Three-Part Approach to Advancing Gold Project Gets Results

The explorer recently hit upon the main deposit’s feeder zone, discovered a new vein nearby and keeps drilling high-grade gold intercepts, noted a ROTH Capital Partners report.

Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX; LLO:ASX; LY1:FSE) recently made two discoveries at its Tuvatu alkaline gold project on Fiji, as a result of its three-pronged strategy to move its Tuvatu project to production by mid-2023 and “develop one of the highest-grade, multimillion ounce gold mines in the world,” reported ROTH Capital Partners analyst Mike Niehuser in a September 12, 2022 research note. The Canadian explorer continues to expand the existing resource, aggressively explore the Navilawa Caldera, and infill drill.

“Establishing a new resource target, potentially replicating Lion One’s experience at Tuvatu, would further demonstrate the potential of the Navilawa Caldera to major mining companies and investors,” Niehuser purported.





“Altogether, these comprehensive initiatives may potentially produce a world-class, low-cost, and long-lived gold mine,” commented Niehuser.

While working on expanding the Tuvatu resource, Lion One recently confirmed the discovery of the feeder zone to the main Tuvatu deposit through surface drill hole TUDDH-601. This development is significant, Niehuser noted, in that the feeder zone may provide high-grade and highly economic areas of mineralization that could potentially increase grades and guide future exploration.

Indeed grades in TUDDH-601 are noteworthy, Niehuser pointed out. Examples are 12.22 grams per ton (2.22 g/t) gold over 54.9m from 165.7m downhole, including 23.02 g/t gold over 20.1m from 576.1m downhole and 8.09 g/t gold over 20.7m from 602.5m downhole.

Niehuser relayed that TUDDH-601 followed underground drill holes TUG-141 and TUG-145, also showing high-grade mineralization, and exhibited the same geological character as the 500 zone, not yet included in the resource estimate. TUG-141, for instance, returned 20.86 g/t gold over 75.9m from 443.4m downhole.

TUG-145 hit 8.73 g/t gold over 6m from 424.2m downhole, including 31.94 g/t gold over 1.2m from 426.3m downhole.

Exploration of the Navilawa Caldera with channel sampling recently revealed a new vein, the Batiri vein, about 2 kilometers from Tuvatu. Niehuser pointed out that Batiri’s gold mineralized occurrences at surface are much like the ones that resulted in the early Tuvatu discovery. Batiri assays included 13.27 g/t gold over 4m, including 36.1 g/t gold over 1m and 17.91 g/t gold over 0.8m.

“Establishing a new resource target, potentially replicating Lion One’s experience at Tuvatu, would further demonstrate the potential of the Navilawa Caldera to major mining companies and investors,” Niehuser purported.

As for Lion One’s infill drilling, it keeps hitting high gold grades, impressively, Niehuser wrote, and is “providing additional data points to model an increasing number of gold lodes at a higher confidence level.” The company has about 2,000m more to drill to complete its phase two, 8,200m infill program on Zone 5.

“We are increasingly confident in Lion One’s potential to provide a larger and improved mine plan leading to production,” Niehuser added.

ROTH has a Buy rating and a CA$2.50 per share price target on Lion One, the stock of which is currently trading at about CA$0.99 per share.

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Disclosures For Roth Capital Partners, Lion One Metals Limited, September 12, 2022

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH.

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