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Lion One Appoints New Chief Operating Officer and Senior Exploration Team, Grants Stock Options

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North Vancouver, British Columbia--(Newsfile Corp. - June 2, 2021) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to announce the appointment of a new Chief Operating Officer and senior exploration team for the Company's 100% owned and fully permitted Tuvatu Gold Project located on the island of Viti Levu in Fiji.

Patrick Hickey - Chief Operating Officer

Mr. Hickey has over 40 years of experience as an engineer and executive in the design and construction of world class mining, petroleum, and power generating operations throughout the world. He has worked for some of the world's leading operators, including Mobil in the USA and in the Middle East, Power in the Czech Republic, BHP Oil Refining in Hawaii, Kinross Gold Corp. in Africa and Spain, and Newmont Gold in Indonesia and Peru.

From 2010 to 2014, Mr. Hickey was Chief Executive of the African operations for Kinross Gold Corp., where he was responsible for eight Kinross subsidiaries and projects such as the Tasiast Gold Mine in Mauritania, and the Chirano Gold Mines in Ghana. Prior to that from 2008 to 2010 he served as the President and Managing Director for Sherritt International for the $4.5 billion Ambatovy nickel-cobalt mine in Madagascar, and from 2004 to 2008 served Newmont Mining as the President and Director of the $2 billion Batu Hijau copper-gold mine in Indonesia, and General Manager of the Yanacocha and Minas Conga gold projects in Peru. Mr. Hickey is currently the President and Director of PHNG, a mining consultancy based in Denver, CO.

Sergio Cattalani - Senior Vice President Exploration

Mr. Cattalani is an experienced economic geologist with over 35 years of experience and distinguished leadership in mineral exploration around the world. Following 3 years in an applied research position with the Mineral Exploration Research Institute in Montreal, Sergio accepted the position of senior geologist for Cominco based out of Noranda, Quebec. Sergio then moved on to Inco, then CVRD-Inco for 12 years as senior geologist where he was responsible for project generation and technical evaluations in Ontario, Quebec, and NWT in Canada, in Turkey, Indonesia, Tasmania and Western Australia, China and Brazil. In 2008 he was appointed Senior Geologist for Hecla Mining focused on South American projects before being appointed Vice President Exploration for Osisko Mining Corporation in 2009 where he managed their exploration and evaluations team in Canada, and subsequently their USA exploration portfolio before Osisko was acquired by Yamana Gold and Agnico Eagle Mines for C$3.9 billion in 2014.

In 2016, he was appointed VP Exploration at Newcastle Gold to oversee a 40,000 meter drill program on the Castle Mountain gold project in California prior to the combination of Newcastle, Trek Mining, and Anfield Gold that created Equinox Gold Corp. in 2017. Mr. Cattalani was then appointed by Equinox as Vice President Exploration and retained responsibility for all aspects of exploration at Castle Mountain which now has P&P Reserves of 3.6 million oz. @ 0.56 g/t gold and expected to produce 30,000-40,000 oz. of gold in 2021.

More recently, from 2018 to Dec. 2020, Sergio was Economic Geologist in the business development unit of Denver-based EMX Royalty Corp. working with EMX's Capital Group on technical evaluations for investment opportunities worldwide, and in developing EMX's Canadian business unit.

Will Ostrenga - Senior Geologist

Will Ostrenga commenced his exploration career in 2012 as a contract geologist with Teck Resources at the Noatak lead-zinc project in the Red Dog Mine complex in Alaska, prior to joining Rangefront Consulting in Elko, Nevada, where he managed major drilling programs over the next eight years for client companies such as Kinross Gold and Sumitomo.

In May 2019, Mr. Ostrenga was appointed as a Representative Geologist to Novo Resources Corp. for Sumitomo Corporation of Japan where he developed large-scale paleo-placer exploration programs and lead reconnaissance teams that discovered new gold prospects in the Pilbara region of Western Australia. Mr. Ostrenga now resides in Nadi and works alongside the Lion One Fiji exploration team. He holds a BSc in geology from the University of Wisconsin-Eau Claire and holds the designation of Certified Professional Geologist (AIPG).

Resignation of Stephen Mann

The Company announces the resignation of Managing Director Stephen Mann, for personal reasons. The Company would like to thank Mr. Mann for his lengthy service and many contributions including his instrumental role in building Lion One's exploration and drilling division, completion of the Tuvatu Environmental Impact Assessment, the development and commissioning of Lion One's own geochemical laboratory, all in Fiji, in addition to negotiating and securing a significant magnetite royalty on the Olary Creek iron asset in South Australia. The Company wishes Mr. Mann the best in his future endeavours.

Grant of Stock Options

The Company announces that it has granted 3,500,000 incentive stock options to various directors, officers, and employees at an exercise price of $1.25, valid for a period of five years from the date of grant and subject to regulatory approval.

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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86336