

North Vancouver, British Columbia--(Newsfile Corp. - February 16, 2023) - Lion One Metals Limited

(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces the acceleration

of mine development and plant construction following the completion of project financing, at the

Company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.

Lion One has advanced the number 2 development drive by over 250 meters and has completed the first

cut of high-grade material from the URA1 lode. The samples taken from this first cut averaged 14 g/t

gold and are designated for the high-grade ROM stockpile.

Lion One CEO Walter Berukoff commented, “In conjunction with ongoing mine development, we are

preparing to mobilize personnel for the installation and commissioning of the Tuvatu gold processing

plant. All of the processing plant components have already been delivered to Fiji, with shipments of the

remaining bulk materials in progress and expected to be delivered by the end of March to coincide with

the completion of infrastructure for the mill area, electrowinning facility, and gold room.”

The Lion One processing plant will treat material using a two-stage crushing process, with a primary jaw

crusher and secondary cone crusher feeding a two-stage grinding circuit. The ground material will feed

an integrated two stage gravity concentration circuit with some concentrates treated by an intensive

cyanide leaching reactor and the remainder of the concentrates leached using conventional cyanide

Carbon in Leach (CIL)) technology. Gold will be recovered from the gold laden carbon using conventional

absorption desorption recovery (ADR) technology and smelted on site to produce gold doré bars. The

leached tailings will be treated using

the SO2/air process to remove any residual cyanide. Filtered

tailings will be transported to Lion One’s tailings storage facility 3.5 km from the Tuvatu mine site.

Lion One plans to operate at an initial production capacity of 300 tonnes per day for the initial 18 months

of operations before increasing the capacity to 500 tpd in mid-2025. The initial mining will focus on the

near-surface resource while advancing underground development into high-grade mineralization in Zone

500.

The 2023 drilling program will be focused on three fronts: grade control drilling of the near-term

production blocks; drill-testing regional targets with the aim of identifying additional separate mineralized

systems within the greater Navilawa caldera; and completing the geophysical (CSAMT) surveys initiated

in 2022 to delineate additional drill targets.

About Tuvatu

The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral

resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic

Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by

Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au

(274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0

g/t Au. The technical report is available on the Lion One website at U and on the SEDAR website

www.sedar.com

Continued…

Photo 1: Aerial view of the Tuvatu plant site and surrounding Navilawa caldera