Lion One and Tuvatu Gold Mine announce operations update 

Lion One Metals Limited provided an update from the Chief Executive Officer, Campbell Olsen, along with a detailed summary of operational performance at the Company’s 100%-owned Tuvatu Gold Mine in Fiji as follows:

Safety remains our top priority. In February, we achieved:

• No Lost Time Injuries.
• Site medical capacity strengthened with a full-time nurse and refurbished nursing station.
• All incidents reviewed and corrective measures completed.

We are operating with accountability and care, recognizing that every ounce of gold we produce must reflect the safety and well-being of our team. 

In February, we poured 813 ounces of gold (net 804 oz after refinery adjustments). Year-to-date, we have now produced 9,180 ounces.

Our processing plant milled 10,267 tonnes of ore at an average grade of 3.49 grams per tonne (g/t). Gold recovery averaged 77.3% during the month. The mill continues to operate reliably, and our recent flotation plant commissioning (discussed below) is expected to improve recovery rates materially.

One gram per tonne means that every tonne of rock we process contains approximately one gram of gold. Higher grades mean more gold per tonne of ore. Our February head grade of 3.49 g/t was below our recent averages, which affected total gold production.

While mined tonnage met plan, underground grade variability and limited development meterage reduced overall production flexibility. February development totalled 120 metres vs. a target of 188 metres.

Root causes included equipment availability and compressed air constraints-now being addressed through:

• Commissioning of new underground equipment
• Strengthened maintenance planning and reliability standards
• Ventilation upgrades to support deeper mining

Our development priorities remain tightly aligned with long-term production planning.

Our geology team achieved excellent drilling results in February with 2,369 metres drilled across four active rigs. The standout intercept was 5.15 metres at 9.18 g/t gold-significantly above our economic cutoff grade of 3.5 g/t. This drilling continues to define and extend our known ore bodies, building confidence in our resource base and mine life.

Nearing completion at A$400,000 under budget, with stable performance achieved. This major milestone positions Lion One to capture greater gold recovery and reduce tailings loss.

TSF Stage 2A construction was completed in December 2025. Engineering for Stage 2B was approved in February, ensuring we have adequate capacity for future operations.

Lion One continues to operate responsibly, with independent audits confirming compliance across environmental and safety metrics.

While working capital remains under active management, the flotation plant’s improved recovery profile and expected higher grades will support stronger near-term cash generation. Capital allocation remains disciplined and directly tied to value drivers – mine development, reliability, and growth drilling.