LION ONE METALS

TUVATU PROJECT

JUNE 2017

DISCLAIMER

The information provided in this presentation is not intended

to be a comprehensive review of all matters and

developments concerning the Company and should be

read in conjunction with all other disclosure documents of

the Company. The information contained herein is not a

substitute for detailed investigation or analysis. No securities

commission or regulatory authority has reviewed the

accuracy or adequacy of the information presented.

FORWARD-LOOKING STATEMENTS

This presentation contains statements and information that

constitute forward-looking information within the meaning

of Canadian securities legislation, referred to herein as "forward‐looking statements", include statements regarding

proposed exploration and development activities and their

timing, resource estimates, exploration potential and the

PEA, including estimates of capital and sustaining costs,

anticipated internal rates of return, mine production,

estimated recoveries, mine life, estimated payback period

and net present values, opportunities to enhance the value

of the Tuvatu Gold Project and other plans and objectives

of the Company. In making the forward-looking statements

herein, the Company has applied several material

assumptions, including that (1) required approvals, permits

and financing will be obtained; (2) the proposed

exploration and development of the Company's properties

will proceed as planned and that actual results will be

consistent management’s expectations; (3) with respect to

mineral resource estimates, the key assumptions and

parameters on which such estimates are based; (4) market

fundamentals will result in sustained metals and minerals

prices; and (5) with respect to the PEA, the assumptions

underlying the PEA, that the proposed mine plan and

recoveries will be achieved, that capital costs and

sustaining costs will be as estimated and that no

unforeseen accident, fire, ground instability, flooding, labor

disruption, equipment failure, metallurgical, environmental

or other events that could delay or increase the cost of

development will occur.

Forward-looking statements are subject to a variety of

known and unknown risks, uncertainties and other factors

which could cause actual events or results to differ from

those expressed or implied by the forward-looking

statements, including: delays or inability to obtain required

government or other regulatory approvals, permits or

financing, the risk of unexpected variations in mineral

resources, grade or recovery rates, of failure of plant,

equipment or processes to operate as anticipated, of

accidents, labor disputes, and unanticipated delays in

completing exploration and development activities, the risk

that estimated costs will be higher than anticipated and

the risk that the proposed mine plan and recoveries will not

be achieved, bad weather, exploration and development

risks, actual results of exploration and/or development

activities being materially different from those expected by

management; uncertainties related to interpretation of drill

results and geological tests, failure to meet expenditure

and financing requirements, title matters, third party

consents, operating hazards, metal prices, political and

economic factors, competitive factors and general

economic conditions. Actual results may vary from those

implied or projected by forward-looking statements and

therefore investors should not place undue reliance on

such statements. The forward-looking statements herein

are made as at the date of this presentation and the

Company expressly disclaims any intention or obligation to

update or revise any forward-looking statements except as

required by applicable securities legislation.

TECHNICAL DISCLOSURE

The technical information in this presentation has been

approved by Stephen Mann, P.Geo ., Managing Director

of the Company and a Qualified Person as defined by

National Instrument “NI” 43-101 Standards of Disclosure for

Mineral Projects .

LION ONE CHECKLIST

Fully Permitted for Startup

High Grade Underground Gold

Proven Mine Builders

Mining Friendly Government

Near Term Production Potential

Exploration Upside

TUVATU GOLD PROJECT, FIJI

High grade underground gold with near term

production potential and exploration upside

Asset Overview – 100% owned, fully permitted for

startup of mining and processing operations

Development Underway – Mine engineering and

underground development is progressing alongside

detailed engineering for processing plant and site

infrastructure

Confirming Upside – Drilling programs mobilized at

surface and underground; upside confirmed with 8.46 m

@ 71.41 g/t Au from recent drilling

LEADERSHIP

Walter H. Berukoff, Founder, Chairman & CEO

Canadian entrepreneur, merchant banker, and real estate developer

Has owned and operated over 20 gold mines in 7 countries. Founder and

former CEO of Miramar, Northern Orion, La Mancha Resources

Stephen Mann, Geologist, Managing Director

Past: BHP, Newcrest, Managing Director AREVA, Avocet Resources

(U3o8) Discoveries include Frog’s Leg & White Foil Gold Deposits in

Australia

Ian Chang, M.A.SC, P.ENG, Chief Development Officer

VP Project Development for Pretium’s Brucejack gold project 2011-2016

Experienced executive and engineer; has managed and commissioned

numerous mining projects through feasibility to operations

CAPITAL STRUCTURE

Common Shares:

Warrants:

Options:

Fully Diluted:

101,722,044

41,536,436

6,525,000

149,783,480

Recent Price:

Current Market Cap:

Working Capital:

