Lion One Announces New Regional Gold Discovery 2 km Northeast of Tuvatu Alkaline Gold Project in Fiji

Batiri Creek Vein: Surface Channel Sample Returns 13.27 g/t Au over 4.0m

North Vancouver, British Columbia – Newsfile Corp. – 29 August 2022 – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce a new regional high grade gold discovery, the Batiri Creek Vein, located in the Navilawa Caldera 2 km northeast of the Company’s 100% owned, fully permitted Tuvatu Alkaline Gold Project in Fiji.

The Batiri Vein discovery is credited to the Lion One Fiji exploration team’s regional benching and surface sampling program targeting new gold bearing systems in under-explored regions peripheral to Tuvatu in the surrounding Navilawa Caldera.

The new structure is characterized by an intense zone of veining on a lithological contact between monzonite and andesite, with two significant N-S and NE-SW oriented structural intersections. The lithological contact and structural intersections observed in the Batiri Vein are comparable to the lithological contact and structural intersections observed from deep extensional drilling in the 500 Zone below the Tuvatu resource where Lion One recently reported the longest and highest-grade intercepts yet recovered at Tuvatu, including 20.86 g/t Au over 75.90m from TUG 141 (see NR dated June 6, 2022) and 12.22 g/t Au over 54.90m including 20.10m @ 23.03 g/t Au from TUDDH 601 (see NR dated Aug. 15, 2022).

Highlight intercepts from surface benching/channel sampling program include:

Surface Channel: Batiri Vein (CH3047-CH3048)

• 13.27g/t Au over 4.0m at surface including:
  • 36.10 g/t Au over 1.0m and
  • 17.91 g/t Au over 0.80m

Other results from the Batiri Vein include:

• Channel CH2765 with 2.63g/t Au over 1.0m
• Channel CH2834 with 3.32g/t Au over 0.3m
• Channel CH2789 with 3.54g/t Au over 0.3m
• Channel CH2946 with 3.42g/t Au over 0.4m
• Channel CH3073 with 3.32g/t Au over 1.0m

Lion One is planning a regional drill program for the Batiri Vein target. The Company now has eight drill rigs, with the pending delivery of the latest two rigs expected around mid-September. The Company currently has two drilling programs underway, including Zone 5 infill drilling on the Tuvatu resource, and deep extensional drilling in Zone 500 below the Tuvatu resource. The Company has now drilled approximately 6,100 meters, about 75% of the planned infill drilling on Zone 5 and expects to announce the results from previously unreleased holes in the near future.

Lion One technical advisor Quinton Hennigh stated, “Tuvatu and the wider Navilawa Caldera are part of a classic alkaline gold system. As we know, from geologically comparable world class systems, such as Porgera in PNG or Cripple Creek in Colorado, these kinds of deposits are not isolated and there is potential for multiple zones of mineralisation within the gold camp. The new discovery on the Batiri Vein presents the potential for such a new discovery.”

Lion One CEO Walter Berukoff further stated, “The new discovery at surface on the Batiri Vein is very encouraging and I congratulate the regional exploration team for their persistence. While the Tuvatu Gold Project is the core of our development, any new discoveries in the immediate vicinity potentially play a part in the development of a high-grade gold mine. We look forward to following this up with drilling in the near future.”

Figure 1. Photograph and channel sampling results of Batiri Vein (channel CH3047-3048)

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/135128_0f43ecec44429b03_001full.jpg

Table 1: Batiri Bench Channel Samples (Grid = Fiji Map Grid WGS72) Survey handheld GPS with accuracy +-8m. Pending survey pick up with differential GPS.

Figure 2. Map showing surface channel sampling at Batiri Vein relative to the Tuvatu Gold Deposit

To view an enhanced version of Table 2, please visit:
https://images.newsfilecorp.com/files/2178/135128_0f43ecec44429b03_002full.jpg

Qualified Person

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its channel sampling, drilling, testing, and analyses. For Channel Sampling, Company geologists first map the bench, and then measure and mark-up sample intervals based on geological structure. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff”
Chairman and CEO

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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About Lion One Metals Limited

Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.