Lion One Provides Corporate Update

• Date: 2026-05-01
• Headline: Lion One Provides Corporate Update
• Core Event: The Company terminated its subscription agreement and strategic partnership with Arete Capital Advisory Pty Ltd.
• Leadership Change: CEO Campbell Olsen stepped down effective immediately. CFO Tony Young appointed Interim CEO; Corporate Controller Zamand Shokri appointed Interim CFO.
• Financial Impact: No securities were issued under the Subscription Agreement, meaning the anticipated $15 million equity investment from Arete will not proceed. No Master Service Agreement or Investor Rights Agreement was entered into.
• Context: This reverses the December 2025 announcement where Arete Capital agreed to invest $15M at $0.34/unit and operate the Tuvatu mine, a deal that required CEO Campbell Olsen (appointed Feb 2026) to facilitate.

• Capital Loss: The termination removes a critical $15 million equity injection that was intended to fund development and repay debt. This creates an immediate funding gap.
• Operational Risk: Arete Capital was contracted to operate the Tuvatu Gold Mine under a Master Services Agreement. Their exit leaves operational management in question, despite recent positive operational updates (March/April 2026).
• Governance Concerns: The rapid departure of the CEO appointed specifically for this strategic partnership suggests internal friction or failure to meet TSXV requirements that were pending since February 2026.
• Debt Exposure: In February 2026, the company received a default notice from Nebari Collateral Agent on its senior secured loan. The loss of Arete financing removes the primary proposed solution for debt restructuring mentioned in previous filings (Oct/Dec 2025).
• Market Sentiment: This is unexpected negative news relative to the operational progress reported in April 2026, likely triggering a sell-off given the liquidity risk.

• Company: Lion One Metals Ltd. focuses on the development of gold assets in Fiji.
• Flagship Project: Tuvatu Alkaline Gold Project (100% owned). Located near Nadi, Viti Levu, Fiji.
• Project Status: Under construction/early production phase. Commissioning of flotation plant completed March 2026.
• Resource Profile: High-grade alkaline gold system. Recent drilling (Nov 2025 - Dec 2025) reported intercepts exceeding 100 g/t Au, confirming high-grade potential near existing workings.
• Royalties: No specific royalty burdens mentioned in provided text; project is described as wholly-owned.