Lion One Announces Closing of Second Tranche of LIFE Offering and Upsize of Sidecar Private Placement

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Lion One Metals Limited (TSXV: LIO,OTC:LOMLF) (OTCQX: LOMLF) ("Lion One" or the "Company") is pleased to announce that it has closed the second tranche (the "Second Tranche") of its previously announced and upsized non-brokered private placement for aggregate gross proceeds of $25,000,000 (the "LIFE Offering"). Pursuant to the closing of the LIFE Offering, the Company issued an aggregate of 78,125,000 units (the "Offered Units") at a price of $0.32 per Offered Unit (the "Issue Price"), pursuant to the listed issuer financing exemption available under National Instrument 45-106 - Prospectus Exemptions (the "LIFE Exemption"). The Second Tranche consisted of the issuance of 18,557,334 Offered Units for gross proceeds of $5,969,847 and represents the maximum amount that the Company can raise at this time pursuant to the LIFE Exemption.

Each Offered Unit issued pursuant to the LIFE Offering consisted of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.42 for a period of three years from the date of issuance.

The Company is also pleased to announce that as a result of increased investor demand, the Company has further upsized its previously announced non-brokered private placement (the "Sidecar Private Placement") from gross proceeds of $7,000,000 to gross proceeds of $9,000,000. The upsized Sidecar Private Placement will consist of an offering of up to 28,125,000 Offered Units at the Issue Price. The upsized Sidecar Private Placement is being completed in addition to the LIFE Offering. Each Offered Unit issued pursuant to the Sidecar Private Placement will be issued on the same financial terms as those Offered Units issued pursuant to the LIFE Offering. The Company expects to close the upsized Sidecar Private Placement on or about October 22, 2025.

The Company intends to use the net proceeds from the LIFE Offering and the Sidecar Private Placement to fund the development of the Company's 100% owned and fully permitted high grade Tuvatu Gold Project, repayment of principal and interest for the Company's loan facility with Nebari, and for working capital purposes.

In connection with the Second Tranche, the Company paid aggregate finder's fees of $384,769.28 in cash and issued 1,202,403 finders warrants (the "Finder's Warrants") to Canaccord Genuity Corp., Ventum Financial Corp. and Golden Capital Consulting Ltd., in accordance with the policies of the TSX Venture Exchange (the "TSXV") representing a cash commission equal to 7% of the gross proceeds raised from purchasers introduced to the Company by eligible finders and 7% of the aggregate number of Offered Units sold to purchasers introduced to the Company by eligible finders. In lieu of receiving $31,500 in cash, one finder received 98,437 Offered Units at the Issue Price, which Offered Units are included in the total number of Offered Units issued pursuant to the LIFE Offering. Each of the Finder's Warrant will entitle the holder to purchase one Common Share at a purchase price of $0.32 per Finder's Warrant exercisable for a period of two years from the date of issuance of such Finder's Warrant.

The Company may pay finders' fees in connection with the Sidecar Private Placement, as permitted by applicable securities laws and the rules of the TSXV. The finders' fees will consist of cash commissions equal to up to 8% of the gross proceeds raised from purchasers introduced to the Company by eligible finders and finder warrants equal to up to 8% of the aggregate number of Offered Units sold to purchasers introduced to the Company by eligible finders. Each finders warrants will entitle the holder to purchase one Common Share at a purchase price of $0.32 per finders warrant exercisable for a period of 24 months after the issuance of such finder warrants.

Closing of the Sidecar Private Placement is subject to certain customary conditions including receipt of all necessary approvals, including satisfaction of listing conditions of the TSXV. The Sidecar Private Placement may be closed in one or more tranches. The securities offered under the Sidecar Private Placement will be issued pursuant to applicable exemptions under National Instrument 45-106 - Prospectus Exemptions and will be subject to a statutory hold period of four months and one day following issuance of the Offered Units. All Finder's Warrants and any Common Shares underlying the Finder's Warrants will be subject to a Canadian four month and one day resale restriction in accordance with applicable Canadian securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any Common Shares in the United States. The securities to be sold in the LIFE Offering have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding the anticipated use of proceeds of the LIFE Offering, the anticipated closing of the Sidecar Private Placement, the outlook of the Company following completion of the LIFE Offering and the final approval of the TSXV. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the LIFE Offering; the conditions of the financial markets; availability of financing; timeliness of completion of the LIFE Offering; the timing of TSXV approval; with respect to the use of proceeds, the sufficiency of the proceeds; the speculative nature of mineral exploration and development; fluctuating commodity prices; and competition, as described in more detail in our recent securities filings available at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

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