Drilling Operations Upgrade at the Tuvatu Gold Mine

First of Five New Drills Rigs On-Site and Improved Drilling Rates Targeted

North Vancouver, British Columbia--(Newsfile Corp. - March 16, 2026) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company") is pleased to provide an update on underground drilling operations at its 100%-owned Tuvatu Alkaline Gold Project in Fiji ("Tuvatu"). The Company has commenced a significant upgrade to its drill fleet, with the performance of existing drills already improving. The existing fleet will be replaced with three new high-performance underground drill rigs and an additional surface rig.

Figure 1. New EDR450 (track-mounted surface drill rig) at the Tuvatu Gold Mine, Fiji, with the Navilawa Caldera in the background. March 14, 2026.

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Drilling Data: The Foundation of Underground Mining

At the heart of any successful underground mining operation is access to comprehensive, high-quality drilling data. Drill programmes provide the critical geological and grade control information that directly informs mine design, mining scheduling, mining method selection, and ultimately the level of confidence in gold metal throughput at the process plant. These elements are tightly interconnected - quality drill data drives better mine planning, which drives better gold recovery, which drives shareholder value.

This is the Company's primary operational focus in these early days under new management: building the drilling capacity and geological knowledge base that will underpin every subsequent decision about how Tuvatu is mined, developed, and expanded.

Existing Fleet: From Underperformance to Transformation

The Company's existing underground drill rigs had reached a stage well beyond their normal operational lifespan. Mechanical breakdowns and falling operational reliability are significantly constraining drilling output. From mid-2025, drill performance was well below industry standards and insufficient to support the Company's geological data requirements.

To address this, Lion One has moved to replace the drilling fleet. While this is in process, focus has been renewed on improvements to the existing rigs. This includes management support and engagement of a dedicated experienced drill rig fitter. The results have been encouraging.

Existing Fleet Performance Turnaround

• Current performance: Underground metres per shift have been doubled, through improved support and focus.
• Surface rig deployed: An additional rig in on site. A track-mounted EDR450 drill rig has commenced operations on March 14, 2026, complementing the underground fleet
• Currently (and for the rest of the wet season) the rig will support in-mine and near-mine drilling, focused on shallow targets. In the dry season, the surface rig will re-focus on the significant regional exploration potential throughout Lion One's tenements.

Four New High-Performance Underground Drill Rigs

In addition to the immediate improvements to the existing fleet, Lion One is in advanced negotiations to acquire four new, fit-for-purpose, high-performance underground drill rigs. The Company believes drilling rates of 25 metres per drill rig shift, are achievable at Tuvatu, with the potential for higher output depending on ground conditions.

The commercial terms of the acquisition are being finalised. Key features of the proposed arrangement include:

• Spare parts on consignment: A significant supply of spare parts to be held on consignment in Fiji, meaning the Company will only pay for parts as and when they are used. This materially reduces upfront capital requirements and ensures spare part availability does not become a bottleneck to rig utilisation
• Versatile fleet configuration: One of the four new rigs will be convertible to a diesel drive system, enabling it to also operate on surface as and when needed. This rig is compact enough to be helicopter-slung and deployed in the jungle for step-out exploration drilling - providing the Company with a highly flexible exploration capability at minimal incremental cost and improved environmental outcomes.
• Fit for purpose: The rigs are ideal for underground narrow-vein operations of the type conducted at Tuvatu, ensuring optimal performance in the mine's specific conditions

The Company will provide further details on this acquisition as the commercial terms are finalised.

The Path from 6<10 Metres to 25 Metres per Shift

The anticipated improvement to 25 metres (or more) represents a strategic increase in drilling productivity. With four new rigs operating at target rates, the Company's total underground drilling capacity will increase, providing the geological data needed to support multiple concurrent mining fronts and accelerated stope development.

What This Means for Tuvatu

• Faster mine design iteration: More drilling data allows the geology and mine engineering teams to refine stope designs, ore body models, and production schedules with greater precision and speed
• Improved grade control: "Faster" data acquisition allows review of the data and resources well ahead of mining.
• Better mining method selection: Comprehensive drill data enables management to select the optimal mining method - whether shrinkage stoping, cut-and-fill, or longhole - for each section of the mine based on actual geological conditions³
• Exploration upside: The new surface rig and the option for diesel-fitted rig provides a two-rig capability to test near-mine targets at Tuvatu, as well as the extensive land package within the Navilawa Caldera.
• Operational continuity: Four new similar rigs with a consignment spare parts arrangement in Fiji will help improve the availability issues that constrained drilling in the recent past

Building on 2025 Momentum

Qualified Persons Statement

In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), Bill Reid, B.Sc., Geology Manager for the Company, and a member of the Australian Institute of Geoscientists, is the Qualified Person for the Company and has approved the technical and scientific content of this news release.

About Lion One Metals Limited

Lion One Metals 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, 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,

Campbell Olsen
Chief Executive Officer

Contact Information
Lion One Metals Limited
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This press release may contain statements that may be deemed to be "forward-looking statements" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited's current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Disclaimer: This summary is for informational purposes only and does not constitute investment advice.

Sources and Citations

All statements in this release are supported by publicly disclosed news releases issued by Lion One Metals Limited. No non-public or material information has been disclosed.

1. Lion One Metals Limited, "Lion One Drills 3.3 m of 99.13 g/t Gold from 136.4 m DH Depth, and 1.2 m of 218.31 g/t Gold from 109.0 m DH Depth at Tuvatu Gold Mine in Fiji," December 17, 2025.
https://liononemetals.com/news/news-releases/lion-one-drills-3.3-m-of-99.13-g-t-gold-from-136.4-m-dh-depth-and-1.2-m-of-218.31-g-t-gold-from-109.0-m-dh-depth-at-tuvatu-gold/
2. Lion One Metals Limited, "Lion One Drills 728.56 g/t Gold over 0.7 m, 25 m Below Current Mine Development at Tuvatu Gold Mine in Fiji," November 18, 2025.
https://liononemetals.com/news/news-releases/lion-one-drills-728.56-g-t-gold-over-0.7-m-25-m-below-current-mine-development-at-tuvatu-gold-mine-in-fiji/
3. Lion One Metals Limited, "Lion One Produces 5,704 Tonnes at 10.60 g/t Gold from First Shrinkage Stope at Tuvatu and Increases Underground Development Rates by 70%," October 2, 2025.
https://liononemetals.com/news/news-releases/lion-one-produces-5-704-tonnes-at-10.60-g-t-gold-from-first-shrinkage-stope-at-tuvatu-and-increases-underground-development/
4. Lion One Metals Limited, "Lion One Drills 78.71 g/t Gold over 2.0 m, Including 168.25 g/t Gold over 0.9 m at Tuvatu Gold Mine in Fiji," October 9, 2025.
https://liononemetals.com/news/news-releases/lion-one-drills-78.71-g-t-gold-over-2.0-m-including-168.25-g-t-gold-over-0.9-m-at-tuvatu-gold-mine-in-fiji/

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