Lion One Announces New High-Grade, Near- Surface Gold in Drill Results from Phase 2 Infill Program at Tuvatu, Fiji

Lion One Announces New High-Grade, Near-

Surface Gold in Drill Results from Phase 2

Infill Program at Tuvatu, Fiji

North Vancouver, British Columbia--(Newsfile Corp. - September 8, 2022) -

Lion One Metals Limited

(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)

("Lion One" or the "Company")

is pleased to announce

the results from 20 additional drill holes, as part of ongoing infill drilling at its high-grade, fully permitted

Tuvatu Alkaline Gold Project in Fiji.

Drill results for 20 holes totalling approximately 3,900m of diamond drilling in Zone 5 cover a portion of

the Tuvatu gold project, part of the Navilawa volcanic caldera which is host to numerous gold

occurrences.

outcropping mineralization, as well as the high-grade Tuvatu Alkaline gold deposit.

The drill program represents a significant improvement to the extent of known mineralization; additions

are highlighted in blue in Table 1.

The main orebody (Figure 1), is scheduled to enter production in Q2 of

2023.

Its dimensions and continuity are further defined and expanded with the infill program which adds

to the 11 earlier holes in Zone 5 (Lion One news release: May 31, 2022).

The additional data outlines

high-grade to bonanza-grade mineralized lode swarms <100m from surface. Vein-hosted mineralization

remains open along strike and at depth.

Lion One is upgrading its resource model which is expected to

be significantly improved by this round of drill results. The mineralization reported here is a significant

development which is expected to upgrade the resource model, as it represents a critical addition of

gold mineralisation to the resources model that grades well above the average resource grade, at

relatively shallow levels.

As a result, the newly identified mineralization will enhance the economic model,

likely upgrading the production stream at Tuvatu.

Top Intercepts include:

20.59 g/t Au over 3.9m from 98.4-102.3m, including 52.89 g/t Au over 1.5m, including 171.5

g/t Au over 0.3m, and 79.18 g/t Au over 0.3m from TUG-144

12.22 g/t Au over 3.3m from 54.9-58.2m, including 32.08 g/t Au over 0.6m, 24.08 g/t Au over

0.6m from TUG-143

56.90 g/t Au over 1.8m from 144.6-146.4m, including 163.19 g/t Au over 0.6m from TUDDH-

604

35.98 g/t Au over 1.8m from 53.0-54.8m, including 194.00 g/t Au over 0.3m from TUDDH-

609

9.13 g/t Au over 3.3m from 60.3-63.6m, including 44.85 g/t Au over 0.6m from TUG-146, as

well as

8.15 g/t Au over 5.1m from 97.5-102.6m, including 19.70 g/t Au over 1.8m from 99.3-

101.7 including 13.28 g/t Au over 0.6, 11.73 g/t Au over 0.6m, and 34.08 g/t Au over 0.6m

also from TUG-146

9.33 g/t Au over 1.5m from 10.5-12.0m, including 37.42 g/t Au over 0.3m from TUG-144

7.14 g/t Au over 3.0m from 107.5-110.5m, including 28.56 g/t Au over 0.3m, 10.54 g/t Au

over 0.3m, and 28.74 g/t Au over 0.3m from TUDDH-591

6.80 g/t Au over 4.2m from 92.1-96.3m including 10.39 g/t Au over 0.3m, 24.57 g/t Au over

0.6m, and 9.62 g/t Au over 0.6m from TUDDH-596

17.85 g/t Au over 0.6m from 127.9-128.5m including 26.79 g/t Au over 0.3m, 5.52 g/t Au

over 2.7m from 161.8-164.5m incl. 36.81 g/t Au over 0.3m from TUDDH-605

Results are summarized below in Table 1, with vertical sections including all of the newly reported drill

holes presented as Figures 2-8.

Highlighted in blue on Table 1 are drill intercepts outside of the

mineralized lodes that define the existing resource model.

Each additional intercept will likely add width,

grade, and continuity to the resource in the near-surface portion of the Tuvatu orebody.

