Lion One Corporate Presentation November 2025 Revised

REAL PRODUCTION
I Tuvatu Alkaline Gold Project I Fiji Islands I
LIONONEMETALS.COM | TSXV : LIO | OTCQX: LOMLF
Investor Presentation, November 2025
REAL GROWTH

2 LION ONE METALS | TSXV:LIO | OTCQX: LOMLF
TUVATU: PRODUCING HIGH - GRADE FIJI GOLD
DISCLAIMER
The information provided in this presentation is not intended to be a comprehensive review of
all matters and developments concerning the Company and should be read in conjunction
with all other disclosure documents of the Company . The information contained herein is not a
substitute for detailed investigation or analysis . No securities commission or regulatory
authority has reviewed the accuracy or adequacy of the information presented .
FORWARD - LOOKING STATEMENTS
This presentation contains statements and information that constitute forward - looking
information within the meaning of Canadian securities legislation, referred to herein as
"forward ‐looking statements", include statements regarding proposed exploration and
development activities and their timing, resource estimates, exploration potential and the PEA,
including estimates of capital and sustaining costs, anticipated internal rates of return, mine
production, estimated recoveries, mine life, estimated payback period and net present values,
opportunities to enhance the value of the Tuvatu Gold Project and other plans and objectives
of the Company . In making the forward - looking statements herein, the Company has applied
several material assumptions, including that (1) required approvals, permits and financing will
be obtained ; (2) the proposed exploration and development of the Company's properties will
proceed as planned and that actual results will be consistent management’s expectations ;(3)
with respect to mineral resource estimates, the key assumptions and parameters on which
such estimates are based ; (4) market fundamentals will result in sustained metals and
minerals prices ; and (5) with respect to the PEA, the assumptions underlying the PEA, that the
proposed mine plan and recoveries will be achieved, that capital costs and sustaining costs
will be as estimated and that no unforeseen accident, fire, ground instability, flooding, labor
disruption, equipment failure, metallurgical, environmental or other events that could delay or
increase the cost of development will occur .
Forward - looking statements are subject to a variety of known and unknown risks,
uncertainties and other factors which could cause actual events or results to differ from
those expressed or implied by the forward - looking statements, including : delays or
inability to obtain required government or other regulatory approvals, permits or
financing, the risk of unexpected variations in mineral resources, grade or recovery rates,
of failure of plant, equipment or processes to operate as anticipated, of accidents, labor
disputes, and unanticipated delays in completing exploration and development
activities, the risk that estimated costs will be higher than anticipated and the risk that
the proposed mine plan and recoveries will not be achieved, bad weather, exploration
and development risks, actual results of exploration and/or development activities being
materially different from those expected by management ; uncertainties related to
interpretation of drill results and geological tests, failure to meet expenditure and
financing requirements, title matters, third party consents, operating hazards, metal
prices, political and economic factors, competitive factors and general economic
conditions . Actual results may vary from those implied or projected by forward - looking
statements and therefore investors should not place undue reliance on such statements .
The forward - looking statements herein are made as at the date of this presentation and
the Company expressly disclaims any intention or obligation to update or revise any
forward - looking statements except as required by applicable securities legislation .
TECHNICAL DISCLOSURE
The technical information in this presentation has been approved by Melvyn Levrel,
MAIG ., a Qualified Person as defined by National Instrument “NI” 43 - 101 Standards of
Disclosure for Mineral Projects
Forward Looking Statements

