Mr. Walter Berukoff reports

LION ONE ANNOUNCES CLOSING OF FINANCINGS

Lion One Metals Ltd. has closed the fully subscribed upsized brokered private placement financing (LIFE offering)previously announced on July 18, 2024, and July 19, 2024, by issuing 27,027,027 units of the company at a price of 37 cents per unit for aggregate gross proceeds of $10-million, pursuant to the listed issuer financing exemption available under National Instrument 45-106, Prospectus Exemptions, in each of the provinces of Canada, other than Quebec, pursuant to the terms of the agency agreement dated as of July 26, 2024, among the company, Eight Capital and Canaccord Genuity Corp.

Each unit consists of one common share in the capital of the company and one common share purchase warrant of the company. Each warrant shall be exercisable to acquire one common share at a price per warrant share of 50 cents for a period of 36 months from the closing date of the LIFE offering.

Concurrently with the LIFE offering, the company completed, a non-brokered private placement of 4,458,352 units on the same terms as the LIFE offering for gross proceeds of $1,649,590.24 (the sidecar private placement), pursuant to applicable exemptions under National Instrument 45-106 other than the listed issuer financing exemption. In aggregate, under the offering, the company issued 31,485,379 units for gross proceeds of $11,649,590.24.

In connection with the LIFE offering, the company: (i) paid to the agents a cash commission of $700,000, which was equal to 7.0 per cent of the gross proceeds from the LIFE offering; and (ii) issued an aggregate of 1,891,891 compensation warrants, equal to 7.0 per cent of the number of units sold pursuant to the LIFE offering. Each compensation warrant is exercisable for one common share at a price of 37 cents for a period of 24 months from the closing date of the LIFE offering.

In connection with the sidecar private placement, the company: (i) paid a cash commission to a finder in the aggregate of $38,850, which was equal to 5 per cent of the gross proceeds in respect of subscribers introduced to the company by the finder; and (ii) issued an aggregate of 105,000 compensation warrants, equal to 5 per cent of the number of units sold to subscribers introduced to the company pursuant to the sidecar private placement. Each compensation warrant is exercisable for one common share at a price of 37 cents for a period of 24 months from the closing date of the sidecar private placement.

The net proceeds received by the company from the sale of the units will be used for development and ramp-up expenses at the Tuvatu gold project, located in Fiji, as well as for general corporate expenses and purposes.

The LIFE offering was completed pursuant to the listed issuer financing exemption, and, accordingly, the securities issued in the LIFE offering are not subject to a hold period in accordance with applicable Canadian securities laws. The securities issued under the sidecar private placement are subject to a hold period expiring on Nov. 27, 2024, pursuant to applicable Canadian securities laws.

Certain subscribers under the sidecar private placement are directors and management of the company. The issuance of units to directors and management of the company constitutes a related party transaction as defined under Multilateral Instrument 61-101. The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued or the consideration paid by such persons will exceed 25 per cent of the company's market capitalization.

About Lion One Metals Ltd.

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver, B.C., with new operations established in late 2023 at its 100-per-cent-owned Tuvatu alkaline gold project in Fiji. The Tuvatu project comprises the high-grade Tuvatu alkaline gold deposit, the underground gold mine, the pilot plant and the assay lab. The company also has an extensive exploration licence covering the entire Navilawa caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

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