C$0.80

C$80 million

C$30 million

PREVIOUS FINANCINGS

2016: C$38.6 million @ C$0.92

2011: C$14.6 million @ C$1.55

2011: C$11.5 million @ C$1.00

TSX-V: LIO

OTCQX: LOMLF

MAJOR INSTITUTIONAL SHAREHOLDERS

Donald Smith & Co. (14%)

Franklin Precious Metals Fund (9.99%)

JP Morgan (6%)

MacKenzie (3%)

TUVATU GOLD PROJECT, FIJI

Here’s what’s been modeled to date

The current resource model supports A 7 year mine life

High grade gold production includes:

• 262,000 oz. Au @ 15.30 g/t through year 3

• 352,000 oz. Au @ 11.30 g/t through year 7

Total capex of US$48.6 million

Cash flow of US$112 million over 7 years

After-tax IRR of 52% @ US$1,200 Gold price

18 month construction schedule; 18 month payback on capital

TUVATU MINE MODEL

Mining model factors a 5.0 g/t Au grade cutoff

With average mining widths of 2.2 meters

Tuvatu Decline

RECENT DRILLING RESULTS TUDDH 419

13.52 g/t Au over 9.07 m from 32.90 to 41.90m 19.65 g/t Au over 1.44 m from 71.36 to 72.80m 14.25 g/t Au over 2.12 m from 83.66 to 85.78m

TUDDH 409 12.54 g/t Au over 3.92 m

(35m ext. of URW1)

TUDDH 407 12.32 g/t Au over 4.05 m

TUDDH 408 13.95 g/t Au over 2.55m

TUDDH 406 71.41 g/t Au over 8.41 m Inc. 126 g/t Au over 4.5m From 96.10 to 104.51m

36.20 g/t Au over 0.72m

High Grade Highlights

10-20 g/t Au 20-40 g/t Au 40-100 g/t Au >100 g/t Au

Sample width m

g/t Au

Sample width m

g/t Au

Sample width m

g/t Au

Sample width m

g/t Au

2.70 16.23 2.10 33.10 2.40 74.89 3.60 109.19

1.80 17.31 2.52 33.16 3.30 79.47 3.10 116.32

3.45 17.48 3.50 33.21 3.40 79.37 2.95 118.41

2.50 18.06 3.00 35.50 3.00 83.85 2.50 122.65

1.90 18.18 2.70 35.68 3.45 84.83 2.80 203.59

3.25 19.09 3.00 36.04 2.95 92.48 2.35 290.60

SKL Zone: Select Historic Underground Channel Samples

SKL Lodes

HIGH GRADE HIGHLIGHTS

SKL Lodes

TUVATU GOLD PROJECT, FIJI

Next steps

Completion of detailed engineering for processing

plant and site infrastructure

Completion of EPC Contract for Engineering,

Procurement, Construction, and Project Financing

Commencement of mining and stockpiling Q4 2017

Ongoing drilling from surface and underground;

focusing on extensional targets of resource;

regional exploration inside mining lease

SOUTH PACIFIC RING OF FIRE Lihir, Porgera, Vatukoula:

Giant Volcanogenic Gold Systems

Fiji Islands

Vatukoula

Lihir

Porgera

Lihir, PNG (Newcrest) 790 Mt @ 2.3 g/t Au 10m oz. Au since 1997 Porgera, PNG (Barrick) 55 Mt @ 3.47 g/t Au 20m oz. Au since 1990

Vatukoula, Fiji (VGM) 21 Mt @ 6 g/t Au 7m oz. Au since 1933

PNG

AUSTRALIA

VOLCANIC GOLD DEPOSITS IN FIJI

Tuvatu

Vatukoula:

7 million oz. Au

Historic Production

Area under Application Area under License

Gravity Signatures

Lion One Tenements Exploration License Mining Lease Under Application

+1.00 g/t Au

0-0.99 g/t Au

Historic Geochemical

Surface Data

REGIONAL GEOLOGY

Navilawa Caldera

Tuvatu: Low sulphidation epithermal gold associated with the Navilawa Intrusive Complex

Tuvatu

Current Price: C$0.80

Current Market Cap: C$80M

Cash: C$30M

VALUATION UPSIDE

5 Year Comex USD Gold Price

For every US$100/oz. gold price increase, IRR grows by 10% and NPV by US$20 million

TSX-V: LIO | OTCQX: LOMLF

19

Recap

FULL PERMITTED, NEAR-TERM PRODUCTION Building a solid revenue generator in a mining friendly jurisdiction with the

ability to internally fund aggressive resource expansion and exploration in

Fiji’s emerging Tuvatu goldfield

ROBUST ECONOMICS @ $1,200 GOLD Initial mine plan delivers post tax 52% IRR, US$112M cash flow over 7 years

GRADE IS KING Initial mine plan production 352,000 oz. at 11.3 g/t Gold

TIMING IS EVERYTHING LOMLF is trading near it’s 52-week low ($0.90 - $0.41)

Your interests aligned with management and institutions

RECAP