Lion One Metals Ltd (LOMLF)

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Robust PEA and Gold Price Sensitivity

Lion One is fully permitted to develop the low cost, high grade underground gold operation in Fiji. The current market cap is C$18 million, the project NPV is C$140 million, and our founder has sold his last three mining companies for an aggregate of $3 billion.

PEA Highlights (US$1,200 per oz. Au base case)

- Capital costs of US$48.6 million; 15 month pre-production schedule

- 1.5 year payback, IRR of 52% (after tax), NPV5% of US$86 million (after tax)

- 352,931 oz. gold production over first 7 years at average grade of 11.31 g/t gold

- Operating costs of US$567/oz Au | AISC costs of US$779/oz Au