File: '\\swfile\EmailIn\20261110 150749 Attachment 261110 NR TSXV Tier 1 to 2.v6.docx'

November 10, 2026

TSXV Symbol: NL

Frankfurt Symbol: N3E

NORTHERN LION PROVIDES UPDATE REGARDING TSXV TIER CLASSIFICATION, WORKING CAPITAL POSITION AND CORPORATE DEVELOPMENT INITIATIVES

Northern Lion Gold Corp. (the "Company") (TSXV: NL) announces that it no longer satisfies certain continued listing requirements (the "CLRs") applicable to Tier 1 issuers under Exchange Policy 2.5 and has therefore been transferred from Tier 1 to Tier 2 status effective on or about October 20, 2026. The Company will continue to be listed on the Exchange and its common shares will continue to trade under the symbol "NL". The transfer to Tier 2 does not affect the Company's business, operations, assets, management or reporting obligations.

As disclosed in the Company's interim financial statements for the three and six months ended June 30, 2026, the Company had a working capital deficiency of $203,757 as at June 30, 2026. In order to rectify this deficiency, management is currently evaluating equity financing opportunities, reducing discretionary expenditures and operating costs and reviewing potential new mineral properties. While there can be no assurance that such measures can successfully rectify the Company's working capital deficit, management believes these measures will reasonably improve the Company's working capital position and support its ongoing operations.

The Company does not currently satisfy certain requirements relating to assets, operations and activities applicable to Tier 1 issuers. Specifically, the Company's Riverside Property is not currently a Tier 1 property, nor does the Company meet the Tier 1 requirement of maintaining net tangible assets of $2,000,000 and $200,000 in unallocated funds. The Company is actively working to strengthen its asset base through the acquisition of additional mineral properties and carrying out an equity financing in order to increase its working capital position

The Company's board of directors and audit committee currently consist of Luke Norman, who is also the President and Chief Executive Officer, Richard Silas, who is also the Chief Financial Officer and Corporate Secretary, and Jeffrey O'Neill. Mr. Norman and Mr. Silas are non-independent directors and audit committee members due to their positions as executive officers of the Company. Mr. O'Neill is an independent director and audit committee member. The Company will be placed on a 90-day notice in respect of the Independent Director and Audit Committee requirements, pursuant to Exchange Policy 3.1, sections 5.7 and 21(b) and the Company plans to appoint an additional independent director in order to meet the board composition requirements of the TSXV.

About the Company

Northern Lion is a Canadian mineral exploration company focused on the acquisition and exploration of gold-bearing mineral resource properties in Canada. The Company is a reporting issuer in Alberta and British Columbia and trades on the TSX Venture Exchange under the symbol "NL" and the Frankfurt Exchange under the symbol "N3E".

The current email address of the Company is richard@solutionsusi.com.

NORTHERN LION GOLD CORP.

Luke Norman, President

For further information regarding Northern Lion or the contents of this news release, please contact Luke Norman at (604) 512-3224.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

This news release contains "forward-looking information" as such term is defined under applicable securities legislation. Forward-looking information includes, but is not limited to, the Company's plans to evaluate equity financing opportunities, reduce discretionary expenditures and operating costs, review potential new mineral properties, and strengthen its asset base. Such information reflects management's current estimates, beliefs, intentions and expectations; it is not a guarantee of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to the ability of the Company to obtain additional financing; the Company's limited operating history; market conditions; fluctuating prices of commodities; results of exploration, operating hazards and risks; competition; and other risks and uncertainties, including those related to general economic conditions, geopolitical events, and any other factors that may negatively affect the Company's workforce, its supply chain and ability to secure contractors or services. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and, except as required by law, the Company is under no obligation to update or alter any forward-looking information.