Lion One Announces CEO Appointment, Arete Transaction Update, and Credit Facility Update

Lion One Metals Limited (TSXV: LIO,OTC:LOMLF) (OTCQX: LOMLF) ("Lion One" or the "Company") is pleased to announce the appointment of Campbell Olsen as Chief Executive Officer and Director.

Mr. Olsen has had a long career in investment and operational management in the mining industry. He has deep experience in international private equity practice and process having spent several years as an Investment Manager with Nomura Jafco and then General Manager (Australasia) with Advent International, a Boston-based multi-billion dollar international private equity company.

Campbell has managed resource investment in Australia, Europe and Latin America across the precious metals exploration and mining sectors across all aspects of operations. He is deeply experienced in high grade underground gold mining. He is a Director of North Stawell Minerals, and advisory board member of the Association of Mining and Exploration Companies (AMEC) Victoria and the Australian Gold Conference group. Campbell holds a Bachelor of Engineering and a Masters in Business Administration from Melbourne Business School.

Walter Berukoff, Chairman of Lion One's Board of Directors and President of the Company, commented, "On behalf of the Board and management team we welcome Campbell Olsen to the Company and look forward to unlocking shareholder value."

Board and Management

The Company's board of directors now comprises Walter Berukoff (Chairman), Richard Meli, Todd Romaine, David Anderson, and Campbell Olsen. The officers of the Company are Campbell Olsen (CEO), Walter Berukofff (President), Tony Young (CFO), and Hamish Greig (VP, Corporate Secretary).

Mr. Olsen will serve as Arete Capital's nominee to the board of the Company pursuant to the Investor Rights Agreement that is expected to be entered into on completion of the transaction announced on December 30, 2025.

Arete Transaction Update

The proposed investment transaction with Arete Capital announced on December 30, 2025 remains under review by the TSXV. Completion of the transaction, including the entering into of the Management Services Agreement and Investor Rights Agreement to be entered into upon the closing of Arete Capital's proposed $15 million equity investment in the Company, remains subject to the review and approval of the TSX Venture Exchange. Mr. Olsen is the only anticipated change to the senior management of the Company. Mr. Olsen has been appointed as CEO ahead of the completion of the transaction in order for the Company to have a CEO in office as required by TSXV rules.

Credit Facility Update

The Company also announces that it has received a notice from Nebari Collateral Agent, LLC ("Nebari"), on behalf of the lenders under the Company's senior secured loan facility (the "Facility"), stating that an event of default has occurred and is continuing under the Facility effective as of January 31, 2026.

Nebari's notice states that the defaults arise from non-financial covenants and from what Nebari asserts to be a "Material Adverse Effect" under the Facility, in each case as set out in the Facility and related documents. The notice further states that, as a consequence, the margin component of the interest rate payable under the Facility has increased in accordance with the terms of the Facility, effective February 20, 2026, and will remain at the default rate until the events of default have been remedied or otherwise resolved to Nebari's satisfaction.

Lion One is in active discussions with Nebari with a view to stabilizing its financing arrangements and addressing the issues raised in the notice.

Other Updates

The Company also announces it has terminated a service agreement with Couloir Capital in respect of market research.

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor 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.

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