Lion One Provides Strategic Operational Update for March 2026

• Lion One Metals reported March 2026 operational results at Tuvatu Gold Mine exceeding grade targets (4.97 g/t Au vs 4.65 g/t budget).
• Production for Week 12 was 306 oz recovered, slightly below the 308 oz budget but described as on-track.
• Development performance hit 102% of plan with jumbo development at 135%.
• Capital projects advancing: $6.5M Tailings Storage Facility Stage 2B contract targeted for April execution; flotation circuit permitting lodged; evaporation system design underway.
• CEO Campbell Olsen emphasized focus on translating high-grade potential into consistent performance under the new Arete Capital operational partnership.
• Recent historical context includes a February 2026 credit facility default notice from Nebari, triggering increased interest margins and trading halts.

• The news is Routine - Positive as it confirms execution of the strategic plan announced in December 2025 (Arete Capital partnership) without resolving underlying balance sheet risks.
• Operational beats on grade are expected given the high-grade nature of the asset but do not constitute a material valuation inflection point compared to the debt default risk.
• The slight production miss (306 oz vs 308 oz) is immaterial in the context of ramp-up phases but highlights ongoing operational friction despite new equipment.
• No immediate resolution to the Nebari credit facility default was disclosed, leaving a significant overhang on investor sentiment.

• Company: Lion One Metals Limited (TSX-V: LIO).
• Flagship Project: Tuvatu Alkaline Gold Project, Viti Levu, Fiji (100% owned).
• Project Status: Underground high-grade gold mine in ramp-up phase; currently operating a 300 tpd pilot plant with plans to expand to 600-700 tpd.
• Mining Method: Shrinkage stoping and cut-and-fill for narrow veins; recent success with first shrinkage stope (5,704 ft @ 10.60 g/t Au).
• Processing: Flotation plant commissioned March 2026 to improve gold recovery from ~83% to >90%.