Co. Reaches Major Milestone With Gold Mine
Research Report

Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX; LLO:ASX) achieved the major milestone of pouring its first gold at its Tuvatu project on Fiji and did so on October 10, Fiji Day, when the island celebrates its independence, reported ROTH MKM analyst Mike Niehuser in an October 11 research note.

"We believe that this should place Tuvatu among the highest-grade, gold-producing mines in the world," Niehuser wrote.

The first gold pour came after Lion One's early completion of the Tuvatu mine construction, the analyst noted. The British Columbia-headquartered company started commissioning the mine in September.

169% Return Potential

The new Canadian producer offers investors a substantial return of 169%.

This is reflected in the difference between ROTH's price target on the company, of CA$2.50 per share, and the company's current price, of about CA$0.93 per share.

Lion One remains a Buy.

Focused on Zone 2

At Tuvatu, the miner expects to produce about 300 tons per day (300 tpd) initially, then increase to 500 tpd in mid-2024, Niehuser reported. The mine's prospects look good, wrote Niehuser.

"As the Tuvatu deposit has high gold grades, we anticipate that the operation should have high margins and generate significant cash flow," the analyst added.

Through 2024, Lion One plans to mine the URW1, URA1, and Murau lode systems, all located in Zone 2. URW1 and URA1 are subparallel and near vertical. URA1 has a strike length of about 100 meters (100m) and a vertical extent of about 120m. URW1 contains multiple lodes, including URW1a and URW1b, also near vertical. Both their strike length and vertical extent are about 300m.

Murau comprises a series of stacked, generally flat-lying lodes having a roughly 110m strike length, a 55m vertical extent, and a 100m downdip extension.

Now in Progress

Lion One is in the process of grade control drilling and mining, reported Niehuser. Recent results of this drilling included:

• 19.78 g/t gold over 6m from 114m (hole TGC-0071)
• 18.08 g/t gold over 2.6m from 90m (hole TGC-0073)
• 45.89 g/t gold over 0.9m from 23.4m (hole TGC-0080)
• 14.83 g/t gold over 6m from 90.9m (hole TGC-0055)

More Exploration Upside Potential

Niehuser highlighted that further exploration is warranted of the Tuvatu deposit at depth and of other targets in the Navilawa caldera. Given that Tuvatu is an orogenic deposit within an alkaline gold system, it could grow into a multimillion-ounce gold resource, and its veins could extend in depth more than 1 kilometer. ROTH believes the area could host three or four more Tuvatu-like prospects, the analyst added.

"We believe that the Tuvatu gold deposit in Fiji has the potential to replicate the neighboring world-class Vatukoula gold mine," wrote Niehuser, noting that the Fiji project was operated for 85 years and the resource there was 11,000,000 ounces.

Important Disclosures:

1. Lion One Metals Ltd. is a billboard sponsor of Streetwise Reports.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for Roth MKM, Lion One Metals Ltd., October 11, 2023

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.

Disclosures: Shares of Lion One Metals Limited may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities. Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has managed or co-managed a public offering for Lion One Metals Limited. Within the last twelve months, ROTH Canada, an affiliate of ROTH Capital Partners, has received compensation for investment banking services from Lion One Metals Limited.

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. Copyright 2023. Member: FINRA/SIPC.