Lion One Updates Drill Results at Tuvatu

High grade composite results increased in Zone 5 drilling

North Vancouver, August 15, 2023 - Lion One Metals Ltd. (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is issuing an update on composite drill results reported in the Company's August 10, 2023 news release.

The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the Company's Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news release are here updated.

Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is considered more accurate than fire assay for high-grade samples. Lion One has therefore recently adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au. In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather than gravimetric values, whereas high-grade individual assays were quoted using the more accurate gravimetric results. This led to a discrepancy between the composite values and the underlying assay values for certain intervals. The difference between fire assay and gravimetric analyses tends to be greater for higher grade samples. A total of 21 composite values have been updated and are presented in Table 1 below. The majority of the updated results are greater than was initially reported.

Table 1. Updated composite intervals from Zone 5 infill and grade control drilling. Bolded text represents a positive change, italicized text represents a negative change. Intervals are ordered by decreasing gold content.

Tables 2 and 3 below are reproductions of Tables 1 and 2 from the August 10, 2023 news release updated to include composite intervals calculated using assay results from the gravimetric method. Composite values that have been changed are highlighted with bolded text representing positive changes and italicized text representing negative changes. Values with no bolding or italicization represent intervals for which there is no change.

Table 2. Highlights of composited infill drill results in the Zone 5 area. Reproduction of Table 1 from the August 10, 2023 news release, with updated composite grades. For full results see Table 4 in the appendix.

Table 3. Highlights of composited grade control drill results in the Zone 5 area. Reproduction of Table 2 from the August 10, 2023 news release, with updated composite grades. For full results see Table 5 in the appendix.

Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Reproduced from August 10, 2023 news release for context. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.

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Figure 2. Location of High-Grade Intercepts from Zone 5 Drilling. Updated figure from the August 10, 2023 news release, with updated composite gold intervals. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.

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About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report "Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji", dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

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 sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed 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 85% 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-analyzed 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. 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 analyzed by 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 (method ME-ICP61).

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.

On behalf of the Board of Directors of Lion One Metals Ltd.
"Walter Berukoff", Chairman and CEO

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

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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 Ltd.'s current beliefs and is based on information currently available to Lion One Metals Ltd. and on assumptions Lion One Metals Ltd. 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 Ltd. 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 Ltd., 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 Ltd. 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 Ltd. does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 4. Updated composite results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.

Table 5. Updated composite results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.

Table 6. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177254