Lion One Drilling Programs in Progress

Lion One reports that in addition to its Zone 5 infill drilling it is progressing with deep extensional drilling

on the 500 Zone, where TUDDH-608, targeting the high-grade intersection of TUG-141 and TUDD-601,

has been terminated at a depth of 678.1m. Visible veining and sulphide mineralization has been

recorded from approximately ~530m to 645m depth along the drill hole.

Assay results for TUDDH-608

have been commissioned from the Lion One Lab with preliminary results expected soon.

Drilling on

TUG-147 from the underground decline, targeting the same dilational zone further to the north and

deeper has also commenced this week.

The Company has also mobilized a drill rig 2km northeast of Tuvatu to test the Batiri Creek occurrence,

the new regional discovery in the Navilawa Caldera (see news release dated August 29, 2022), and

underground development continues toward the near-surface Zone 2 of the Tuvatu resource with the No.

2 decline having advanced >80m. Finally, results from a separate batch of 6 PQ diameter diamond drill

holes aimed at collecting a 300 kg composite sample for metallurgical testing of Zone 2 mineralization

have also been received and compiled.

The company will continue to provide further progress updates

and results on these activities.

Lion One CEO, Walter Berukoff, stated, "We are confident that the high-grade intercepts indicated by

our infill programs and the increased drilling density will lead to a more robust resource model.

The high-

grade near-surface infill results, along with the continuing success of the deep-drilling program,

underscores the potential of Tuvatu to be a multi-million-ounce, high-grade Au producer.

Lion One is well

positioned to continue advancing all three tiers of our exploration strategy: ongoing, near-surface infill

drilling; extensions of deep, high-grade feeder targets, and from our pipeline of regional targets in the

surrounding Navilawa caldera."

Infill Drilling Program

Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current

resource and thus augmenting the data density, to further improve the resolution of the geological model

in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over

Zone 2 (Figure 1) in mid-February 2022, adding over 8,400m of new data from drill core, including

7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23,

2022 News Release).

This release presents final assay data from 20 previously unreported drill holes completed as part of the

Phase 2 infill program, which is planned for approximately 8,200m of diamond drilling from surface and

underground, and which is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody.

The Phase 2 program as planned includes 30 holes totalling 5,475m carried out from 4 separate drill

stations at surface, and 35 holes totalling 2,695m carried out from 6 underground drill stations. Phase 2

infill drill program began February 17, 2022, with drill hole TUDDH-577, and is expected to require 8-9

months of drilling using three rigs (two from surface and one from underground) to complete.

Results from the initial approximately 6,200m of drilling in Zone 5, represent approximately 75% of the

planned program total, indicating and indeed confirming consistent high-grade to locally bonanza-grade

Au mineralization for known mineralized lodes in this portion of the current resource, as well as new high-

grade mineralization that was not identified prior to this drill program (Table 1, highlighted), and therefore

not included in the current resource model.

Numerous high-grade mineralized intervals occur outside of existing modelled lodes.

These notably

include 35.98 g/t Au over 1.8m which includes a bonanza grade intercept of 194.00 g/t Au from a

downhole depth of only 53.0m in hole TUDDH-609, as well as 19.70 g/t Au over 1.8m from only 99.3m

downhole depth in hole TUG-146. These additional near-surface intercepts will add significantly to the

overall inventory of high-grade mineralization slated for early production at Tuvatu.

Figure 1: A)

Oblique view looking N060° and down 17° showing the current conceptual mine plan ore

panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the

planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground

drill stations.

B)

Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C,

and URW3 lodes (transparent grey), exploration decline (yellow) and the planned Zone 5 infill drilling

program (blue).

