Investor Presentation May 2015

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Forward Looking Statements

Certain information contained or incorporated by reference herein, including any operating performance of Lion One Metals Limited (“Lion One”), constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words “projected”, “attributable”, “potential”, “will” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Lion One are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada or other countries in which Lion One does or may carry on business in the future; business opportunities that may be presented to, or pursued by, Lion One the ability to successfully integrate acquisitions; operating or technical difficulties in connection with, mining or development activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in the credit rating; and contests over title to properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect the actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Lion One . You are cautioned that forward-looking statements are not guarantees of future performance.

This presentation uses the terms “inferred resources” and “measured & indicated resources”. Lion One advises you that these terms are recognized by Canadian securities regulations (under National Instrument 43-101 “Standards of Disclosure for Mineral Projects”). You are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a preliminary assessment as defined under NI 43-101. You are cautioned no to assume that part or all of an inferred resource exists, or is economically or legally mineable.

The content of this presentation has been reviewed by Mr. Rob McLeod, P.Geo, a consultant to the Company and a Qualified Person for the purposes of National Instrument 43-101.

The information contained herein is confidential and does not constitute a recommendation by Lion One its agents or any vendor party nor does it form the basis of any contract or offer for the sale of the business of gold exploration, development and mining. The recipient of the information contained herein agrees that the information is to be considered confidential and proprietary to Lion One and shall hold the same in confidence, shall not use it other than for the purposes of its business with Lion One and shall disclose it only to its officers, directors, or employees with a specific need to know. The recipient will not disclose, publish or otherwise reveal any of the confidential information contained herein to any other party whatsoever except with the specific prior written authorization of Lion One .

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• “Green Light” for development of high grade Tuvatu gold deposit in Fiji

• Grant of Mining Lease approved by Fiji Govt. • 21 Year Surface Lease, Environmental permits • Veteran team with impressive track record in mine

development and M&A transactions • Strong capital structure and insider ownership

Company

Tuvatu: Green Light for Development

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Chairman, & CEO Walter H. Berukoff Previous companies started, built, and later sold; founder & former CEO of

Northern Orion Resources: acquired for $1.1 Billion by Yamana Gold in 2007 Miramar Mining: acquired for $1.5 Billion by Newmont in 2008 La Mancha Resources: acquired for $499 million by Weather II in 2012

20 mines developed in 7 countries

Leadership

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Walter Berukoff, Chairman & CEO; Founder and CEO of Miramar Mining, Northern Orion, La Mancha Resources; Red Lion Management Stephen Mann, Managing Director; Geologist, Former Utah Development Corp., BHP, Newcrest; Managing Director of AREVA Australia and Avocet Resources Samantha Shorter, Chief Financial Officer; CA, former audit manager at major Canadian accounting firm specializing in mining industry Stephanie Martel, VP Admin; Chief Operating Officer of Red Lion Management and Lion One Limited Fiji

People

Richard Meli, Director; Former Kennecott, La Mancha; former SVP of Mergers and Acquisitions at Rio Tinto George S. Young, Director; Former President & Director MAG Silver, Former Director International Royalty Corp. Kevin Puil, Director; CFA, Former Portfolio Manager at Malcolm Gissen & Associates, and Senior Analyst at the Encompass Fund Hamish Greig, VP, Director, Corporate Secretary; 15 years experience in investor relations, corporate finance and administration

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Capital Structure

Shares Outstanding: 60,175,608 Common shares: 49,646,802 CDI’s on ASX: 10,528,806 (1:1)

Options: 3,535,000 Fully Diluted: 63,735,608 Recent Price: $0.25 Market Cap: $15 million Cash: $5 million Percentage held by insiders: 33%

Listings Canada TSX-V: LIO Australia ASX: LLO USA OTCQX: LOMLF EU FSX: LY1

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Fiji Projects

Five tenements, 38,000 hectares under license along highly prospective

regional trend of alkaline intrusive volcanics and epithermal gold deposits

Intermediate wavelength gravity field; western Viti Levu Excerpted from 1998 Au said Fiji Airborne Geophysical Survey

Tuvatu

Vatukoula

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• Advance Tuvatu • Achieve Production • Explore & Discover

High grade resource with a mining lease and 21 year surface lease on a volcanic goldfield in Fiji

Fiji Gold Strategy

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Nadi

10 km

LIO tenements

Location & Infrastructure

Lautoka

Nadi

Tuvatu

- Close to international airport at Nadi and deep water port at Lautoka

- Close to urban centers and skilled mining workforce

- 15 km drive to full time camp at Tuvatu from Lion One Fiji office

- Power lines traverse project area

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LION ONE METALS

Tuvatu Location Map Viti Levu, Fiji

Tenements: SPL’s 1283, 1296, 1465 SML 62

N

10 km

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- A high grade, vein hosted gold deposit - Steeply dipping veins extending 600 m