Highlights
Top - Tier Asset Ramping Up
➢ High - grade narrow - vein Tuvatu
alkaline gold deposit
➢ >250 drill assays at >100 g/t gold,
with average 0.5 m sample width
➢ Zone 500 feeder zone drilled
75.9 m of 20.86 g/t gold
➢ E xpanding resource open at
depth and along strike
➢ Huge exploration potential in the
Navilawa Caldera
➢ >30 high potential untested
exploration drill targets
➢ C urrent production at 350 TPD
➢ Mine ventilation upgrade
complete Q1 2025
➢ New mine equipment Q2 - Q3 2025
➢ Mine development rates doubled
Q1 to Q3 2025
➢ First shrinkage stope complete
Q3 2025 with 5,704t @ 10.6 g/t
➢ Increasing gold recoveries to
>90% in Q1 2026
➢ Expanding to 700 TPD by 2027
➢ Fully permitted for mining,
exploration, and expansion
➢ Full government support with
>100 years of gold mining in Fiji
➢ Company - owned fully certified
assay laboratory
➢ Company - owned fleet of
diamond drill rigs
➢ <1hr drive from deepwater port
and international airport
➢ Ramping up production as gold
prices hit all - time highs
Infrastructure
C$58.0M of revenue for the year ended June 30 2025 , at average gold sale price of US$2,810/oz

LIHIR
PANGUNA
NAMOSI
VATUKOULA
PORGERA
GOLD RIDGE
GRASBERG
FIJI ISLANDS
GUNUNG PONGKOR
BATU HIJAU
WAIHI
TUVATU
Ideally
Positioned in the
Pacific Ring Of Fire
One of the only large
alkaline gold systems
not owned by a major
Prolific geological &
tectonic setting
Host to several major gold
& copper - gold systems

“…alkaline magmas…carry a lot of gold …
usually, they turn out to be big.”
--Dr Quinton Hennigh
VATUKOULA, FIJI
ZHONGRUN
CRIPPLE CREEK, USA
SSR (ex - NEWMONT)
LIIHIR, PNG
NEWMONT
PORGERA, PNG
BARRICK
+25
MOZ GOLD
PRODUCED
Analog Alkaline Gold Systems
+40
MOZ GOLD
PRODUCED
+11
MOZ GOLD
PRODUCED
+20
MOZ GOLD
PRODUCED

Fiji Mining
+100 - year gold mining industry
Stable democracy & regulatory system
Skilled mining workforce
Supportive government
2024 Fraser Policy Ranking #34, just
behind British Columbia #32, and
Chile #33
“With Lion One, I am very impressed …
Lion One sets the bar for those that follow”
- Ratu Wiliame Katonivere , President of Fiji 2021 - 2024

Location & Infrastructure
20km
NADI INTERNATIONAL
AIRPORT
35km
LAUTOKA DEEPWATER
PORT
<1 hour
URBAN CENTERS OF
NADI & LAUTOKA
LAUTOKA
NADI
TUVATU
Navilawa Caldera

Tuvatu Processing Plant
BALL MILLS LEACHING
TANKS
POWER
PLANT
REAGENT
WAREHOUSE #2
FILTER PRESS SYSTEM
ELECTROWINNING & CARBON
REGENERATION WORKSHOP
REAGENT
WAREHOUSE #1
ROM PAD
SCREEN
PLANT
JAW & CONE
CRUSHERS
350 TPD PILOT PLANT IN OPERATION
Flotation circuit completion targeted for Q1 2026; Expansion to 700 TPD by 2027; Fully permitted

Mining Methods
High - grade narrow vein gold deposit
Flexible use of conventional and mechanized mining
to maximize production & minimize dilution
First shrinkage stope produced 5,704t at 10.60 g/t gold,
second shrinkage stope in development with 11,520t
New mine equipment arrived in Q2 & Q3 2025;
rapidly accelerating mine development and production
Early - stage mining is returning higher
grades & better widths than expected
TUVATU
Gold Grades in g/t Roscoelite Vein Underground

Mine ventilation upgrade complete Q1 2025
Record mill utilization and throughput Q2 2025
Record capital and operating development Q3 2025
First shrinkage stope production started Q3 2025
Flotation circuit construction to be completed Q1 2026
10 TUVATU: PRODUCING HIGH - GRADE FIJI GOLD
Production Ramp - up
June Gold Sale
C$58.0M of revenue for the year ended June 30 2025 ,
with average gold price of US$2,810/oz
Strong leverage to both a rising gold price
and an expanding resource

