Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement offering of convertible debenture units of the Company for total gross proceeds of $12,500,000 and its non-brokered private placement of units for gross proceeds of $2,788,184.75.

Pursuant to the Offering, the Company issued 12,500 Debenture Units at a price of $1,000 per Debenture Unit. Each Debenture Unit consisted of (i) one 10% subordinated secured convertible debenture having a face value of $1,000, convertible at a conversion price of $0.13 per common share of the Company into 7,692.3 Common Shares with a maturity date of 4 years from issuance; and (ii) 7,692.3 Common Share purchase warrants, each entitling the holder to purchase one Common Share at an exercise price of $0.175 per Common Share for a period of 4 years from issuance. In aggregate 12,500 Convertible Debentures and 96,153,821 Offering Warrants were issued.

Pursuant to the Private Placement, the Company issued 21,447,575 Units at a price of $0.13 per Unit. Each Unit consisted of one Common Share and one Common Share purchase warrant. Each Private Placement Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.175 per Common Share for a period of three years from the date of issuance.

The Company intends to use the net proceeds from the Offering and Private Placement to satisfy upcoming payment obligations under the Company’s senior secured loan facility with Nebari Gold Fund I, LP, Nebari Natural Resources Credit Fund I, LP, and Nebari Natural Resources Credit Fund II, LP and to cure the Company’s ongoing working capital covenant default under the Facility. Any additional proceeds will be used for general corporate and working capital purposes.

The Company expects to close the second tranche of the Offering by July 10^th for the remaining $1,500,000 of Debenture Units that the Company initially announced.

In connection with the Private Placement, the Company paid aggregate finder’s fees of $84,344.80 in cash to Leede Financial Inc., Research Capital Corporation, Canaccord Genuity Corp., Ventum Financial Corp, Integral Wealth Management Limited and Hasselbom Forvaltning AB, in accordance with the policies of the TSX Venture Exchange representing a cash commission equal to 4% of the gross proceeds raised from purchasers introduced to the Company by eligible finders.

The Debenture Units, the Units, and the underlying Convertible Debentures, Offering Warrants, Private Placement Warrants and Common Shares will be subject to a statutory hold period expiring four months and one day after the issuance thereof. Completion of the Offering, the Private Placement, and payment of the finder’s fees remain subject to final TSXV acceptance.

Certain subscribers under the Offering and the Private Placement are directors and management of the Company. The issuance of the Debenture Units and Units to directors and management of the Company constitutes a “related party transaction” as defined under Multilateral Instrument 61-101. The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued or the consideration paid by such persons will exceed 25% of the Company’s market capitalization.

Management Update

Following the appointment of Ian Berzins as President, Chief Executive Officer, and Director of Lion One Metals, as previously announced on June 16^th, 2026, Tony Young has resumed his role as Chief Financial Officer of the Company and Zamand Shokri has resumed her role as Corporate Controller. Mr. Young and Ms. Shokri served as Interim CEO and Interim CFO, respectively, from May 1, 2026, to June 16, 2026, during the Company’s management transition and return of Mr. Berzins to the Company’s leadership.

About Lion One Metals Limited

Lion One 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, the Tailings Storage Facility 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.

On behalf of the Board of Directors,
Todd Romaine, Chairman