N-S and 500 m E-W, 540 m vertically - 39 veins in resource model; average

widths of 2.2 m, from 0.04 m to 9.0 m; - Free gold present in both fine and

coarse grains, potentially amenable to conventional gravity processing; gold also contained in quartz or pyrite composite particles amenable to extraction by floatation and leaching

Tuvatu Gold Deposit

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High Grade, Near Surface Resource

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- 1.1 million tonnes indicated grading 8.46 g/t Au for 299,500 ounces gold

- 1.5 million tonnes inferred grading 9.7 g/t Au for 468,000 ounces gold

- Over 100,000 m drilled - Previous feasibility study; - 1,340 m UG development; - 600 m decline to 240 m depth, with

cross cuts, raises, and drill stations

Cutoff Indicated Resource (diluted) Inferred Resource (diluted) g/t tonnes g/t oz. Au tonnes g/t oz. Au 1.0 1,943,000 5.61 350,300 3,022,000 5.8 561,000 2.0 1,435,000 7.07 326,200 2,156,000 7.5 520,000 3.0 1,101,000 8.46 299,500 1,506,000 9.7 468,000 5.0 683,000 11.25 247,000 872,000 13.9 390,000

Excerpt from “Technical Report and Resource Estimate on the Tuvatu Gold Deposit” Dated May 6, 2014 and prepared by Mining Associates Limited

NI 43-101 Resource: (reported at a 3.0 g/t grade cut off)

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Resource Expansion Potential

Limited drilling below 250 meters depth below surface

Higher Grade Intercepts Include: TUDDH 160: 4.22 m of 252.64 g/t Au from 332 m 4.12 m of 19.61 g/t Au from 403.2 m 2.0 m of 37.82 g/t Au from 416.5 m TUDDH 176: 0.95 m of 56.51 g/t Au from 437.35 m 2.75m of 26.24 g/t Au from 496 m

Section view along exploration decline GM contours

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LION ONE METALS

Tuvatu Mining Lease

Viti Levu, Fiji

Areas Drilled Prospects Projection of Decline Mapped Structures

SML 62

1,000 m

N

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Mining Lease area contains additional high grade exploration prospects: - Nubunidike: 1.2 m wide vein traced for 370 m; assays include 0.3 m @ 30.75 g/t Au, 0.15 m @ 293 g/t Au - Ura Creek: 2 m wide shear zone traced for 200 m; rock chips include 54.5 g/t Au, channels to 0.15 m @ 40 g/t Au - Jomaki Ridge: Rock chips to 35.25 g/t Au in densely veined stockwork zone

The Navilawa Goldfield

Nubunidike

Banana Creek

Qalibua

Ura Creek Jomaki Ridge

Golden Ridge

Multiple high grade gold prospects within boundaries of Mining Lease area

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Select High Grade Intercepts

select (uncut) drilling results from Tuvatu 2012-2013 drilling program

Hole ID Interval (m) True Width (m) Grade (g/t Au) From (m depth)

TUDDH 341 2.32 1.49 62.81 148.54

TUDDH 347 3.78 2.51 16.15 121.99 TUDDH 348 7.49 4.97 23.03 155.05

TUDDH 349 7.83 6.57 17.69 130.92

TUDDH 350 2.25 1.70 25.53 78.99 and 3.66 2.76 15.68 142.00

TUDDH 356 3.59 2.44 15.43 89.70 and 3.55 2.41 6.03 74.05

TUDDH 359 3.11 2.50 14.31 130.69 TUDDH 364 6.43 5.52 12.74 202.93

and 3.46 3.00 7.63 213.98 TUDDH 365 13.81 9.93 7.08 155.05 TUDDH 371 14.99 9.95 14.28 185.69

and 1.63 1.09 38.38 203.68 TUDDH 373 7.13 4.39 8.46 99.55

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• DoE approval for Environmental Impact Assessment in 2013 • DoE approval for Construction and Operation

Environmental Management Plans in 2014 • Over 240 meetings with landowners, local communities and

stakeholders over 4 years • DoE recommendation for mining to commence

Community & Environment

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Current Era Work

Work Completed: - Check sampling of historic drill core - Geophysics, geochemical analysis - Surface mapping, sampling, trenching - 14,000 meters additional diamond drilling - Database validation (600,000 sample points) - Completion of environmental permitting - Permitted for development

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• Mine Plan Engineering • Processing Plant Design • Tailings & Waste Management Systems Design

Pending Developments and Value Drivers

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Investor Relations Contacts: Hamish Greig | Joe Gray

311 West 1st Street, North Vancouver, BC, Canada, V7M 1B5

Toll Free within North America: 1.855.805.1250 tel: 604.998.1250 fax: 604.998.1253

e: info@liononemetals.com w: www.liononemetals.com

Thank You