Tuvatu Deposit
Steeply dipping high - grade gold
lodes trending N - S and NE - SW
Surface footprint 500 m x 900 m
Extends to >1000 m depth
Open at depth and along strike
Zone 2 and Zone 5 near surface
Zone 500 feeder zone
First shrinkage
stope production

500m Level
ZONE 2 and ZONE 5
ZONE 500
Near Surface
DEEP FEEDER ZONE
Schematic East - West S ection
In Production at
350 TPD
Targeted Production at
600 TPD
Open at Depth
Exploration, Development Drilling
1,000m Le vell
High - Grade Gold Results
EXAMPLE DRILL RESULTS
GRADE
(g/t Au)
INTERVAL
(meters)
FROM
(meters)
359.76 1.80 70.80
21.31 12.45 90.10
71.41 8.41 96.10
90.76 2.40 221.30
83.47 6.60 242.70
291.77 3.65 333.00
20.86 75.90 443.40
35.25 37.50 471.30
43.62 30.00 477.60
90.35 7.20 494.40
55.43 12.70 571.00
12.22 54.90 576.10
17.89 23.70 594.50
10.52 0.35 983.15
12.22 0.30 1,192.00

Roscoelite Mineralization
Characteristic of large high - grade alkaline
gold systems, e.g. Porgera, Lihir, Cripple Creek
Rare green - black alteration mineral
Directly related to high grade gold
Widely observed at Tuvatu, including in the
ultra high - grade Zone 500
Visible gold with roscoelite underground at Tuvatu
“The highest gold grades… ubiquitously occur
with roscoelite , a vanadium - rich mica.”
D. Schmidt, 2023 Thesis, Colorado School of Mines

7 km wide caldera with very limited
modern exploration
Multiple deep feeder systems possible
throughout the caldera
Numerous bonanza grade gold results from
surface sampling
>30 high - potential untested drill targets
already identified
No modern systematic exploration for copper
District Scale
Exploration Upside
Navilawa Caldera

Kingston + Copper
Corner
(Copper + Gold)
+3917000 +3918000 +3919000 +3920000 +3921000 +3922000 +3923000 +3924000 +3925000 +3926000 +3927000
Core Shed Fault
Conceptual Cu - Au Porphyry
Conceptual Au Porphyry
Cabex Fault
Alkaline hypabyssal breccia
Koroyanitu Volcanics (Ba Volcanic Group) (2.9 Ma - 5.1 Ma)
Alkaline hypabyssal breccia (undated)
Sabeto Volcanics ( Koroimavua Group) (5.0 - 5.45 Ma)
Monzonite (4.85 - 5.1 Ma)
Monzonite Porphyry (5.10 Ma)
Basement : Volcanic Breccia from the Nadele Breccia
(Wainimala Volcanic Group) (12 - 26 Ma)
Major faults
Gold Mineralization
Cu + Au mineralization
Banana Creek
Gold
Tuvatu
Gold
Wailoaloa
(Copper + Gold)
CONCEPTUAL ILLUSTRATION OF DIFFERENT DEPOSIT TARGETS
Cross - Section of Navilawa Caldera

Extensive gold anomalies from
historical soil surveys
Limited advanced exploration
conducted outside Tuvatu
District scale exploration upside
Future exploration to be funded
by cash flow from Tuvatu
Historical Gold in
Soil Results
Tuvatu
Banana Creek
Lumuni
Wailoaloa
Batiri Creek
Kingston

Wailoaloa Discovery
Alkalic copper - gold
discovery
1 km northeast of Tuvatu
Strong surface copper
anomaly
Drilled four test holes,
the first hole hit 163.2 m
of 0.17% copper
Potassic alteration and
veining intensity
increasing with depth
May have intersected the periphery
of a large Cu system – significant
potential for additional discovery