Cannot view Figure 1? Visit:

https://images.newsfilecorp.com/files/2178/136388_figure1.jpg

Cannot view Figure 2? Visit:

https://images.newsfilecorp.com/files/2178/136388_figure2.jpg

Cannot view Figure 3? Visit:

https://images.newsfilecorp.com/files/2178/136388_figure3.jpg

Cannot view Figure 4? Visit:

https://images.newsfilecorp.com/files/2178/136388_figure4.jpg

Cannot view Figure 5? Visit:

https://images.newsfilecorp.com/files/2178/136388_figure5.jpg

Cannot view Figure 6? Visit:

https://images.newsfilecorp.com/files/2178/136388_figure6.jpg

Cannot view Figure 7? Visit:

https://images.newsfilecorp.com/files/2178/136388_figure7.jpg

Figures 2-8:

Composite vertical sections through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A,

URW2A, and URW3 lodes (labelled) and the traces of the infill drilling reported in this release (drill holes

are labelled). Grade legend is as follows: orange = >3g/t Au; red = >10 g/t Au; magenta = >30 g/t Au. All

figures are at the same scale with views as indicated.

Cannot view Figure 8? Visit:

https://images.newsfilecorp.com/files/2178/136388_figure8.jpg

Table 1:

Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and

intervals >9.0 g/t Au or longer than 1.2m are bolded).

Intercepts that are outside of the current geological

model are highlighted in light blue.

Hole ID

From (m)

To (m)

Interval (m)

Grade (g/t Au)

TUDDH-589

19.1

19.4

0.3

0.91

85.1

85.4

0.3

0.81

89.6

91.4

1.8

1.44

113

113.6

0.6

17.33

170.9

171.2

0.3

7.36

209.3

209.6

0.3

0.96

210.8

224

13.2

3.79

Incl.

213.2

213.5

0.3

17.03

Incl.

213.8

214.1

0.3

7.85

Incl.

215.6

215.9

0.3

7.17

Incl.

216.5

216.8

0.3

11.41

Incl.

218

218.3

0.3

33.30

Incl.

222.5

222.8

0.3

7.21

Incl.

223.7

224

0.3

15.34

TUDDH-591

73.4

74.0

0.6

1.04

102.3

102.6

0.3

9.28

103.7

104.6

0.9

0.93

106.1

106.6

0.5

2.01

107.5

110.5

3.0

7.14

Incl.

107.5

107.8

0.3

28.56

Incl.

108.1

108.4

0.3

10.54

Incl.

109.0

109.3

0.3

28.74

112.0

112.6

0.6

0.73

113.2

113.5

0.3

0.84

117.7

118.6

0.9

2.02

126.3

127.8

1.5

1.29

129.0

130.2

1.2

0.65

132.9

134.1

1.2

0.88

142.7

143.6

0.9

1.71

TUDDH-592

14.6

14.9

0.3

1.83

18.5

18.8

0.3

0.55

75.2

75.5

0.3

0.55

101.6

102.2

0.6

15.24

147.5

148.7

1.2

0.74

158.9

159.2

0.3

7.76

184.1

184.7

0.6

8.32

Incl.

184.4

184.7

0.3

10.36

TUDDH-593

9.9

11.7

1.8

4.49

Incl.

10.5

11.1

0.6

8.98

28.2

29.4

1.2

0.54

34.5

34.8

0.3

0.69

88.5

89.7

1.2

4.31

140.1

140.4

0.3

3.50

152.7

154.2

1.5

0.78

168.9

170.4

1.5

1.42

TUDDH-594

105.0

105.3

0.3

13.10

189.9

191.1

1.2

8.01

195.0

195.3

0.3

1.80

203.4

207.6

4.2

0.85

203.4

203.7

0.3

3.67

TUDDH-595

54.9

56.1

1.2

0.64

112.2

112.8

0.6

0.85

114.0

114.3

0.3

80.65

121.8

123.9

2.1

1.61

190.2

191.1

0.9

2.20

194.4

194.7

0.3

3.75

201.3

201.6

0.3

1.31

209.7

211.5

1.8

1.88

213.6

213.9

0.3

2.18

224.4

225.9

1.5

1.46

234.9

235.5

0.6

0.52

236.7

238.2

1.5

3.19

247.5

247.8

0.3

1.10

TUDDH-596

77.1

77.4

0.3

0.8

88.8

91.2

2.4

1.35