Lion One Metals Limited reported record preliminary gold production at Tuvatu for the month of June and significantly expands the surface gold-in-soil anomaly to the south of Tuvatu. The company also announced an increase in the planned mill expansion to 600-700 TPD, and files an updated NI43-101 compliant Technical Report with an effective date of June 24, 2024. Gold production at Tuvatu has steadily increased since the completion of mill commissioning in December 2023/January 2024.

A step change in production occurred in June following the commencement of mechanized production. The total gold recovered for the month of June up to and including June 24th is approximately 1370 oz of gold, with projected gold recovered of approximately 1700 oz for the month. Soil sampling to the south of Tuvatu has revealed a 650 m extension of anomalous gold at surface.

High- grade gold in soil results were recovered along a north-south corridor directly south of and along strike from the known deposit at Tuvatu. The gold anomaly is coincident with wider arsenic, lead, and zinc anomalies, which are known pathfinders for gold, thereby widening the potential footprint of the gold mineralization. The Tuvatu deposit has a north-south strike length of approximately 950 m. The southern soil extension therefore represents a potential 70% increase in the overall strike length of Tuvatu.

These soil results are a significant discovery at Tuvatu and represent a prime target for near-mine exploration and resource expansion. They highlight the potential for more discovery both near-mine at Tuvatu and regionally throughout the Navilawa Caldera. The planned mill expansion has been increased to 600-700 TPD.

The current pilot plant operation has a name plate capacity of 300 TPD, and the originally planned expansion was to 500 TPD. The expansion has now been increased to 600-700 TPD, which represents a doubling of the name plate capacity at Tuvatu. The expansion is expected to be complete in mid-2025.

Plant Expansion Mill throughput at Tuvatu has also increased steadily from January to June 2024. The current name plate capacity of the Tuvatu processing plant is 300 TPD. As a result of improved efficiency initiatives, the plant is now capable of operating sustainably at over 400 TPD.

This has resulted in steadily increased tonnage from February to May with a record throughput of over 11,000 tonnes in May. Mill throughput in June is projected to be over 10,000 tonnes. The Tuvatu processing plant is a modular processing plant that was originally planned for a staged expansion up to 500 TPD.

As a result of the successful mining operations and the increased throughput achieved at the 300 TPD capacity, the company is now planning to expand plant operations from 300 TPD directly to 600-700 TPD. This is expected to double mill throughput and production at Tuvatu. The plant expansion is anticipated to be complete in mid-2025.

Soil Sampling and Gold Extension The soil sampling program consisted of 25 m spacing between samples and 100 m spacing between sample lines. Samples were collected from the B or C horizon of the soil profile by means of hand auger with extension rod. A total of 549 samples were collected across 14 lines in the West Grid, with a total of 521 samples collected across 17 lines in the East Grid, for a total of 1070 samples across both grids.

Assay results from the West Grid have been received whereas those from the East Grid are still outstanding. Peak gold assay results returned from the West Grid are 1.66 g/t, 0.65 g/t, 0.57 g/t, and 0.51 g/t gold, which are significantly above background values and are considered very high-grade for soil samples. A total of 19 samples returned gold assays above 0.1 g/t gold.

This compares favourably to the Tuvatu deposit itself, which is associated with a 0.05 g/t surface gold-in-soil anomaly from historic auger soil surveys. Assay results from the West Grid indicate a clear 650 m long north-south gold anomaly immediately to the south of and along strike from the known mineralization at Tuvatu. The Tuvatu deposit has a known strike length of 950 m and therefore these results indicate a potential 70% increase in the strike length of Tuvatu.

The gold-in-soil anomaly is coincident with wider arsenic, lead, and zinc anomalies, all of which are known pathfinders for gold, thereby increasing the strength of the anomaly. These soil results are a new discovery at Tuvatu and represent a prime target for near-mine exploration and resource expansion. Making such a significant discovery in close proximity to Tuvatu highlights the potential for more discovery both near-mine at Tuvatu and throughout the Navilawa Caldera.

Strong gold soil assay results were also observed in the West Zone.