Mr. Ian Berzins reports

LION ONE ANNOUNCES START OF PHASE 1 PLANT EXPANSION FROM 300 TPD TO 400 TPD WITH FILTER PRESS UPGRADE

Lion One Metals Ltd. has started phase 1 of the company's phased mill expansion project to 700 tonnes per day (tpd) at its 100-per-cent-owned Tuvatu gold mine in Fiji. Phase 1 consists of the filtered tailings expansion project and is anticipated to increase overall plant capacity from 300 tpd to 400 tpd once complete.

Highlights of phase 1 plant expansion:

• Double filtration capacity at Tuvatu processing plant;
• Remove primary bottleneck from processing operations;
• Increase plant capacity from 300 tpd to 400 tpd;
• Increase production by an estimated 2,100 ounces (oz) of gold per annum;
• Capital expenditure of $1.9-million (Canadian);
• Estimated additional revenue of $11.8-million (Canadian) per year at current gold price;
• Achieve three-month payback and significant continuing benefits;
• Targeted completion date by end of Q1 (first quarter) 2027.

The Tuvatu processing plant has a nominal capacity of 300 tpd. The Tuvatu mill expansion project is designed to increase plant capacity from 300 tpd to 700 tpd and will be constructed in phases with a total estimated capital cost of $13.5-million (Canadian).

Phase 1 of the 700 tpd expansion is now in progress and consists of the filtered tailings expansion project, which is designed to double the filtration capacity at the plant. The filtration circuit at Tuvatu has been identified as the primary bottleneck for processing operations and currently consists of two filter presses. The filtered tailings expansion project includes the addition of two new filter presses, one filter feed tank, two filter feed pumps, associated structural and piping modifications, and one additional tailings truck. Once complete, the project is anticipated to increase nominal mill capacity substantially from 300 tpd to 400 tpd. This increase in production is anticipated to generate an additional 2,100 oz of gold per year based on a minimal incremental gold grade of three grams per tonne (g/t).

The overall cost for the filtered tailings expansion project is $1.9-million (Canadian), with additional incremental operating costs of $230,000 (Canadian) annually. At $4,000 (U.S.) per ounce of gold, the increase in production to 400 tpd represents approximately $11.8-million (Canadian) in additional revenue per year for the company. After accounting for operating costs, the project is expected to achieve payback within three months of operation, with significant continuing annual benefits.

Design and construction activities have begun on the filtered tailings expansion project. The new filter presses will be identical to the filter presses currently in operation at Tuvatu, thereby ensuring commonality of component parts and operating procedures. Construction of the filtration expansion project is anticipated to take six to nine months, with a target completion date by the end of Q1 CY (calendar year) 2027. No additional mining or processing equipment is needed to support the increase in production to 400 tpd.

Lion One president and chief executive officer Ian Berzins stated: "We're very excited to start phase 1 of our mill expansion project. The filter press expansion is a key component of the expansion to 700 tpd and it will have an immediate impact on our production capacity once complete. The economics of the project are very strong with only a three-month payback period. It's very rare to have a capital project with such a significant impact to also have such a short payback period, so we're very excited to start this project and look forward to its completion in early 2027."

Corporate update

The company also announces the appointment of Shayla Forster as corporate secretary. Ms. Forster has extensive experience in providing corporate secretarial, governance, compliance, facilitating financings and disclosure consulting services to numerous publicly listed issuers, including companies listed on the TSX Venture Exchange, Canadian Securities Exchange and OTCQB.

Qualified person statement

In accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, William J. Witte, PEng, principal adviser to the company, is the qualified person for the company, and has reviewed and approved the technical and scientific content of this news release.

Lion One laboratory and QA/QC (quality assurance/quality control)

Lion One adheres to rigorous QA/QC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing and analyses. The company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ-, HQ- and NQ-sized drill rods.

Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85 per cent passing through 75 microns and gold analysis is carried out using fire assay with an AA (atomic absorption) finish. Samples that return grades greater than 10.00 g/t gold (Au) are reanalyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5 per cent of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (inductively coupled plasma atomic emission spectroscopy) (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through ICP-OES (inductively coupled plasma optical emission spectrometry) but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.

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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