Lion One Metals Limited (TSX-V: LIO) (ASX: LLO) (OTCQX: LOMLF) is pleased to announce that the Company has closed the bought deal offering previously announced on May 3, 2023 by issuing 29,350,000 units of the Company at a price of $0.92 per Unit for aggregate gross proceeds of $27,002,000 pursuant to the terms of an underwriting agreement dated as of May 5, 2023, among the Company, Eight Capital, Canaccord Genuity Corp., Raymond James Ltd. and Roth Canada Inc.

Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company. Each Warrant shall be exercisable to acquire one Common Share at a price per Warrant Share of C$1.25 for a period of 30 months from the closing date of the Offering.

The Company has applied to list the Warrants on the TSX Venture Exchange and the TSXV has conditionally approved such listing, subject to receipt of final documentation. It is expected that the Warrants will commence within three days following closing.

The Company intends to use the net proceeds to advance the exploration and development activities at its Tuvatu Alkaline Gold Project in Fiji by: (i) acquiring additional mining and process plant equipment, including infrastructure; (ii) advancing mine development including initial mining of high grade material; (iii) commissioning the process plant equipment; (iv) constructing the tailings dam storage facility; and (v) continuing its infill and deep feeder drilling programs. The Company will also use a portion of the net proceeds for working capital and general corporate purposes.

The Units issued pursuant to the Offering were concurrently qualified for distribution by way of an offering document in the form of National-Instrument 45-106F19 with respect to an offering of up to 10,869,562 Units at the Offering Price under the listed issuer financing exemption in Section 5A.2 of National Instrument 45-106 and a prospectus supplement of the Company dated May 5, 2023 to the Company’s existing short form base shelf prospectus dated May 13, 2022 filed in the Provinces of British Columbia, Alberta and Ontario, and offered and sold to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. 28,742,500 Units were issued pursuant to the Prospectus Supplement and 607,500 Units were issued pursuant to the LIFE Exemption. The Base Shelf Prospectus, the Prospectus Supplement, the documents incorporated by reference therein and the Underwriting Agreement are available on the Company’s profile on SEDAR at www.sedar.com.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the “United States” (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lion One Metals Limited

Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7 km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.