Upper Nasasa Ck
Vunagoru Ck
Natabua Ck
Vaturu Ck Lololevu Cachment
Dayal’s Rd &
Rara - JICA DD’s
Banana Ck
The ‘Copper Triangle’:
Kingston - Biliwi - Cu Corner
Matanavatu &
Nasiti Ridge South
Wailoaloa
Blasting Rock
Golden Ridge ( Nakulua Bench)
Sleeping giant
West Zone (Plant Site)
Tuvatu South
Tuvatu North
Nubunidike
Luke’s Prospect
Operating Mine
Malawai
Davui
Jomaki
Kubu
Kinikinimaloku Otto bench Sleeping giant
Batiri
Goat Hill
Development
Definition
Advanced Target
Early Target
Prospect
Conceptual
Lumuni
Unknown
Relative Target Size
Cu
Au
Exploration and
Discovery Pipeline
Tuvatu

Fully Accredited
Assay Lab
Provides critical support for 7 company -
owned drill rigs
Rapid assay turnaround
Fire assay, ICP, and Metallurgical Testing
Facilitates real - time optimization of mining
and drilling activities
Production capacity of over 10,000
samples per month
ISO 17025 Accreditation, capable of
conducting 3 rd party analysis

Compelling Value Proposition
High - grade gold resource
Mining - friendly jurisdiction
Strong proven leadership
Highly experienced operations team
350 TPD pilot plant in operation
600 TPD plant expansion in 2026
Multiple near - mine exploration targets
District - scale gold & copper exploration upside
One of the only large
alkaline gold systems not
already owned by a major
mining company

SUCCESS STORIES
Northern Orion sold to Yamana in 2007 for $1.1B
Miramar Mining sold to Newmont in 2008 for $1.5B
La Mancha sold in 2012 for $600M
Emperor Gold Mines Fiji Gold Assets (Vatukoula & Tuvatu)
purchased in 2008
Lion One Metals Limited created in 2011
Leadership Team
OFFICERS
Ian Berzins, CEO
Tony Young , CFO
Hamish Greig , VP, Corp. Secretary
DIRECTORS
Walter Berukoff, Chairman
Richard Meli (Rio Tinto, La Mancha, Kenecott )
Tayfun Eldem (Rio Tinto, Baffinland, Hatch)
Todd Romaine (Nevsun, Danakali , Galiano)
THE LION ONE METALS TEAM
Walter Berukoff
CHAIRMAN & PRESIDENT
TECHNICAL TEAM
Ivan Maldonado , P. Geo
Melvyn Levrel, MAIG
Sergio Cattalani ,P.Geo
Kevin Li ,P.Eng
Eric Setchell

22
TSX - V: LIO TSX - V: LIO.WT.A OTCQX: LOMLF
Lion One Management and Insiders (10%)
Arbiter Partners
Franklin Precious Metals Fund
Palisades Goldcorp
Redplug Inc
Nebari Gold Fund
LIO: $0.28 | 52wk : $0.44 $0.22 | Avg. vol: 2,742K
SHARE CAPITAL As of November 25, 2025
Corporate Snapshot
Common Shares
Options
Compensation Warrants
Warrants
Shares Fully Diluted
Market Capitalization
402.85 M
10.72 M
11.94 M
207.87 M
633.38 M
CAD $110.8 M
CAPITALIZATION MAJOR INVESTORS
ANALYST COVERAGE
Atrium Research
Couloir Capital
Ben Pirie
Sehaj Anand

LIONONEMETALS.COM | TSXV : LIO | OTCQX: LOMLF
THANK YOU
Lion One Metals Limited
306 -267 Esplanade West
North Vancouver BC V7M 1A5
Call 1.855.805.1250
Info@liononemetals.com
www.liononemetals.com
Q&A

Lion One Corporate Presentation November 2025 Revised

More Related Content

Similar to Lion One Corporate Presentation November 2025 Revised

More from Adnet Communications

Recently uploaded

Lion One Corporate Presentation November 2025 Revised