Lion One: Announces Robust Updated PEA for Tuvatu

North Vancouver, B.C., September 25, 2020 – Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has completed an updated Preliminary Economic Assessment (the “Report” or the “PEA”) for the Company’s 100% owned Tuvatu Gold Project (“Tuvatu” or the “Project”) located on the island of Viti Levu in Fiji.  The Report has been prepared in connection with the Company’s Annual Information Form for the year ended June 30, 2020.

The Report represents an update of the Project to comply with applicable disclosure regulations and is not the attainment of a new milestone for the development of the Project. In particular, the mineral resource estimate used in the PEA is from 2018 and does not include any new drilling completed by the Company in its 2019 – 2020 drill programs. Furthermore, the potential development model set out in the PEA is confined to the current mineral resource inside the permitted mine lease area (SML 62) and does not reflect the expanded Project area following the grant of the adjoining Navilawa Caldera tenement (SPL 1512) in 2019.

“The PEA for Tuvatu demonstrates robust economic potential for a  low-cost, high-grade gold operation with low upfront capital costs, enabling rapid payback of capital even at a gold price  of US $1,400 per  ounce ,” stated Lion One Chairman and CEO Walter Berukoff. “We are encouraged about Tuvatu’s potential for a near-term development and production opportunity, with further exploration and expansion potential as we continue our current drill programs to extend the known mineralization of Tuvatu and the surrounding Navilawa Caldera.”

PEA Highlights (all amounts are quoted in USD utilizing a base case gold price of $1,400 per oz.):

• Pre-tax Net Present Value (“NPV”) of $155.8 million (5% discount rate)
• Pre-tax Internal Rate of Return (“IRR”) of 60.3%
• Operating costs of $503 per oz.; All-in sustaining costs (AISC) of $586 per oz. (pre-tax)
• 5 year payback period (pre-tax) on $66.8 million capex
• Gold production of 331,369 oz. at an average grade of 8.6 g/t Au

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