Mr. Todd Romaine reports

LION ONE PROVIDES CORPORATE UPDATE

Lion One Metals Ltd. has terminated its previously announced subscription agreement with Arete Capital Advisory Pty. Ltd.; the company will not proceed with a strategic partnership between Lion One and Arete Capital Advisors. At the time of termination, Lion One had not issued any securities pursuant to the subscription agreement or entered into the previously announced master service agreement or investor rights agreement.

In connection with the termination of the subscription agreement, the company also announces that Campbell Olsen will no longer serve in the role as chief executive officer of the company effective immediately. The company also announces that Tony Young, the company's current chief financial officer, has been appointed as interim CEO, and Zamand Shokri, the company's current corporate controller, has been appointed as interim CFO, both also effective immediately. Mr. Young has been the CFO of the company for eight years while Ms. Shokri has been the corporate controller for the company for six years. Both Mr. Young and Ms. Shokri have deep knowledge of the Tuvatu operations and provide continuity for the company during the transition to a new CEO.

About Lion One Metals Ltd.

Lion One 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.

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